"Vanguard FTSE 100 UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the FTSE 100 Index. This index reflects the development of 102 British stocks and is therefore relatively well diversified. 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 Vanguard claims a total expense ratio (TER) of 0.09% per year. The yearly average divergence from the index performance (Tracking Difference) since 2013 was 0.08% per year. Therefore, the ETF was slightly less expensive than the TER suggests.