Bestinvest says
This fund aims to track the S&P Total Market Index. This is a broader index than the S&P500 which only covers the 500 largest companies listed in the US. So this fund will have exposure to large, medium and small sized US companies. The low charges (TER of only 0.2%) means this is an attractive alternative to an actively managed US equity fund for general US equity exposure.
The Fund employs an indexing investment strategy designed to achieve a result consistent with the replication of the Index by investing in a representative sample of the securities that make up the Index, holding each stock in approximate proportion to its weighting in the Index. To track the Index as closely as possible, the Fund attempts to remain fully invested in stocks. For efficient portfolio management or hedging purposes and to reduce transaction costs, the Fund may invest in derivatives, including index futures and forward currency exchange contracts. For UK fund investors the valuation point is 9pm (London time) and cut-off time is 12 noon.