The fund aims to track the performance of the FTSE All World Emerging Index, which represents the performance of large and mid cap companies in emerging markets (as defined by FTSE). The tracker does not utilise a full physical replication method due to liquidity issues. However, it will try to replicate the index as closely as possible through a variety of optimisation techniques. For example, the tracker may hold securities expected to perform similarly to their counterparts in the benchmark. We like the tracker as it gives us exposure to both large and mid cap companies within emerging markets and it has tracked the benchmark well historically. It is also relatively cheap with an ongoing charge of 0.24% as of January 2016.