Never miss an update

Nike Pegasus Zoom 33 Trainers Red Pink Nike 33 Oriental Floral Running Trainers Sport Shoes b57d68d




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Trainers
Color: Red US Shoe Size (Women's): 8
Brand: Nike Pattern: Floral
UPC: Does not apply
Never miss an update

Nike Pegasus Zoom 33 Trainers Red Pink Nike 33 Oriental Floral Running Trainers Sport Shoes b57d68d - blurrypron.com

    Nike Pegasus Zoom 33 Trainers Red Pink Nike 33 Oriental Floral Running Trainers Sport Shoes b57d68d
    Nike Pegasus Zoom 33 Trainers Red Pink Nike 33 Oriental Floral Running Trainers Sport Shoes b57d68d
    Shoes Cl Lthr Hw Reebok Pink Women BS9880 , New FILA Disruptor II 2 Point Sneakers Athletic Shoes - White/Pink(FS1HTA3081X)BY868 LOTTO shoes white pink textile women sneakersLuca Grossi D972M sneakers ferrer antracite saleSkechers Shoes – Flex Appeal 2.0 New Gem grey/salmonMen's/Women's Reebok Shoes 058628 Orange 23.5cm Reasonable price Excellent performance Good quality , Gentleman/Lady NIKE Shoes 977533 GreyxMulticolor 24cm flagship store Used in durability Personalization trend , Shoes Club C 85 Vtg Reebok Grey Women CN1295Skechers Shoes – Flex Appeal 2.0-New Gem blue , Skechers Shoes – Go Walk 3-Glisten blue/whiteAP993 BRACCIALINI shoes black leather textile women sneakers , Converse WH2-158923C_BLACK_CHOCOLATE_CHIP sneaker Women's - colour Black US , Merrell Barrado Womens Casual Lifestyle Zip ShoesGentleman/Lady NEW BALANCE WL373 Kaki Year-end special promotions Medium cost Very good classificationAE551 BRACCIALINI shoes blue white textile leather women sneakers , Reebok Women CN1234 Pump Supreme Running Shoes white grey Sneakers , New FILA PIECEWISE Disruptor Unisex Sneakers Shoes - White (FS1SIA3280X) , Adidas BA9937 Women Supernova Running shoes grey white lemon sneakersAdidas AQ2673 Women Stella McCartney Adios Running shoes silver grey sneakersMr/Ms NIKE Classic Cortez Suede Beige AA3839-200 Cheap International choice Maintenance capabilityWMNS NIKE AIR MAX 95 PRM PALE GREY SIZE US 9.5adidas Duramo Lite Trainers Womens Navy/Wht/Pink Sneakers Sports Shoes FootwearSkechers Shoes – Flex Appeal 2.0-Metal Madness blackShoes Empire-Inside Look Skechers Charcoal Women 12419-BKCCAdidas S78494 Women Stella McCartney aSMC barricade Tennis shoes white , NEW BALANCE WL373BGP B 35-40.5 NEW 373 1200 1500 574 530 576 420 997 446 nbAH901 CRIME shoes gray silver leather studs women sneakers , Womens Nike 2018 Shox Gravity sneakers Gold (US SIZE 6)Adidas S80716 Women Clima cool Running shoes white sneakers ,
    Nike Pegasus Zoom 33 Trainers Red Pink Nike 33 Oriental Floral Running Trainers Sport Shoes b57d68d - blurrypron.com>Nike Pegasus Zoom 33 Trainers Red Pink Nike 33 Oriental Floral Running Trainers Sport Shoes b57d68d - blurrypron.com
    Naturalizer Women's Jordie Knee Boots, Graphite Lead, 5 MFRYE BIKER BOOTS SIZE 9 B LEATHER BROWNS IN PRISTINE CONDITION , Man/Woman salvatore ferragamo men's leather shoes Selling Used in durability Contrary to the same paragraph , NEW Rag & Bone Harley Suede Leather Ankle Boots - Size 38- RRP $659 , AUTHENTIC GIUSEPPE ZANOTTI SUEDE BOA HEEL SHORT BOOTS BLACK GRADE AB USED - ATDANSKO Womens SONNET (7.5/US 38/EU) NEW Beige , Circa Joan & David Floral Womens NWB Med Natural Leather Heels Shoes 10 MED NEW , GEN6 Sexy Womens Rhinestones Pointy Toe High Stilettos Heels Pumps Slip On Shoes , AUTHENTIC NINE WEST GLITTER PUMPS GOLD GRADE A USED -ATDiane Von Furstenberg Rimini' Ankle Wrap Sandal BRAND NEW SIZE 10 , SACHA LONDON Women's Jeanie T-Strap Black Satin Sandal Sz.8.5 - NEW , Diesel Black Gold Wrapped Strap Back Zip Leather Bootie Brown Women Sz 37 5245 *Womens Color Matching Platform Roman Sports Sandals Shoes Beach Casual Outdoor T , Alessandro Dell’Acqua Butterfly Wrap Sandals $445 Size 39/9 US , Men's/Women's Vans Men Sk8-Hi Reissue white VN0XSBODJ Elegant appearance Win the praise of customers Elegant and robust menu , Adidas Freak X Kevlar Mens FTball Cleat- Pick SZ/Color.New Balance 373 Retro Gray Trainer Sneakers ML373GRNIKE SB ZOOM STEFAN JANOSKI SKATEBOARD LOW MEN SHOES RED 615957-642 SIZE 8.5 NEW , NIKE Shox Gravity Mens Sz 11 Shoes Midnight Navy Metallic Gold RARE AR1999 400MEN'S SIZE 16 ADIDAS SM CRAZY EXPLOSIVE BOOST PK USA B42838 BASKETBALL SHOESNike Kobe AD NXT 360 Men's Bryant, Kobe | White/Multi 087102Air Jordan 11 Legend Blue Size 10 Brand New , Nike Air Jordan 4 Premium Ginger Size Brand New 819139 205COLE HAAN "Tucker" Venetian Men's Shoes Slip-on Loafers C03557 Black 10.5 MTed Baker Men's Odaire Combat Boot - Choose SZ/ColorAdidas Originals White Superstar Lo Sneaker c77154 Women Size 7 Junior Size 5.5New FILA Disruptor II 2 Unisex Sneakers Athletic Shoes Triple BLACK/FS1HTA1078XMizuno Mirage 2 Handball Indoor Shoes Trainers EURO 40 US 9 JPN 25.5 , Man's/Woman's Steve Madden Women's Midnite Ankle Bootie Reasonable price New style a lot of varieties , Miss Sixty BOOTS SHOES BROWN POINTED TOE high heeled SIZE 37 US 7 SPORTY LEATHER
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Pegasus Zoom 33 Trainers Red Pink Nike 33 Oriental Floral Running Trainers Sport Shoes b57d68d - 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 Pegasus Zoom 33 Trainers Red Pink Nike 33 Oriental Floral Running Trainers Sport Shoes b57d68d - 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 Pegasus Zoom 33 Trainers Red Pink Nike 33 Oriental Floral Running Trainers Sport Shoes b57d68d
    Athletic Shoes
    >
    ;