Unfortunately I don't think that is correct.
I'm not aware of any ETF in Australia that tracks the All Ords index. The largest I know of is the Vanguard Australian Shares Index (VAS) that tracks the S&P/ASX 300.
In a “typical” scenario, and index fund that tracks an index i.e. S&P/ASX 50 would purchase shares in all companies.
The constituents in the All Ords are simply the 500 largest companies listed on the ASX by way of market capitalisation. Unlike the S&P/ASX suite of indices, the All Ordinaries has no liquidity requirement.
Because there is no liquidity requirement ,no fund would buy shares in every company in the All Ords which accounts for about 77% of total ASX. They certainly would buy a cross section of companies in the All Ords , but just being listed in the All Ords does not guarantee ETF buying like it does if a company is listed in ASX300/200/100 etc.
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