The fund invests in the constituents of the SWIX40 Index and aims to replicate the Index by holding the same weightings of these constituents. The SWIX40 is an equity Index of the 40 largest companies by shareholder weighted net market capitalisation, listed on the JSE. Shareholder weighted indices reduce constituent weights by foreign shareholdings and therefore represent South African investors. The fund is rebalanced quarterly and therefore has minimal trading costs. The fund may also hold a small portion in cash instruments and listed derivatives to effect efficient portfolio management.