"iShares MSCI Europe ex-UK UCITS ETF EUR (Dist)" is an exchange-traded investment fund (ETF). It refers to the MSCI Europe ex UK Index. This index reflects the development of European stocks . The ETF replicates its index using physical replication with sampling, so it contains the most important securities of its reference index. The ETF's earnings (dividends) are distributed to the investors. The fund company iShares claims a total expense ratio (TER) of 0.40% per year. The yearly average divergence from the index performance (Tracking Difference) since 2008 was -0.16% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance.