"Xtrackers MSCI Japan UCITS ETF 1C" is an exchange-traded investment fund (ETF). It refers to the MSCI Japan Index. This index reflects the development of 272 Japanese 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 automatically reinvested (accumulated). The fund company Xtrackers claims a total expense ratio (TER) of 0.12% per year. The yearly average divergence from the index performance (Tracking Difference) since 2008 was 0.39% per year. Therefore, the ETF was more expensive than the TER suggests.