Never miss an update

Nike 698903-009 698903-009 Air Sz Max Women's Gray Lava Red Red Pink Running Athletic Shoes Sz 7 7c468dc




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Shoes are in great condition with no rips or tears
Color: Gray Pink Red Pattern: Solid
Product Line: Air Max 15 Style: Low Top
Width: Medium (B, M) Look: Metallic
Brand: Nike US Shoe Size (Women's): 7
Activity: Running UPC: Does not apply
Never miss an update

Nike 698903-009 698903-009 Air Sz Max Women's Gray Lava Red Red Pink Running Athletic Shoes Sz 7 7c468dc - blurrypron.com

    Nike 698903-009 698903-009 Air Sz Max Women's Gray Lava Red Red Pink Running Athletic Shoes Sz 7 7c468dc
    Nike 698903-009 698903-009 Air Sz Max Women's Gray Lava Red Red Pink Running Athletic Shoes Sz 7 7c468dc
    New Balance Fresh Foam 1080v7 NYC Marathon Women's Size 6.5 White Gold W1080NK7WOMEN'S/JUNIOR SHOES SNEAKERS PUMA SUEDE JR [355110 30]Asics T580N Gel Noosa Tri 10 Purple Green BLue Running Women's Shoes USED Sz 10Nike Womens Lunarglide 8 Shoes Black/White Size 7.5 NEWNike Huarache Run Sz 6.5 Women's [634835 016] Gum BottomGentleman/Lady Nike Air Rift Liberty QS durable Modern and stylish fashion Vintage tide shoesNew Asics Women's T765N Gel-Contend 4 Running Shoe Sz 7.5New Balance NB Womans Running Course Athletic Trainer Shoes sz 6.5,7.5Skechers Women's Kiss - Secret Gray Casual Shoe 8.5 Women UsNike WMNS Air Max Invigor Woven Sports Running Shoes Cool Grey Sz 8.5 917544-001 , Puma Fierce Rope Satin En Pointe - Pink - WomensNEW NORTH FACE STORM FASTPAC WATERPROOF LEATHER HIKING SHOE LADY 11 M/BROWN-GRAYNike Dual Fusion Tr 4 Print Training Shoes 819022-600 Pink Womens Sz 9.5New Balance 96 Off White/Brown WRT96EAA Women's SZ 5 , Skechers 23435 Air Cooled Memory Foam Slip On Walking Shoes Choose Sz/ColorNike Womens Flex 2016 RN Athletic Shoes Sneakers Blue 830751 401 New 6.5 8.5Nike Dunk Low 1 Piece White/White-Black 317857-111 Women's SZ 11.5 , Gentlemen/Ladies OTBT Women's Uleta Modern and elegant fashion Beautiful appearance Immediate delivery , Adidas Superstar 80S S81327 Casual Shoes Gray White Medium (B,M) WomenMen/Women Pleaser Women's Sky 308 Clear/Black High quality and low overhead Beautiful appearance British temperament , Nike AJ1 Lover XX SZ 6 Off White AJ1 AO1523-100Nike Women's Free TR 6 Athletic Running Shoes Wolf Grey/Green/Blue/White -Sz 8.5Bikkembergs BKE Fashion Sneaker Italy US 8 Leather Suede Back BKE 104619 , Joie Huxley Suede Sneaker - Women's Size US:8 / EU:38, Sandstone , Womens Nike Lunarconverge 852469-002 Anthracite Brand New Size 11 , Womens Skechers Ultra Flex Bright Future Lightweight Walking Gym TrainersSperry Top Sider Size 10 M SEACOAST RIPSTOP Black Sneakers New Womens Shoes , Sarto by Franco Sarto Women's Carona Slip-On Sneaker Black Suede Size 6.5 M , $150 Reebok Question Mid Teyana Taylor T Women's Basketball Shoes Red Ice BD4487
    Nike 698903-009 698903-009 Air Sz Max Women's Gray Lava Red Red Pink Running Athletic Shoes Sz 7 7c468dc - blurrypron.com>Nike 698903-009 698903-009 Air Sz Max Women's Gray Lava Red Red Pink Running Athletic Shoes Sz 7 7c468dc - blurrypron.com
    New VALERIE STEVENS Women Black Leather Suede Heel Side Zip Mid-Calf Boot ShoeMen's/Women's Camper Womens Boot - Pick SZ/Color. Not so expensive International choice Great choiceOLUKAI Women's Nani Kamea Black/Black Boot 6.5 B MWomen FRYE Vera Slouch Boot Black distressed leather buckle straps knee high NEWTHE NORTH FACE BACK TO BERKELEY BOOTS CALIFORNIA ROOTS Wmn Sz 6.5 DUNE BEIGE , Shoes Enval soft 1202733 Man Nubuck Bot Blue classic mode sneakersNew Balance WFLSHLB2 B SpeedRide Black Pink Womens Running Shoes WFLSHLB2B , Gentleman/Lady Pleaser ADORE-1024RSF Crazy price, Birmingham Won highly appreciated and widely trusted at home and abroad Don't worry when shoppingRuby Shoo Heather Court Shoes Sz 3- 9 Blue Purple Red Teal Moss Green Faux Suede , Brian Atwood Black Snake Print Quilt Stitch Platform Heels Women's 41 / 11Fly London Size 42 Ydel Perf Peep Toe Ankle Strap Sandals Black Beige Red Comfy , NIB Tommy Hilfiger Women's heel Black Shoes Size 8 US , Women Real Leather Fashion Sneakers Sport Sandals Platform Wedge High Heel BootsAlegria Carina Rave on the Nile Leather Comfort Thong Sandals 35 5 5.5 NEWWomens Mules Slipper Block Heels Bowknot Rhinestone Pointy Toe Shoes Runway sizeAlexander Mcqueen Espadrille Wedge Ankle Wrap Sandal Red Leather & Black Size 9M , Mens Skechers Go Run 400 Generate Running Sports Lightweight Trainers , Reebok Instapump Fury Sneakers Mens Size 11 lifestyle Running Shoes Black IceASICS GEL KAYANO TRAINER KNIT SZ 10 TRIPLE BLACK H705N 9090Nike Train Speed 4 Tb Mens Running Trainers 833259 Sneakers Shoes 177AIR JORDAN 8 RETRO "PLAYOFF" 2013 - ITEM NUMBER 4659-1Nike Air Max 90 Essential Mens 537384-090 Triple Black Running Shoes Size 8 , Nike Air Max Plus TN 852630 028Nike Air Vapormax Plus Max Wolf Grey Silver Men Running Shoes Sneaker 924453-005 , Sole Exhale Recovery Shoes Canada Slip On Moldable Soles Black 9 / Slipper , Nine West Women's Reese Gladiator Sandal Black Leather Strappy SandalsNew Adidas STELLA MCCARTNEY ULTRA BOOST WHITE / GREY CM7884 US W 6 - 8 TAKSE , Brand New Saint Laurent Multicolored Palm Tree Low-Top Sneakers Sz. 38/8 $495.00M Missoni Solid Short Rain Boots, Women's Size 7, Black Patent (Damaged)Jeffrey Campbell Cavalry Chelsea Boot, Black Patent Leather Womens Various Sizes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike 698903-009 698903-009 Air Sz Max Women's Gray Lava Red Red Pink Running Athletic Shoes Sz 7 7c468dc - 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 698903-009 698903-009 Air Sz Max Women's Gray Lava Red Red Pink Running Athletic Shoes Sz 7 7c468dc - 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 698903-009 698903-009 Air Sz Max Women's Gray Lava Red Red Pink Running Athletic Shoes Sz 7 7c468dc
    Athletic Shoes
    >
    ;