The fund aims to track the performance of the S&P US Total Market Index, which represents the performance of all listed companies in the United States. The tracker utilises sampling rather than full replication to reduce transaction costs and avoid liquidity issues given the index has around 4,000 stocks, including companies of a very small size. The methodology will identify a basket of stocks from the index that produce the return profile of the broader index. We like the tracker as it gives us exposure to companies of all sizes in the US and it has tracked the benchmark well historically. It is also relatively cheap with an ongoing charge of 0.06% as of December 2015.