"Xtrackers II EUR Overnight Rate Swap UCITS ETF 1D" is an exchange-traded investment fund (ETF). It refers to the Deutsche Bank EURO Overnight Rate 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 distributed to the investors. The fund company Xtrackers claims a total expense ratio (TER) of 0.10% per year. The yearly average divergence from the index performance (Tracking Difference) since 2009 was 0.11% per year. Therefore, the ETF was slightly more expensive than the TER suggests.