"iShares Dow Jones U.S. Select Dividend UCITS ETF (DE)" is an exchange-traded investment fund (ETF). It refers to the DJ US Select Dividend Index. This index reflects the development of US American stocks with high dividend yield . 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 0.31% per year. The yearly average divergence from the index performance (Tracking Difference) since 2008 was 1.56% per year. Therefore, the ETF was significantly more expensive than the TER suggests. Besides, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.