"iShares Pfandbriefe UCITS ETF (DE)" is an exchange-traded investment fund (ETF). It refers to the Markit iBoxx Pfandbriefe Index. This index reflects the development of German bonds . The ETF replicates its index using physical replication with sampling, so it contains the most important securities of its reference index. The ETF's earnings (interest payments) are distributed to the investors. The fund company iShares claims a total expense ratio (TER) of 0.10% per year. The yearly average divergence from the index performance (Tracking Difference) since 2008 was 0.13% per year. Therefore, the ETF was slightly more expensive than the TER suggests.