"Lyxor MSCI North America UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the MSCI North America Index. This index reflects the development of 728 North American stocks and is therefore 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 distributed to the investors. 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 -0.14% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.