"iShares MSCI EM Small Cap UCITS ETF USD (Dist)" is an exchange-traded investment fund (ETF). It refers to the MSCI Emerging Markets Small Cap Index. This index reflects the development of 1817 Emerging Marketsstocks 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 distributed to the investors. The fund company iShares claims a total expense ratio (TER) of 0.74% per year. The yearly average divergence from the index performance (Tracking Difference) since 2010 was 0.46% per year. Therefore, the ETF was less expensive than the TER suggests. However, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.