"Invesco MSCI Europe Value UCITS ETF Acc" is an exchange-traded investment fund (ETF). It refers to the MSCI Europe Value Index. This index reflects the development of 444 European stocks with "value" characteristics and is therefore relatively 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 automatically reinvested (accumulated). The fund company Invesco claims a total expense ratio (TER) of 0.35% per year. The yearly average divergence from the index performance (Tracking Difference) since 2013 was 0.39% per year. Therefore, the ETF was slightly more expensive than the TER suggests.