"UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc" is an exchange-traded investment fund (ETF). It refers to the MSCI AC Asia ex Japan Index. This index reflects the development of 1185 Asia-Pacific stocks and is therefore very 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 UBS ETF claims a total expense ratio (TER) of 0.23% per year. The yearly average divergence from the index performance (Tracking Difference) since 2013 was 0.83% per year. Therefore, the ETF was significantly more expensive than the TER suggests.