At a glance
Over the past year it returned −24.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +5.2% a year. At its worst it fell 56.5% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) is an exchange-traded note: unsecured UBS debt, not a fund, linked to 1.5 times the return of a mortgage REIT index (trusts that invest in mortgages rather than buildings), minus fees. It pays monthly, with a 29.68% trailing 12-month yield as of October 27, 2026. But its leverage resets, so long-run results can drift far from 1.5x, and it has fallen as much as 60.1%.
Price history
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MVRL -24.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MVRL price data to Oct 27, 2026 | -26.5% | -24.2% | +5.2% | -13.4% | — | -9.2% |
- Over the year to Oct 27, 2026, MVRL returned -24.2%.
- Its 5-year annualized return was -13.4%.
- Its worst full calendar year was 2022 (-42.4%); its best was 2025 (+15.0%).
- The deepest fall in its price history was 60.1% (Jun 9, 2021 to Oct 25, 2023), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -26.5% |
| 2025 | +15.0% |
| 2024 | -3.7% |
| 2023 | +12.5% |
| 2022 | -42.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 52.4% over that stretch · deepest drop along the way 56.5%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.4300 | |
| 2025 | $2.8802 | -4.9% |
| 2024 | $3.0300 | -17.0% |
| 2023 | $3.6500 | -30.9% |
| 2022 | $5.2800 |
How it works
MVRL is an exchange-traded note (ETN), not a fund. UBS issued it as unsecured debt and promises to pay an amount linked to 1.5 times the return of a mortgage REIT index, minus fees. Mortgage REITs are real estate investment trusts that borrow money to invest in home and commercial loans or mortgage-backed securities (bonds built from pools of loans). They earn the gap between their borrowing costs and the interest they collect. The note owns none of these on holders' behalf, so there is no holdings list or fund prospectus to review.
The 1.5x exposure is reset on a set schedule rather than locked in at purchase. Over longer periods, compounding means the note's return can differ sharply from 1.5 times the index's return, and it usually comes out worse when prices zigzag. For example, if the index drops and then climbs back to where it started, the note can still finish lower. That makes it a tool for short-term trading rather than long-term holding.
Payments arrive monthly. Every payment, and whatever holders get back at the end, depends on UBS being able to pay. If the bank failed, holders could lose money even if mortgage REITs rose. UBS can also redeem the notes early, which would end the investment at a time holders didn't choose.
What it really costs
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 1.5× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
Its 1.5x leverage resets, so results over long periods can drift far from 1.5 times the index, and as an ETN it depends on UBS's ability to pay.
MVRL launched in June 2020, after the 2008 crisis and the 2020 crash, so neither tested it. The 2022 bear market did. It lost 52.4% between the stock market's January 3 peak and October 12 low, and 2022 was its worst calendar year at -42.4%. Its deepest drop, 60.1% from June 9, 2021 to October 25, 2023, was unrecovered as of October 27, 2026. Cashing out in such a slump would have locked in steep losses.
It pays monthly, with a trailing 12-month yield of 29.68% as of October 27, 2026. That figure looks back at past payments and rises when the price falls, and every payment depends on UBS being able to pay. Fees are deducted from what it pays, and no expense ratio is available for comparison. Past results don't predict the future, and a plan needs to consider the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders wanting short-term, 1.5x leveraged exposure to mortgage REITs who monitor positions closely and understand how resetting leverage compounds.
- Traders drawn to monthly payouts, with a trailing 12-month yield of 29.68% as of October 27, 2026, who accept big price swings alongside them.
- Investors wanting leveraged mortgage REIT exposure without borrowing money themselves, who accept that the ETN is UBS's unsecured debt.
Look elsewhere if
- Long-term holders and retirees: returns can drift from 1.5x the index as leverage resets, and a 60.1% drop was unrecovered as of October 27, 2026.
- Anyone who wants a fund that owns its assets: MVRL is UBS's unsecured debt with no holdings reports, and UBS can redeem it early.
- Anyone uncomfortable with large swings: it lost 42.4% in 2022, gained 15% in 2025, then fell 26.5% in 2026 through October 27.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is MVRL good for retirement income?
It's designed for short-term trading, not long-term income. MVRL pays monthly and had a trailing 12-month yield of 29.68% as of October 27, 2026. But its 1.5x leverage resets, so results over several years can drift far from 1.5 times the index's return. It lost 42.4% in 2022, and its deepest drop, 60.1% from June 2021 to October 2023, had not been recovered as of October 27, 2026. Payments also depend on UBS's ability to pay.
Does MVRL pay monthly dividends?
Yes, MVRL pays monthly. Because it is a note, its payouts are coupons (payments on a debt security) from UBS rather than fund dividends. Over the 12 months to October 27, 2026, it paid about $2.71 per share, a trailing yield of 29.68%. That yield looks back, not forward, and it rises when the price falls. Every payment depends on UBS being able to pay, and the note's one-year return to that date was -24.2%.
Is MVRL an ETF or an ETN?
MVRL is an ETN, not an ETF. An ETF is a fund that holds assets for its shareholders. An exchange-traded note is unsecured debt. UBS promises to pay an amount linked to 1.5 times the return of a mortgage REIT index, minus fees, but holds nothing on investors' behalf. If UBS couldn't pay, holders could lose money even if mortgage REITs rose. UBS can also redeem the notes early, and there are no holdings reports to review.
How much has MVRL dropped from its peak?
MVRL's deepest decline was 60.1%, from June 9, 2021 to October 25, 2023, and it had not regained that peak as of October 27, 2026. Its worst calendar year was 2022, at -42.4%. It gained 12.5% in 2023, lost 3.7% in 2024 and gained 15% in 2025, then fell 26.5% in 2026 through October 27. Over the five years to that date it averaged -13.4% a year, a 51% total loss. Leverage magnifies mortgage REIT swings in both directions.
What's the difference between MVRL and a regular mortgage REIT ETF?
The main differences are leverage and structure. A typical mortgage REIT ETF owns REIT shares directly and aims to match its index without borrowed exposure. MVRL is a UBS note linked to 1.5 times a mortgage REIT index's return, and its leverage resets. That magnifies gains and losses, and long-run results can drift from 1.5x. MVRL also depends on UBS's ability to pay and owns no assets for holders. No leveraged funds on the same index were identified to compare costs with.