"BNP Paribas Easy MSCI Emerging Markets ex CW UCITS ETF EUR - C" is an exchange-traded investment fund (ETF). It refers to the MSCI Emerging Markets ex Controversial Weapons Index. This index reflects the development of Emerging Marketsstocks . The ETF replicates its index using synthetic replication, so the index performance is realized using a swap contract. The ETF's earnings (dividends) are automatically reinvested (accumulated). The fund company EasyETF claims a total expense ratio (TER) of 0.35% per year. The yearly average divergence from the index performance (Tracking Difference) since 2011 was 1.03% per year. Therefore, the ETF was significantly more expensive than the TER suggests.