In this paper, I advance a new view of the semantics of indexicals, using a paper by Quentin Smith as my starting point. I make use of Smith’s examples, refined and expanded upon by myself to argue, as Smith does, that the standard view, that indexicals refer to some prominent features of the context according to an invariant rule called the character, does not agree with a wide range of phenomena. I depart from Smith, however, in denying that we need (...) more complex rules, which he does not give, called metacharacters to account for all the deviations, and instead argue for a view of indexicals as just being special cases of demonstratives. I show how demonstratives can be substituted for indexicals to support this view, and I adduce recent work in the semantics of demonstratives to explain how it can work. (shrink)