"Amundi ETF MSCI Europe Healthcare UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the MSCI Europe Health Care Index. This index reflects the development of only 27 European stocks and is therefore not very well diversified. 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 0.25% per year. The yearly average divergence from the index performance (Tracking Difference) since 2009 was 0.16% per year. Therefore, the ETF was less expensive than the TER suggests.