This is a variation on the Scarf Stitch: it substitutes a (yo, k2tog) for the k2 in the original pattern to create eyelets, which show up as an open zig-zag. The same first row is repeated throughout, but for technical reasons, it shows up as row 1 and (an identical) row 2 in the written instructions.
Shown with a cast-on count of 9 stitches.