The Sephiroth you're chasing is an illusion -- an extension of Jenova. I'm pretty sure it could spawn another Masamune with a simple CTRL+V.
And yeah, you're right, there are. Like "Dream Drop Distance".
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"Setsuna, you have to change. To make up for me... who didn't change." ~SCP~
http://img.imgcake.com/Jeffzeropngus.png