FLAT : iPath US Treasury Flattener ETN

Fund Summary

The investment seeks to provide investors with inverse exposure to the Barclays US Treasury 2Y/10Y Yield Curve Index™. The Barclays US Treasury 2Y/10Y Yield Curve Index™ (the index) employs a strategy that seeks to capture returns that are potentially available from a steepening or flattening, as applicable, of the U.S. Treasury yield curve through a notional rolling investment in U.S. Treasury note futures contracts. The level of the index is designed to increase in response to a steepening of the yield curve and to decrease in response to a flattening of the yield curve.