PFFL - ETRACS 2xMonthl...

ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN

The index is designed to track the price movements of an equally weighted portfolio of two exchange-traded funds (“ETFs”) that hold preferred securities of various issuers. The Securities are two times leveraged with respect to the index and, as a result, will benefit from two times any beneficial, but will be exposed to two times any adverse, compounded monthly performance of the index.