How do ready-made funds and self-select investments in stocks and shares ISAs work?

Unpack ready-made funds and self-select investments to explore pre-built portfolios versus custom options.

Published: 05 Jan 2026 6 mins read

Key points

  • Ready-made funds offer simplicity with professionally managed portfolios aligned to risk levels.
  • Self-select investments give full control, allowing you to choose individual shares, funds, and ETFs.
  • Costs, flexibility, and risk management differ between the two. We offer both options plus tools like risk profilers and ISA calculators.

 

When investing in a stocks and shares ISA, there are two categories of investment option: ready-made or self-select. ISAs offer tax-efficient investing but each investment option differs in structure, control, costs and risk management.

Structure of ready-made funds in stocks and shares ISAs

Ready-made funds in stocks and shares ISAs are designed with simplicity in mind. Instead of choosing your individual investments and stocks, you’ll be able to select from pre-built fund bundles. These bundles are aligned to risk levels, so you can get an idea of how risky your investment might be. Some bundles might focus on helping with diversification or might highlight a specific type of investment like environmental, social and governance (ESG) or property.

Ready-made stocks and shares ISAs are designed to help first-time investors.

Portfolio composition and management

Fund managers will look after bundles. They choose investments based on market trends, spreading risk, and the fund’s main goals, which could be growth or income for example. Fund managers continuously keep an eye on and rebalance  the bundle, adding new funds and removing those that no longer meet objectives. Active management  means you (as an investor)  won’t need to be as hands-on. Providers may offer bundles based on risk profiles or focused on specific investment types.

 

Structure of self-select investments in stocks and shares ISAs

Self-select investments are the opposite of ready-made ones. You have full control over all of your investments. Instead of pre-built bundles, you choose from individual funds, shares, and exchange traded funds (ETFs) based on your own research and strategies.

Platforms might have research tools, or performance data that you can use to help you compare options. You might also be able to set up watchlists and alerts, so you can track potential investments and market movements before committing with your wallet.

Unlike ready-made ISAs, self-select accounts let you to customise your asset mix and adjust holdings anytime . You’re able to respond to market trends, rebalance manually, or even pursue specific opportunities like ETFs, giving you maximum flexibility.

Comparing costs and charges

Costs and charges vary by platform, so it’s important to check the details before investing.

Our ISA has an annual platform fee of 0.35% on investments up to £500,000, with no fee above that. We also don’t charge separate product fees for ISAs.

As for other charges and fees on ISAs, there’s a few you should keep an eye out for:

  • Fund management charges – These are ongoing charges that cover the cost of the fund managers and administration of the fund.
  • Share dealing fees – These are a flat fee you might have to pay for buying or selling individual shares.
  • ETF and investment trust dealing fees – These are similar to share dealing charges but specific to ETFs and other investment types.
  • Foreign exchange fees – If the fund you’re buying is overseas, you might pay a charge on the value.
  • Exit or transfer fees – You’ll only pay this if you decide to transfer or withdraw from your ISA, not all providers will do this.

Managing risk and tracking performance

Sometimes priorities shift, or something happens in your life that makes you evaluate the future differently.

If you feel like your attitude to risk has changed you can use tools like our risk profiler, to help you find out where you sit on the scale. This isn’t a be-all and end-all tool though, you should still make sure you sit down with a financial adviser to truly understand your limits.

When it comes to your investment’s performance, here are a few key performance metrics you could monitor:

  • Annualised returns – This will show the average yearly growth over a period. This could be positive or negative.
  • Maximum drawdown – Shows the largest peak to drop, which may help you understand the worst-case scenario.

How to invest with Aviva

We offer a stocks and shares ISA that can give you the best of both worlds, simplicity when you want it and flexibility when you need it.

If you prefer a hands-off approach, our ready-made funds are designed by experts to suit different risk levels and investment goals. These portfolios are actively managed by fund managers and rebalanced for you, so you can invest without worrying about day-to-day decisions.

For those who want more control, our self-select option opens up over 5,000 funds, along with the ability to trade individual shares and ETFs. This means you can build a portfolio that reflects your personal strategy and preferences. And if you’re looking for guidance without giving up choice, our Experts’ Shortlist highlights funds that meet strict quality criteria, helping you narrow down your options quickly.

To make investing even easier, we provide smart digital tools like our ISA calculator, which helps you estimate potential returns, and online rebalancing to keep your investments aligned with your goals. 

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