"iShares Nasdaq US Biotechnology UCITS ETF" 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 full physical replication, so it contains all the securities of its reference index. The ETF's earnings (dividends) are automatically reinvested (accumulated). The fund company iShares claims a total expense ratio (TER) of 0.35% per year. The yearly average divergence from the index performance (Tracking Difference) since 2018 was 0.20% per year. Therefore, the ETF was less expensive than the TER suggests.