"Deka MSCI Europe MC UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the MSCI Europe Mid Cap Index. This index reflects the development of 245 European 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 distributed to the investors. The fund company Deka ETF claims a total expense ratio (TER) of 0.31% per year. The yearly average divergence from the index performance (Tracking Difference) since 2010 was 0.08% per year. Therefore, the ETF was less expensive than the TER suggests.