"Xtrackers MSCI Brazil UCITS ETF 1C" is an exchange-traded investment fund (ETF). It refers to the MSCI Brazil Index. This index reflects the development of 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 automatically reinvested (accumulated). The fund company Xtrackers claims a total expense ratio (TER) of 0.25% per year. The yearly average divergence from the index performance (Tracking Difference) since 2009 was 0.81% per year. Therefore, the ETF was significantly more expensive than the TER suggests.