Never miss an update

Nike 7 Women's AIR 29135 MAX ZERO PREMIUM 903837-100 New New Fashion Casual Shoes. Sz 7 e07e2b6




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Product Line: Air Max
Color: Beige Brand: Nike
Material: Canvas Style: Running, Cross Training
US Shoe Size (Women's): 7 Width: Medium (D, M)
UPC: Does not apply
Never miss an update

Nike 7 Women's AIR 29135 MAX ZERO PREMIUM 903837-100 New New Fashion Casual Shoes. Sz 7 e07e2b6 - blurrypron.com

    Nike 7 Women's AIR 29135 MAX ZERO PREMIUM 903837-100 New New Fashion Casual Shoes. Sz 7 e07e2b6
    Nike 7 Women's AIR 29135 MAX ZERO PREMIUM 903837-100 New New Fashion Casual Shoes. Sz 7 e07e2b6
    Women's ECCO Intrinsic 1 Athletic Shoes Size 9 Grey MetallicNIB Adidas NMD_R1 Shoes Womens Size 9 Black B37649adidas CrazyTrain Pro 3.0 W Black White Women Cross Training Shoe Trainer CG3482Nike Air Max 90 Max Orange/Cool Grey-White 325213-801 Wmn Sz 9 , Nike Women SZ 7 METCON 4 SELFIE Cross Fit Training Shoes Black/Chrome AH8194-001 , Women's Nike Zoom HyperAce 2 Training Shoe Sz 13 White Black AA0286 100 NEWNike Women's Air Huarache Run SE Sneaker Light Bone 859429-004 MM1 Size 7 , Propet Pedwalker 3 - Pedrx - Womens Black - 07.5 D Us , Puma Shoes 9 Black Gold Dust shoes woman Athletic SneakersAdidas Superstar GS White Black Gold Snake Scales Junior Women Girls Boys S78655Nike Vandal High GS Rave Back To The Future Trainers Hologram White Green 5Y VTGNIKE AIR JORDAN SPIZIKE ID GYM RED/BLACK SIZE WOMEN'S 6 [605241-995] , Propet Pedwalker 3 - Pedrx - Womens Black - 09 D Us , Propet Pedwalker 3 - Pedrx - Womens Black - 07.5 2e UsNEW Converse Chuck Taylor All Star Lo Lux Leather Sneaker Nude , Nike Free Run Oc Running Women's Shoes Size , 1711 adidas Originals Superstar Metal Toe Rose Women's Sneakers Shoes BY9750Nike Dunk Sky Hi Essential Wedge Black Gum 644877-011 Women's Shoes size 8 , WMNS NIKE AIR HUARACHE RUN DARK GREY-TEAL SZ 5 [634835-016] , NEW PUMA MOSTRO PERF LEATHER WOMEN'S SHOES BLACK RARE ALL SIZES , Wmns Nike LunarEpic Low Flyknit 2 II Moon Particle Sail Women Running 863780-201Women's ASICS Gel-Nimbus 20 running shoes, Indigo Blue, sz 7.5, barely wornGiro Womens Athletic Shoes Pink and Black Size 10.5 , Salomon L12849000 Techamphibian 3 Womens Walking Shoes - SS15 6 , Diadora EQUIPE Reptile Womens Black - Womens - Size 8 BWomens Nike Shox Junior Sneakers, Metallic Silver / Black 454339-018 SKU , Nike Wmns Air Max Sequent 3 III Pink White Women Running Shoe Sneaker 908993-603New Balance Women's Running shoes 860 v7 Size 9.5 , Vince Women’s Warner Platform Sneaker Slip On, Black, Size 9 NIB ,
    Nike 7 Women's AIR 29135 MAX ZERO PREMIUM 903837-100 New New Fashion Casual Shoes. Sz 7 e07e2b6 - blurrypron.com>Nike 7 Women's AIR 29135 MAX ZERO PREMIUM 903837-100 New New Fashion Casual Shoes. Sz 7 e07e2b6 - blurrypron.com
    Finn Comfort Bruneck $449 Black Walking Ankle Boots Women's (US 9.5)NIB Sz 38.5 CHRISTIAN DIOR Black Suede Mirror Wedge Heel Tall Boot Shoes 8.5Nike Womens Blazer Low Sd Trainers Aa3962 Sneakers Shoes 402 , Heel Sandals Leather. Wanda Panda Shoes Made in Spain - YvetteNEW $130 Elites Walking Cradles Alex SUPERIOR COMFORT LEATHER SLIP ON SHOESAUTHENTIC BERLUTI PLAIN TOE LEATHER SHOES BROWN GRADE B USED -AT , Womens Floral Mid Block Heels Pull On Embroidery Pattern Fashion Autumn ShoesANTHROPOLOGIE LUCKY PENNY DIAMOND Multicolor Wedge BROCADE WEDGE Size 8.5 , $225 BCBG BCBGMAXAZRIA Womens MA-Darien1 Peep Toe Pump Shoe, Natural, US 7.5Divietto Metallic Leather Platform Wedges leather Sz 7/38 New Made in Brazil , Bordello BELLA-12R Women's Shoes Purple Satin Rhinestones Open Toe High Heels , Celine Caramel Brown Leather Slingback Sandals High Heels Size 10 US , Christian Louboutin Snake Heels/pumps US 40 1/2 , Christian Dior Kitten Heel Flats Size 39Ladies Rockport Cobb Hill Tropez High Vamp Yellow Sandal CDA10AMadidas Falcon Elite 5 - Grey - MensReebok Royal Complete 2MS Classic Men's Causal Fashion Retro Mid Trainers NavyASICS Men's Hyper MD 5 Running Shoe - Choose SZ/ColorMan/Woman Chaco Men's Zcloud 2 Athletic Sandal for you to choose Strong value Tide shoes listAIR JORDAN 4 RETRO "DOERNBECHER" - ITEM NUMBER 206-1 , Bocage Mens Penny Loafer Blue Suede Size 42 Driving MocBLUNDSTONE 500 Classic Stout Brown Boots - New, UnwornDIADORA 158623-C7383 TITAN II Mn's (M) Croissant/White Suede Lifestyle Shoes , KDJSTORE Luxury Men's Skeleton Automatic Mechanical Wrist Watch Dragon...Kenneth Cole New York Womens Size 9.5 Ken Black High Top Slip On Fashion Sneaker , Men/Women Reebok Women's Studio Basics Track Shoe New Listing Fast delivery Preferred boutiqueNew 2016 Feb Adidas Originals GLC Shoes, Women's Size 10.5, Black, S74987Men's/Women's AUTHENTIC Branded Women's Shoes Louis, elaborate In short supply Different styles and stylesWomens Ankle Boots Patent Leather High Platform Zipper Side Motor Sexy New ShoesHush Puppies Lindy Wide Calf Boots , Dark Brown, 9.5 US / 41.5 EU
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike 7 Women's AIR 29135 MAX ZERO PREMIUM 903837-100 New New Fashion Casual Shoes. Sz 7 e07e2b6 - 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.

    Nike 7 Women's AIR 29135 MAX ZERO PREMIUM 903837-100 New New Fashion Casual Shoes. Sz 7 e07e2b6 - 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
    Nike 7 Women's AIR 29135 MAX ZERO PREMIUM 903837-100 New New Fashion Casual Shoes. Sz 7 e07e2b6
    Athletic Shoes
    >
    ;