"Xtrackers MSCI Africa Top 50 Swap UCITS ETF 1C" is an exchange-traded investment fund (ETF). It refers to the MSCI EFM Africa Top 50 Capped 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 0.65% per year. The yearly average divergence from the index performance (Tracking Difference) since 2012 was 1.28% per year. Therefore, the ETF was significantly more expensive than the TER suggests.