Never miss an update

ASICS S755N.9090 Choose Womens Gel-Craze 29914 ASICS TR 4 Cross-Trainer-Shoes 8- Choose SZ/Color. 14377c3




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
UPC: 0889436930057
Style: Sport Brand: ASICS
US Shoe Size (Women's): Multiple Variations Model: S755N.9090
Size Type: Regular MPN: S755N.9090
Material Type: synthetic
Never miss an update

ASICS S755N.9090 Choose Womens Gel-Craze 29914 ASICS TR 4 Cross-Trainer-Shoes 8- Choose SZ/Color. 14377c3 - blurrypron.com

    ASICS S755N.9090 Choose Womens Gel-Craze 29914 ASICS TR 4 Cross-Trainer-Shoes 8- Choose SZ/Color. 14377c3
    ASICS S755N.9090 Choose Womens Gel-Craze 29914 ASICS TR 4 Cross-Trainer-Shoes 8- Choose SZ/Color. 14377c3
    Nike Metcon 4 Womens 924593-004 Atmosphere Grey Cross Training Shoes Size 11 , ASICS T6D8N.9639 Womens Gel-CumulusG-TX Running Shoe- Choose SZ/Color.ASICS T6G7N.3948 Womens Gel-Quantum 180 2 Running-Shoes- Choose SZ/Color.ADIDAS BA9998 Iniki Runner Womens in by Adidas- Choose SZ/Color. , ASICS T881N.9696-8 (S) Womens COMUTORA Running Shoe Glacier Grey/Glacier , Puma 364465-01 PUMA Womens Creeper Wrinkled Patent Black/ Black Athletic ShoeDansko Women's Hayes Sneaker - Choose SZ/Color , New Balance WL1980 FF Summer Utility-W Womens Utility Running- Choose SZ/Color. , Ecco Womens ECCO Mobile II Premium Flat- Pick SZ/Color. , Nike Metcon 3 Training 849807-100 WHITE Womens Size 7.5Dansko Women's Helen Fashion Sneaker - Choose SZ/Color , Ash 470126 Womens AS-Misstic Sneaker 36EU (6 US)- Choose SZ/Color. , Ash 470126 Womens AS-Misstic Sneaker 38EU (8 US)- Choose SZ/Color.ASICS Womens Noosa FF 2 Running ShoeSalomon Women's Ellipse GTX Hiking Shoe - Choose SZ/ColorNew Balance W870V4 Run Shoe-W Womens Running Shoe 5.5 D US- Choose SZ/Color. , Travel Fox 900 Series Womens 916301-404 Red Nappa Leather Shoes Size 7 - 37PUMA 18945601 Womens Fierce Evoknit WNS Cross-Trainer Shoe- Choose SZ/Color. , Ash Womens Maniac Fashion Sneaker /- Pick SZ/Color. , Ash IDOL BIS Womens Idol Bis Fashion Sneaker /- Choose SZ/Color. , adidas Outdoor Terrex Agravic Speed W outdoor Womens- Choose SZ/Color.adidas Performance Women's Pureboost X ATR Running Shoe - Choose SZ/Color , Nike Air Zoom Mariah Flyknit Racer Womens AA0521-300 MultiColor Shoes Size 8ECCO Women's Soft 1 Fashion Sneaker - Choose SZ/Color , Skechers Performance Women's Go Run Forza Boston 2016 Running ShoeASICS 33-FA-W Womens 33-FA Running Shoe- Choose SZ/Color.K-Swiss 95602-293-M Womens Classico Belleza P Sneaker- Choose SZ/Color.Mizuno 410789.908D Womens Wave Paradox 3 Running Shoe 10- Choose SZ/Color.adidas Performance BW0324 Womens Alphabounce EM W Running Shoe
    ASICS S755N.9090 Choose Womens Gel-Craze 29914 ASICS TR 4 Cross-Trainer-Shoes 8- Choose SZ/Color. 14377c3 - blurrypron.com>ASICS S755N.9090 Choose Womens Gel-Craze 29914 ASICS TR 4 Cross-Trainer-Shoes 8- Choose SZ/Color. 14377c3 - blurrypron.com
    Frye Womens FRYE Boot- Pick SZ/Color.Calvin Klein Women's Haide Ballet Flat - Choose SZ/Color , $110 Vionic Chill Larren,Metallic Bronze Gold Loafers,Ballet Flats, 11 B,NewBCBGeneration Izzie2 Peep Toe Pumps 448, Black Patent, 8.5 USTamara Mellon Black Leather Grommet Embellished Pointed Hustler Pumps SZ 37.5 7 , Man/Woman Tory Burch womens sandals size 7M Guarantee quality and quantity Stylish and charming Full range of specifications , Authentic Christian Louboutin Pigale Follies 120 Python Pixel Multicolor , Puma Platform Strap Up Women's Sneakers Natural Vachetta/Birch 364951-01Luxury Womens Low Heel Pointy Rhinestone Real Suede Flower Slippers Sandals SzNike Roshe Tiempo VI FC QS Midnight Turq Size 11 Shoe Athletic Running Training , Lot Of shoes 2 Pair Athletic Running Shoes Size 12Mr/Ms Adidas NMD_R1 STLT PK - CQ2386 Reliable quality Sales Italy Shopping promotion , 2005 Nike Air Force 1 306353 007 Glitter SwooshNike Vandal High Supreme Leather Men Lifestyle Shoes Black White AH8518-003 , Men's Nike Air Presto Low Utility Athletic Fashion Sneakers 862749 003 s 14 , Nike Lebron Soldier XI 11 Mens 897644-007 Black Gum Basketball Shoes Size 11NWB The Original Muck Boot Company Men's Hunting Boot Camo Real Tree Xtra Size 8Kodiak - Strike Quadair - Men's size 10.5 - 305040Bates Men's TACTICAL SPORT Durable Leather and Nylon Black Boots E02260Skechers Men's Urban Voltaic Recreate Fashion Sneaker , Stacy Adams Men's Elston Bicycle-Toe Slip-On , gaimo Men's Shoes 060300 WhitexRed 4114951 Wide Fit Black You Skechers shoes Women Slip On Comfort Casual Walk LightMan/Woman White Red woman Shoes Sneakers Diverse new design Win the praise of customers Personalization trend , Brooks Adrenaline GTS 16 Running Shoes - Women's Size 7.5 B, Gray/GreenNew Balance Womens FuelCoreRush v3 Running Shoes, Pigment/Alpha Pink, US 8Salomon Womens Odyssey Pro Shoes Evening Blue / Astral Aura AcaiBorn Gallinara Black Distressed Suede Over The Knee Boots Size 6 , Sequins Over-the- Knee Chunky Round Toe Side Zip Performance Women's Boots Ths01 , Kenneth Cole REACTION Women's Very Clear Motorcycle Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ASICS S755N.9090 Choose Womens Gel-Craze 29914 ASICS TR 4 Cross-Trainer-Shoes 8- Choose SZ/Color. 14377c3 - 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.

    ASICS S755N.9090 Choose Womens Gel-Craze 29914 ASICS TR 4 Cross-Trainer-Shoes 8- Choose SZ/Color. 14377c3 - 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
    ASICS S755N.9090 Choose Womens Gel-Craze 29914 ASICS TR 4 Cross-Trainer-Shoes 8- Choose SZ/Color. 14377c3
    Athletic Shoes
    >
    ;