Caleb meets with Miles, his insurance agent, to invest for his retirement.

Since Caleb is looking for a fund that mirrors the S&P/TSX Composite index, an index fund would be the best choice. Index funds are specifically designed to track the performance of a specific index, providing broad market exposure at a low cost. This aligns with Caleb’s objectives of long-term investment with a strategy that matches a known market benchmark, as emphasized in LLQP’s sections on investment options​.

Other options like equity, dividend, and target date funds do not directly track an index in the way that an index fund does, making them less suitable for Caleb’s stated preference.