iPath Short Enh MSCI Emerg Mkts ETN
EMSA
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- iPath Short Enhanced MSCI Emerging Markets Index ETN (EMSA) is an exchange-traded note issued by Barclays Bank PLC that seeks to provide investors with a cash payment on the maturity date equal to two times the inverse daily performance of the MSCI Emerging Markets Index Total Return, less daily investor fees. The ETN targets sophisticated investors seeking leveraged short exposure to emerging markets equities across large- and mid-cap segments in over 20 countries including China, India, Taiwan, Brazil, and South Africa; it trades on NYSE Arca and features no periodic interest payments or dividends. Barclays Bank PLC, headquartered in London, UK, serves as the issuer and counterparty for the unsecured senior debt obligation, with Barclays Capital Inc. acting as distributor. In June 2017, Barclays announced the automatic redemption of all outstanding shares of EMSA following an automatic termination event triggered when the intraday indicative note value fell to or below the specified termination level, with redemption occurring on the fifth business day thereafter. Holders received a cash payment equal to the automatic redemption value based on the closing indicative note value on the valuation date. The ETN is defunct as of May 10, 2018, and no longer actively trades or issues new shares.