"SPDR MSCI World Small Cap UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the MSCI World Small Cap Index. This index reflects the development of 4402 world wide stocks with low market capitalization and is therefore very well diversified. The ETF replicates its index using physical replication with sampling, so it contains the most important securities of its reference index. The ETF's earnings (dividends) are automatically reinvested (accumulated). The fund company SPDR claims a total expense ratio (TER) of 0.45% per year. The yearly average divergence from the index performance (Tracking Difference) since 2014 was 0.17% per year. Therefore, the ETF was less expensive than the TER suggests.