Never miss an update

Under Cw 29664 Armour UA Curry 1 Lux Mid Curry Suede Downtown Green Gold 1296617-330 $150 Cw 4793c86




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: Athletic Sneakers
Brand: Under Armour
Never miss an update

Under Cw 29664 Armour UA Curry 1 Lux Mid Curry Suede Downtown Green Gold 1296617-330 $150 Cw 4793c86 - blurrypron.com

    Under Cw 29664 Armour UA Curry 1 Lux Mid Curry Suede Downtown Green Gold 1296617-330 $150 Cw 4793c86
    Under Cw 29664 Armour UA Curry 1 Lux Mid Curry Suede Downtown Green Gold 1296617-330 $150 Cw 4793c86
    NIKE SB STEFAN JANOSKI MAX SKATEBOARDING SHOES GREEN 631303-300 Men's SZ 11.5Men's Keen Uneek Slide Shoe color Olive size US 9 , Nike Mercurial X Finale II IC Crimson Black Indoor Soccer Shoes 10.5 Mens 831974 , Puma Future Disc Lite T Fluo Teal/Deep Teal 356389 04 Men's SZ 13New Men Columbia Montrail Mojave Outdry shoes size 10Nike Jordan 23 Brakeout Gym Red/Black Men's Basketball Shoes Size 10.5 , Nike Tennis Classic Ultra Flyknit College Navy/Racer Blue-White 830704-401 SZ 11ADIDAS ORIGINALS TUBULAR RADIAL ICE MINT SNEAKERS #S76717 US SIZE 12 , Converse Chuck Taylor II 2 OX Black/White 150149C Men's SZ 4Puma Trinomic XS500 X Miitaly Red 357262 04 Men's SZ 10.5 , Nike T-Lite XI 11 Running Cross Training White Black Sneakers Shoes Mens 10.5Supra Stacks Vulc Black/Brown S92007 Men's SZ 11Nike Air Zoom Pegasus 33 Rostarr (SZ 6 ) Black Grey Reflective 859893 001 NEWAsics GT DS White/White H6G3N 0101 Men's SZ 11.5 , Reebok Mens CROSSFIT SPEED TR Fitness Shoes White / Blue bd5494 New SIZES 7.5-12 , NIKE FS LITE TRAINER 4 SNEAKERS grey red and black 844794 600 size 10Men's Nike Lunarcharge Essential Binary Blue Blue Moon Volt , Adidas Adizero Prime SP Sprint Mens White Track Spikes Size 9.5 11 | BB4117 , NIKE FLYKNIT ROSHERUN RANDOM YARN (677243 100) SZ: MN 10.5 /WMN 12 MSRP $125 , Nike Lunarglide+ 3 University Red/Dark Grey-Sail-Volt 454164-601 Men's SZ 7.5Nike Air Jordan Retro V.1, 2012 DS, White / Bordeaux, Leather Suede Gum, Sz 10.5 , NIKE TRAINERENDOR Sz 10.5 MENS ATHLETIC SHOES BLACK WHITE 616575 011 , MENS NIKE ROSHE ONE KJCRD in colors RED / RED / RED / BLACK SIZE 10 , AUTHENTIC NIKE MERCURIALX PRO STREET IC 725248-018MUST SEE 2017 109.99 NEW BALANCE FREEZE LACROSSE CLEATS FREEZRD Sz 8 D NWTAdidas PW Stan Smith SPD B25402 Pharrell Williams Polka Dot Sz 9 Mens Shoes , New Balance 990 V4 M990GL4 Men's Sz 12 D Grey White Sneaker Shoe USA MadeJordan Men's Air Jordan Runner LX Shoes (897992-021) , Nike Air Huarache Run Ultra Prm 875841 007 Mens Size 8-13 NSW Running Air Max ,
    Under Cw 29664 Armour UA Curry 1 Lux Mid Curry Suede Downtown Green Gold 1296617-330 $150 Cw 4793c86 - blurrypron.com>Under Cw 29664 Armour UA Curry 1 Lux Mid Curry Suede Downtown Green Gold 1296617-330 $150 Cw 4793c86 - blurrypron.com
    Corral Vintage Black Python Cross Cut Out Jeweled Western Cowboy Boots Womens 7MGentle Souls GS01866SU Womens Emma Chelsea Boot- Choose SZ/Color. , Gentlemen/Ladies blundstone work boots Charming design a variety of King of the crowdGringos Mens Distressed Leather Gusset Western Ankle Boots (DF757) , [bargain] Brooks Glycerin 13 Mens Running Shoes (D) (062) | RRP $250.00 , KENNETH COLE REACTION Women's Shoes Size 8 M Open Toe Leather LoafersDemonia Crypto-301 Goth Punk Steampunk Victorian Knee Boots 4" HeelMen/Women Chaussure Lavinia Giuseppe Zanotti Reasonable price new Brand feastCole Haan Womens Shoes Size 9.5 Beige Color Block Leather Pointy Flats Casual , PRADA Black Driver Loafers Moccasins Cracle'Brush Leather Worn Once Sz 37.5 , Earth Pax - Women's Lightweight Breathable Leather Navy - 7.5 MediumSalvatore FERRAGAMO Oxfords Flats Shoes Brown Leather 6 6.5 PO , Salvatore Ferragamo New $650 Blue Leather/Snakeskin Heels Womens Size 7.5 AAA , Womens Shoes Brown Caramel Ivory Leather Limited Collection Handmade NewREPORT SIGNATURE LUCKIE GLADIATOR SANDAL IN TAN 9 NIBCeline Camel brown espadrilles Heels Shoes 37 NIB $660+tax , NEW 7 / 37 Dansko Jacinda Taupe Snake Leather Criss Cross Open Toe Sandal HeelChaco Zong Women's Blue Nylon Toe Loop Slides Sandals - US 8Jimmy Choo Ren Cobalt Blue Suede Leather Cutout Gladiator Heel Sandals. Size 38Brooks Neuro Metaliccharchoal/ElectricBlue -Mens Running/Gym Shoes Reg: $130.00 , Jordan Trainer 3 UNC Mens AR1391-100 White Valor Blue Training Shoes Size 7.5Funtasma Men's Gotham 110 Brown Distressed PUNIKE AIR MAX 1 PREMIUM SIZE UK9.5/US10.5/EUR44.5 875844-200Men's ECCO Jamestown Low Oxford Distressed Cocoa Brown Oiled Leather EU45 NEW , Florsheim FS2600 Men's Brown Gridley Work Shoes - Size 11EEE - steel toeSTEVE MADDEN FLEEX SLP ON MEN'S BROWN LEATHER SZ 13 , Donald J Pliner Men's Roy Hi-Top Burnished Calf Leather Sneaker,Camel, MSRP $245Stacy Adams Saunders Men's Plain Toe Slip On TanLeather Dress Shoe 25157-240Premiata Women's Shoes Sneakers - LUCYD | Oliv | Fall Winter 18/19 , Womens Leather 5 Colors Zipper Ankle Boots Block High heel Shoes Match Color New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Under Cw 29664 Armour UA Curry 1 Lux Mid Curry Suede Downtown Green Gold 1296617-330 $150 Cw 4793c86 - 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.

    Under Cw 29664 Armour UA Curry 1 Lux Mid Curry Suede Downtown Green Gold 1296617-330 $150 Cw 4793c86 - 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
    Under Cw 29664 Armour UA Curry 1 Lux Mid Curry Suede Downtown Green Gold 1296617-330 $150 Cw 4793c86
    Athletic Shoes
    >
    ;