"iShares MSCI UK UCITS ETF GBP (Acc)" is an exchange-traded investment fund (ETF). It refers to the MSCI United Kingdom Index. This index reflects the development of British stocks . 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 iShares claims a total expense ratio (TER) of 0.33% per year. The yearly average divergence from the index performance (Tracking Difference) since 2011 was 0.41% per year. Therefore, the ETF was more expensive than the TER suggests.