This is an equal weight ETF which means rather than tracking the ASX200 or similar, it invests an equal amount of funds into each company in the list of companies it tracks.  I use this as a way of heaving a greater exposure to those companies outside the top 20  which have a high weighting in the ASX200 and provide greater exposure to Mid Caps.  

I like the theory of this but in reality - it has underpeformed the ASX200 over most measures and is more expensive to hold than the ASX200 Index funds with a management fee of 0.35%