Never miss an update

NIKE NCAA FREE Virginia TRAINER V8 West Virginia Mountineers University West WVU West Virginia University 609138c




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
Modified Item: No
Brand: Nike Style: Running Shoes
Never miss an update

NIKE NCAA FREE Virginia TRAINER V8 West Virginia Mountineers University West WVU West Virginia University 609138c - blurrypron.com

    NIKE NCAA FREE Virginia TRAINER V8 West Virginia Mountineers University West WVU West Virginia University 609138c
    NIKE NCAA FREE Virginia TRAINER V8 West Virginia Mountineers University West WVU West Virginia University 609138c
    NIKE AIR HUARACHE RUN ULTRA MID NAVY/GREEN-BLACK SIZE MEN'S 9.5 [819685-403] , Shoes DC Shoes Court Graffik Se Brown Men 300927-TTCNIKE ROSHERUN 511881 096 SOFT GREY MENS Sz 8Sz 13 Nike KD VI Easter 6 Lucid Green Atomic Mango 599424-303 Kevin Durant KD , NIKE KD 10 X "WOLF GREY" SIZE 10 BRAND NEW FAST SHIPPING (897815-007) , Nike Jordan Reveal, Gym / White / Black / Infrared23, Size 9.5 , NIKE MAYFLY WOVEN MEN SIZE 11.5 BLACK BLACK NEW LIGHT WEIGHT COMFORTABLE RARENIKE AIR MAX 1 PREMIUM BRED 875844-007 BLACK GREY RED SIZE: 9.5 , Men's adidas PureBOOST All Terrain Trail Running Shoes Sz 12 , Nike 305381-102 2007 Jordan 8 VIII Retro white, stealth-orange blaze-silver 11.5 , ADIDAS ZX FLUX X SNS "ARCHIPELAGO" B25763 DS SIZE 12.5LEBRON SOLDIER XII EP Size 7-13 St. Vincent–St. Mary SVSM LBJ AO4053-100 , Nike Hypervenom Phelon III DF Men' FG Soccer Cleats Football Shoes Obsidian 1801MBT Sport 2 Shoes Size 11 M (D) Men's Walking Toning Athletic Shoes 400171Men's adidas PureBOOST All Terrain Trail Running Shoes Sz 13NIKE MERCURIAL VAPOR XI NJR MG NEYMAR YELLOW WHITE Sz 11.5 A03129-710 World Cup , Nike Free Flyknit NSW Mens Running Sneakers, Size 9.5 (599459-800)New Balance MRT580 [MRT580BS] Classic Running Khaki/Turquoise , NIKE Mayfly Premium PRM NSW sz9 515003 011 black max air ultra light QS , Nike Roshe Run Print Men Size 10.0 Summit White New Rare Authentic ComfortableNike Air Free Trainer 5.0 V7 Amp Valor Blue White Black Week 0 Zero 1 AA0881 400 , MENS NIKE HYPERVENOM PHATAL FIRM GROUND MEN'S INDOOR FUTSAL FOOTBALL BOOTS SHOES , Saucony Unleash SD 2 Men's Blue/Red S290351 , NIKE SB LUNAR STEFAN JANOSKI HYPERFEEL 41 45.5 NEW sneaker koston roshe oneHOT sale YST 350 v2 mens size10 Color grey as the pictureVTG OG Air Jordan VII 7 Bordeaux 1992 sz 8Nike Air Force 1 Low Mens AO3835-400 Ashen Slate Sail Suede Shoes Size 7.5 , Jordan Men's Rising High Black/Anthracite/Black Basketball ShoesNIKE SF SPECIAL FORCE AIR FORCE 1 WHITE/RE SIZE 10.5 BRAND NEW (AR1955-100)
    NIKE NCAA FREE Virginia TRAINER V8 West Virginia Mountineers University West WVU West Virginia University 609138c - blurrypron.com>NIKE NCAA FREE Virginia TRAINER V8 West Virginia Mountineers University West WVU West Virginia University 609138c - blurrypron.com
    adidas Performance Women's Gymbreaker Bounce B Cro - Choose SZ/colorAUTHENTIC JIMMY CHOO ALEC LEATHER MEDALLION WINGTIP SHOES BLUE GR B USED -HPJOE N JOYCE Soria Sneakers - Orange - Textile , New Top End Karnie Tan Womens Shoes Casual Boots Ankle , Ruby Shoo Kennedy Women's Red Victorian Gothic Pointed Toe High Heel Boots NewVionic Orthotic Rest Bella Casual Thongs Sandals - TortoiseWomen's Isaac Mizrahi KATHARINE 3 Flats Loafers Pink Multi Fuchsia Mango BowLimited Dr. Martens Authentic Women Floral Shoes 3989 df 22729001 BlackSaint Laurent Black Grainy Leather Janis 80 Pumps Platforms 40.5 10.5Man/Woman NEW EYE WOMENS SANDALS superior special function Clearance saleSkele-Toes Shoes Athletic Black Gray Red Walking Mens Size US 12 , Nike Zoom Train Toranada Men's sneakers 835657 560 Multiple sizes , Jordan Reveal Men's Basketball Shoes Black/Red/Platinum 834064014 Size 10.5Nike SB Dunk Low Denim Binary Blue White Forbes Sz 9 854866-444 , Adidas Pure Boost ZG Red & White Mens Training Running Shoes Sz 11 NEW BA8453Nike Cortez Flyknit Black White (AA2029-001) Mens Sz 14 NO BOX TOP , Nike Zoom Lebron VI Basketball Shoes Men SZ 14 Black & Blue Graffiti 346526-011 , Reebok INSTAPUMP FURY OG v65752 collegiate navy/white Size 10Nike Lebron X shoes mens new 541100 002 sneakers , DS New Adidas Ace 16+ Purecontrol Ultra Boost Volt Sz 9 Yeezy Offwhite , JUMP SNEAKER DELUXE VANQUISH LTD Green fashion sneaker Men's Size 9.5 D $ 180 , Nike Women's Sweet Classic Leather Purple Shoes Size 10 New In Box Sneakers , Nike Max Excellerate 4 Running Women's Shoes , NIKE W Nike Roshe One 844994-303 FIBERGLASS/WHITE Womens Size 9.5 , Trotters Women's Sizzle Signature Flat Black Burnished Soft Kidskin , PUMA 36704001 Womens Tsugi Netfit WNs Sneaker- Choose SZ/Color.Marc Fisher Damsel-WC Leather Wide Calf Tall Shaft Boots Womens 9 M Black + , Vince Bendra Brown Womens Shoes Size 8.5 M Boots MSRP $198 , Lady Solid Color Leather Round Toe Ankle Boots Chunky Heel Back Zip Casual ShoesSporto Minor Mid Calf Soft Linded Waterproof Winter Boots 425, Tan, 8 W US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE NCAA FREE Virginia TRAINER V8 West Virginia Mountineers University West WVU West Virginia University 609138c - 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 NCAA FREE Virginia TRAINER V8 West Virginia Mountineers University West WVU West Virginia University 609138c - 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 NCAA FREE Virginia TRAINER V8 West Virginia Mountineers University West WVU West Virginia University 609138c
    Athletic Shoes
    >
    ;