"iShares Diversified Commodity Swap UCITS ETF (DE)" is an exchange-traded investment fund (ETF). It refers to the Bloomberg Commodity Index. This index reflects the development of world wide commodity futures . The ETF replicates its index using synthetic replication, so the index performance is realized using a swap contract. The ETF's earnings are automatically reinvested (accumulated). The fund company iShares claims a total expense ratio (TER) of 0.46% per year. The yearly average divergence from the index performance (Tracking Difference) since 2008 was 1.04% 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.