Never miss an update

Icebug Traction Women's Zeal2 RB9X 29747 Icebug Traction Running Shoe Dahlia/Grape 8 M US 1271765




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
EAN: Does not apply
Color: Dahlia/Grape MPN: Zeal2 RB9X-W
Size: 8 M US Brand: Icebug
US Shoe Size (Women's): 8 M US UPC: Does not apply
Never miss an update

Icebug Traction Women's Zeal2 RB9X 29747 Icebug Traction Running Shoe Dahlia/Grape 8 M US 1271765 - blurrypron.com

    Icebug Traction Women's Zeal2 RB9X 29747 Icebug Traction Running Shoe Dahlia/Grape 8 M US 1271765
    Icebug Traction Women's Zeal2 RB9X 29747 Icebug Traction Running Shoe Dahlia/Grape 8 M US 1271765
    adidas Women's Pureboost Xpose Clear/Grey/Metallic/Silver/Mid Grey 8 B(M) USSkechers Sport Women's Flex Appeal 2.0 Bold Move Fashion Sneaker , New Balance WHANZSP1 Womens Whanz Running Shoe- Choose SZ/Color. , Men's/Women's New Balance Women's w940v3 Running Shoe main category Attractive fashion Exquisite workmanship , Adidas EQT Basket ADV Womens AC7351 Grey Coral Knit Athletic Shoes Size 9.5adidas Originals Women's Superstar Tracktop, - Choose SZ/ColorNIKE W Air Presto 878068-011 LIGHT PUMICE/LIGHT PUMICE-GUNSMOKE Womens Size 8 , Teva Women's W Arrowood 2 Mid Waterproof Hiking Boot, Midnight Navy, 05 M US , Adidas EQT Basket ADV Womens AC7351 Grey Coral Knit Athletic Shoes Size 7.5 , New Balance Women's W1540V2 Running Shoe Running ShoeSilver/Grey13 2E US , NIKE W Nike Vandal Hi Lx AH6826-002 PHANTOM Size 12 , Gentlemen/Ladies New Balance Women's 940v3 Running Shoe Elegant shape Sufficient supply Don't worry when shopping , SCARPA Men's Atom Trail Running Shoe Runner - Choose SZ/Color , Adidas Ultra Boost X Womens CQ0009 Black White Primeknit Running Shoes Size 6 , Adidas EQT Basket ADV Womens AC7351 Grey Coral Knit Athletic Shoes Size 10 , Man/Woman New Balance Women's 696 v1 Sneaker Practical and economical Brand Extreme speed logisticsSalomon Women's Speedcross 4 W Trail Runner Black/Black/Black Metallic 8 M US , New Balance Women's BW1000V1 Fresh Foam Walking Shoe White 7 W USNike Air Max 270 Womens AH6789-001 Black White Mesh Running Shoes Wmns Size 5.5 , Roberto Cavalli Women Red Floral Embellished High Top Sneakers Sz41/US11 RTL$795NIKE Womens Nike Free Rn Flyknit 2018 942839-002 BLACK/ANTHRACITE Womens Size 7 , Gentleman/Lady New Balance Women's 005v1 Sneaker Online Shopping King of quantity Exquisite (processing) processingAriat Women's Fusion Athletic Shoe No Se'um 8 M US , Nike Air Max 97 Light Bone Deadly Pink Mushroom 921733 004 Women’s Sz 9Nike Air Max 270 Womens AH6789-801 Guava Ice Wheat Pink Running Shoes Size 6CLARKS Women's Wave Slide Fashion Sneaker, Taupe Suede, 5.5 M US , Lacoste Women's Couvel 117 1 Sandal Fashion Sneaker, Black, 8 M USGentleman/Lady Steve Madden Women's Chily Boot Special purchase First quality classic style , STEVEN by Steve Madden Women's Desirae Boot
    Icebug Traction Women's Zeal2 RB9X 29747 Icebug Traction Running Shoe Dahlia/Grape 8 M US 1271765 - blurrypron.com>Icebug Traction Women's Zeal2 RB9X 29747 Icebug Traction Running Shoe Dahlia/Grape 8 M US 1271765 - blurrypron.com
    WOMENS BALENCIAGA BLACK VACHETTA LEATHER STILETTO BUCKLES ANKLE BOOTS 35.5/US5.5100% Authentic Christian Louboutin Booties, Size 38.5Dior Black Grained & "Cannage" Leather Round Toe Knee High Boots SZ 38 , Nike Kyrie 3 Basketball Shoes High Top Sneakers Black White Silt Red 11UK NEW , Pajar Mens Brent Ankle Boots, Black Grey, 44 M D M USPour La Victoire ‘Cheyenne’ Gold Metallic Pumps Size 8.5PLEASER FUNTASMA MARYJANE-50 RED PATENT PUMPS SIZES 6-14 , Brand New Authentic Pretty Ballerinas Rosario Purple & Black Glitter size EU38.5 , Womens TAOS SALTO 226288 brown leather ankle booties sz. 37 NEW! , New Sperry Top-Sider Jordan Leather Loafer/ Boat shoe/ STS91342 , Women’s Metaphor Borough Black Stiletto Pump Black US 8M NEW Limited Deal Hurry!via spiga blue crystal sandal heels 71/2 M , Gentleman/Lady Shoes Comfortable feeling a good reputation in the world a lot of varieties , Ballerine Espadrilles Compenssées Vert Bleu Brillant Les Tropeziennes P 39[190484-02] New Men's PUMA Ignite Limitless SR evoKNIT Running Sneaker White 12 , Nike Air Vapormax Flyknit 2.0 Diffused Taupe Navy Pink Men's Running 942842-201Georgia Boot Men's Gr274 Giant Romeo Work Shoe , Bruno Magli 'Maitland' Men's Size 7.5 M Black Leather Dress Shoes Made in ItalyMizuno Womens Wave Kazan XtaticRide Fitness Running Shoes Sneakers BHFO 5065Women's Shoes NIKE TANJUN BR Sneaker Lightweight Light Blue WhiteWmns Nike Metcon DSX Flyknit Sz 5-10 Black/Grey/Punch 849809-009 FREE SHIPPINGAC661 MBT shoes black gray textile women sneakersJessica Simpson Lyndy Pointed-Toe Fashion Boots, Off White, 8.5 US / 38.5 EUARTURO CHIANG ACACIA BLACK LEATHER TALL LOW HEEL BOOTS US 6.5London Trash Carina Black Leather Gladiator Sexy Stiletto Boots Size 8 Brand NewNIB J.Crew Size 8 8M Grey Suede Buckle Boots Pull On Ankle Booties , Nine West Women's Kellan-Wide Fabric Winter Boot, Dark Brown, Size 8.5Jeffrey Campbell Cienega Over The Knee Boots Grey Size 7.5 NewI35 Fedee Harness Strap Riding Boots F39, Black, 5.5 US DisplayPre-Owned Report Signature Irving Over the Knee Boots, Black Leather, Size 10
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Icebug Traction Women's Zeal2 RB9X 29747 Icebug Traction Running Shoe Dahlia/Grape 8 M US 1271765 - 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.

    Icebug Traction Women's Zeal2 RB9X 29747 Icebug Traction Running Shoe Dahlia/Grape 8 M US 1271765 - 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
    Icebug Traction Women's Zeal2 RB9X 29747 Icebug Traction Running Shoe Dahlia/Grape 8 M US 1271765
    Athletic Shoes
    >
    ;