"Xtrackers MSCI North America High Dividend Yield UCITS ETF 1C" is an exchange-traded investment fund (ETF). It refers to the MSCI North America High Dividend Yield Index. This index reflects the development of 162 North American 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 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 2015 was -0.12% per year. Therefore, the ETF was significantly less expensive than the TER suggests and even exceeded the index performance.