Market Vectors Double Long Euro ETN
URR
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- Market Vectors Double Long Euro ETN (URR) is an exchange-traded note that provides investors with leveraged exposure to the performance of the euro relative to the U.S. dollar, seeking to replicate, net of expenses, twice the daily performance of the Double Long Euro Index through senior, unsecured debt securities issued by Morgan Stanley. The ETN offers a cash payment at maturity or early redemption based on the index's value, which tracks rolling one-day forward contracts on the euro, targeting sophisticated investors interested in currency speculation; it operates globally with trading on NYSE Arca and no specified geographic revenue generation beyond currency markets. Originally launched under the Market Vectors brand on June 5, 2008, with a scheduled maturity of April 30, 2020, the product is headquartered in New York alongside issuer Morgan Stanley, founded in 1935. URR constitutes part of Morgan Stanley's structured investment offerings in the exchange-traded products segment, focusing on currency derivatives for institutional and retail traders seeking amplified euro appreciation bets. Core terms include leveraged daily returns without physical currency holdings, exposing holders to counterparty risk from Morgan Stanley as the sole obligor; related products include the companion Market Vectors Double Short Euro ETN (DRR). In recent developments, URR has been classified as defunct since December 25, 2023, ceasing active trading while retaining limited quote visibility on certain platforms. Morgan Stanley, the issuer, issued statements on its ETN portfolio including URR amid evaluations of similar products, with no automatic redemption noted but ongoing delistings and liquidations of other structured notes signaling portfolio rationalization. As of late 2025, the ETN shows zero trading volume and remains inactive on major exchanges, reflecting discontinued operations within the last two years.