The iShares S&P 500 GBP Hedged ETF invests in a diverse range of large-cap U.S. companies included in the S&P 500 index. This means the fund holds shares of some of the leading and most valuable American businesses across various industries, weighted according to their market value available to international investors. By tracking the S&P 500, the ETF aims to reflect the performance of the major companies that drive the United States stock market.