Never miss an update

Adidas Hamburg Women Trainers BB5110 in & Clear 29951 Brown & Off White BB5110 f3fa58c




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
Style: Fashion Sneakers
Upper Material: Suede UK Shoe Size (Women's): UK 3.5 - UK 8
Main Colour: Beige Brand: adidas
Product Line: Originals Material: Suede
Colour: Beige UPC: Does not apply
Never miss an update

Adidas Hamburg Women Trainers BB5110 in & Clear 29951 Brown & Off White BB5110 f3fa58c - blurrypron.com

    Adidas Hamburg Women Trainers BB5110 in & Clear 29951 Brown & Off White BB5110 f3fa58c
    Adidas Hamburg Women Trainers BB5110 in & Clear 29951 Brown & Off White BB5110 f3fa58c
    Nike Dual Fusion Training 2 Women shoes . Size 8.5US. 6UKNike Air Huarache Women Trainers in White 634835 108Gentlemen/Ladies Womens Skechers Go Walk 3 elegant product quality uniquenike air max thea womens Size 6 , New Balance Lifestyle Mode De Vie WR996HP Pearl White Womens Running Shoes US 9s.Oliver Womens 23666 Low-Top Sneakers, Pink RoseGold, 4 UKMen/Women womens new balance shoes Not so expensive New in stock various kinds , Salomon Women's Ellipse II LTH Walk/Hike Shoes Size 8(US) NewNew Superga Womens 2790 Platform Sneakers In Blue Leather Suede Womens , MIZUNO Wave Rider Size US 9 Euro 40Wmns Gel DS-Trainer, Size US 6.5 (B) Width , Converse Chuck Taylor All Star Selene Winter Knit Black/light , Nike Red And White Sneakers UK Size 9 Barely Worn , New Nike Womens Blazer Low Sneakers In Pink Satin Sneakers Low TopNew Balance 574 Suede Retro Trainers in Navy Blue & Green WL574 AAAASICS GEL– HARMONY TR WOMENS RUNNING TRAINING SHOES SIZE US10Adidas Originals Superstar Pharrell Supersh Women Trainers in Core Black S83345Nine West Welldone Fashion Sneakers, Navy Multi , Guess Opall High Top Sneakers, Gold Multi, 10 USMen/Women Nike Grey Suede Airmax Not so expensive Clearance Most practicalMerrell Ladies Siren Mid, waterproof, US Size 7, walking boots, hardly worn , Womens nike high heel runners size 9Converse Chuck Taylor All Star Men Women Unisex Hi-Top Casual Sneaker shoes US 6 , Womens Mizuno Wave Sayonara 3 - Blue Danube, Bolt & Blue Atoll , Adidas Superstar 80s Half Heart Shoes US 7Mizuno WORN ONCE 'wave inspire 12' size 8 women's running shoes , Calvin Klein Jaleh Slide Fashion Sneakers 184, Black, 8 US / 38 EU , Superga 2224 Polywool High-Top Sneakers, Grey, 10 US / 41.5 EUNEW Skechers Ez Flex - Take-It-Easy 22258 BBK Black Sneaker ,
    Adidas Hamburg Women Trainers BB5110 in & Clear 29951 Brown & Off White BB5110 f3fa58c - blurrypron.com>Adidas Hamburg Women Trainers BB5110 in & Clear 29951 Brown & Off White BB5110 f3fa58c - blurrypron.com
    Ladies Fly London Stif Low Heel Buckle Army Biker Leather Ankle Boots All Sizes , **Authentic** Nike Downshifter 8 Mens Running Shoe (D) (002)FRYE Women's Engineer Shearling Tall Winter Boot, Black, 6.5 M USMENS SALOMON SPEEDCROSS PRO MEN'S TRAIL RUNNING/SNEAKERS/TRAINING/RUNNERS SHOESEasy Spirit Women's Adabelle Ankle Boot, Grey, Size 6.5 US / 4.5 UK , MORI MADE IN ITALY POINTY PUMPS SCHUHE PYTHON LEATHER DECOLTE WHITE BIANCO 41 , Cherokee Women's Splendid Health Care & Food Service Shoe, Black, 8 M USEscarpins T.38 VALBURY Cuir Ecailles Marron Brou de Noix , JIMMY CHOO Shoes Glitter Black SANDALS Pumps Slings Size 38.5 EURWomen's Shoes Jimmy Choo Black Patent Leather Slip On Heels Pumps Pointy 39 EUSOLE Women's Sport Flip Glow 5 M USSAS Strippy SANDALS Made in USA Womens size 6.5 WW Beige Patent Shoes New in Box , Nike air force 1 low Reptile Skin Brown Size 10 , Adidas Mad Bounce Grey/FTW White/Grey Men's Basketball Shoes DA9781Mens Nike Shoes 883278-001 Multi-Color Brand New Size 10 , Adidas Kanadia 7 TR M blue orange Men's trail running shoes supercloud NEW , NIKE FREE FLYKNIT CITY SERIES LONDON US 7 HTM SP RIO MERCURIAL LUNAR MIXMen's Boots Military Combat Chukka Ankle Tactical Big Size Army Safety Shoes , Geox Compass ABX Amphibiox Men's Waterproof Leather Ankle Boots , Mens Lake Of The Woods Work Safety Boots Steel Toe 9,5 M Brown Leather , New Men Leather Slip On Casual Loafers Formal Smart Dress Moccasin Driving Shoes , Baffin Men's Coyote Slip-On Duck ShoeBrown Basket Weave Leather Loafers Dino Monti Size 9D , DXKZMCM Handmade Dress Formal Shoes Luxury Men's Flats Slip-on Men oxfrods Part , Ahnu Taraval Slip-On Sneaker, Women's Size 8.5, BrownNine West Women's Brianyah Ankle Strap Heel Black Synthetic Buckle FasteningBearpaw Women's Eden Ankle Boot Taupe Suede Zipper , Nike Metcon 3 Women's 849807-400 Mica Glacier Blue Cross Training Shoes Sz 8 , Sergio Rossi Vintage Boots Leather Zip Heel Pointy Toe Black 40/ 9 ItalyLadies Ankle Boots Suede Flats Winter Fur Canvas Slip On Winter Snow Shoes size
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Hamburg Women Trainers BB5110 in & Clear 29951 Brown & Off White BB5110 f3fa58c - 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.

    Adidas Hamburg Women Trainers BB5110 in & Clear 29951 Brown & Off White BB5110 f3fa58c - 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
    Adidas Hamburg Women Trainers BB5110 in & Clear 29951 Brown & Off White BB5110 f3fa58c
    Athletic Shoes
    >
    ;