"iShares MSCI Target UK Real Estate UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the MSCI United Kingdom Liquid Real Estate Index. This index reflects the development of British stocks . 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 0.40% per year. The yearly average divergence from the index performance (Tracking Difference) since 2016 was 0.32% per year. Therefore, the ETF was less expensive than the TER suggests.