MRRL

ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN Series B
*Unless otherwise stated, data provided by FactSet.

MRRL Fund Description

MRRL provides 2x levered exposure to a cap-weighted index of US and non-US REITS that derive at least 50% of their revenues from mortgage-related activity.

MRRL Factset Analytics Insight

MRRL—an ETN—aims to provide 200% of the monthly returns of a market-cap-weighted index of global mortgage REITs. The note launched in 2015 as a Series B companion to the popular MORL, providing more capacity for identical exposure. The note, which is merely a promise to pay the index’s leveraged return—as opposed to holding the actual mortgage REITs in the index—provides its headline leverage only over one calendar month. The monthly reset means investors holding it for longer than a month may fall victim to the effects of compounding, which could cause returns to drift from the product’s stated 2x returns. The basket of mortgage REITs MRRL tracks pays a juicy yield, something that’s amplified by the 2x leverage factor. The risks are many, however: The embedded leverage in mortgage REITs is exacerbated by the fund’s 200% exposure. Moreover, as an ETN, MRRL has the counterparty risk of UBS.

MRRL CHARTS AND PERFORMANCE

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
COMPARE
RESET
Select ETFs to compare their performance:
PERFORMANCE [as of 05/23/19] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
MRRL -5.01% -1.02% 16.04% 5.71% 20.74% -- --
MRRL (NAV) -6.46% -1.39% 15.88% 4.80% 20.64% -- --
MVIS US Mortgage REITs Index -- -- -- -- -- -- --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

MRRL Summary Data

UBS
ETRACS
10/08/15
Exchange-Traded Note
0.80%
$128.76M
0.19%

MRRL Portfolio Data

23.06%
06/11/19

MRRL Index Data

Market Cap
Market Cap
N/A

MRRL Fund Structure

No
N/A
N/A / N/A
UBS AG (London Branch)
Low
Low
2
Monthly

MRRL Tax Exposures

20.00% / 39.60%
--
No
Cboe Book Viewer
TOP OF BOOK
LAST 10 TRADES
Bats BZX Real-time Quote -
Daily Spread
Premium/Discount
Volume

MRRL Factset Analytics Block Liquidity

As of 05/24/19
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of MRRL. MRRL is rated a N/A out of 5.

MRRL Tradability

242,187
$3.40M
235,537
$3.27M
0.19%
$0.03
0.08%
0.99% / -0.57%
None
0.00%
50,000
4.71
0.13%
--
--
$13.13
N/A