"BNP Paribas Easy MSCI Europe Small Caps SRI S-Series 5% Capped" is an exchange-traded investment fund (ETF). It refers to the MSCI Europe Small Caps SRI S-Series 5% Capped Index. This index reflects the development of European stocks with low market capitalization . The ETF replicates its index using synthetic replication, so the index performance is realized using a swap contract. The ETF's earnings (dividends) are automatically reinvested (accumulated). The fund company EasyETF claims a total expense ratio (TER) of 0.25% per year. The yearly average divergence from the index performance (Tracking Difference) since 2011 was 0.17% per year. Therefore, the ETF was less expensive than the TER suggests.