"Vanguard FTSE All-World High Dividend Yield UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the FTSE All World High Dividend Yield index. This index reflects the development of 1586 world wide stocks with high dividend yield and is therefore very well diversified. The ETF replicates its index using physical replication with sampling, so it contains the most important 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 0.29% per year. The yearly average divergence from the index performance (Tracking Difference) since 2014 was -0.04% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.