"SPDR Bloomberg Barclays 15+ Year Gilt UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the Bloomberg Barclays Capital UK Gilt 15+ Year Index. This index reflects the development of bonds . The ETF replicates its index using full physical replication, so it contains all the securities of its reference index. The ETF's earnings (interest payments) are distributed to the investors. The fund company SPDR claims a total expense ratio (TER) of 0.15% per year. The yearly average divergence from the index performance (Tracking Difference) since 2013 was 0.12% per year. Therefore, the ETF was slightly less expensive than the TER suggests.