"VanEck Vectors Morningstar US Wide Moat UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the Morningstar Wide Moat Focus Index. This index reflects the development of world wide 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 VanEck Vectors claims a total expense ratio (TER) of 0.49% per year. The yearly average divergence from the index performance (Tracking Difference) since 2016 was 1.06% per year. Therefore, the ETF was significantly more expensive than the TER suggests.