"iShares STOXX Europe 600 Real Estate UCITS ETF (DE)" is an exchange-traded investment fund (ETF). It refers to the STOXX Europe 600 Real Estate Index. This index reflects the development of only 34 European stocks and is therefore not very well diversified. 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 distributed to the investors. 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 2009 was 0.39% per year. Therefore, the ETF was less expensive than the TER suggests. However, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.