"Vanguard Germany All Cap UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the FTSE Germany All Cap Index. This index reflects the development of German stocks . 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 Vanguard claims a total expense ratio (TER) of 0.10% per year. The yearly average divergence from the index performance (Tracking Difference) since 2019 was -0.20% per year. Therefore, the ETF was less expensive than the TER suggests and even exceeded the index performance.