Never miss an update

Nike Free 26355 Trainer 3.0 Turbo Green/Volt Men's Men's Shoes mogochinese-26354 630856-371 Size 11 3fd1923




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
Width: M Style: Cross Training
Color: Green MPN: 630856-371-11
Gender: Men US Shoe Size (Men's): 11
Material: Synthetic UPC: 826215789512
Never miss an update

Nike Free 26355 Trainer 3.0 Turbo Green/Volt Men's Men's Shoes mogochinese-26354 630856-371 Size 11 3fd1923 - blurrypron.com

    Nike Free 26355 Trainer 3.0 Turbo Green/Volt Men's Men's Shoes mogochinese-26354 630856-371 Size 11 3fd1923
    Nike Free 26355 Trainer 3.0 Turbo Green/Volt Men's Men's Shoes mogochinese-26354 630856-371 Size 11 3fd1923
    K-SWISS CLASSIC LUXURY EDTN Black/Black -0001002- MENS ATHLETIC , Mens Nike Jordan J23 Low Casual Shoes Gym Red Pure Platinum 905288-6012017 Reebok Ventilator SMB SZ 10.5 Coal Suede White V68019 , NIKE REVOLUTION 4 4 E BLACK WHITE ANTHRACITE AA7402-001 MENS US SIZE 10 , Nike Air Force 1 '07 Arctic Orange/Arctic Orange 315122801 Men's SZ 7 , New Nike Zoom PV II (2) Pole Vaulting Shoes/Spikes, Men's 10, W/Spikes!Puma Roma Basic White Black Men's Size 7.5 to 12 Leather New In Box 353572-04Used Worn Size 13 Adidas Blue Jabbar Mid Shoes Navy, Legink, Chalk 2New Mens 11 PL 76 OX Star Player Triple Black Leather Shoes 155318C $70 , new Nike Mens 14 Air Jordan retro 7/VIII Baseball metal Cleats 684943-010K-Swiss Men's Functional Sneaker | Black/White | 12 M US , Men's UNDER ARMOUR JET 2017 MID Black Athletic Basketball Shoes 1300016 NEW , Jordan Trainer Essential Mens 888122-016 Black Gym Red Training Shoes Size 11Man's/Woman's adidas Matchcourt - Burgundy - Mens Selling Various types and styles Exquisite workmanshipNike Mens 942836-100 White/Black Running Shoes Size 10.5 (46503) , New Kustom Men's Slim Vulc Shoe Cotton Mesh White , Nike Mens Size 12 Air Max Mvp Elite White Red Baseball Cleats Metal New $150Nike SB Blazer Vapor TXT SZ 9.5 Black White Men SHOES 902663-010 FREE SHIPPING , Nike Zoom Victory Elite Track/XC Shoes W/ SPIKES! Men's 6.5, 7, 8, 8.5, White , Nike Aptare SE Men's Size 10.5-12, Black/Cool Grey, Solid (881988 002)HEELYS PROPEL 2.0 BLACK BLACK RED 770359M MENS US SIZES , Nike SB Check Solarsoft Canvas Men's Skateboarding Shoes Sz US 11 843896-110 , Nike SB Blazer Low Boulder Brown White 12 Mens 318960 211Men’s Size 10 Nike Zoom High Jump Elite Spike Shoes Blue 806561-413Nike Force South Shore White/Purple Men Leather Classic Style Athletic Shoe 9 , Nike Air Jordan 7 Retro VII Metal Baseball Cleats Black 684943-010 Size 10Nike Zoom Shift (Team) Game Royal White 897811-400 Sizes 7.5 thru 14VANS Chima Ferguson Pro (Mono) Pewter Gray UltraCush MEN'S 7.5 WOMEN'S 9 , Adidas Originals ZX Flux Mens Shoes Size 8.5 Black White Running Athletic AF6323
    Nike Free 26355 Trainer 3.0 Turbo Green/Volt Men's Men's Shoes mogochinese-26354 630856-371 Size 11 3fd1923 - blurrypron.com>Nike Free 26355 Trainer 3.0 Turbo Green/Volt Men's Men's Shoes mogochinese-26354 630856-371 Size 11 3fd1923 - blurrypron.com
    Frye Boot Company Brown Knee High Leather Boot Size 8ECCO Women's Sneak Zip Fashion Sneaker - Choose SZ/color , Aetrex Kara Ankle Riding Boot Iron Womens Side Zipper Size 37MNike Vapor Speed Turf Mens Running Trainers 833408 Sneakers Shoes 017 , Adidas D Rose Dominate III [CQ0727] Men Basketball Shoes Black/Gold-White , Nike Wmns Zoom Fly SP Boston City Pack Volt Glow Summit Women Running AJ8229-107 , Alexander Wang Black Leather Shoes Size 38 Worn OnceTory Burch Bryce Flate Thong Sandal/ Vegan Leather in Spark Gold 7G.P. PER NOY BOLOGNA Shoes Women's Sz 41 Black Leather Suede Rhinestone SneakerNAOT Women's Black Leather Casual Mary Jane Loafers Shoes 38 EUR / L 7 US +GIFT! , Man's/Woman's NEW FRYE WOMENS KELLY CVO OXFORD main category First grade in its class negotiation , MSRP $145 SAS Brown Leather Women Weave Chestnut Tripad Comfort Foot Bed Sz 8.5Rosegold Badgley Mischka Metalic Heels Sz 7.5New Womens Low Heels Collegiate Rhinestones Slip on Fashion Beach Sandals [email protected]NWT Sanuk Yoga Serena Sandals Flip Flops Womens 7 MChaco Women's ZONG X Ecotread Sport Sandal, Fizz Black, 8 Medium USDansko Women's Brigitte Flat Sandal - Choose SZ/Color , ADIDAS EQT SUPPORT ADV SZ 11 TRIPLE BLACK 91/16 NMD CP8928 , Nike Air Zoom Pegasus 34 Men`s Shoe Size 6.5 Anthracite/Volt/Blue 880555-004Sperry Top-Sider Men's Striper CVO White Twill , DEADSTOCK US Mens Size 9.5 Adidas NMD_C2 Core Black /Core Black /Gum BY3011 , NİKE AİR JORDAN 1 RETRO HIGH OG SHADOW Size US 11 100%Authentic 555088-013 , HERMAN SURVIVORS STEEL TOE MADE IN USA VINTAGE BLACK LEATHER ENGINEER BOOTS 8D/E , Mens PRADA Black Leather Oxford Shoe Size US 10. for sale $175 retail $675!Womens School Leather Shoes High Top Ankle Boot Retro Sneakers Trainers FashionDachshund Halloween Print Running Shoes For Kids/Women-Free Shipping , CONVERSE ALL STAR CHUCK TAYLOR WOMENS CT HAWRDWARE HI SZ 9.5 BLACK WHITE 549630C , Altra Women's Paradigm 3 Running Shoe, Purple/Orange, 9 B US , NIKE AIR MAX 90 CL (GS) SAIL-BROWN-PINK SZ 6Y-WOMENS SZ 7.5 [312153-152]pelle moda Ancle Boots Sz 10 Zipper On Back
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Free 26355 Trainer 3.0 Turbo Green/Volt Men's Men's Shoes mogochinese-26354 630856-371 Size 11 3fd1923 - 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 Free 26355 Trainer 3.0 Turbo Green/Volt Men's Men's Shoes mogochinese-26354 630856-371 Size 11 3fd1923 - 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 Free 26355 Trainer 3.0 Turbo Green/Volt Men's Men's Shoes mogochinese-26354 630856-371 Size 11 3fd1923
    Athletic Shoes
    >
    ;