Never miss an update

NEW (Women's Under Armour Green Running, Cross Sizes) Training Running, (Women's Multiple Sizes) 7762a31

100% of the final sale price will support Managers On A Mission - opens in a new window or tab

Giving Works ItemAbout this nonprofit:
MOAM (Managers On A Mission) funds mission trips to orphanages in Africa, service projects throughout the US, and scholarships with a Christ centered focus by maximizing the platform afforded to the sports industry.

This is an eBay for Charity charitable listing

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Style: Running, Cross Training
Brand: Under Armour Color: Green
Never miss an update

NEW (Women's Under Armour Green Running, Cross Sizes) Training Running, (Women's Multiple Sizes) 7762a31 -

    NEW (Women's Under Armour Green Running, Cross Sizes) Training Running, (Women's Multiple Sizes) 7762a31
    NEW (Women's Under Armour Green Running, Cross Sizes) Training Running, (Women's Multiple Sizes) 7762a31
    Nike Tanjun Red White Mesh Men's Shoes Size 8.5 To 11 New In Box 812654 601Nike Men's Dart 12 Running Shoe Size 7.5 , Converse PL 76 Ox Shoes Size 10 Mens Red White Classic 157423C New , Man's/Woman's Nike sneakers Long-term reputation Medium cost Popular recommendationVANS Alomar (Felt Pack) Chipmunk Wool Leather OTW Men's Skate Shoes SIZE 11NEW IN BOX MEN'S 12 NIKE SB LUNAR ONESHOT TEAM RED BLACK - WHITE SKATE SHOESVans Old Skool ATCQ Black Sneakers VN0A38G1Q4B New W/Box DS Men's SZ 6.5Men's Nike Benassi JDI Chenille Slide Sandals Gym Red/Obsidian/White AO2805 600Used Worn Size 12 Nike Zoom Rookie Penny Basketball Shoes Game RoyalVANS New Classic Slip-On SF Daniel Russo Vault Men Size USA 9 , VANS OLD SKOOL TRUE WHITE VN000D3HW00 MEN US SZ 7Nike Kaishi NS Mens Athletic Shoe Dark Grey/White 747492 007 Mens Size 11 & 11.5 , Reebok Men's Workout Plus Cross Trainer Black/Carbon/Classic Red Size 6.5NIKE SB CHECK SOLAR CANVAS 843896 611 DARK TEAM RED/BLACK-WHITE MEN US SZ 10.5 , Vans Era Gold Mono Nautical Blue Men's Classic Skate Shoes Size 7Puma Blaze Cage Kiku FM - White - Mens , Gentlemen/Ladies Puma Rs100 Aw Men's Shoes Adequate supply and timely delivery Affordable Complete specificationsMen's Skechers Fitness Shape Up Shoes Black Suede 9.5 USDC PURE SE 301024 BLACK/DARK GREY (BG1) MEN US SZ 11 , Mens NIKE HYPERVENOM PHADE FG White Football Trainers 599809 107NIKE Men's Court Borough Mid Premium Casual Shoes Size 7.5 BlackDC Bridge Shoe - Wild Dove - New , New New Balance Mens Mx409Bk2 Leather Black Cross Training Shoes (D Width)Vans Half Cab Dipped Black/True/White Skate Men's 9New NIKE Men's Zoom Code Elite 3/4 Shark Football Cleats 603370-140 US SIZE 10 , New Balance Men's Shoes 597 Retro SneakerVANS CLASSIC SLIP ON (GUM BUMPER) TRUE WHITE VN0A38F7Q8R MEN US SZ 6.5 , NIKE SB DELTA FORCE VULC MEN'S SKATE SHOES 942237100 NWB , New Nike Men Lunar Magista II FKMen's Sneakers, Size 9, 852614 400, $200 ,
    NEW (Women's Under Armour Green Running, Cross Sizes) Training Running, (Women's Multiple Sizes) 7762a31 ->NEW (Women's Under Armour Green Running, Cross Sizes) Training Running, (Women's Multiple Sizes) 7762a31 -
    Merrell Women's Murren Tall Waterproof Winter Boot, Bracken, 5.5 M USLaredo Keyes Stars & Stripes American Flag Cowboy Boot 52165Stuart Weitzman Basilico Pull On Ankle Boots 484, Camel, 8 US , PLEASER ADORE-708UV NEON WHITE UV REACTIVE ANKLE STRAP 7" HEEL PLATFORM , Dansko Professional Clogs Black Tiger's Eye Onyx Size 36 (U.S) 5.5-6 DisplayAnthropologie Sz 8.5 Or 9 (40 Euro) Guilhermina Velvet Smoking Flats NewNew Dolce Vita Women's Rilee Beige Heel Suede Sandal Sz 8.5 , New Skechers Womens Relaxed Fit Breathe Easy Meadows ShoesSTUART WEITZMAN Black Patent Leather Peep Toe Slingback low Platform Sandals 8.5 , Women's Saucony Freedom Runner Wool, Charcoal, 6 B , Roper 09-021-0607-1140 BR Womens Multi Thong Sandal- Choose SZ/Color.In Great Condition! Stella Mccartney Bow Satin Sandals Gold Beige Size38New Nike Swift Run Men's Running Casual Shoes multiple colorsMen's Brand New Nike Dunk CMFT Premium QS Athletic Fashion Sneakers [716714 002] , Vans SK8-Hi LX Highs and Lows VN000KXIJIJ Black Black Unisex Vault New , NEW Men's Size 11 Nike Air Force 1 Ultra Flyknit White/White (817420-100) , PUMA 36342103 Mens Sky II LO Basketball Shoe- Choose SZ/Color.Nike Metcon 4 [AH7453-003] Men Training Shoes Black/WhiteNIB Men's Nike SF-AF1 MID SEQUOIA Shoes 917753 300 Military GreenMen/Women Christian Louboutin Pigalle 120 Louis, elaborate Modern design Non-slip , Caterpillar P89858 Endure Steel Toe - Men's Work Boot Oak - 10 Wide , Nunn Bush Comfort Gel shoes size 12 Med 84373-221 (s1) , Lacoste Men's Endliner 416 1 Spm Fashion Sneaker White 10 D(M) USNIB WOMENS SIZE 9 NIKE AIR MAX THEA SNEAKERS BLACK 599409 020 , Autumn Womens Thick Sole Casual Shoes Mixed Color Hidden Wedge Heel Creepers SboSaucony Originals Women's Jazz Lowpro Sneaker, Coral/White, 8.5 M USConverse Chuck Taylor All Star High Miley Cyrus Black 162234C Men's 6 Women's 8Man/Woman Nonna Black Wingtip Ankle Boot Beautiful color Elegant style a wide variety of goods , Manolo Blahnik Tan Pointy Leather Fringe Tall Boots Sz 36.5 , UNITED NUDE Bottines talons 11 cm cuir velours & verni noir 36 EXCELLENT ETAT ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW (Women's Under Armour Green Running, Cross Sizes) Training Running, (Women's Multiple Sizes) 7762a31 -

    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.

    NEW (Women's Under Armour Green Running, Cross Sizes) Training Running, (Women's Multiple Sizes) 7762a31 -

    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.


    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
    NEW (Women's Under Armour Green Running, Cross Sizes) Training Running, (Women's Multiple Sizes) 7762a31
    Athletic Shoes