Never miss an update

Under Armour Venetian Women's Kick mogochinese-29994 Sprint Track Running Spikes Sprint - Venetian Blue 448 - NEW 45c396f




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: BRAND NEW, metal spikes & tool are included.
Brand: Under armour Country/Region of Manufacture: China
Style: Cleats, Track Width: Medium (B, M)
Material: Synthetic Product Line: Racing
Color: Venetian Blue (448) / Mediterranean MPN:: 1297114-448
Fastening: Lace Up Features: Spikes
Never miss an update

Under Armour Venetian Women's Kick mogochinese-29994 Sprint Track Running Spikes Sprint - Venetian Blue 448 - NEW 45c396f - blurrypron.com

    Under Armour Venetian Women's Kick mogochinese-29994 Sprint Track Running Spikes Sprint - Venetian Blue 448 - NEW 45c396f
    Under Armour Venetian Women's Kick mogochinese-29994 Sprint Track Running Spikes Sprint - Venetian Blue 448 - NEW 45c396f
    Scott Palani RC Women's Running Shoes, Size 10.5, 251887-1040015 , Ryka Enhance 3 Black Sneakers Athletic Shoes Women Size 10 M Training Shoe , WOMEN'S PUMA SUEDE CLASSIC FUCHSIA PURPLE-WHITE SHOES SIZE 6Under Armour Women's Charged Bandit 2 Ankle-High Running Shoe , Nike Air Max 90 325213-11 White Purple Womens Size 6.5Original Vans 106 Vulcanized VN-099ZNVY Dress Blue Casual WOMENWOMEN'S PUMA VIKKY PLATFORM RIBBON SOFT FOAM PURPLE SHOES SIZE 7 , NEW! KELSI DAGGER Taupe Suede Leather KILEE Hi Top Sneaker Shoes 7 7.5 8.5 $150 , Nike Womens Free TR 6 Athletic Sneakers Running Training Gym Shoes Size US 10Vans Unisex Sk8-Hi Slim Cutout Sneakers Perf Suede Tarmac True White Size 7.5 Ne , Nike Women's Downshifter 6 Black/Hyper Punch Running Shoes - Sizes 6.5/8/10 NWOB , NIKE LUNARHYPERWORKOUT XT+ WOMEN'S RUNNING SHOES SZ 9.5, 10, , Nike in season tr4 women's comfort fit sneakers 653543 600 Multiple sizesNIKE AIR PRESTO CAGE Womens 9 Mens 7 Cloudburst Black Blue *RARE* FREE SHIP , Chaco Womens Outcross EVO Sport Free Gray Athletic Outdoor Shoes Size 8Nike Air Force 1 '07 White/Cool Rose-Aubergine 315115-161 Women's SZ 5VANS Authentic Slim (Washed Canvas) Persian Red WOMEN'S Size 8 , COLUMBIA PLAINS RIDGE WOMEN'S HIKING SHOE, SIZE 11, BL3983-227 , Skechers Womens Relaxed Fit: Easy Air - Gold Mine Slip on Gray Memory Foam NIBSaucony Ride 10 Size US 9 M (B) Women's Running Shoes Purple S10373-1New Balance womens heritage collection sneakers size 5B (NEW)Converse All Star CT Plaid OX 110747F Black Women Shoes , Skechers Women's D'Lites Interlude Training SneakerSKECHERS Shape Ups Silver/White Walking/Fitness Shoes Women's Size 10 11800Skechers Women's Gratis Bungee Sneaker , Skechers Go Walk 4 Taupe Coral Kindle Slip on Comfort Walking Shoe NEWAdidas Springblade Drive 2 Grey Athletic Running Shoes D69711 Women's Size 9.5 , Not Rated Womens Rae Fashion Shoes Size 9Gentlemen/Ladies Reebok Npc II Women's Shoes Cheap Environmentally friendly Fashion dynamic ,
    Under Armour Venetian Women's Kick mogochinese-29994 Sprint Track Running Spikes Sprint - Venetian Blue 448 - NEW 45c396f - blurrypron.com>Under Armour Venetian Women's Kick mogochinese-29994 Sprint Track Running Spikes Sprint - Venetian Blue 448 - NEW 45c396f - blurrypron.com
    Man/Woman BCBGeneration Women's BG-Bennie Boot Clearance price Sufficient supply Seasonal promotionNew Rock Boots M-PZ010-S2 Black High Heel Ankle Boots , Celeb Christian Louboutin Black & Red 120 Very Prive Leather EU37 US6.5-7 UK4Womens Clarks Cloudsteppers Sillian Stork Black Casual Shoes [26125891] , New FitFlop Womens Supermod Leather Ankle Boot Black Patent US 7 , FitFlop Women's Tassel Superskate Shimmer Loafer Black Shimmer 9 M US , Fabulous COLE HAAN Tobacco Brown Woven Calfskin Tassled Loafers 6.5B , Sexy Womens Pointy Toe High Heel Stiletto Buckle Strap Leather Sandals Shoes HotTODS / TOD'S sz 39.5 womens Patent Leather heels / shoes RRP$700+ [#F150] , Badgley Mischka SZ 8.5 Willoe Pewter METALLIC Peep Toe Pump Leather Platform , Retro Women Buckle strap Platform Block Heels Shoes Punk Gothic Rivet Sandals #S , Steve Madden Womens Strapped High Heel Sandals ShoesNB Christian Louboutin Jonatina 100 Silver PVC Ankle Strap Sandal Heel Pump 35Manolo Blahnik Pascalow 70 Booties Black Suede Sz 42 NEW , Patricia Green Genuine Suede Shepra Fleece Lined Mocassin Slippers Rose Pink , ADIDAS PHARRELL WILLIAMS HU HOLI TENNIS HUMANITY DA9619 GREEN/CLOUD WHITENike Vandal Premium QS All Star Game Black/Total Crimson 597988-001 sz 10 , New NIKE FREE RN DISTANCE Mens Running Shoes US 13 , Men's/Women's jordan 11 72-10 size 11 Packaging diversity real Full range of specifications3.1 PHILLIP LIM MEN'S BLACK LEATHER HIGH TOP SNEAKER 7.5 US 40 EUMen's/Women's Vans Undefeated Era Lx Red Durable service New in stock wonderful , Gentlemen/Ladies Terra Crossbow - Black - Mens Good design Sales Italy General productAmali Mens Casual Driving Moccasin Loafer in Dark Red : Style Ecker-005Gentleman/Lady Puma Mens Roma Graphic Geometric Shoes Guarantee quality and quantity Quality and quantity guaranteed Rich on-time delivery , Mezlan Black Suede Loafers Taggia Horse Bit Buckle Men's 10 M ShoesKeds Women's Topkick Wool Sneaker,Gray,9 M US , Women's Sperry Top-Sider 7 Seas 3 Eye White Boat Boating Sail Shoe 6.5 eur 37m , NIKE Womens Hyperdunk 2017 Tb 897813-600 UNIVERSITY RED Size 7.5Kelsi Dagger Brooklyn Gemma Ankle Bootie - Women's Size 7.5M BlackNaturalizer Women's Karlie Harness Boot, Taupe, Size 9.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Under Armour Venetian Women's Kick mogochinese-29994 Sprint Track Running Spikes Sprint - Venetian Blue 448 - NEW 45c396f - 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 Armour Venetian Women's Kick mogochinese-29994 Sprint Track Running Spikes Sprint - Venetian Blue 448 - NEW 45c396f - 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 Armour Venetian Women's Kick mogochinese-29994 Sprint Track Running Spikes Sprint - Venetian Blue 448 - NEW 45c396f
    Athletic Shoes
    >
    ;