Never miss an update

Nike Metcon DSX Flyknit Men’s Men’s Sz DSX 10 WLF 28893 GRY/TTL ORNG-BLCK (852930-010) f077731




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
Brand: Nike
Style: Running, Cross Training Product Line: Nike Metcon
US Shoe Size (Men's): 10 Model: Metcon
Pattern: Solid Type: Low Top
Euro Size: EUR 44 Country/Region of Manufacture: Vietnam
Width: Medium (D, M) Material: Cotton
Color: Gray UPC: Does not apply
Never miss an update

Nike Metcon DSX Flyknit Men’s Men’s Sz DSX 10 WLF 28893 GRY/TTL ORNG-BLCK (852930-010) f077731 - blurrypron.com

    Nike Metcon DSX Flyknit Men’s Men’s Sz DSX 10 WLF 28893 GRY/TTL ORNG-BLCK (852930-010) f077731
    Nike Metcon DSX Flyknit Men’s Men’s Sz DSX 10 WLF 28893 GRY/TTL ORNG-BLCK (852930-010) f077731
    NIKE EBERNON LOW AQ1775 100 LEATHER SNEAKERSNike Men's Air Footscape Wvn Mtn City Qs Black/Pink Pow Casual Shoe 10.5 Men UsNike Air Jordan 1 Retro High BG Rare Air 705300 012 GS sizes 100% Authentic , New Balance 1340v2 Running Shoes Men's US 11 DKenneth Cole Shoes Trayn Sneakers Men Black Brand New , Nike Dunk High Premium Samurai Pack Cave Pur 312786-531 Men's Size: 11Puma Disc Blaze Lite Tech Sparkling Grape/Black 355349 03 Men's SZ 8.5Nike Air Max 90 Ultra 2.0 FlyKnit Men's Size 10/ Bright Crimson/ White , Nike Air Jordan 9 IX Retro 302370-005 Sz 14 Charcoal Black Red 2010Vintage Adidas Special / Chile 62 Trainers , ADIDAS ORIGINALS EQT EQUIPMENT CUSHION 93 PK PRIMEKNIT GREEN WHITE S79113 11.5Nike Hypervenom Phantom II SG-PRO Soccer Cleats Bright Crimson SZ ( 747489-846 ) , Asics Gel-Lyte V 5 Trainers Sneakers Trainers Men's Shoes H5R2N-5050 , Nike Magista Opus II FG Mens Football Soccer Cleats Rio Teal 843813-375 Sz 9.5 , Nike Free RN Motion Flyknit 2 Running Shoes Grey Mens 889845-005 Size 12Nike SB Men's Lunar OneShot Skateboard Shoes Size 6 NEW 631044 101 White/Black , 2014 Nike Air Jordan Future 3M Black / Clear Mens Size 10.5 Shoes 656503-011Mens Jordan Trainer 2 Flyknit 921210-013 Black/Black Brand New Size 11.5Nike Kobe Mamba Rage Size 10 USA Men's , NIB Men's Nike Reax 8 TR Mesh Running Cross Shoes Sneakers 621716 046 Torch , Nike Dunk CMFT Premium Light Retro/Light Retro 705433-400 Men's SZ 10.5ADIDAS Adizero 5 Star 5.0 Mid White Black Silv Molded TD Football Cleats Mens 11ASICS GEL KAYANO TRAINER KNIT White MENS H705N $150 NEW , Brand New Woman's Nike Magista Orden II FG Aqua Size 8 Soccer Cleat Women's , Nike Lunar Oneshot Black/Reflect Silver-Volt 631044-009 Men's SZ 8.5 , NEW NIKE ROSHE TWO BR MEN'S SHOES TROOPER WHITE 898037-200 , Asics Gel-Lyte Evo Sneakers Trainers Sport Shoes Men's Running h5l0n-1101Nike Air Force One 1 Low 07 Dark Magnet Grey White dunk sb mid high I 488298 056Nike Shox Avenue Running Shoes White Metallic Silver Black Size 8.5 833583-101
    Nike Metcon DSX Flyknit Men’s Men’s Sz DSX 10 WLF 28893 GRY/TTL ORNG-BLCK (852930-010) f077731 - blurrypron.com>Nike Metcon DSX Flyknit Men’s Men’s Sz DSX 10 WLF 28893 GRY/TTL ORNG-BLCK (852930-010) f077731 - blurrypron.com
    FRYE Women's Harness 8R Boot - Choose SZ/ColorAQUATALIA Womens Brown Leather Mid Calf Boots Sz 6.5 M NEW! 229940 , La Strada Womens White Snake Leather Look Sneaker Low-Top Sneakers White SizeTwisted X Women's Charcoal Driving Mocs WDM0102 , Swedish Hasbeen Toffel Husband Wood Clogs Black Leather Waffle Sole Size 36 New , Dansko Womens 9.5 10 40 Professional Mary Jane Clogs Burgundy Leather CutoutsPleaser Women's Seduce-458 Pump Black/White 9 M USSTEVE MADDEN NORI BLACK LEATHER PUMP SIZE 8 , Chacos Womens 10 Wide Custom Designed Cheetah Colored SandalsAbeo H2O WN11 Biomechanical Footware sandals shoes sport comfort Womens Sz 11 , Man/Woman CONVERSE Zakim Brown Black Long-term reputation Let our goods go to the world fineAdidas Originals LA Trainer OG men lifestyle sneakers NEW white and gray size 11Men's/Women's adidas Originals Men's Tapper Evolution Sneaker The color is very eye-catching Ranked first in its class Fashion dynamicPUMA Mens Grip Sport Golf-Shoes- Pick SZ/Color.Brooks Adrenaline GTS 16 Mens Running Shoe (4E) (181) , Nike Air Max Day Ultra 2.0 3.26 White University Red OG SZ 10 908091 100 , Nike Air Jordan Retro I Lazer 1 Failed Custom Size 9.5 XI X IX VIII VII VI V IVShoes adidas Eqt Support 93/17 Black Men CQ2396 , Mizuno Men's Wave Paradox 4 Running Shoe - Choose SZ/ColorSperry Top-Sider Men's Clipper Chukka Boot - Choose SZ/ColorVtg Panhandle Slim Gray Leather / Alligator Cowboy Boots Mens 8 D Womens 9.5 New , Adidas Y-3 Yohji Yamamoto Honja Low Classic Sneaker - White - G04153- Size 12.5 , Allen Edmonds Penny Loafers Mens 9.5B Black Coppell Slip On Soft Soles Preppy , Women's Vans Old Skool Shoes Native Embroidery - Black/Marshmallow - Sizes 6.5-9 , Nike Flex Trainer 4 Fitness Women's Shoes Size 5ara Women's Kay 31252 Tassel Loafer Black Patent Leather Business ShoesMerrell Women Moab Fst Hiking Shoe - Choose SZ/Color , Chic-56 Women Mid Calf Spikes Winter Warm Snow Flat BootsPointy Toe Womens Ankle Boots Fur Trim Slim Heels Zip Tassel Celebrity Sexy ShoeKenneth Cole REACTION Women's Cue The Music Notch Western Style Micro Ankle...
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Metcon DSX Flyknit Men’s Men’s Sz DSX 10 WLF 28893 GRY/TTL ORNG-BLCK (852930-010) f077731 - 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 Metcon DSX Flyknit Men’s Men’s Sz DSX 10 WLF 28893 GRY/TTL ORNG-BLCK (852930-010) f077731 - 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 Metcon DSX Flyknit Men’s Men’s Sz DSX 10 WLF 28893 GRY/TTL ORNG-BLCK (852930-010) f077731
    Athletic Shoes
    >
    ;