"iShares MSCI EMU USD Hedged UCITS ETF (Acc)" is an exchange-traded investment fund (ETF). It refers to the MSCI EMU 100% USD Hedged 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 0.38% per year. The yearly average divergence from the index performance (Tracking Difference) since 2016 was -0.12% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance.