"SPDR S&P Euro Dividend Aristocrats UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the S&P Euro High Yield Dividend Aristocrats Index. This index reflects the development of only 40 US American stocks with high dividend yield and is therefore not very well diversified. The ETF replicates its index using full physical replication, so it contains all the securities of its reference index. The ETF's earnings (dividends) are distributed to the investors. The fund company SPDR claims a total expense ratio (TER) of 0.30% per year. The yearly average divergence from the index performance (Tracking Difference) since 2013 was -0.35% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance.