"Vanguard FTSE Developed Europe ex UK UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the FTSE Developed Europe ex UK Index. This index reflects the development of 471 European stocks 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 Vanguard claims a total expense ratio (TER) of 0.10% per year. The yearly average divergence from the index performance (Tracking Difference) since 2015 was -0.44% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance.