"UBS ETF (LU) MSCI EMU Value UCITS ETF (EUR) A-dis" is an exchange-traded investment fund (ETF). It refers to the MSCI EMU Value Index. This index reflects the development of 146 European stocks with "value" characteristics and is therefore relatively 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 distributed to the investors. The fund company UBS ETF claims a total expense ratio (TER) of 0.25% per year. The yearly average divergence from the index performance (Tracking Difference) since 2010 was -0.41% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance.