"Vanguard FTSE North America UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the FTSE North America Index. This index reflects the development of 655 North American stocks and is therefore very well diversified. 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 distributed to the investors. The fund company Vanguard claims a total expense ratio (TER) of 0.10% per year. The yearly average divergence from the index performance (Tracking Difference) since 2015 was -0.19% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.