It is linked to the performance of the IPD index and the EPRA index. With the EPRA index you're not investing directly in property, you're investing in the shares of real estate companies (but no dividends). The EPRA has had an incredible performance over the past few years, however it is well off it's highs this year, even after other equity indices are back above the February highs. Last month there was a large fall in the value of the spanish companies in the index. Of course you may see this as a great opportunity to get in. It's worth doing a bit of research though, the EPRA index is much more volatile than the IPD so your returns are going to be more dictated by what happens in EPRA.