Never miss an update

NIKE FLEX EXPERIENCE 3 rosheone 35.5-38 5.0 NEW free rosherun lite rosheone trainer lite 5.0 0874c4b




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
Country/Region of Manufacture: Indonesia US Shoe Size (Women's): variant
Product ID: 653701 601 , 653698 602 , 653701 402 , 653698 004 Style: Athletic Sneakers
outer packaging: on demand Material: Textile/Leather
Never miss an update

NIKE FLEX EXPERIENCE 3 rosheone 35.5-38 5.0 NEW free rosherun lite rosheone trainer lite 5.0 0874c4b - blurrypron.com

    NIKE FLEX EXPERIENCE 3 rosheone 35.5-38 5.0 NEW free rosherun lite rosheone trainer lite 5.0 0874c4b
    NIKE FLEX EXPERIENCE 3 rosheone 35.5-38 5.0 NEW free rosherun lite rosheone trainer lite 5.0 0874c4b
    Nike Women's Overplay VIII Basketball Shoes Sneakers Black/Anthracite/White 9.5M , Puma AMQ Alexander McQueen Move Mid Womens Trainers Black 357165 02 P3 , New Balance 420 SAMPLE WL420CRW Size 7 Atlas Gray Women’s Sneakers1K3Nike Roshe One Flyknit - SIZE 5.5 - NEW - 704927-803 Run Crimson Red White RunConverse CT All Star OX Women's Girls Casual Retro Fashion Plimsol Trainers BlacNew Balance 880v5 Running Shoes Women’s Size 8.5 B US Excellent Plus ConditionVANS Sk8 Hi MTE Tornado Atlantic Deep Water Resistant Suede Boots WOMEN'S 8 , New Balance Women's 530 Canvas Waxed Shoes Pink with Grey 12 BNike Women's Air Max Thea Print Lyl Blue/Lyl Bl/University Red/Wht Running ShoeNike Women's Cortez Classic Leather WHITE METALLIC GOLD 807471-106 sz 9.5 , Nike Air max 1 Essential womens trainers 599820 012 eu 38.5 us 7.5 NEW+BOX , New eileen fisher oodle sandals. size 6.5. , Reebok ZPrint Her MTM EPM Grey White Women Running Shoes Sneakers BD4541 , VANS WOMAN SNEAKER SLIP ON SHOES IRIDESCENT CODE CLASSIC SLIP-ON 18DGZCAsics Women's Size 6.5 GT-2000 4 Running Shoes T656N 9342, Gray Blue GreAsics Women's Gel-Quantum 180 2 Ankle-High Running ShoeSAUCONY - SAUCONY JAZZ ORIGINAL VINTAGE TRAINERS - vegan 9.5Womens New Real Leather Pearls Flats Bee Sports Sneakers Athletic Running ShoesMizuno 410637 Wave Inspire 11 Running Training Shoes Sneakers Purple WomensNike Convention Lowtop spark/orange peel colors clasic 417418 600New Balance 580 Tomboy Medium Women's Shoes Size 5.5 , Womens Adidas Originals Stan Smith Weave Pink White Casual Trainers B23487 , Converse x Missoni Women's Chuck Taylor All Star Hi in Egret Size 6-10 BNIB , Kenneth Cole Reaction Kam-Era 2 Fashion Sneaker - Women's Size 8.5M - GrayNEW Asics Gel Tactic B554N-0190 White/Black/Silver volleyball women shoe Size 14 , 7 WOMEN'S NIKE AIR MAX SAIL SWEET PINK RUNNING CASUAL WHITE MULTICOLOR 90 95 97 , Skechers You Burgundy Womens Casual Slip-on Low-top Sneakers TrainersBNIB GENUINE NIKE AIR RIFT PREMIUM QS TRAINERS SIZE US 8 , nike womens free 5.0 running trainers 642199 603 sneakers shoes CLEARANCE ,
    NIKE FLEX EXPERIENCE 3 rosheone 35.5-38 5.0 NEW free rosherun lite rosheone trainer lite 5.0 0874c4b - blurrypron.com>NIKE FLEX EXPERIENCE 3 rosheone 35.5-38 5.0 NEW free rosherun lite rosheone trainer lite 5.0 0874c4b - blurrypron.com
    Vince Camuto Women's Carlal Ankle Bootie - Choose SZ/ColorFRYE Distressed Melissa Brown Leather Boots Sz.7Nike Court Borough Mid PRM GS Hi Top Trainers 847746 Sneakers Shoes 200 , BURBERRY FERRIBY BLACK OVER THE KNEE BOOTS us $1295 , Man's/Woman's Country Road Black Leather Boots Economical and practical Online Exquisite workmanshipConverse Chucks Ctas Gemma Ox 555878C Rope White Mouse , New Django & Juliette Alex Old Gold Leather Old Gold Old Go Womens Shoes Casual , Gentleman/Lady Ladies Gabor Ballet Flats Style 74160-W Aesthetic appearance Attractive fashion Outstanding function , BURBERRY canvas checked boat shoes slip on women's size US 9 , Womens Chic Mink Fur Suede Leather Shoes pearls Heel Flats Slippers Mules Pumps , Clarks Medora Ally Drk Brown Nubuck Leather Mary Jane Shoes Womens 8.5M , FIC FLORAL Staci Women Wide Width Peep Toe Glitter Bow with Jewel Slingback PumpMOSCHINO Italian Ladies Shoes Heels Pumps SZ 36 US SZ 5 1/2 , GANT Women's Spring Green Chloe Pumps 10523592 $295 NWTSalvatore Ferragamo "Cranny" Black Satin Jeweled Block Heels Womens 6 B Italy , Stuart Weitzman Nudist Song Women's High Heels Sandals Navy Galaxy Denim Size 8 , Bohemia Womens Sandal Wedge Heel Platform Open Toe Floral Priting Shoes Sz winNike Men's Zoom Train Incredibly Fast Shoe NIB 844803 100 (Sz11&12) Wh/Blk/GreyMENS ADIDAS C-10 in colors BO ONIX / C BURGUNDY / C BLACK SIZE 10 , Altra Men's Provision 3.0 Road Running Shoe, Black/Red, 9.5 M US , Nike Air Jordan 1 Mid 554724-081 SIZE 11 USA ORANGE PEEL NEW DS , SNS x Adidas NMD R1 PK Datamosh 2.0 - Maroon Size 9.5New Nike Air Jordan 11 XI Retro Columbia White Legend Blue Black MVP Bred DS , Nunn Bush Strafford Woven Mens Slip-On Loafer- Choose SZ/Color. , Saint Laurent Men's Max Scratch Mid Top Sneakers In Black LeatherKenneth Cole Unlisted Half Time Men’s Cap Toe Oxford - Choose SZ/ColorNew Balance WX711BG2 Womens Size 8 B print running Training Shoes comfort heelNike Air Max Thea Ultra FK Flyknit Women's Shoes 881175 401 Sz 6.5 , NIKE iD CUSTOM Women's Free RN Running Shoe AA1613 994 Pinke Size 10 , New Fashion Leather Boots Casual Womens Round Toe Low Heels Retro Mid-Calf Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE FLEX EXPERIENCE 3 rosheone 35.5-38 5.0 NEW free rosherun lite rosheone trainer lite 5.0 0874c4b - 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 FLEX EXPERIENCE 3 rosheone 35.5-38 5.0 NEW free rosherun lite rosheone trainer lite 5.0 0874c4b - 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 FLEX EXPERIENCE 3 rosheone 35.5-38 5.0 NEW free rosherun lite rosheone trainer lite 5.0 0874c4b
    Athletic Shoes
    >
    ;