"Amundi Pan Africa UCITS ETF Acc" is an exchange-traded investment fund (ETF). It refers to the SGI Pan Africa Index. This index reflects the development of 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 Amundi claims a total expense ratio (TER) of 0.85% per year. The yearly average divergence from the index performance (Tracking Difference) since 2009 was 1.22% per year. Therefore, the ETF was more expensive than the TER suggests.