Never miss an update

Nike Women's Air Force Nike 8 1 Sneakers HI Premium Sneakers 6544440-101 Size 8 NEW 1c07f7d




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
Style: Running Shoes
US Shoe Size (Women's): 8 Product Line: Nike Air Force 1
Brand: Nike UPC: 666003563487
Never miss an update

Nike Women's Air Force Nike 8 1 Sneakers HI Premium Sneakers 6544440-101 Size 8 NEW 1c07f7d - blurrypron.com

    Nike Women's Air Force Nike 8 1 Sneakers HI Premium Sneakers 6544440-101 Size 8 NEW 1c07f7d
    Nike Women's Air Force Nike 8 1 Sneakers HI Premium Sneakers 6544440-101 Size 8 NEW 1c07f7d
    NIKE WOMEN'S FREE RN MOTION FK FLYKNIT 2017 880846-401 BINARY BLUE SZ: 6.5WOMEN'S/JUNIOR SHOES SNEAKERS MOON BOOT NYLON [14004400 002]NEW 819151 403 WOMEN'S NIKE AIR HUARACHE RUN ULTRA SHOE !! INDUSTRIAL BLUEAdidas Womens Supernova ST Running Shoe Easy Blue White/Easy Coral BB3104 , Adidas Energy BOOST 3 Women's Size 8.5 Running Vista Grey White Teal Blue BB5792 , Gentleman/Lady ara Women's Park 43535 Crazy price In short supply Human borderNew Balance Womens Trail Walking Shoes Black/White WW1865KM Choose Size NIB , MERRELL J12338 MQM FLEX Wmn´s (M) Grey/Black Mesh Hiking ShoesWomens Nike Air Max Tailwind 7 Hyper Turquoise Electric Green Black 683635-300NIKE WOMEN AIR HUARACHE RUN ULTRA DOERNBECHER VOLT SZ 9.5 [898634-700] , NEW Nike Air Max 90 Womens 325213-048 Dark Wolf Grey White Running Shoes Sz 6.5Nike Women’s Air Presto Mid Utility Premium AA0674-002 US Size 11/ MENS 9.5Man's/Woman's Klogs Moro - Beige - Womens elegant Stylish and fun a wide variety of goods , WMNS NIKE FLYKNIT LUNAR3 LUNAR 3 ID BLACK-PINK-GREY SZ 8.5 [799183-001]Nike WMNS Air Max 1 Ultra SE 861711-001 Bone Bronze Toe Running Shoe , Nike Air Max Zero BR Breathe Lemon Chiffon Yellow 903892-700 Women's Sz 6.5 NewAsics Gel Kayano 24 Sneakers Womens ShoesNike Air Max 1 Women's Foco Bonito FV QS Black Volt White 677340 001 , Womens Under Armour Verge Low GTX Blue Hiking Shoes 1268863 427 NEWADIDAS ORIGINALS WOMENS NMD CS2 PRIMEKNIT SZ 10 LINEN GREY CLOUD WHITE CQ2039Dr. Comfort Women's Sandy Light Blue Flex OA Athletic Shoes , VIBRAM FIVEFINGERS WOMENS V-ALPHA BLACK SIZE , W Nike Air More Money LX Black/Black-Summit White AJ1312-003 Size: 7.5All Black Womens FAB TAB SNEAK Fabric Low Top , Dark Grey, Size 10.5CONVERSE X MISSONI CTAS HI.. MULTI-COLOR.. WOMEN 10 or MEN 8.. FAST SHIPPING!Asics Gel-Noosa Tri 8 Women's Running shoe T356Q size 6 , $550 PRADA Silver Glitter Lame Spike Studded Low Top Women's Sneakers SZ 36.5Spring Step Women's Konak SneakerNIKE AIR MAX 90 "NIKELAB" SP/SACAI OBSIDIAN/BLACK SIZE WOMEN'S 8 [804550-440]
    Nike Women's Air Force Nike 8 1 Sneakers HI Premium Sneakers 6544440-101 Size 8 NEW 1c07f7d - blurrypron.com>Nike Women's Air Force Nike 8 1 Sneakers HI Premium Sneakers 6544440-101 Size 8 NEW 1c07f7d - blurrypron.com
    Adidas Originals Zx Flux Pk Mens Running Trainers Sneakers S75976Nine West Womens Nevie Pointed Toe Oxfords , $140 BOUTIQUE 9 ILLY Brown Leather Designer Strappy Platform Wedge Sandals 8 , Donald J Pliner Franc Snake print Heels Franc, size 6M, retail $198 , Transparency Womens High Heels Pointy Toe Summer Stilettos High Top Sandals hot , $225 VIA SPIGA HONOUR 2 Rose Gold Leather Designer Strappy High Heel Sandals 8.5 , Gentlemen/Ladies Pleaser TABOO-702 Attractive and durable Affordable Suitable for colorVionic Orthotic Women's Islander Thong - Bronze , Marc Fisher Playful Army Green Leather Tassel Heel Sandals 9 NEWRoger Vivier NEW In Box Privilege Blu Denim Navy Blue Black Shimmer 37 7 $695 , Mens New Balance 574 Black Trainers ML574PKPNIB New Balance MENS ML878AAE GREEN BURGUNDY ELITE EDITION CLASSIC SNEAKERS 9.5 , Nike Mercurialx Proximo II DF IC Wolf Grey Men's Shoe Size 11.5 831976 010 NEW , New Balance M860GY7 Men's Running Shoe Grey/ Yellow Size 12 D NEW IN BOX , Ewing Athletics Ewing 33 Hi 1EW90163-001 Black Denim Men Size US 10 NEW Limited , New J.D.Fisk Viego Mens Suede Chukka Boots men's sz 8.5Nike Air Zoom Flight The Glove QS Size 11.5 Sole Collector Payton 630773-300 B , Magnanni Donosti Black Boot size 13 US (12682-1) B30 , Corral Men's Vintage Sand Embroidery Square Toe Boots A3260 , Man/Woman Asolo Shiraz Gv Boot - Men's Rich design Primary quality Elegant and stable packagingSkechers Mens Go Drive 2 Relaxed Fit Golf-Shoes- Select SZ/Color.Alligator shoes business wedding casual man party leather england youth cayman , Stacy Adams Men's Prescott 24858 , Missoni Converse Ox Low Top Electric Paint Splatter Sneaker Women's Size 6 M , Women's Nike City Loop Casual Shoes Medium Olive/Summit White AA1097-200 Sz 7 8WOMENS ADIDAS ORIGINALS EQT SUPPORT ADV SZ 8.5 WHITE CORE BLACK YELLOW DB0401Converse Women CTAS Stingray Metallic 553344C Sneakers Gold RRP BCF74Ivanka Trump Avali Beige Womens Shoes Size 6.5 M Boots MSRP $150Women's Suede Leather Thigh High Over the Knee Boots Mid Heel Winter Warm Shoes , Aerosoles Women's Allowance Ankle Boot Dark Blue Suede 8 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Women's Air Force Nike 8 1 Sneakers HI Premium Sneakers 6544440-101 Size 8 NEW 1c07f7d - 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 Women's Air Force Nike 8 1 Sneakers HI Premium Sneakers 6544440-101 Size 8 NEW 1c07f7d - 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 Women's Air Force Nike 8 1 Sneakers HI Premium Sneakers 6544440-101 Size 8 NEW 1c07f7d
    Athletic Shoes
    >
    ;