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CCH (cch.taxgroup.com) reports:

An interest in a notional principal contract, the return on which is calculated by reference to an index based on a broad range of United States real estate data, is not a United States real property interest (USRPI) under Code Sec. 897(c)(1). The index measures appreciation and depreciation of residential or commercial real estate values within large U.S. geographic areas. Because the index is so broad-based, no investor can own or lease a material percentage of the real estate referenced. Consequently, the notional principal contract, even though its return is based on appreciation of real property, does not represent the ownership of a direct or indirect right to share in the appreciation in the value of the real property; thus, a foreign corporation's interest in the contract is not a USRPI.
Rev. Rul. 2008-31, 2008FED ¶46,465
Other References:
Code Sec. 897
CCH Reference - 2008FED ¶27,711.022
CCH Reference - 2008FED ¶27,711.45
Tax Research Consultant
CCH Reference - TRC INTLIN: 6,056