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The fund provides a simple, low cost and flexible way of investing in the UK stockmarket by tracking the FTSE All-Share Index. The fund uses a technique called ""partial replication"", holding all of the shares in the FTSE 100 and FTSE 250 (excluding the investment companies), but only a representative sample of the smaller companies. The aim is to replicate the general makeup of the FTSE Small Cap index and hence give similar performance characteristics, but to avoid the costs of holding every smaller company. The fund invests in the physical securities of the index - this avoids the counterparty risk associated with index tracking products that use derivatives. However, the manager does use futures (a type of derivative) to manage cashflows.
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