Never miss an update

MENS UNDER mogochinese-5528 ARMOUR 5526 CHARGED ULTIMATE 2.0 MEN'S MEN'S RUNNING/SNEAKERS/TRAINING SHOES 16ad32f




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Shoe Type: Athletic
Colour: Blue Brand: Under Armour
MPN: 1285648 907
Never miss an update

MENS UNDER mogochinese-5528 ARMOUR 5526 CHARGED ULTIMATE 2.0 MEN'S MEN'S RUNNING/SNEAKERS/TRAINING SHOES 16ad32f - blurrypron.com

    MENS UNDER mogochinese-5528 ARMOUR 5526 CHARGED ULTIMATE 2.0 MEN'S MEN'S RUNNING/SNEAKERS/TRAINING SHOES 16ad32f
    MENS UNDER mogochinese-5528 ARMOUR 5526 CHARGED ULTIMATE 2.0 MEN'S MEN'S RUNNING/SNEAKERS/TRAINING SHOES 16ad32f
    NIKE MENS SB PORTMORE II SOLARSOFT SLIP WHITE LIGHT SHOES 2018 **BEST SELLER , NIKE MENS DOWNSHIFTER 8 COOL GREY WHITE HYPER CRIMSON SHOES 2018 **BEST SELLER , New Balance Classics 373 Men's Sneakers Shoes Brown Trainers ML373OTO New , Diesel Mens Shokrim-Mid Y01089 PR080 H4200 Leather Shoes BrownLe Coq Sportif Omega Premium Dress Blue 1810183 , Blauer Men's Sneakers Phoenix Dark Blue Navy , Mizuno Wave Creation 15 Men's Shoes SizeNew Balance Classics 500 Men's Sneakers Shoes Navy Blue GM500NAY Gym Shoe New , Mens Nike Air Max 90 Ultra 2.0 Essential - 875695003 - Cool Grey Trainers , BROOKS PURE FLOW 5 MENS RUNNING SHOE (D) (691) , Nike Tanjun Trainers Mens White Athletic Sneakers ShoesADIDAS EQT SUPPORT ADV CK PARLEY NAVY AQUA MENS SHOES US10 DEADSTOCK NEW*BNIB* Mizuno Wave Equate Womens Running Shoe (B) (55)Zeus Jump 75 Usa Shoes Fashion Black Men NewSports shoes sneakers Nike Air Max 90 man gym leather canvas white 40,5Ted Baker Sarpio Mens Dark Blue Textile & Suede TrainersMizuno Wave Inspire 12 Mens Crossrunning Shoes (D) (26 Steel Grey Blue)Original New Nike Air 2017 Presto Premium Running Shoes SilverZeus Jump 75 Usa Shoes Fashion Blue Men NewPuma Mega NGRY Knit Trainers Mens Blue/White Athletic Sneakers ShoesNIKE MENS VAPOR UNTOUCHABLE VARSITY 3 TD GREEN FOOTBALL SHOES **ALL BEST SELLERSKECHERS MENS TERRABITE BROWN ORANGE SHOES 2018 **BEST SELLERNEW NIKE ZOOM MATUMBO 2 SNEAKERS/FITNESS/TRAINING/RUNNERS SHOES , Zoltar Jump 75 Usa Shoes Fashion Red Men NewSKECHERS MENS PERFORMANCE GO WALK REVOLUTION ULTRA BLACK1 SHOES 2018*BEST SELLER , Men's/Women's Women's Casual Leather Ankle Boots Special price Fine art professional designMENS BROOKS MAZAMA MEN'S TRAIL RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOESSullivan Jump 75 Usa Shoes Fashion Blue Men New , Zoltar Jump 75 Usa Shoes Fashion Black Men New
    MENS UNDER mogochinese-5528 ARMOUR 5526 CHARGED ULTIMATE 2.0 MEN'S MEN'S RUNNING/SNEAKERS/TRAINING SHOES 16ad32f - blurrypron.com>MENS UNDER mogochinese-5528 ARMOUR 5526 CHARGED ULTIMATE 2.0 MEN'S MEN'S RUNNING/SNEAKERS/TRAINING SHOES 16ad32f - blurrypron.com
    Born Women's Black Larsen Studded Leather Riding Boot Shoes Ret $210 NewAdidas Yeezy Boost 350 v2 Triple White Sz. US 7.5 NEWLADIES SHOES/FOOTWEAR - JSM sandal B10530 black/brownArcopedico Vegas Brown Leather Flats Mary Jane, Size (US 8 to 8.5)Man/Woman Frye Ivy Slip-On New varieties are launched auction General productRockport Total Motion Adelyn Textured Ballet Flats, Women's Size 5.5M, Blue NEW , ECCO Womens Womens Soft 5 Zip Fashion Sneaker Black Snake 40 9-9.5Stuart Weitzman gold glitter/tan espadrille catalen slipon 8.5m , Donald Pliner Women's Vanya Black and Merlot Suede PumpCordani Calzature Slip-on Sandal- Women's Size 5.5 (EU-37), Brown , Old Friend Women's Sheepskin Fleece Bootee Flip-Up Slippers 441120 , NEW adidas Advantage Clean QT W AW4013 Womens Shoes Trainers Sneakers SALEPolo Ralph Lauren Shoes Faxon Low Canvas White/Brown/Blue Sneakers Size 8Men's/Women's Nike Air Max Correlate Sz 10.5 Attractive and durable Used in durability Tide shoes list , NIKE HYPERDUNK LUX SZ 10 BLACK METALLIC GOLD SAIL 818137 001Men's Nike Air Jordan Concord Black White RARE Size 11 Free Shipping Pre OwnedMen's/Women's Nike Air Huarache - 318429 202 New market Orders are welcome Preferred boutique , Nike Air Max Zero Premium SZ 8 Tumbled Wolf Grey White 881982-001air jordan 3 Retro DB Red , BRAND NEW , Sz 9.5 / 43Fashion Mens Casual Printed Embroidery Korean Loafers Occident Shoes Oxfords New , Converse Woolrich Chuck Taylor Street Hiker Sneaker Boot BLACK GREY Plaid 149385JOHN VARVATOS Men's Brown Leather Ankle Oxford Shoes Size 13 M (mens600NEW $425 Opening Ceremony Arrow Sneaker Shoes Black & White Checkered sz 11 / 44Converse X John Varvatos Mini Stud Leather Hi Chuck Taylor 151295C Mens Size 11 , Columbia Men's Tango Thong II Athletic Sandal - Choose SZ/ColorNike Lunarepic 2 Low Flyknit Womens Running Shoes Size 11 863780-402 Gym ShoesHogan by TOD'S Slim Elastic Fuschia / Milk Slip On Sneakers Shoes US 9 / 39 NEW , ADIDAS ORIGINALS STAN SMITH BOLD MID WOMEN'S SHOES SIZE US 6.5 WHITE BY9663Finn Women's Soft Charlotte Leather Casual Sneakers Black White 82766-901452 , Skechers Women's Flex Appeal Simplistic Sneaker - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MENS UNDER mogochinese-5528 ARMOUR 5526 CHARGED ULTIMATE 2.0 MEN'S MEN'S RUNNING/SNEAKERS/TRAINING SHOES 16ad32f - 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 UNDER mogochinese-5528 ARMOUR 5526 CHARGED ULTIMATE 2.0 MEN'S MEN'S RUNNING/SNEAKERS/TRAINING SHOES 16ad32f - 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 UNDER mogochinese-5528 ARMOUR 5526 CHARGED ULTIMATE 2.0 MEN'S MEN'S RUNNING/SNEAKERS/TRAINING SHOES 16ad32f
    Athletic Shoes
    >
    ;