Never miss an update

Nike 5.0 Free 5.0 Tr Fit Nike 4 4 Prt Women's Shoes Size 5.5 1f545b0




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
US Shoe Size (Women's): 5.5 Width: Medium (B, M)
Style: Athletic Sneakers UPC: 885177243043
Never miss an update

Nike 5.0 Free 5.0 Tr Fit Nike 4 4 Prt Women's Shoes Size 5.5 1f545b0 - blurrypron.com

    Nike 5.0 Free 5.0 Tr Fit Nike 4 4 Prt Women's Shoes Size 5.5 1f545b0
    Nike 5.0 Free 5.0 Tr Fit Nike 4 4 Prt Women's Shoes Size 5.5 1f545b0
    Propet Women's Stability Walker Strap Shoe , Man's/Woman's MBT WOMAN SHOES SIZE 11 High-quality Settlement Price At an affordable price , Nike Free RN Motion Flyknit Women's Running Shoe 834585 100 Size 12 , New Under Armour 1285482 002 SpeedForm Europa Black Women's Running Shoes 7 USinov-8 Women's 5054167518 - F-Lite 250 Standard FitPUMA Fierce Strap Leather Women's Training Shoes High Top Sneakers 7.5 8 8.5 9Nike Metcon 2 Women's Cross Training Shoe 821913 101 Size 9.5 , WOMENS SAUCONY OMNI 13 POWER GRID BLACK/GRAY/PINK TENNIS SHOES US SIZE 6.5 (393) , ara Women's Tamra 43457 Ankle BootieWomens air max refresh+ 4 Shoes size 9 , Modern Vice Capri Sneaker Pink White High heel Wedge hook and loop NEW , New! Women's Mizuno Wave Lightening Z SZ 10 Gray/Yellow PYV0215 23W , Nike Womens Orive NM Running Shoes (6 Black/White) , Pearl Izumi X-Project 2.0 Cycling Shoes, Women's Size 6.5, BlackMen's/Women's Drew Women's Lilac Good world reputation Price reduction Explosive good goods , New Under Armour Women's Lightning 2 Running Shoes - Size 6 - Radio RedNew Womens Nike Lunaepic Low Flyknit 843765 200 sz 7 mushroom blue black shoes , Adidas Women's Originals Swift Vapour Green/Grey B37720 New Running Shoes , Women's Bearpaw Lea Warm Fur Boots Hickory Suede 2024W , Nike AIR JORDAN 1 RETRO LOW NS NRG Shoes "Python" AJ6004 010 New WomensNike IN-SEASON TR 5 SZ 8.5 White/Gray , Nike Women's Blazer Low Pinnacle Neutral Indigo AA3967 500 Size 5Gentlemen/Ladies Joie Dakota Printed Low Top Sneaker Elegant shape Lush design Popular recommendationSaucony Redeemer Gray/Blue/Black Running Shoes Women's US 8 (O2,14)New Mizuno 411000.5C6M Wave Shadow 2 Peacock Blue Women's Running Shoes 9.5 USKendall + Kylie Womens Tenley Colorblock Fashion Sneakers Shoes BHFO 4226 , New Puma 190545 02 Fierce Satin EP Pearl Women's Training Shoes 8 US , CG5464 Adidas Women Superstar W white purple night metallic footwear white , Converse, 553440C, Women's, Chuck Taylor All Star Sequins High Top - Silver ,
    Nike 5.0 Free 5.0 Tr Fit Nike 4 4 Prt Women's Shoes Size 5.5 1f545b0 - blurrypron.com>Nike 5.0 Free 5.0 Tr Fit Nike 4 4 Prt Women's Shoes Size 5.5 1f545b0 - blurrypron.com
    Nine West Women's Josephine Over-The-Knee Boot - Choose SZ/ColorFREEBIRD SHOES COAL TALL BOOTS OLIVE LEATHER BOHO FREE PEOPLE 7 NEW NIB , Women Silver Platform Slim High Heels Pumps Buckle Belt Wedding Shoes Bling SzKaty Perry The Mia Fringe Peep Toe Pumps 471, Black, 9.5 US / 40 EUEarth Women's Brushcherry Black Kid Suede Dress FlatSoludos Gray Pink Flamingo Casual Flats Smoking Slipper Embroidered 6.5 NWOBCLARKS CloudSteppers Sillian Jetay Casual Shoes Navy 7.5 MBrighton Faith Black Croc Mules Shoes Leather USED w/ Box Sz 8MChic Womens Rabbit Fur Trim Low Heels Slip On Western Oxfords Mules Loafer ShoesWomen's Purple Suede Pointed-Toe Pom Pom Heel , 2018 New Spring Women's Shoes Mary Jane Flats Round toe Patent Leather TasselIsola Ivalee Womens Leather Black Open Toe T-Strap Studded High Heels size 10Sergio Rossi Black Multi Patent & Embossed Snakeskin T Strap Sandals SZ 8.5Adrianna Papell Womens Gemini Peep Toe Dress Sandal Sky Blue Patent Size 7.5 MSkechers Women's Vintage 2002 Bedevil Slip-on Shoes 1936 Navy/White sz. W8Nike Air Huarache Run Black/Black 634835-012 Women's SZ 5 , Vintage Nike Air 2004 mens size US 8, black, white red. clear air soles , Nike Air Zoom Pegasus 35 AH3482 600 , Vans x madness collaboration SK8-HI from japan (2279STICO Mens BLACK Non-Slip Safety Beach Slipper Sandal EVA Ceramic KOREA_Ac , Allen Edmonds Cody Black Leather Tassel Kiltie Slip On Loafer Men Size 9.5 D , Mens Leather Pointed Toe Slip On Dress Formal Business Shoes Metal decor stylish , WOMEN'S PUMA VIKKY PLATFORM RIBBON SOFT FOAM PURPLE SHOES SIZE 7 , Gentleman/Lady ASICS Women's Gel-Sonoma 2 Trail Runner Modern technology Bright colors high quality productNew Under Armour 1298675 962 Velociti Apollo Gray Women's Running Shoes 8.5 US , PUMA 18948901 Womens Ignite Dual Swan WNS Cross-Trainer Shoe- Choose SZ/Color.New Sz 8 Women’s Nike Air Max LD-Zero Triple White Running Shoe 896495-100 , J Crew flat boot 10" shank flat heel Leather Ankle Boot Black Size 10 pull onVogue Womens Boots US 8.5 Dark Brown Suede High Heeled Full Zip Pointy , PAJAR Canada Brown Leather Genuine Shearling Double Zip Winter Boots Womens Sz 8
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike 5.0 Free 5.0 Tr Fit Nike 4 4 Prt Women's Shoes Size 5.5 1f545b0 - 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 5.0 Free 5.0 Tr Fit Nike 4 4 Prt Women's Shoes Size 5.5 1f545b0 - 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 5.0 Free 5.0 Tr Fit Nike 4 4 Prt Women's Shoes Size 5.5 1f545b0
    Athletic Shoes
    >
    ;