"Xtrackers Bloomberg Commodity ex-Agriculture & Livestock Swap UCITS ETF 1C EUR Hedged" is an exchange-traded, Euro hedged investment fund (ETF). It refers to the Bloomberg ex Agriculture & Livestock 15/30 Capped 3 Month Forward Index. This index reflects the development of 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 Xtrackers claims a total expense ratio (TER) of 0.39% per year. The yearly average divergence from the index performance (Tracking Difference) since 2008 was 0.66% per year. Therefore, the ETF was more expensive than the TER suggests.