I love how mortgage reits lever up 4-6x to buy RMBS to offer 10%+ nominal yields and then USB Etracs further levers up to offer 2x yields to lure in retail investors. The negative spread just kills that product model. In 2020 the Etracs 2x ETN MORL blew up, then they re-issued a 1.5x one and now it is blowing up again. RMBS price drops result in margin calls and all hell breaks loose...such a wonderful yield product marketed to retirees
As long as rates have peaked, even short term they should do better. I bought calls on AGNC (Oct 2022 $9 calls). It was just $12 2 weeks ago (~$9.15 right now). I think the panic of higher & higher rates has subsided at least somewhat.