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UBS launches ETN with leveraged exposure to mortgage Reits


UBS Investment Bank’s ETRACS Monthly Pay 2xLeveraged Mortgage Reit exchange-traded note (MORL) has begun trading on the NYSE Arca.

MORL is linked to the monthly compounded 2x leveraged performance of the Market Vectors Global Mortgage Reits Index , reduced by investor fees.

MORL offers investors monthly compounded 2x leveraged exposure to the Market Vectors Global Mortgage Reits Index, less fees, making it the only exchange-traded product with leveraged exposure to a mortgage Reit index offered on US exchanges.

It also provides significant income potential in the form of a variable monthly coupon linked to two times the cash distributions, if any, on the index constituents, less any withholding taxes. MORL’s leverage is reset monthly, not daily.

“This ETN is designed for investors who seek a high yield and are bullish on the mortgage Reit sector,” says Paul Somma, executive director and senior ETRACS structurer. “MORL offers high monthly income potential and leveraged exposure to a mortgage Reit index, all by way of a single, exchange-traded security.”

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