"SPDR MSCI ACWI IMI UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the MSCI All Country World IM Index. This index reflects the development of 9186 world wide stocks 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 0.40% per year. The yearly average divergence from the index performance (Tracking Difference) since 2012 was -0.05% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.