"Invesco RAFI Emerging Markets Fundamental Value UCITS ETF Dist" is an exchange-traded investment fund (ETF). It refers to the RAFI Fundamental Emerging Markets Index. This index reflects the development of securities . The ETF replicates its index using full physical replication, so it contains all the securities of its reference index. The ETF's earnings are distributed to the investors. The fund company Invesco claims a total expense ratio (TER) of 0.49% per year. The yearly average divergence from the index performance (Tracking Difference) since 2009 was 1.29% per year. Therefore, the ETF was significantly more expensive than the TER suggests. Besides, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.