"Xtrackers MSCI Japan UCITS ETF 4C EUR Hedged" is an exchange-traded, Euro hedged 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 0.40% per year. The yearly average divergence from the index performance (Tracking Difference) since 2013 was -1.48% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance. However, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.