Bestinvest says
Although extremely popular in its first years the fund has subsequently been undercut by rivals with lower costs. The index-tracking is undertaken by State Street Global Investors. Therefore consider, the alternative much cheaper option, Fidelity Moneybuilder UK Index, which has a total expense ratio of just 0.3%.
This tracker fund follows a full replication process to achieve its objective of matching the returns of the UK market. Therefore it buys shares in every one of the 650+ companies listed on the UK's FTSE All-Share Index, with the amount invested in each company’s shares dependant on what percentage of the index they represent. Stock index futures contracts (derivatives) may also be used to manage the pool of investors' cash before it is invested in the All-Share Index.The managers hope this will enable them to match the performance of the FTSE All-Share Index on a capital only and total return (after charges) basis.