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iPath U.S. Treasury Long Bond Bear ETN

"The iPath® US Treasury Long Bond Bear Exchange Traded Note is linked inversely to the performance of the Barclays Capital Long Bond US Treasury Futures Targeted Exposure Index™. The index seeks to produce returns that track movements in response to an increase or decrease, as applicable, in the yields available to investors purchasing long dated U.S. Treasury bonds. The level of the index is designed to increase in response to a decrease in long dated Treasury bond yields and to decrease in response to an increase in long dated Treasury bond yields. To accomplish this objective, the performance of the index tracks the returns of a notional investment in a weighted ""long"" position in relation to 30-year U.S. Treasury futures contracts, as traded on the Chicago Board of Trade. The iPath® US Treasury Long Bond Bear ETN employs an index multiplier that provides the investor at maturity or upon redemption a participation rate of $0.10 gain or loss per each 1.00 point decrease or increase, respectively, in the level of the index. For purposes of calculating the closing indicative note value on a given day, the index multiplier is multiplied by the daily index performance, which is added to the daily interest that accrued from a notional investment of the value of the ETN at the 28-day U.S. Treasury Bill rate, from which all applicable costs and fees are deducted. "
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