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iShares European Property Yield UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BGDQ0L74Ticker: IPRE (Xetra)Issuer: iShares
Issuer-declared data
Declared index
FTSE EPRA Nareit Developed Europe ex UK Dividend Net Index in EUR
TER
0.40%
Transaction costs
0.02% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
192.3 mln EUR
NAV
4.65 EUR (1 September 2026)
Domicile
Ireland
Inception date
12 December 2018
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

iShares European Property Yield UCITS ETF tracks the issuer-declared index: FTSE EPRA Nareit Developed Europe ex UK Dividend Net Index in EUR. The declared annual cost (TER) is 0.40%, plus 0.02% in transaction costs estimated by the issuer in the KID. Replication is physical replication (the KID declares buying all or a substantial number of the index constituents); income is accumulated and reinvested in the fund. The fund has assets of about 192 million euro, was launched on 12 December 2018 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the FTSE EPRA/Nareit Developed Europe ex UK Dividend + Index, the Fund’s benchmark index (Index). The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index. The Index measures the performance of equity securities of listed real estate companies and Real Estate Investment Trusts (REITs) which are constituents of the FTSE EPRA/Nareit Developed Europe ex-UK Index and which are expected to pay higher dividends than other securities within the latter index. The FTSE EPRA/Nareit Developed Europe ex-UK Index provides exposure to listed real estate companies and REITs in developed European markets, excluding the United Kingdom. The Index selects equity securities that have a forecasted dividend yield of equal or greater than 2%. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international investors. The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it. The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund. The investment manager may, use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The Fund does not hold physical real estate property, but invests in property related securities. The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).

Keep reading the KID section ▾

The depositary of the Fund is The Bank of New York Mellon SA/NV, Dublin Branch. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.

Your shares will be accumulating shares (i.e. income will be included in their value). Your shares will be denominated in Euro, the Fund's base currency. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor:The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).

Insurance benefits:The Fund does not offer any insurance benefits.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • Average tracking difference over the last 3 years: +0.28% p.a., against a declared TER of 0.40%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · EUR · from Dec 2018 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
-8.7%
Annualised
-1.2%
Volatility (ann.)
21.4%
Max drawdown
-50.31%
-38%-20%-2%+15%+33%Dec 2018Nov 2020Oct 2022Oct 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)-9%Dec 2018Sept 2026
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-20%-40%-60%-80%20182020202220242026−50.31% · 13 Oct 2022
Max drawdown
-50.31%
peak → trough
Trough
13 Oct 2022
from the 19 Feb 2020 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
2,393 days
decline + recovery: peak to break-even · ≈ 6 years and 7 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
19 Feb 202013 Oct 2022-50.31%ongoing2,393
05 Jun 201927 Jun 2019-5.97%30 Aug 201986
12 Dec 201827 Dec 2018-5.73%16 Jan 201935
30 Jan 201901 Mar 2019-3.76%14 Mar 201943
03 Apr 201909 Apr 2019-3.09%16 May 201943

Calendar-year returns

2018
-4.5%
2019
25.3%
2020
-8.8%
2021
8.7%
2022
-37.8%
2023
18.2%
2024
0.0%
2025
8.4%
2026
-3.3%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20262.310.2-13.04.70.8-1.21.0-5.9-0.6-3.3
20253.60.4-4.67.14.30.8-2.80.4-1.00.40.8-0.88.4
2024-3.2-8.28.4-0.75.7-4.73.85.94.3-7.01.5-4.10.0
20239.4-2.0-13.05.5-8.72.19.60.3-3.2-3.013.010.518.2
2022-2.3-3.4-1.6-7.0-2.5-16.811.0-9.7-15.43.12.7-1.1-37.8
2021-3.6-3.43.54.94.10.95.32.1-8.74.5-1.00.88.7
20202.8-6.6-21.52.63.41.90.22.6-1.4-5.612.73.8-8.8
20199.7-3.26.0-1.72.1-3.72.33.52.71.71.92.025.3
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: iShares. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 7 of the last 7 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.28% /anno
Declared TER
0.40%
YearFundIndexDifference
2025+8.33%+8.06%+0.27%
2024-0.06%-0.29%+0.23%
2023+18.29%+17.96%+0.33%
2022-37.82%-38.00%+0.18%
2021+8.73%+8.61%+0.12%
2020-8.78%-8.98%+0.20%
2019+25.20%+24.81%+0.40%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)14.81%18.00%21.72%21.26%
Max drawdown-15.03%-17.24%-47.83%-50.31%
Sharpe-0.290.29-0.24-0.02
Sortino-0.400.43-0.35-0.03
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
59
68 total lines: 9 cash & derivatives
Top-10 weight
60.0%

Top 10 holdings

VONOVIA SE · VNA
11.14%
UNIBAIL RODAMCO WE STAPLED UNITS · URW
9.41%
SWISS PRIME SITE AG · SPSN
8.48%
KLEPIERRE REIT SA · LI
6.60%
PSP SWISS PROPERTY AG · PSPN
5.61%
AEDIFICA NV · AED
5.00%
MERLIN PROPERTIES REIT · MRL
4.59%
WAREHOUSES DE PAUW NV · WDP
3.18%
CASTELLUM · CAST
3.03%
LEG IMMOBILIEN N · LEG
2.95%

Sectors

Real Estate
99.1%
Cash and/or Derivatives
0.9%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustria: 0.5%AzerbaijanBurundiBelgium: 12.9%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerland: 20%ChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 18.7%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 6.2%EstoniaEthiopiaFinland: 1%FijiFalkland IslandsFrance: 24.6%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 0.4%IranIraqIcelandIsraelItaly: 0.2%JamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 1.7%Norway: 0.6%NepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 12.4%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
France24.6%
Switzerland20%
Germany18.7%
Belgium12.9%
Sweden12.4%
Spain6.2%
Netherlands1.7%
Download the full portfolio — Excel, 68 rows
Full portfolio declared by iShares, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Share classes of the same fund

This page covers ISIN IE00BGDQ0L74. The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
EUR (Dist)IE00B0M63284IPRPDistributingEUR
EUR (Acc) · this pageIE00BGDQ0L74IPREAccumulatingEUR
Share classes declared by the issuer in official product lists (same fund = same issuer and same declared name). A dash “—” = not declared — not a zero.

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.01%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00BGDQ0L74IPRE(class: EUR (Acc))
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00B0M63284IQQP(class: EUR (Dist))
  • BG Saxozero within the savings plan (buys)
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 1,500 €, agreement until 31 December 2026
  • Moneyfarmzero within the savings plan (buys), agreement until 31 March 2027
  • Moneyfarmzero on single buys from 1,000 €, agreement until 31 March 2027
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Börse DüsseldorfIPRE4 Apr 2019
Börse FrankfurtIPRE14 Dec 2018
Börse HamburgIPRE31 Jan 2019
Börse HannoverIPRE9 Dec 2024
Börse München / gettexIPRE18 Feb 2019
Börse StuttgartIPRE13 Feb 2019
Tradegate ExchangeIPRE30 Oct 2019
Xetra (Deutsche Börse)IPRE14 Dec 2018
+ 16 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does iShares European Property Yield UCITS ETF track?
The issuer iShares declares the benchmark: FTSE EPRA Nareit Developed Europe ex UK Dividend Net Index in EUR.
How much does IPRE cost?
The issuer-declared TER is 0.40% per year; the transaction costs estimated in the KID are 0.02%.
How is IPRE taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.01%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of IPRE?
The fund size declared by iShares is about 192 million euro.
When was IPRE launched?
The fund was launched on 12 December 2018: it has 7 years of history.
How does IPRE replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Fisica (dal KID)”).
Does IPRE pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does IPRE trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (IPRE), Börse Frankfurt (IPRE), Börse Hamburg (IPRE), Börse Hannover (IPRE), Börse München / gettex (IPRE), Börse Stuttgart (IPRE).
What was IPRE's worst fall?
Over the available history (since 2018), the maximum drawdown was -50.31%, reached in October 2022. Past performance is not indicative of future results.
What is IPRE's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.28% per year versus its index (from issuer-declared series).
How many securities does IPRE hold?
The declared portfolio holds 59 securities (plus 9 cash & derivative lines); the top 10 positions weigh 60%.
Transparency note
The data in this sheet is declared by iShares in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.