"SPDR S&P US Dividend Aristocrats UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the S&P High Yield Dividend Aristocrats Index. This index reflects the development of 114 US American stocks with high dividend yield and is therefore relatively 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 0.35% per year. The yearly average divergence from the index performance (Tracking Difference) since 2012 was -0.06% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.