SMHB - Agency mREITs Set To Soar But What About The 2X Leveraged ETN

In classic "throwing the baby out with the bathwater" behavior, the markets are pricing agency mREITs, such as AGNC Investment Corp. (AGNC) and Orchid Island Capital, Inc. (ORC) at irrational discounts to book value. The prices and book values of the mREITs have declined severely since February 24, 2020, as the full implications of the COVID-19 pandemic became known.

As I noted in 20% Yielding 2x Leveraged MREIT ETNs And The COVID-19 Pandemic:

....It might be noted that some of the increases in the mREITs in the weeks prior to

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