Nasdaq OMX Group (NasdaqGS: NDAQ) said today that Barclays (NYSE: BCS) is shifting the listing of 10 of its iPath exchange traded notes (ETNs) to the Nasdaq Stock Market from the New York Stock Exchange.
The iPath ETNs making the move to the Nasdaq are as follows: The iPath US Treasury 5 Year Bull ETN (NYSEArca: DFVL), iPath US Treasury 5-Year Bear ETN (NYSEArca: DFVS), iPath US Treasury Long Bond Bull ETN (NYSEArca: DLBL), iPath US Treasury 2-year Bull ETN (NYSEArca: DTUL), iPath US Treasury 10-year Bull ETN (NYSEArca: DTYL), iPath US Treasury Flattener ETN (NYSEArca: FLAT), iPath US Treasury Long Bond Bear ETN (NYSEArca: DLBS), iPath US Treasury 10-year Bear ETN (NYSEArca: DTYS), iPath US Treasury 2-year Bear ETN (NYSEArca: DTUS) and the iPath US Treasury Steepener ETN (NYSEArca: STPP).
The ETNs will move to Nasdaq from the NYSE on or about Dec. 29, according to a statement issued by Nasdaq.
STPP, one of the more recognizable names on the list, tracks the steeping yield curve in the Treasuries market. The steepening curve reflects the rising spread between yields on short-term and long-term bonds. When the curve flattens, the gap is narrowing. STPP performs well when the yield curve is steepening.
Specifically, STPP tracks the returns of a notional investment in a weighted long position in two-year Treasury futures and a weighted short position in relation to 10-year Treasury futures contracts. As the markets expect interest rates to rise, longer-dated Treasury bond yields rise and their face value dips. [An ETN for a Steepening Yield Curve]