"Xtrackers MSCI World Swap UCITS ETF 4C EUR Hedged" is an exchange-traded, Euro hedged investment fund (ETF). It refers to the MSCI World Index. This index reflects the development of 1464 world wide stocks and is therefore very 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 automatically reinvested (accumulated). The fund company Xtrackers claims a total expense ratio (TER) of 0.39% per year. The yearly average divergence from the index performance (Tracking Difference) since 2014 was 0.25% per year. Therefore, the ETF was less expensive than the TER suggests. However, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.