"iShares EUR Govt Bond 20yr Target Duration UCITS ETF EUR (Dist)" is an exchange-traded investment fund (ETF). It refers to the Markit iBoxx EUR Eurozone 20 Target Duration Index. This index reflects the development of European 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 0.15% per year. The yearly average divergence from the index performance (Tracking Difference) since 2016 was 0.02% per year. Therefore, the ETF was less expensive than the TER suggests.