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HEADLINES:

UBS Declares Coupon Payments on Four Monthly Pay ETRACS Exchange-Traded Notes

Business Wire (May 7, 2013)
mREITs Facing Attack From Regulators
Kenneth Arnold • Thu, Apr 25 • 80 Comments
UBS Declares Coupon Payments on Ten ETRACS Exchange-Traded Notes

Business Wire (Apr 4, 2013)
Global Real Estate Stocks: Time To Get Out?
AllianceBernstein • Tue, Mar 19 • 9 Comments
UBS Declares Coupon Payments on Four Monthly Pay ETRACS Exchange-Traded Notes

Business Wire (Mar 6, 2013)
The MORL Is A Story
Dividend Living • Tue, Mar 5 • 57 Comments
UBS Declares Coupon Payments on Eleven ETRACS Exchange-Traded Notes

Business Wire (Jan 7, 2013)
Invest $2,400 In This New High-Yielder And Get About $500 In Dividends Yearly
Hawkinvest • Mon, Nov 26, 2012 • 26 Comments
This New Mortgage REIT Investment Is Worth Buying For 25% Yields
Trade In Mexico • Mon, Nov 12, 2012 • 21 Comments
ETF Stats For October: Another Record Number Of Closings
Ron Rowland • Tue, Nov 6, 2012 • 1 Comment
All Tricks, No Treats, For Mortgage REITs
Brad Thomas • Wed, Oct 31, 2012 • 52 Comments
UBS Launches ETN with High Monthly Income Potential and Leveraged Exposure to Mortgage REITs

Business Wire (Oct 17, 2012)

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The MORL Is A Story
Dividend Living • Tue, Mar 5 • 57 Comments
Invest $2,400 In This New High-Yielder And Get About $500 In Dividends Yearly
Hawkinvest • Mon, Nov 26, 2012 • 26 Comments
This New Mortgage REIT Investment Is Worth Buying For 25% Yields
Trade In Mexico • Mon, Nov 12, 2012 • 21 Comments
All Tricks, No Treats, For Mortgage REITs
Brad Thomas • Wed, Oct 31, 2012 • 52 Comments

mREITs Facing Attack From Regulators
Kenneth Arnold • Thu, Apr 25 • 80 Comments
Global Real Estate Stocks: Time To Get Out?
AllianceBernstein • Tue, Mar 19 • 9 Comments
ETF Stats For October: Another Record Number Of Closings
Ron Rowland • Tue, Nov 6, 2012 • 1 Comment

There are no Transcripts on MORL.

UBS Declares Coupon Payments on Four Monthly Pay ETRACS Exchange-Traded Notes

Business Wire (May 7, 2013)
UBS Declares Coupon Payments on Ten ETRACS Exchange-Traded Notes

Business Wire (Apr 4, 2013)
UBS Declares Coupon Payments on Four Monthly Pay ETRACS Exchange-Traded Notes

Business Wire (Mar 6, 2013)
UBS Declares Coupon Payments on Eleven ETRACS Exchange-Traded Notes

Business Wire (Jan 7, 2013)
UBS Launches ETN with High Monthly Income Potential and Leveraged Exposure to Mortgage REITs

Business Wire (Oct 17, 2012)

MORL vs. ETF Alternatives

MORL Description

The ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN (NYSE: MORL) ("MORL" or the "ETN") is an exchange-traded note linked to the monthly compounded 2x leveraged performance of the Market Vectors® Global Mortgage REITs Index (the "Index"), reduced by the Accrued Fees. MORL is listed on the NYSE Arca exchange, is denominated in USD, and pays a USD-denominated variable monthly coupon linked to 2 times the cash distributions, if any, on the Index constituents, less any withholding taxes.
See more details on sponsor's website

Country: United States

Key Info

In Your Portfolio: A Guide to Sector ETFs, Real Estate [REIT] ETFs
Asset Class Performance: Real Estate

All
| Earnings
| Dividends
| M&A
| On the move

Thursday, May 23, 3:01 PM Agency MBS fail to bounce from the "massive liquidation" following Bernanke's testimony yesterday, according to CIBC's Tom Tucci. Suggestions of a tapering of Fed purchases sent Fannie Mae MBS with 3% coupons to their lowest levels of the year. "Right now it seems the only source of demand is the Fed," says BAML's Brad Scott. Unsurprisingly, pure agency mREITs like AGNC and ARR hit 52-week lows today. Annaly (NLY) - now diversified into the commercial space with the CXS purchase - outperforms. 12 Comments [Financials]
Friday, May 17, 8:27 AM "The issue isn't if the Fed exits, it's a question of whether they exit way earlier than expected," American Capital (AGNC) CIO Gary Kain tells Bloomberg, feeling his portfolio is better positioned now than in Q1, when higher rates took a chunk out of book value. The Fed will be "extremely slow" in its withdrawal, says KBW's Mike Widner. "That spells an environment that actually gets better for the mREITs (MORT, REM) before it gets worse." 15 Comments [Financials]
Thursday, May 16, 12:43 PM It's a nice bounce for the mortgage REITs (MORT +1.3%) today as a string of weak economic data leads to a big drop in Treasury yields, the 10-year off 6 bps to 1.88%. Leading gains is Western Asset Mortgage (WMC +3.3%) following yesterday's 8% post-earnings drubbing. CEO Jim Gavin took advantage, adding 12.8% to his stake by buying about $42K worth of stock at $19.96 each. Other movers include: (CMO +2.1%), (NLY +1.9%), (ARR +2.6%), (IVR +1.8%). 6 Comments [Financials, On the Move]
Wednesday, May 15, 10:05 AM The mortgage REIT sector (MORT -1%) continues under pressure, today led by Western Asset Mortgage (WMC -7.6%) as its book value blew up in Q1 thanks to portfolio losses. American Capital Agency (AGNC -1.5%) - which started the downturn when it reported losses 2 weeks ago - nears a 52-week low, Armour Residential (ARR -3.1%) hits one. One trader suggests Capstead Mortgage (CMO -1.4%) with a portfolio of mostly reset ARMs the least affected by rising rates. CYS Investments (CYS -0.7%) - trading at a 10% discount to book and also owning ARMs - is attractive as well. 18 Comments [Financials, Quick Ideas]
Monday, May 13, 12:43 PM The mortgage REITs are lit up bright red (MORT -1.9%), again led by American Capital Agency (AGNC -3.5%) and American Capital Mortgage (MTGE -3%), with Annaly (NLY -3.1%) not far behind. Yes, the 10-year Treasury yield is a 3 bps higher, but there's also rare action in Fed Funds futures, now pricing in a whopping 50 bps in rate hikes by this time 2016. AGNC presents at the JMP Conference at 2 ET. 39 Comments [Financials, On the Move]
Friday, May 10, 2:39 PM Gary Kain-led American Capital Agency (AGNC -2.8%) and American Capital Mortgage (MTGE -2%) lead the decline in an all-red mREIT sector (MORT -1%) today, with AGNC taking out its post-earnings low from last week. On the earnings call, Kain said upward pressure on rates had cooled to start Q2 and book value was headed higher, but markets may not be cooperating. The 10-year yield is up 8 bps today to a near 2-month high. Others: Annaly (NLY -1.2%), Invesco (IVR -1.2%), MFA (MFA -1.8%), Western Asset (WMC -1.3%). 12 Comments [Financials, On the Move]
Monday, May 6, 9:50 AM More sell-side on the mREITS (MORT): Maxim keeps a Buy with $33 PT on AGNC expecting the annual dividend to be maintained at $5/share thanks to $1.08 of undistributed taxable income in the kitty (KBW agrees). Jefferies is cautious, calling AGNC's Q1 tale an example of how even a well-run mREIT can run afoul. "Price and extension risk inherent in agency MBS (NLY, HTS, CYS, CMO, ANH, ARR, WMC) today are risks most investors underestimate." 10 Comments [Financials]
Friday, May 3, 12:42 PM "Loving (the) mREIT (MORT -2%) pullback," says Tom Akin, who - in addition to being CEO of Dynex Capital (DX) - runs an income-focused hedge fund. A longtime bull on Newcastle Investment (NCT -0.5%), Akin says if it drops below $5 post the New Residential spinoff, it's the one to buy. In when-issued trading, NCT is at $5.10 (NRZ's at $6.67). 14 Comments [Financials, Quick Ideas]
Thursday, May 2, 9:35 PM Two Harbors greases its way further into the lucrative specialty servicer business, purchasing a company which has approvals from Fannie, Freddie, and Ginnie to hold and manage mortgage servicing rights. TWO will discuss the purchase and its implications in greater detail at its Q1 earnings call on Wed. May 8 at 9 ET. Shares -2.6% AH as all the mREITs (MORT -2.2% AH) get whacked on the AGNC news. Comment! [Financials]
Thursday, April 18, 11:17 PM Mortgage REITs (MORT) catch the eye of D.C., with the Financial Stability Oversight Council reportedly set to cite the industry as a potential source of market vulnerability. The companies have seen assets quadruple to over $400B since 2009, but Annaly (NLY) CEO Wellington Denahan notes their capital bases have risen as well. A Two Harbors (TWO) presentation (page 8) shows mREITs are relatively small players in the MBS market. Maybe the Fed and the GSEs just don't like the competition. Annaly and American Capital (AGNC) are the 2 biggest mREITs, with Two Harbors a distant 3rd. 42 Comments [Financials]
Wednesday, April 17, 1:01 PM Often a spot to hide during big selloffs, mortgage REITs (MORT -2.3%) slide sharply as well, particularly the hybrids (exposed to credit risk through non-agency MBS holdings). IVR -2.3%, TWO -3.3%, DX -2.5%. The sector giants: NLY -2.2%, AGNC -1.3%. One trader reminds mREITs are small caps and the Russell 2000 (IWM -2.2%) has been particularly hard hit of late. The 10-15% yields offer a nice palliative. 2 Comments [Financials, On the Move]
Friday, April 5, 10:10 AM Outperforming today (and one wonders why they aren't green) are the mortgage REITs, as the weak jobs number sends bond yields lower, and - presumably - their book values higher. NLY -0.6%, AGNC -0.8%, ARR -0.5%. CIM, CYS, and JMI just poke into positive territory. MORT -0.9%. 10 Comments [Financials]
Wednesday, April 3, 3:22 PM Leading the REIT market in performance with a 17.8% gain in Q1 were the mortgage REITs (REZ), according to NAREIT. The mREITs were pounded in Q4 on worries of narrowing interest margins and (likely unfounded) harping over higher dividend tax rates. The entire REIT sector continues to have little trouble raising capital - $22.6B in Q1, up from $19B in Q4. Comment! [Financials]
Thursday, March 28, 8:25 AM The explosion in assets at mREITs may pose risks, but not all of mortgage investors are created alike. Gary Kain's (AGNC) assembled an all-star team of his former Freddie Mac colleagues used to dealing with far larger amounts of assets, but "others have no business having a balance sheet that big," says Compass Point's Jason Stewart. Armour Residential (ARR) is "pushing the limit of what their infrastructure can support." 15 Comments [Financials]
Friday, March 22, 1:05 PM The mREITs are back in favor after the Fed's QE∞ hit interest margins in Q4. A widening yield curve helps, but managements weren't powerless either. Share buybacks below book and altered business plans - Annaly's purchase of CreXus for one, others upping exposure to non-agency RMBS another - are sitting well with investors. Up 2.1% today, NLY is trading above book for the first time in a long time. 2 Comments [Financials, On the Move]
Tuesday, February 19, 10:50 AM A "strategic shift" is afoot at the mortgage REITs, says Wunderlich's Merrill Ross, as the gorilla in agency MBS (the Fed) has some looking at assets like commercial mortgages and private label securitizations. Exhibit A is Annaly's (NLY) purchase of CreXus (CXS). "It's like the Yankees saying they are going to diversity out of baseball," says Jefferies' wary Daniel Furtado. 11 Comments [Financials]

Dividend Living
Aside from day end sales and a low volume stock, anybody know why $MORL sometimes drops in the last minute of trading like today(.43 drop)?
May 17, 6:35 PM
Reply (3)

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Dividend Living: Ive seen it happen maybe three times, and its not because of the mREITs it holds going down. It starts the next day at pre drop prices.
Mon, 4:03 PM
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Ocean Man: Might have to do with its rebalancing to keep its leverage in line. Double dividends have to come from somewhere.
Mon, 4:08 PM
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Ocean Man
Sold $MORL for a gain of 2.5% in 3 weeks. $31.62 ---> $31.09 + $1.32 div. http://seekingalpha.com/s/dogl7
May 1, 9:43 AM
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Ocean Man: Also had some shares from $29.91 post-div that gained 4% in 2 weeks. http://seekingalpha.com/s/dwtah
May 1, 9:45 AM
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Ocean Man: Don't want to play $NLY, $IVR, and $ARR earnings tonight with this 2x levered fund. Will look to re-enter later.
May 1, 9:46 AM
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Ocean Man
$MORL bouncing back nicely today +3.2%.
Apr 16, 12:12 PM
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Dividend Living
Big sell off today in mREITs. $MORL down 4%. could be homebuilder confidence report or flight to treasuries from china GDP numbers.
Apr 15, 1:24 PM
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Ocean Man
Added some $MORL at $29.91. Almost a 20% yield on that one.
Apr 15, 10:43 AM
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Ocean Man
Bought some $MORL at $31.62. It's a 2x mREIT monthly-paying ETN. Ex-div Wed for $1.32. Yield is about 18.5% if you average the uneven divs.
Apr 8, 10:08 AM
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Ocean Man: It only took 7 days the last time $1.32 came out (3 months ago).
Apr 8, 3:20 PM
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weed: You already go a decent gain on the day. Good work.
Apr 8, 3:39 PM
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Dividend Living
at dividend.com it says $MORL is paying 1.3213$ per share with the 10th of April as the ex dividend date. But I dont see news on it.
Apr 2, 3:18 PM
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Dr Jan: try the company's web site!
Apr 3, 10:31 PM
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Dividend Living: Strangely its not on the website http://bit.ly/ZqzDB1 but it is on dividend.com just another one of the mysteries of MORL
Apr 4, 12:42 AM
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SaltyDog62
$MORL Out. Gain $437.00 Figured it be better just to add to my AGNC and NLY
Feb 13, 10:27 AM
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Hillbilly Stock Star: I just bought $REM as attracting hedge funds to sector ala Leon Cooperman.
Feb 13, 11:11 AM
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SaltyDog62
$MORL Going all in today or soon, 1500 shares. MREITS positive, spread widening, am Bullish for at least 1-2 quarters....
Feb 3, 10:49 PM
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Overanalytical
It says it's $MORL is yeilding 58% is that because of all the quarterly dividends in December?
Jan 18, 12:11 PM
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Ocean Man: Yes. $1.32 monthly dividend in Jan, but only 10 cents in Dec.
Jan 18, 10:04 PM
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Rubenov: Got to give it a couple of months for it to stabilize its dividend. I assume it'll set around 20% - 25% when it's all said and done.
Jan 19, 7:25 PM
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LATEST REPLIES

Dividend Living
Aside from day end sales and a low volume stock, anybody know why $MORL sometimes drops in the last minute of trading like today(.43 drop)?
May 17, 6:35 PM
Reply (3)

• !Report Abuse
View all 3 replies
Dividend Living: Ive seen it happen maybe three times, and its not because of the mREITs it holds going down. It starts the next day at pre drop prices.
Mon, 4:03 PM
• !Report Abuse
Ocean Man: Might have to do with its rebalancing to keep its leverage in line. Double dividends have to come from somewhere.
Mon, 4:08 PM
• !Report Abuse
Add a reply...

140 characters

Ocean Man
Sold $MORL for a gain of 2.5% in 3 weeks. $31.62 ---> $31.09 + $1.32 div. http://seekingalpha.com/s/dogl7
May 1, 9:43 AM
Reply (2)

• !Report Abuse
View all 2 replies
Ocean Man: Also had some shares from $29.91 post-div that gained 4% in 2 weeks. http://seekingalpha.com/s/dwtah
May 1, 9:45 AM
• !Report Abuse
Ocean Man: Don't want to play $NLY, $IVR, and $ARR earnings tonight with this 2x levered fund. Will look to re-enter later.
May 1, 9:46 AM
• !Report Abuse
Add a reply...

140 characters

Ocean Man
Bought some $MORL at $31.62. It's a 2x mREIT monthly-paying ETN. Ex-div Wed for $1.32. Yield is about 18.5% if you average the uneven divs.
Apr 8, 10:08 AM
Reply (4)

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Ocean Man: It only took 7 days the last time $1.32 came out (3 months ago).
Apr 8, 3:20 PM
• !Report Abuse
weed: You already go a decent gain on the day. Good work.
Apr 8, 3:39 PM
• !Report Abuse
Add a reply...

140 characters

Dividend Living
at dividend.com it says $MORL is paying 1.3213$ per share with the 10th of April as the ex dividend date. But I dont see news on it.
Apr 2, 3:18 PM
Reply (2)

• !Report Abuse
View all 2 replies
Dr Jan: try the company's web site!
Apr 3, 10:31 PM
• !Report Abuse
Dividend Living: Strangely its not on the website http://bit.ly/ZqzDB1 but it is on dividend.com just another one of the mysteries of MORL
Apr 4, 12:42 AM
• !Report Abuse
Add a reply...

140 characters

SaltyDog62
$MORL Out. Gain $437.00 Figured it be better just to add to my AGNC and NLY
Feb 13, 10:27 AM
Reply (1)

• !Report Abuse
View all 1 replies
Hillbilly Stock Star: I just bought $REM as attracting hedge funds to sector ala Leon Cooperman.
Feb 13, 11:11 AM
• !Report Abuse
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140 characters

Overanalytical
It says it's $MORL is yeilding 58% is that because of all the quarterly dividends in December?
Jan 18, 12:11 PM
Reply (2)

• !Report Abuse
View all 2 replies
Ocean Man: Yes. $1.32 monthly dividend in Jan, but only 10 cents in Dec.
Jan 18, 10:04 PM
• !Report Abuse
Rubenov: Got to give it a couple of months for it to stabilize its dividend. I assume it'll set around 20% - 25% when it's all said and done.
Jan 19, 7:25 PM
• !Report Abuse
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140 characters

MORL UBS ETRACS Monthly Pay 2x Leveraged Mortgage REIT ETN

MORL

UBS ETRACS Monthly Pay 2x Leveraged Mortgage REIT ETN