UBS ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN Series B
MRRL
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Address
- United States of America
- IPO Date
- Oct 9, 2015
- Similar Companies
- Business
- UBS ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN Series B (MRRL) is an exchange-traded note (ETN) issued by UBS AG that provides 2x leveraged exposure to the monthly performance of the MVIS US Mortgage REITs Index, which tracks the public equity markets of U.S. mortgage real estate investment trusts (mREITs) across all market capitalizations; it delivers monthly coupon payments based on the index's performance, subject to an investor fee of 85 basis points annually. The ETN matures on October 16, 2042, trades on the NYSE Arca exchange under the ticker MRRL (CUSIP: 90274D432), and targets sophisticated investors seeking amplified returns from the mortgage REIT sector, which focuses on companies investing in residential and commercial mortgage-backed securities, agency debt, and related assets. Originally launched in 2012 as part of the ETRACS product suite by UBS AG, headquartered in Zurich, Switzerland, with principal U.S. operations in New York, the Series B version operates solely under UBS AG as issuer and obligor. In late 2019, UBS commenced voluntary exchange offers allowing holders of the original Series A ETN (MORL) to exchange into the Series B MRRL, simplifying the obligation structure by removing UBS Switzerland AG as co-obligor; this restructuring aimed to streamline issuer responsibilities amid ongoing market trading. MRRL faced a significant event in March 2020 when its indicative value fell below $5.00, triggering an Acceleration Upon Minimum Indicative Value event that mandated redemption of both Series A and Series B notes, with acceleration amounts calculated over a five-trading-day period and payments settled shortly thereafter; despite this, the product was restructured or relisted and continues to trade actively as of December 2025, with recent monthly coupon declarations, such as $0.1670 paid in December 2025 at an annualized rate of approximately 18.58%. No major partnerships, acquisitions, new product launches, or further strategic shifts specific to MRRL have been announced in the last 1-2 years, though UBS maintains ongoing coupon payments and product support within its broader ETRACS ETN lineup.