"Invesco FTSE RAFI Europe UCITS ETF Dist" is an exchange-traded investment fund (ETF). It refers to the FTSE RAFI Europe Index. This index reflects the development of European 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 distributed to the investors. The fund company Invesco claims a total expense ratio (TER) of 0.39% per year. The yearly average divergence from the index performance (Tracking Difference) since 2008 was 0.49% per year. Therefore, the ETF was more expensive than the TER suggests.