"UBS ETF (IE) MSCI USA hedged EUR UCITS ETF (EUR) A-acc" is an exchange-traded, Euro hedged investment fund (ETF). It refers to the MSCI USA 100% EUR Hedged Index. This index reflects the development of 626 US American stocks and is therefore very 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 automatically reinvested (accumulated). The fund company UBS ETF claims a total expense ratio (TER) of 0.19% per year. The yearly average divergence from the index performance (Tracking Difference) since 2014 was -0.09% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.