"iShares MSCI EMU Small Cap UCITS ETF EUR (Acc)" is an exchange-traded investment fund (ETF). It refers to the MSCI EMU Small Cap Index. This index reflects the development of 442 European stocks with low market capitalization and is therefore relatively 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 iShares claims a total expense ratio (TER) of 0.58% per year. The yearly average divergence from the index performance (Tracking Difference) since 2010 was -0.04% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance.