What are the key decisions in index construction that can actually change investor outcomes?

At a high level, MSCI designs indexes to be representative, investable, and easy to replicate.

Representative meaning the index should mirror the economic reality of that market.

So if you take a Canadian index, for example, if financials and energy weren't the highest sector weights, that wouldn't be representative.

Another way to think about it is that if the number of companies w-in a market were to go down, the number of stocks in our index would go down as well instead of always remaining fixed, so that as the market evolves, the index adapts to reflect the market.

When we talk about investability, that comes down to liquidity and ownership.

And liquidity matters because when you click that buy or sell button, the index is made to absorb large amounts, and that happens because all the constituents are vetted with strict liquidity.

For example, if investors believe in the international tailwind story, what would those small and mid-cap equity exposures, globally speaking, add?