"Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Dist" is an exchange-traded investment fund (ETF). It refers to the Morningstar MLP Composite Index. This index reflects the development of world wide stocks . The ETF replicates its index using synthetic replication, so the index performance is realized using a swap contract. The ETF's earnings (dividends) are distributed to the investors. The fund company Invesco claims a total expense ratio (TER) of 0.50% per year. The yearly average divergence from the index performance (Tracking Difference) since 2014 was 1.11% per year. Therefore, the ETF was significantly more expensive than the TER suggests.