"Xtrackers S&P Select Frontier Swap UCITS ETF 1C" is an exchange-traded investment fund (ETF). It refers to the S&P Select Frontier Index. This index reflects the development of only 40 Emerging Marketsstocks 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 0.95% per year. The yearly average divergence from the index performance (Tracking Difference) since 2009 was 2.15% per year. Therefore, the ETF was significantly more expensive than the TER suggests. Besides, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.