"Lyxor S&P MidCap 400 UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the S&P Mid Cap 400 Index. This index reflects the development of 400 US American stocks and is therefore relatively well diversified. The ETF replicates its index using synthetic replication, so the index performance is realized using a swap contract. The ETF's earnings (dividends) are distributed to the investors. The fund company Lyxor claims a total expense ratio (TER) of 0.35% per year. The yearly average divergence from the index performance (Tracking Difference) since 2009 was 0.16% per year. Therefore, the ETF was less expensive than the TER suggests.