"L&G DAX Daily 2x Long UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the LevDAX Index. This index reflects the development of German stocks . 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 L&G ETF claims a total expense ratio (TER) of 0.40% per year. The yearly average divergence from the index performance (Tracking Difference) since 2012 was 2.28% per year. Therefore, the ETF was significantly more expensive than the TER suggests. Besides, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.