"HSBC MSCI Taiwan Capped UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the MSCI Taiwan Capped Index. This index reflects the development of 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 HSBC ETF claims a total expense ratio (TER) of 0.50% per year. The yearly average divergence from the index performance (Tracking Difference) since 2012 was 0.66% per year. Therefore, the ETF was more expensive than the TER suggests.