Barclays Closes Inverse EAFE-Linked ETN

October 23, 2013

Barclays Plc redeemed the iPath Short Enhanced MSCI EAFE ETN (MFSA) after the security's automatic redemption feature was triggered—a function of the inverse ETN's falling price as global stock markets were rising.

The ETN, which was redeemed on Sept. 17, hit its automatic redemption level of $37.50 a share on Sept. 10, Barclays said in a press release. The ETN shares were to be redeemed at that share price.

The ETN came to market in November 2010, and performed well through Europe's debt crisis. However, it faltered as investors began to favor Europe again, and it had lost almost two-thirds of its value in the year prior to its closure.

 

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