"iShares MSCI USA Quality Dividend UCITS ETF USD (Dist)" is an exchange-traded investment fund (ETF). It refers to the MSCI USA High Dividend Yield Index. This index reflects the development of US American stocks with high dividend yield . 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 iShares claims a total expense ratio (TER) of 0.35% per year. The yearly average divergence from the index performance (Tracking Difference) since 2015 was -0.20% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance.