Never miss an update

Nike Air 10 Foamposite One Foamposite XX Royal US US 10 DS 8a8ca93




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Nike
Product Line: Nike Air
Never miss an update

Nike Air 10 Foamposite One Foamposite XX Royal US US 10 DS 8a8ca93 - blurrypron.com

    Nike Air 10 Foamposite One Foamposite XX Royal US US 10 DS 8a8ca93
    Nike Air 10 Foamposite One Foamposite XX Royal US US 10 DS 8a8ca93
    NIKE AIR ZOOM GENERATION QS US9 + RECEIPT DEADSTOCK NEW NBA Lebron OG Wheat CavsGentlemen/Ladies SNS x Ultra Boost 1.0 US12 Good design New style leading the fashion , Adidas Pharrell Williams Nmd Hu Solarhu Afro UK10 US10.5NIKE LEBRON XIII (13) ELITE University Red size 10 DS 831923-606 , White Mountaineering x NMD R2 PK ‘Collegiate Navy’ BB3072 , Brand new Adidas Pharrell NMD Solarhu Aqua/Purple/Orange - Size US 9.5/ , Man's/Woman's Air Max 90 HYP PRM BNIB Moderate price The highest quality material Highly appreciated and widely trusted in and out , Adidas NMD R2 Red Boost US10 100% AuthenticAdidas Yeezy Boost 700 Size 9 Sneaker Wave Runner OG Ds , Jordan Men's Trainer 2 Flyknit Training Shoes Sneakers rare Collectable ShoesMr/Ms nike air jordan 3 retro 2011 Easy to use the most economical Acknowledgement feedbackNike Air Jordan Quai 54 Size UK7 US8 Brand New Never WornJordan XII 12 Gym Red Day, DS Brand New, Size 12 USUS11.5 Adidas Men Ultra Boost 3.0 Crystal White (BA8922)Silver 5% code: P5OFFMan/Woman Adidas Men's Nmd_C2 Originals Running Shoe durability High quality and economy Perfect processing , Nike Air Jordan 1 Rebel XX Top 3 AT4151-001Mens Adidas Yeezy Boost 350 V2 Butter Size 7.5 DS NEW , Reebok Kendrick Lamar Classic Leather "Split Personality" US 9 , US 9.5 Adidas Men Ultra Boost 3.0 Burgundy (BA8845) 5% code: P5OFFNike Air Max 270 AH8050-100 Size US 9Salomon - Quest 4D 2 GTX - Shrew/Camel Gold Leather/Teal Blue , NIKE AIR JORDAN X CONVERSE PACK US 9.5 RETRO 2 II FAST BREAK UNC 917931 900 LOT , Adidas x Pharrell Human Hu Race NMD TR "Sun Glow" US8 Authentic , Asics Gel Lyte III "Boston Tea Party" Concept special box - Size US9.5NEW Ultra Boost 3.0 Mystic Ink Solar Orange US8 , Adidas yeezy powerphase Size 9 Kanye West DS sneaker power phase grey , Mr/Ms Jordan 1 Hare, Size 12 US excellent quality Upper material wonderful , Nike Air Jordan XI 11 Retro White Legend Blue New Size 10Kobe AD NXT 360 DS 10US NEW ,
    Nike Air 10 Foamposite One Foamposite XX Royal US US 10 DS 8a8ca93 - blurrypron.com>Nike Air 10 Foamposite One Foamposite XX Royal US US 10 DS 8a8ca93 - blurrypron.com
    Ivanka Trump Telora Ankle Boots, Taupe Suede, 8 USBritish Style Women's Mid-Calf Boots Low Heel Shoes Metal Decor Retro Vintage , Catherine Malandrino Birdie Faux Fur Lined Wedge Bootie - Black-Black Size US 9Prada Black Studded Genuine Leather OTK Over-the-Knee Thigh High Tall Boots 6 37 , 900 Rossi Parkes Men's Elastic Side Work Boots ClaretLadies Knee High Thigh Boots 16cm Supper Heel Stilettos Platform Shoes au size , Dublin Pinnacle Full Grain Womens Boots Country - Black All SizesVERSACE 19.69 AUDRINE WOMEN'S GENUINE LEATHER HEELS SHOES , Spring Step ESTRELA-PRM - ESTRELA Size: - Color: , Mr/Ms Adidas Womens Iniki Runner Green Comfortable feeling Excellent performance Don't worry when shopping , New Balance Women's Fresh Foam Crush V1 Cross Trai - Choose SZ/colorAuthentic Loriblu Leather Italian Designer Shoes Blue New Sizes 6,7,8,9Pleaser FLAMINGO-808MCT Womens Clear Light Blue High Heel Tinted Platform SandalSexy Fashion Womens High Heel Stilettos Zip Ankle Summer Boots Sandals Party HOT , VANELi Women's Cadena Slingback Tan Nubuck Leather Heeled Sandals , Etnies Barge LS Skate Shoe - Choose SZ/Color , New Balance MX40v1 Training Sneaker - Men's Size 14 (2E), Grey/WhiteDC Lynx Lite Zero Skate Shoe - Choose SZ/Color , Nike Air Jordan 4 Retro 308497 106 White / Black - Gym Red Size 18 NIB!!!Nike Air Foamposite One “Big Bang” - Alternate Galaxy Size 9 READ DESCRIPTION , Pikolinos Puerto Rico 03A-6222 Black Mens Leather Slip-On Loafers Casual ShoesJoseph Abound preston wingtip brown mens9.5M leather Boots(A25Men Steve Madden Shoes Jenton Oxford Tan Size 10.5Allen Edmonds "SFO" Loafers 11.5 D Black (434) , MAGNANNI Neiman Marcus Men Slip On Moc-Toe Penny Loafers Size 9.5M Black Leather , Puma Tustin Slip-On Womens Golf Shoes 189424-04 Winsome Orchid/White Ladies NewAsics GT-1000 5 [T6A8N-0601] Women Running Shoes Flash Coral/White , Women's Asics Gel-Solution Speed 2 Preowned Tennis Shoe Size 5 , Cloudsteppers by Clarks Caddell Rush Wedge Booties 701, Dark Brown, 7.5 US / 38WOW NICE!!! Womens Grazie Knee High Boots Size 7.5 Floral Multi-Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air 10 Foamposite One Foamposite XX Royal US US 10 DS 8a8ca93 - 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 Air 10 Foamposite One Foamposite XX Royal US US 10 DS 8a8ca93 - 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 Air 10 Foamposite One Foamposite XX Royal US US 10 DS 8a8ca93
    Athletic Shoes
    >
    ;