"Invesco Nasdaq Biotech UCITS ETF A" is an exchange-traded investment fund (ETF). It refers to the NASDAQ Biotechnology Index. This index reflects the development of US American 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 Invesco claims a total expense ratio (TER) of 0.40% per year. The yearly average divergence from the index performance (Tracking Difference) since 2015 was 0.41% per year. Therefore, the ETF was slightly more expensive than the TER suggests.