Never miss an update

Nike Zoom Vapor 9.5 Tour Tennis Team Red-Metallic Vapor 9.5 mogochinese-29881 Silver Women's 10 [631475-602] 7d041b5




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: Nike
Width: Medium (B, M) US Shoe Size (Women's): 10
Color: Team Red-Metallic Silver Style: Running, Cross Training
Activity: Tennis UPC: 886550885737
Never miss an update

Nike Zoom Vapor 9.5 Tour Tennis Team Red-Metallic Vapor 9.5 mogochinese-29881 Silver Women's 10 [631475-602] 7d041b5 - blurrypron.com

    Nike Zoom Vapor 9.5 Tour Tennis Team Red-Metallic Vapor 9.5 mogochinese-29881 Silver Women's 10 [631475-602] 7d041b5
    Nike Zoom Vapor 9.5 Tour Tennis Team Red-Metallic Vapor 9.5 mogochinese-29881 Silver Women's 10 [631475-602] 7d041b5
    OluKai Women's Huaka Backless Sneaker Black/Dark Shadow Textile SneakersCamper Edy K200573 Light Pastel Size 38 US 8M NEW , NIKE FLEX EXPERIENCE RN 6 WOMEN's MESH RUNNING SAIL - ROSE GOLD - LIGHT OREWOODGola Women's Equipe Hook and Loop Sneaker Blush Pink/Off White Suede Retro ShoesARMANI EXCHANGE Womens Sneakers 945067-8P482-55320 MSRP: $130 , Altra Footwear Women's Solstice Running Shoe Blue Fitness ShoesNike Rose Two Hi Flyknit Women's Sneaker Boot Navy Size 9 , AHNU MONTARA III BOOT EVENT WILD DOVE LEATHER HIKING WOMENS BOOTS SIZE US 10.5 , Man's/Woman's JEFFREY CAMPBELL INDIE-HI SNEAKER SIZE 10 Good design Sales Italy Modern and elegant , K-Swiss Women's Gen-K Icon Sneaker Black/White/Black SneakersWMNS NIKE AIR HUARACHE GLADIATOR QS BOOTS FUCHSIA GLOW PINK SZ 11 [AH7702-500]New Balance Women's W620v2 Trail Running Shoe - Choose SZ/ColorMan/Woman Spira Classic Walker Women's Shoes Various styles High-quality materials cheap priceDolce Vita Women's Ramona Bootie Black LeatherWomen's AF1 Ultra Force Mid Joli QS 802814-001 Size 7.5 , Demonia Women's Stomp 25 Mid Calf Boot Black Velvet/Elastic Band ZipperRockport Women's Raelyn Knit Tie Fashion SneakerAxel Arigato Women's Low Top Python embossed leather Sz 8.5 Velocity Sneaker , Lauren Ralph Lauren Women's Jolie Fashion Sneaker White 8.5 M USAdidas Eqt Support Adv Womens AQ0916 Cloud White Grey Running Shoes Size 7.5Ahnu Women's W Sugarpine Waterproof Hiking Shoe Dark Slate 6 M US , New Women's ADIDAS Ultraboost - S82055 - Ice Blue Ultra Boost SneakerWomen's Nike Air M2K Tekno TRIPLE WHITE ALL PLATINUM MONARCH AO3108-100 sz 9 , Naturalizer Women's Cori Slip On Sneaker Black Fabric Sneakers , Adi9 2018 Q3 Men FALCON Fashion Sneaker Shoes B28127 B28126 B28128 B28129Hush Puppies Women's Chardon Fisherman Sandal Ice Grey Suede Hook and Loop , Atelje 71 Emerald Anthracite Cordovan Women's US Sizes 6.5 - 10 , Adidas Eqt Support Adv Womens AQ0916 Cloud White Grey Running Shoes Size 8Nicole Women's Ania Open Toe Bootie Pecan Leather Zipper
    Nike Zoom Vapor 9.5 Tour Tennis Team Red-Metallic Vapor 9.5 mogochinese-29881 Silver Women's 10 [631475-602] 7d041b5 - blurrypron.com>Nike Zoom Vapor 9.5 Tour Tennis Team Red-Metallic Vapor 9.5 mogochinese-29881 Silver Women's 10 [631475-602] 7d041b5 - blurrypron.com
    Converse All Star Classic Chuck Taylor Electric Blue High ORIGINAL ITALIE 2 , HOGAN men shoes H198 Mid Cut black suede leather sneaker antracite tech fabricNew Birkenstock Women's Womens Gizeh Sandal Suede Birko-Flor BlackSteve Madden Delicate Slip On Classic Pumps, Taupe, 8.5 USMr/Ms Ladies Gabor Loafers Style 55.131 -W Good design fashionable Extreme speed logistics , TOD'S women shoes Bronze laminate leather iconic penny bar "gommini" loaferGentle Souls Bay Braid Flats - Women's Size 7.5M, BlackChristian Louboutin Fireworks Pigalle Flats EU37 US6.5-7 UK4 $925 , PLEASER Sexy Patent Stiletto High Heel Platform Pump Shoes DELIGHT-685 Cream , Man/Woman ADORE-708CG Easy to clean surface New style Authentic guarantee , N W BOX ANTONIO MELANIE LAUREY BOW DETAIL LEATHER DRESS SANDALS sz US 10 , Sz 35 Nina Ricci Beautiful Bow Wooden Wedges for Summer!Pelle Moda Women's Oana Dress Pump, Nude, 8.5 B US , Reebok Mens Walk Ultra V DMX Max Walking Shoe Brown, 13 US Worn TwiceNike Dunk Low Premium SB Mens Athletic Size 7.5 RARE 313170-271 Gibson Guitar , New Balance Men's 574 Classics Running Shoe - Choose SZ/Color , Mizuno Wave Pro Phecy 5 Running Men's Shoes Size 7 , ADIDAS EQT SUPPORT MID ADV PK SZ 10.5 YELLOW STRIPES YELLOW CLOUD WHITE CQ2999NIKE Men's Air Max 270 Black/White Dusty Cactus Running Shoe 13 Men USBates Men's SRT 7 Inch Work Boot, Duraflex/Mesh, BLACK, US; 10MCole Haan Wingtip Brogues Men's Size 11 B Mahogany Leather Dress Shoes , Brogue Leather Business Formal Shoes Mens Monk Strap Oxfords Pointy Toe Plus SZReebok Womens NEW Crossfit Nano 2.0 Running Training Shoes Dura-Grip SneakersNEW Womens Sz 6.5 REEBOK Foam Fuel Techno J87322 Silver Purple Sneakers ShoesNEW $160 Adidas Women's Energy Boost Running Shoes CG3969 - Size 7.5Women Nike Air Max Thea PRM QS White/Gold AA1440-100 US 8.5 , Danner Women's Mountain Light II Brown Leather WaterproofAnthropologie SCHULER & SONS Derek Brown Suede Knee Boots Sz US 6.5 , Mr/Ms White Mountain Dover Women's Boots Black Fine workmanship auction valueBottes CJBIS CHARLES JOURDAN Tout Cuir Noir Mollet Fin 38,5 TRES BON ETAT ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Zoom Vapor 9.5 Tour Tennis Team Red-Metallic Vapor 9.5 mogochinese-29881 Silver Women's 10 [631475-602] 7d041b5 - 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 Zoom Vapor 9.5 Tour Tennis Team Red-Metallic Vapor 9.5 mogochinese-29881 Silver Women's 10 [631475-602] 7d041b5 - 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 Zoom Vapor 9.5 Tour Tennis Team Red-Metallic Vapor 9.5 mogochinese-29881 Silver Women's 10 [631475-602] 7d041b5
    Athletic Shoes
    >
    ;