Never miss an update

New Nike Black Match Classic Nike Premium Women’s Shoes Casual Shoes Black 896502-002 Size 7.5 e36cdc1




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: New leather
Fastening: Lace Up Style: Casual
Pattern: Textured Leather Upper, Rubber Sole Brand: Nike
US Shoe Size (Women's): US 7.5/UK 5.5/EU 38 Product Line: Match Classic Premium
Color: Black Country/Region of Manufacture: China
Width: Medium (b, M) UPC: 00886736296661
Never miss an update

New Nike Black Match Classic Nike Premium Women’s Shoes Casual Shoes Black 896502-002 Size 7.5 e36cdc1 - blurrypron.com

    New Nike Black Match Classic Nike Premium Women’s Shoes Casual Shoes Black 896502-002 Size 7.5 e36cdc1
    New Nike Black Match Classic Nike Premium Women’s Shoes Casual Shoes Black 896502-002 Size 7.5 e36cdc1
    Nike Air Force 1 Ultra Force Mid Black - Womens - Size 6.5 B , Women's Skechers Sneakers - Galaxies-WITTY TALK - Black/Multi - New!! , Onitsuka Tiger Mexico 66 - Blue - Womens , SKECHERS Women’s Winter Boots Size 6 Black Suede .....S26 , Nike Women's Flex Experience RN 5 Running Shoe , Asics Gel Contend 4 Shoes Wide Width Womens ShoesNike Juvenate Women's Running Shoes Light Bone White 724979-008 Size 10.5 NEWNIB NIKE AIR MAX WRIGHT LTD GREY RED ATHLETIC RUNNING SHOES 6Y = WOMENS 7.5adidas Tubular Shadow Shoes Women's 6.5 greyNIKE FORCE SKY HI Wedge Sneaker Shoes Women’s 629746-100 White Gray US 8.5 USED* , Men/Women Easy Spirit Women's Punter Ideal gift for all occasions modern Valuable boutique , Women's Reebok 7344 Princess Sneaker Black Brand NewSkechers Women's Seager Frills & Thrills Mary JaneConverse Chuck Taylor All Star Ox Shoes 551625F White Low Top Textile CanvasMen/Women Moxie Trades Women's Tara New product Stylish and fun Known for its excellent quality , Adidas Originals Womens Size 10 Tubular Invader Strap Black Leather Shoes Pink , NEW New Balance 410 WL410BL Women's Sneakers shoes Black Size 7 USSkechers Go Run Sonic Victory Womens Running Shoes Blue/Hot Pink Multiple Sizesadidas Terrex Voyager DLX - Burgundy - WomensWomen's Skechers Ultra Flex Weave Away - Pink - Width: med - Cross TrainingNike Elite Shinsen Women's Casual Sneakers 7 (New)Adidas Maduro Running Women's Shoes Size 7.5NIKE WOMEN'S AIR MAX ZERO SHOES pure platinum 857661 013 MSRP $130womens nike free rn 2017 Size 7.5REEBOK 71 FREESTYLE HI Wmn's (M) Black Leather Hi-Top Lifestyle Shoes , Converse Chuck Taylor All Star Low Top Canvas Women Shoes M9166 - Black/WhiteOn Cloud Womens Cloudsurfer Pink Running Shoes Size 9.5 (430859)Harley-Davidson Women's Zia Low-Top Athletic Sneakers Black Leather D83816 9.5Nike Zoom Womens Shoes Size 9.5 Stucture Triax 11 Bowerman Series White Blue
    New Nike Black Match Classic Nike Premium Women’s Shoes Casual Shoes Black 896502-002 Size 7.5 e36cdc1 - blurrypron.com>New Nike Black Match Classic Nike Premium Women’s Shoes Casual Shoes Black 896502-002 Size 7.5 e36cdc1 - blurrypron.com
    Sexy Clubparty Women Stilettos Pointed Toe Over Knee High Thigh Strech BootRoughneck Clothing - Raptor Hi-Top Safety Trainer/Boot Euro 43 , Nike Kobe AD NXT 360 [AQ1087-002] Men Basketball Shoes Black/Multi-Color , Man/Woman Derby Trussardi High quality and low overhead Medium cost Comfortable and naturalCalvin Klein Luigina Ankle Strap Sandals, Marine, 10 US DisplayNIB Marc Jacobs Dolly Leather Buckled Ballerina Flat 36.5 US 6.5 New BordeauxUnstitched Utilities Women's Cosmo Low Dark Chocolate SneakersWalking Cradles Women's Feather Boot, Black, 6.5 2W US , Steve Madden Grommit Womens Black Multi Stiletto High Heels size 7.5 , Pleaser FLAMINGO-808UVLN Clear Black-UV Lines Platform Ankle Strap Stripper Heel , Alice In Wonderland Cheshire Cat That Way Women's Platform High Heels Disney , Jimmy Choo Black Leather With Stud Sandals Heels Size 39 , Women Sandal Vogue Super High Heels Strappy Wedding Shoes Pointy Toe Ankle StrapBellini Women's Bustle Bow Flat Black Velvet Flats , PUMA COMPLETE VELOSIS 2 MEN'S RUNNING SNEAKERS SIZE 12 BRAND NEW , NIB MENS SIZE 7.5 NIKE FLEX 2018 RUNNING SNEAKERS ANTHRACITE AA7397-007 , Nike Air Max Sequent 3 Pure Platinum White 921694-008 Men SZ 8-11 Running ShoesMen's/Women's PURE BOOST WHITE BEIGE Big clearance sale online shop As of the latest modelRocky Men's S2V Enhanced Jungle Military Boot RKC071 Coyote BrownDan Post Denver 01-DP3965-BN44 Men's 11" Brown Caiman Leather Cowboy Boot , British Style Tassel Slip On Men's Leather Shoes Loafers Dress Formal Shoes Size , Hoka One One Women's Constant Blue/Mulberry/Patina Running Shoe 7M , Cole Haan Giraldo Luxe Plain Toe Oxford II Black Shoes (New with box, size 11.5) , Skechers Women's Microburst One up Fashion Sneaker - Choose SZ/ColorNike Benassi Duo Ultra Slide Womens Style : 819717 RACER PINK Size 8Brooks Womens Addiction D- Pick SZ/Color. , Pleaser Day & Night™ ~ Fascinate-1011 Black Suede Zippered Shoes ~ Women Sz 6NEW VANS WOMENS PRAIRIE CHUKKA Low Boot MTE 10.5 SuedeCobb Hill Women's Sienna Ankle Boot Stone, 6MWomen's Leather Pointed Toe Side Zipper Ankle Boots Kitten Med Heel Shoes Chic 9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Nike Black Match Classic Nike Premium Women’s Shoes Casual Shoes Black 896502-002 Size 7.5 e36cdc1 - 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.

    New Nike Black Match Classic Nike Premium Women’s Shoes Casual Shoes Black 896502-002 Size 7.5 e36cdc1 - 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
    New Nike Black Match Classic Nike Premium Women’s Shoes Casual Shoes Black 896502-002 Size 7.5 e36cdc1
    Athletic Shoes
    >
    ;