"iShares MSCI EMU Large Cap UCITS ETF EUR (Acc)" is an exchange-traded investment fund (ETF). It refers to the MSCI EMU Large Cap Index. This index reflects the development of European 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 automatically reinvested (accumulated). The fund company iShares claims a total expense ratio (TER) of 0.49% per year. The yearly average divergence from the index performance (Tracking Difference) since 2014 was -0.48% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance. However, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.