"iShares MSCI North America UCITS ETF USD (Dist)" 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 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 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 0.13% per year. Therefore, the ETF was less expensive than the TER suggests.