Never miss an update

Mens KMTR AA0531 Nike Komyuter KMTR SE Birch AA0531 200 Mens Size 11 Urban Commuter fca3357




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Nike
Features: Slip Resistant Model: KMTR SE "Birch"
Color: Birch/Shadow Brown/Total Crimson-Black Upper Material: Synthetic
Product Line: Nike Casual Type: High Top
Sub Style: Sneaker Boot US Shoe Size (Men's): 11
Shoe Height: High Top Style: Athletic Sneakers
Pattern: Solid Manufacturer Color: Gray
Width: Medium (D, M) UPC: Does not apply
Never miss an update

Mens KMTR AA0531 Nike Komyuter KMTR SE Birch AA0531 200 Mens Size 11 Urban Commuter fca3357 - blurrypron.com

    Mens KMTR AA0531 Nike Komyuter KMTR SE Birch AA0531 200 Mens Size 11 Urban Commuter fca3357
    Mens KMTR AA0531 Nike Komyuter KMTR SE Birch AA0531 200 Mens Size 11 Urban Commuter fca3357
    Gentleman/Lady adidas Mens X_PLR Navy/Grey/White - D96746 durability Sufficient supply Extreme speed logistics , Vans Vault X Opening Ceremony ROCOCO OG CLASSIC SLIP-ON LX VN0A32QNPQK IB , Men's Brand New Air Jordan Westbrook O Athletic Fashion Sneakers [768934 305]NEW MENS ADIDAS TUBULAR INSTINCT BOOST SNEAKERS BB8931 Size 7 Yeezy , Nike Air Footscape NM Wolf Grey/Summit White-Black 852629-003 Men's SZ 12 , adidas Kobe TOP TEN 2000 Trionfo Basketball Shoe WHITE BROWN CORK AQ8539 Size 18NIB Men's adidas Campus Collegiate Burgundy/ Ftw White BZ0087 ShoesPuma X Stampd Trinomic Woven Men's Shoe Steel Grey 362744-02 , Adidas Men’s Galaxy 4 Cloudfoam Running Training Shoes Sz. 9 NEW CP8822 , Nike Roshe One Men Shoes Obsidian/White 511881-423 , Nike Mens Air Jordan Fly 89 Trainers 940267-005 Gray Sneakers Shoes Size 10Nike Air Jordan Galaxy Men's Basketball Shoes, 820255 010 Size 12 NEWMen's/Women's eS Skateboard Shoes SLB Mid White/Tan High-quality Won highly appreciated and widely trusted at home and abroad A balance between toughness and hardnessAsics X Mita Gel-Mai Black Panther Black White HQ711 9090 HKNike Men's Sb Koston Hypervulc Green/Orange Skateboard 844447-318 Mens Size 10 , ASICS Men's Gel-Cumulus 19, Grey/Black/Directoire Blue, 11 Medium USADIDAS CRAZY 8 KOBE Grey/White/Blue/Easter Yellow BASKETBALL SHOES MENS 9.5 , Nike Kobe 11 XI TB Promo Basketball Shoes Purple White. Mens Size 16 856485-551 , 2016 Nike Air Footscape Woven NM sz 9 TSS 9/10 BLUE YELLOW GOLD OBSIDIAN TOUR , NIKE LUNAR MAGISTA II FK FLYKNIT SOCCER SHOES MEN'S SIZE US 9.5 GREY 852614-002Nike Air Zoom Mariah Flyknit Racer Mens Running Shoes Sz 10.5 [918264-401] , New Jordan Flight Luminary Silver, Orange, And Black Size 10.5 ShoesNike Men's Air Force 180 Basketball Shoes Sail/Black Size 12 , Nike Mens Size 12 Air Zoom Spirimic Blue White Leather Rare New In Box $200 , Nike Air Zoom Mariah Flyknit Racer Mens Running Shoes Sz 10 [918264-010]MEN'S NIKE AIR ZOOM PEGASUS 34 TB 887009 602 SIZE 13, 15Nike Air Jordan Flight Remix Black/Orange-Grey-Fusion Pink 679680-081 SZ 11 , MEN'S NIKE SB STEFAN JANOSKI MAX MID SHOES SIZE 13 black silver white 807507 001Nike Lunar Magista II 2 Flyknit Black/Black-Anthracite-White 852614-001 SZ 10.5
    Mens KMTR AA0531 Nike Komyuter KMTR SE Birch AA0531 200 Mens Size 11 Urban Commuter fca3357 - blurrypron.com>Mens KMTR AA0531 Nike Komyuter KMTR SE Birch AA0531 200 Mens Size 11 Urban Commuter fca3357 - blurrypron.com
    New Yippee Kay Yay by Old Gringo Women's Mainz Western Boot Vesuvio Bone Size 7Adidas Sm Crazy Light Boost Basketball Men's Shoes Size 15Fontana 2.0 Shoes Women Pumps & Heels Black 83206 moda1 ORIGINAL , NWT AGL Attilio Giusti Leombruni Perforated Tan Leather Wedge Pumps $340 Sz 41 , NEW STUART WEITZMAN SUEDE LEATHER W/JEWELRY ON CAP WOMEN'S LOAFER SZ:6M $285.00 , Women's Shoes Tommy Hilfiger TRINA Slingback Square Toe Pumps Leather Lt NATURAL , The FLEXX Women's Dippity Dew Ankle Bootie, Black/Teak Dakar, 9.5 M US , Pin Up Couture CUTIEPIE-08 Platforms Red Patent Mary Jane Open Toe High HeelsMan/Woman Trotters Women's Danelle, Burgundy, Size 10.5 New varieties are launched In short supply King of the crowdGentlemen/Ladies ~NEW~Vince Camuto~Studded Leather~GLADIATOR~Cage Heel Sandal~Size 10M~REVELLI~ Excellent craft Trendy Elegant and robust menu , Gorgeous Brian Atwood Women's Metallic gold/bronze Strappy Sandals US 7 SEXY!! , Rag & Bone Albion Ankle-Strap Sandal, Asphalt 38.5 LKNW18 CM High Heel Pumps Women Open Toe Sandal Sexy Slippers Leisure Shoes Plus SzConverse Chuck Taylor ALL STAR MODERN OX SHOES size 11 $100 156650C , Nike Air Max Premium 1 2013 Size 13 Men's Dark Obsidian Blue 512033 SneakersAsics Men's Shoes Sneakers - 1193A071S | Whitepink | Fall Winter 18/19 , Man/Woman Jordan 9 Statue Size 9.5 Every item described is available Various types and styles VariousNike Air Jordan Retro X 10 Light Smoke Cement Grey Black White Red 310805-062Nikelab Air Vapormax Flyknit "Triple Black" - 899473 003 , A Bathing Ape Bape BapeSta Footsoldier Sz 9.5 Orange Blue Green FS-001 Used , Men/Women Converse Men's Star Street LL 148808C Complete specification Environmentally friendly Quality and consumer firstMens Males Outdoor Fashion Sneakers Casual Gentle Slip-on Shoes Navy 4702_A0 , adidas Originals Men's Gazelle Pk Sneaker - Choose SZ/Color , Crocs Men's Swiftwater Casual Slip-on Fashion Sneaker, Black/Graphite, 9 M USBrooks Women's Running Shoes Addiction 7 White/Blue/Silver Size 6 2A - NIB1808 adidas CRAZYTRAIN BOUNCE Women's Training Running Shoes BB1512 , FILA x Pierre Cardin Disruptor II 2 Sneakers Shoes - Red/Navy/White(FS1HTA1434X)Nike Air Foamposite One White Tint Chrome Women Size 8 AA3963-100 , Aravon Pauline Black LTHR Waterproof Mid-Calf Boot Size 6.5B D1195/ , The FLEXX Women's Dipartment Ankle Bootie, Ebony/Bronzo Suede/Saturno, 7.5 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens KMTR AA0531 Nike Komyuter KMTR SE Birch AA0531 200 Mens Size 11 Urban Commuter fca3357 - blurrypron.com

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Mens KMTR AA0531 Nike Komyuter KMTR SE Birch AA0531 200 Mens Size 11 Urban Commuter fca3357 - blurrypron.com

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.

    Conclusion

    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?

     

    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Mens KMTR AA0531 Nike Komyuter KMTR SE Birch AA0531 200 Mens Size 11 Urban Commuter fca3357
    Athletic Shoes
    >
    ;