"iShares Core MSCI Europe UCITS ETF EUR (Dist)" is an exchange-traded investment fund (ETF). It refers to the MSCI Europe Index. This index reflects the development of 417 European stocks and is therefore relatively well diversified. The ETF replicates its index using physical replication with sampling, so it contains the most important 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 0.12% per year. The yearly average divergence from the index performance (Tracking Difference) since 2008 was -0.09% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.