Never miss an update

NEW - Under Armour Women's - Kick NEW Distance Armour Track Running Spikes - 1297115-100 dc06b69




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: BRAND NEW....metal spikes & tool are included.
Fastening: Lace Up Width: Medium (B, M)
MPN:: 1297115-100 Color: White (100) / Mediterranean
Country/Region of Manufacture: China Brand: Under armour
Style: Cleats, Track Model: Kick Distance
Product Line: Racing Sub Style: Track & Field
Material: Synthetic
Never miss an update

NEW - Under Armour Women's - Kick NEW Distance Armour Track Running Spikes - 1297115-100 dc06b69 - blurrypron.com

    NEW - Under Armour Women's - Kick NEW Distance Armour Track Running Spikes - 1297115-100 dc06b69
    NEW - Under Armour Women's - Kick NEW Distance Armour Track Running Spikes - 1297115-100 dc06b69
    La Sportiva Synthesis Mid GTX $185 Women's Hiking Trail Shoes Size 6 Vibram BlueWomen's New Balance Training 577 V3 Black/White WX577BY3 Cush Technology Sz 9.5B , Asics Gel Venture 5 Running Shoes Women Size US 7 Gray T5N9NNike Womens Black Running Shoes Size 10 (29961) , Brand New Nike Women's Flex Trainer 6 Running Shoes. Brand New. 831217 004. , PETER MILLAR Women's Limited Editon Napa Leather Golf Shoes Size US 7 NWB $230 , New Balance 998 size 7 womens running walking shoes , Women's Skechers Flex Appeal 2.0-Insights - White/Black - New!!NWT Women's Adidas Madison RNR Running Shoes C75606Skechers Women's GOwalk Evolution Ultra Granted Walking ShoeMBT Women Kafala Physiological Walking Fitness Shoe 10 Leather Swiss EngineeredNew Balance 999 Elite Edition Shadows Shoes Black White (WL999AC) SZ US WMNS 8.5 , Nike Air Pegasus+ 29 Womens Running Shoes Sport Fuchsia Polarized Pink Sz 10NEW New Balance WX99V1 Cross Training Shoes WOMENS SZ 6 Arctic Fox $80. WX99GP , NEW IN BOX WOMENS NIKE REVOLUTION 3 RUNNING SHOES SNEAKERS SIZE 6 , Ash Limited Womens Bowie Wedge Sneaker High Top Suede Brown US 7.5 SC , PUMA Women's Suede Heart Satin II Cameo Brown Size 7 $85 , Mr/Ms NEW Tretorn Women’s Meg Sneakers Packaging diversity the most economical Don't worry when shopping , Propet Wash & Wear II Women's Slip On Walking Shoes Size 9 2E (X) EXTRA WIDE , Men/Women Propet Women's Maren Sneaker Year-end special promotions First batch of customers Characteristics , nike shoes sz 15 running shoe trainer swoosh. Men’s , Gentlemen/Ladies Brooks Women's Chariot Moderate price discount price Fair price , Vans Old Skool San Francisco Giants MLB Women's 5 Kids 3.5 Skate Shoes New Black , Teal Skechers Shoes Women Sporty Mesh Comfort Slip On Sneaker Casual 15496 , New Balance Women Running Shoes Fresh Foam Vongo Black/Bayside/Lava 6.5A510 Nike Women’s Lunar Command 2 880120-400 Golf Cleats Size 8 NEWSkechers Women's Relaxed Fit Reggae Fest Day Blaze Slip-On Sneaker , Womens Skechers (48865) Vaso Gray Slip On Shoes (10C) , New Brooks Vantage Heritage Collection Women Shoes Size 10 cf
    NEW - Under Armour Women's - Kick NEW Distance Armour Track Running Spikes - 1297115-100 dc06b69 - blurrypron.com>NEW - Under Armour Women's - Kick NEW Distance Armour Track Running Spikes - 1297115-100 dc06b69 - blurrypron.com
    The North Face Women's Janey Women Graphite Suede Boots , Beautifeel Rosaline Women's black leather booties sz. 37 , Puma Basket Classic Soft Whisper White Men Casual Shoes Sneakers 363824-04 , Muck Boot Muckster II Ladies Ankle Boot - Black/Purple - Only .95 , Frye Woven Red Leather Open Peep Toe Ballerina Flats Shoes US7 EU38 UK5 $299 , Clarks Women's Sillian Sway Bootie Brown Synthetic Nubuck Comfort ShoesNEW Women's DANSKO Coral Work Wonders Leaf Patent Shoes SZ 7.5 8 38 **RARE** , Man's/Woman's Corso Como Recital Pointed-Toe Flat, 5.5 Louis, elaborate Excellent performance Lightweight shoesBettye Muller Password Suede Mule, 35, Black , Sesto Meucci Of Florence Size 9 M Perrine Cream Leather Heels New Womens Shoes , LUCA VALENTINI Brown & Red Suede Blue Leather Classic Pumps Heels Italy 37 , STELLA MCCARTNEY White Patent BINX Shoes Platform Loafers Bridal Hardware SZ 36 , New YSL Saint Laurent Tribtoo 105 Pump Heels 40.5 (9.5) BlackBadgley Mischka - Women's Shaina d'Orsay Sandal - White , Kelsi Dagger Pump Sandal Women Silver Shoes Authentic Leather Sandal 4"New Air Jordan 2 Retro BG "Alternate" - Size 6.5Y - Black/Varsity Red 834276-001 , NIB ADIDAS Crazy Bounce Men Basketball Shoes Sneakers size 7 Red White B72768NIKE MERCURIAL X PROXIMO ID INDOOR SOCCER METALLIC BLUE MEN'S 10.5 [815807-902] , Brooks Glycerin 10 Mens Runners (D) (301) (DNA) RRP $249.95 + FREE DELIVERYLEATHER MILITARY WWII GERMAN ARMY EM LEATHER COMBAT OFFICER BOOTS IN SIZES 3514 , Asics Onitsuka Tiger Mexico 66 VIN Vintage Black Men Women Shoes D2J4L-9086Adidas Y-3 Yohji Yamamoto Kyujo Low AQ5547 Limited EditionFlorsheim Men's Brookfield Bit Black Calfskin/Deerskin Loafers , Handmade Men Tan color Button boots, Mens Suede and leather Ankle button boots , Puma Suede Platform Women Sneakers Shoes 362222 01 Star White Gold Size 9.0 2Q25Men's/Women's ADIDAS Alphabounce Beyond Rose Gris Modern technology fashionable Suitable for colorAdidas Cloudfoam QTFLex [B43755] Women Running Shoes Grey/PinkMen/Women Skechers Women's D'Lites Sneaker Biggest Fan/Gray/White Adequate supply and timely delivery Elegant style Exquisite workmanship , Brand New Air Jordan Retro 12 XII French Blue GS BG Size 5Y or womens 6.5$159 Guess Igoraly Haircalf Lug Sole Leopard Print Booties Straps/Buckle Size 5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW - Under Armour Women's - Kick NEW Distance Armour Track Running Spikes - 1297115-100 dc06b69 - 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.

    NEW - Under Armour Women's - Kick NEW Distance Armour Track Running Spikes - 1297115-100 dc06b69 - 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
    NEW - Under Armour Women's - Kick NEW Distance Armour Track Running Spikes - 1297115-100 dc06b69
    Athletic Shoes
    >
    ;