Mortgage REIT ETF MORT's High Dividend Yields Mask NAV Slide Concerns

The VanEck Mortgage REIT Income ETF (MORT) recently increased its dividend by 6% to a 13.4% trailing yield. However, the fund's net interest margins are being squeezed due to compression in the 10-year-minus-2-year Treasury spread, which threatens dividend sustainability. The fund is heavily reliant on Annaly Capital Management and AGNC Investment, which together account for 31.6% of the portfolio and determine most of MORT's payouts.