"Vanguard FTSE Developed Europe UCITS ETF - (EUR) Accumulating" is an exchange-traded investment fund (ETF). It refers to the FTSE Developed Europe Index. This index reflects the development of 589 European stocks and is therefore very 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 automatically reinvested (accumulated). 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 2020 was -0.22% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.