Complex traits and common disease are highly polygenic: thousands of common variants are causal, and their effect sizes are almost always small. Polygenicity could be explained by negative selection, which constrains common-variant effect sizes and may reshape their distribution across the genome. We refer to this phenomenon as flattening, as genetic signal is flattened relative to the underlying biology. We introduce a mathematical definition of polygenicity, the effective number of associated SNPs, and a robust statistical method to estimate it. This definition of polygenicity differs from the number of causal SNPs, a standard definition; it depends strongly on SNPs with large effects. In analyses of 33 complex traits (average N=361k), we determined that common variants are ~4x more polygenic than low-frequency variants, consistent with pervasive flattening. Moreover, functionally important regions of the genome have increased polygenicity in proportion to their increased heritability, implying that heritability enrichment reflects differences in the number of associations rather than their magnitude (which is constrained by selection). We conclude that negative selection constrains the genetic signal of biologically important regions and genes, reshaping genetic architecture. strongly than % (Figure 2b). Third, $ (but not % ) is closely related to missing heritability and polygenic prediction accuracy (Methods).Ma can be defined for categories of SNPs, such as low-frequency SNPs or coding SNPs. To compare categories of different size, we divide Ma by the number of SNPs in each category. We refer to differences in per-SNP Ma simply as differences in polygenicity. We define polygenicity enrichment as the per-SNP Ma of all SNPs in a category divided by the per-SNP Ma of all SNPs; analogously, we define heritability enrichment as the per-SNP heritability of all SNPs in a category divided by the per-SNP heritability of all SNPs (similar to previous work 22 ). "All SNPs" refers to common ( ≥ 0.05) and low-frequency (0.005 ≤ < 0.05) SNPs. Enrichment can be either >1 or <1 (i.e. depletion).