Never miss an update

Adidas VS Shoes Hoops Mid 2.0 W Shoes 20345 2.0 - Womens d939a8f




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
Brand: Adidas
Size Type: Regular Style: Shoes
Never miss an update

Adidas VS Shoes Hoops Mid 2.0 W Shoes 20345 2.0 - Womens d939a8f - blurrypron.com

    Adidas VS Shoes Hoops Mid 2.0 W Shoes 20345 2.0 - Womens d939a8f
    Adidas VS Shoes Hoops Mid 2.0 W Shoes 20345 2.0 - Womens d939a8f
    Oboz Womens Luna Low Athletic Support Leather Hiking Trail Athletic Shoes 8.5 , Vans Purple Eggplant Old Skool Shoes Canvas Black Outsole RunnerHoka One One Womens Challenger ATR 3 Athletic Training Running Shoes Size 6.5 , Merrell Womens Moab 2 Ventilator Low Breathable Hiking Athletic Trail Shoes Sz 9Asics Gel-Kayano 23 Athletic Shoes - Women's Size 6.5 2A, Silver/Purple/Pink , Hi-Tec Harmony Life 24002 Waterproof Hiking Trail Shoes Tan Gray Womens 9.5 NIBNew Women's PUMA Basket Heart NS Opulence Sneaker - 364108-01 Black 9.5New Balance Women's 696 Sneakerboot Black WH696DE Size 9 $129.99Women's New Balance Training 608 White WX608WT Brand New In Box , Fila Ravenue 3 360 Sneakers - Women's Size 8 Gray/Multicolor , Asics Gel-Nimbus 19 Running Shoe - Women's Size 7.5, Carbon/White/CoralAsics Gelkayano 23 Women's Running Shoe - Size 9.5, Silver/Pink/Purple , On Running Cloudflyer Running Shoes Women's Size US 10.5 M (B) Gray PinkVans AUTHENTIC SLIM Womens Shoes (NEW) Micro Hearts - BLACK & WHITE : Sizes 6-10 , Naturalizer Women's Carly Slip-On Sneakers AB4 Deep Sapphire Blue Size 4M , Nike Roshe One JCRD Print Game Royal/Black-Sail-Light Iron Ore 845009-400 SZ 6 , Converse Hi-Top Women's Shoes Velvet Chuck Taylor All Star High-Top Sneaker TealNike Women's Dual Fusion X 2 Athletic Running Shoes Cool Blue/FuchsiaAetrex Apex Shoes Silver Purple Runner Womens Size 9.5 X-Wide X532WW 9.5 , Vans Style 23 V (Fuzzy Suede) Birch Women's 7 , Nike Air Zoom Elite 8 Size US 11 M (B) Women's Running Shoes 748589-100 , EUC Nike Women's Kwazi Premium Athletic Shoes 861664-002 US10 UK7.5 EUR42 , Hotter Womens Size 8.5 Comfort Concept Leanne Gore-Tex Brown Leather ShoesNike FLEX TRAINER 5 Women's Training Shoe Sneaker Gray/Aqua/Volt sz 11Keen Womens Koven Waterproof Hiking Trail Athletic Raven Blue Shoes Size 11$55.99 Hello Kitty Womens Jules Shoes Heels (black) MW1J03-BLKWOMENS DC CHELSEA SE SKATEBOARDING SHOES BLACK BLACK (BB2) , Skechers Women's D'Lites Rose Blooms SneakerASICS DEFIANCE X S578N 9097 BLACK CARBON WHITE WOMEN SHOES SIZE 8 & 9 ,
    Adidas VS Shoes Hoops Mid 2.0 W Shoes 20345 2.0 - Womens d939a8f - blurrypron.com>Adidas VS Shoes Hoops Mid 2.0 W Shoes 20345 2.0 - Womens d939a8f - blurrypron.com
    Man's/Woman's NEW FRYE WOMENS MELISSA DECO TALL use Low price buy onlineNIKE Free RN Women's NWT BOX W/O LID Running Shoes US 7 / RRP $180Mustang New Ladies Light Ivory Grey Vegan Leather Biker Ankle Zip Heel BootsCORSO COMO PYTHON BALLET FLAT WOMENS NUDE CALF US SIZE 9.5 MEDIUM NEW W/O BOX , Tahari Waverly Womens Natural/Orange Leather Open Toe Wedge Sandals size 7.5Pleaser KISS-254 Platforms Exotic Dancing Black Patent Ankle Strap High HeelsMarni Womens Green/Cream Wedges Heels Sz 36.5NINA RICCI Embroidered Leather Shoes Size 9.5 US / 40 EU $1100 NWOB , Steve Madden Irenee Heeled Ankle Strap Sandals 304, Light Pink, 8 USDolce & Gabbana Brown & Metallic Gold Piping Suede Heel Sandals 37.5Pleaser Women's Adore 708 Clear PVC/Black Sandalswomens buckle strap fur slip on casual loafers shoes slippers runway mules shoesMen/Women Nike Kevin Durant Size 11 Sneakers Reliable quality Year-end sale Quality and consumer firstNew Balance Men's MRT580BR Shoes size 12 Tonal Pack Playful red Cream 580 , VANS Atwood Hi Suede Fashion Skater Plimsolls Brown (Mte/ Emperador/Asphalt) , Nike Free RN Flyknit 2018 Mens 942838-002 Black Anthracite Running Shoes Size 10 , LOS ALTOS GRAY GENUINE PYTHON SNAKE VERSAGE SQUARE TOE WESTERN BOOT EE+ , Polo Ralph Lauren Men's Enville Leather Casual Boots Deep Saddle TanUNITED ARROWS Men's Shoes 404366 Black 7 , LOS ALTOS STINGRAY ROWSTONE MOTORCYCLE BIKER WESTERN COWBOY BOOT EEJOHN FLUEVOG EARL of WARWICKS MONTAGU BOOTS W 7.5 M 5 as worn by ALICE COOPER!Givenchy AUTH Men's Leather High Top Sneakers Grey US 11 , SPERRY TOP SIDER MENS A/O 2-EYE DAYTONA NAVY SIZE 11NEW New Balance Lifestyle MRL247DB Mens Shoes Trainers Sneakers SALE , Dino Monti Size 12 Brown Tassel Loafers Men's Dress Shoes , Allen Edmonds "PARK AVENUE" Oxfords 10 C Black (411)Volatile Kicks Size 7 BANGIN Turquoise Leather Sneakers New Womens Shoes , Under Armour Women's UA Micro G Assert 7 Running Training Shoes Sneakers , Puma Fierce Core Women's Fashion Training Sneakers Pink/White 188977 16 Sz6-9 L , 1992 Vintage ASICS PACIFIC VOLLEY LOW Sneakers SHOES TRAINERS HANDBALL 90s TIGER
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas VS Shoes Hoops Mid 2.0 W Shoes 20345 2.0 - Womens d939a8f - 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 VS Shoes Hoops Mid 2.0 W Shoes 20345 2.0 - Womens d939a8f - 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 VS Shoes Hoops Mid 2.0 W Shoes 20345 2.0 - Womens d939a8f
    Athletic Shoes
    >
    ;