"UBS ETF (IE) MSCI USA Value UCITS ETF (USD) A-dis" is an exchange-traded investment fund (ETF). It refers to the MSCI USA Value Index. This index reflects the development of 447 US American stocks with "value" characteristics 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 UBS ETF claims a total expense ratio (TER) of 0.20% per year. The yearly average divergence from the index performance (Tracking Difference) since 2013 was -0.25% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.