"Invesco MSCI Europe Universal Screened UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the MSCI Europe Universal Select Business Screens 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 automatically reinvested (accumulated). The fund company Invesco claims a total expense ratio (TER) of 0.16% per year. The yearly average divergence from the index performance (Tracking Difference) since 2020 was -0.12% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.