Tracks the performance of publicly-traded mortgage REITs in the United States. Provides leveraged exposure (1.5x) to the mortgage REIT sector. Now — the numbers.
An investor who bought at the very peak is down 80% today. The business is the same; what changed most is the price — and the expectations — the market pins on it.
It paid $2.74 per share over the last 12 months, with payments going back years without a break — regular cash for whoever holds the stock.
The stock trades 80% below its five-year peak.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.