Never miss an update

Womens Nike Orive NM Running Shoes Size NM Training 9.5 Black 28960 White 677136 010 Training 1cdd1b6




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Modified Item: No
Material: Synthetic Country/Region of Manufacture: China
Width: Medium (B, M) Style: Running, Cross Training
Color: Black US Shoe Size (Women's): 9.5
Brand: Nike UPC: 883212310057
Never miss an update

Womens Nike Orive NM Running Shoes Size NM Training 9.5 Black 28960 White 677136 010 Training 1cdd1b6 - blurrypron.com

    Womens Nike Orive NM Running Shoes Size NM Training 9.5 Black 28960 White 677136 010 Training 1cdd1b6
    Womens Nike Orive NM Running Shoes Size NM Training 9.5 Black 28960 White 677136 010 Training 1cdd1b6
    Nike Flex Trainer 7 Fade Training Shoes Blue White Black 898480-400 Womens 10WOMEN'S SHOES SNEAKERS REEBOK CLASSIC LEATHER HD BS5115NIKE AIR VISI MAZY VINTAGE RED WHITE HUARACHE WOMEN WMNS SZ 7.5-10 * 302420-611 , New Balance 560V6 Womens Silver/Grey/Pink/White Athletic Shoes Size 6 , Women's Skechers Flex Appeal 2.0-Simplistic Air-Cooled Memory Foam 12761/BKW , Clarks Ladies Inset Trail Walking Shoe Grey/YellowNew! Women's Nike Rival M Racing Multi Use Track shoes Blue/Purple 806555 2X , NIKE WOMENS CORTEZ ULTRA PRINT FASHION SNEAKERS $100.00 , Nike Flex Trainer 7 Women's Cross-Training Shoes size 8 , Women's New Balance, WLZANTVA, Zante Lifestyle Sport Shoe, Navy/Grey 8 , VANS Chima Ferguson Pro (Aloha) Light Grey UltraCush MEN'S 6.5 WOMEN'S 8 , Asics Women's Frequent Trail Ankle-High Running Shoe , Calvin Klein Sally Women's Fashion Sneakers White , NEW WOMENS SKECHERS OG 85 MEGHAN TRAINOR 9 MEDIUM SN 121 GYPK HIGH TOP FLORAL , Converse Chuck Taylor All Star Hi Black White Womens Velvet High-topSkechers You Exhale - Black - Womens , Easy Spirit Punter Athletic Shoes - Women's Size 7.5 M - WhiteSaucony Xodus 6.0 Womens Trail Running Shoes US 8 Gray Blue S10284 Eucadidas climacool womens 9 Pink Running Athletic SneakersNew Reebok Womens Speed Gray Cross Training Shoes Size 8Skechers Originals OG 85 Shoes Womens Memory Foam Retro Athletic Fashion Sneakeradidas Galaxy Trail - Black - WomensNew Balance 530 Kinetic Imagination Women's Running Shoes W530KIE NIB AuthenticNike Training Free TR Focus FK OC WMNS size 10.5 Running Shoes Pink 843987 999NIB Nike Court Royal Suede Shoe 916795-600 Light Pink Womens Sz 8 - 9.5safeTstep US Shoe Size Slip Resistant Women Comfort Casual Athletic Work BlackWomen's Size 8 Reebok Yourflex Cross Training Shoes, White/Light GreyNew Balance 860v6 Stability Womens Running Training Shoes Size 8.5 Purple Green , Women's 9.5 Reebok CrossFit Nano 5.0 USA white red blue American stars Shoes ,
    Womens Nike Orive NM Running Shoes Size NM Training 9.5 Black 28960 White 677136 010 Training 1cdd1b6 - blurrypron.com>Womens Nike Orive NM Running Shoes Size NM Training 9.5 Black 28960 White 677136 010 Training 1cdd1b6 - blurrypron.com
    NIKE SB ZOOM BLAZER LOW XT QUARTER SNACKS WHITE / UNIVERSITY BLUE SAIL AUSTRALIA , Reebok Royal Glide Ripple Clip Trainers Womens White/Silver Trainers SneakersTan Brown Hand Crafted Italian Ladies Leather Heels / Boots size 37Women's Agl Buckle Strap Flat Mule, Size 9.5US / 39.5BlackMan/Woman KICKERS Oxfork Kaki the most convenient The latest technology Export , Dansko Professional Clogs Women 41 (US 10.5-11) White Box Leather NEW $135Propet Women's TravelSport Walking Shoe Black/Silver Sneakers , Man/Woman Lugnoncure Shoes 351189 Silver L Elegant and sturdy set meal new Quality and consumer firstGracienne Women's Size 6 Gold Patent Leather Strappy Buckle Designer Stilettosbanana republic Alicia D'Orsay Pump SZ 7.5 Blue print , Guess By Marciano Black Patent Leather Open Toe Cone Chunky Heel Women S Size 9MPrada Black Leather Platform Pointed Toe Pump Size 38Reef Women's Dreams II Flip Flop Brown Thong SandalsSkechers Women's Nampa-annod Food Service Shoe, - Choose SZ/color , Mens Adidas Originals BY9587 EQT Support ADV Casual Shoes Core Black Size 13 , NIKE SB ZOOM STEFAN JANOSKI CANVAS SQUADRON BLUE /BLACK-WHITE NWT , Nike Men's Air Max Invigor Running Shoes White/ Black (749680 100)adidas Neo CF Lite Racer Cloudfoam Navy White Men Running Shoes Sneakers DB0591 , NWT Nike Vapor Carbon ELT 2014 TD Orange & White Football Cleats Men's Size 10.5Nike SB Stefan Janoski Max Mens 631303-307 Hasta Skateboarding Shoes Size 7Men/Women Adidas Continental 80 UK10 Various goods Online Recommended todayAir Jordan 12 Retro PSNY Public School , 2018 Mens Dress Suede Metal Decor Pointy Toe Slip On Business Formal Party Shoes , DS NIKE 2005 AIR FORCE 1 ONE WORLD CUP BRAZIL 7.5 SUPREME ATMOS SAFARI HYPERFUSE , ADIDAS STELLA MCCARTNEY Ultra Boost Womens Shoes CG3684 Apricot Rose 8.5 , New Balance WC896V1 Tennis Shoe-W Womens 896v1 Shoe- Choose SZ/Color. , NEW WOMENS 10 B JUSTIN Brown Heritage X Toe Alpine WESTERN BOOTS $180 , New Sexy Women's Indian Western Costume Boots "Cheyenne" with Fringe Sz 10New smoky Mountian western boots pink & brown camo women's size 6 , Chic Sexy Show Party Boots Womens Runway Knee High Boots Tassels High Heel Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Nike Orive NM Running Shoes Size NM Training 9.5 Black 28960 White 677136 010 Training 1cdd1b6 - 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.

    Womens Nike Orive NM Running Shoes Size NM Training 9.5 Black 28960 White 677136 010 Training 1cdd1b6 - 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
    Womens Nike Orive NM Running Shoes Size NM Training 9.5 Black 28960 White 677136 010 Training 1cdd1b6
    Athletic Shoes
    >
    ;