"Xtrackers MSCI EM Europe, Middle East & Africa ESG Swap UCITS ETF 1C" is an exchange-traded investment fund (ETF). It refers to the MSCI EM EMEA Low Carbon SRI Leaders Index. This index reflects the development of only 46 stocks and is therefore not very well diversified. 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 0.65% per year. The yearly average divergence from the index performance (Tracking Difference) since 2008 was 0.83% per year. Therefore, the ETF was more expensive than the TER suggests.