"SPDR MSCI Europe Telecommunication Services UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the MSCI Europe Communication Services Capped 35/20 Index. This index reflects the development of only 31 European stocks and is therefore not very 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 automatically reinvested (accumulated). The fund company SPDR claims a total expense ratio (TER) of 0.23% per year. The yearly average divergence from the index performance (Tracking Difference) since 2015 was -0.36% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance.