"Invesco MSCI Europe ex-UK UCITS ETF Acc" is an exchange-traded investment fund (ETF). It refers to the MSCI Europe ex UK Index. This index reflects the development of European stocks . 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 Invesco claims a total expense ratio (TER) of 0.20% per year. The yearly average divergence from the index performance (Tracking Difference) since 2018 was -0.27% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.