Never miss an update

Nike Air Max running 90 Ultra Essential fitness 10, running Nike shoes 724981 006 size 10, 9fd7d12




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
Model: Nike Air Max 90
EUR Shoe Size (Women's): EUR 42 Style: Running Shoes
Color: White and Green Product Line: Nike Air Max
MPN: 724981 006 US Shoe Size (Women's): 10
Brand: Nike
Never miss an update

Nike Air Max running 90 Ultra Essential fitness 10, running Nike shoes 724981 006 size 10, 9fd7d12 - blurrypron.com

    Nike Air Max running 90 Ultra Essential fitness 10, running Nike shoes 724981 006 size 10, 9fd7d12
    Nike Air Max running 90 Ultra Essential fitness 10, running Nike shoes 724981 006 size 10, 9fd7d12
    DS NIKE 2016 SAMPLE AIR TECH CHALLENGE II GOLD DART 7 AGASSI MAX TRAINER COURTKeds Women's Crashback Leather Fashion Sneaker,New Black,6 M USNike Air Rift BR womens trainers shoes 848386 800 eu 38 us 7 NEW+BOXNew Keen Women's Terradora Waterproof Hiking 9m Astral Aura/Liberty 1016506Nike Womens Air Zoom Pegasus 34 Running Shoes Size 9 Ice Blue 880560 404 , Saucony Women's Ride 10 Running Shoe, White Blue, 8.5 Wide US , Nike Women's Air Max 90 Ultra 2.0 Polarized Blue / White Shoes 917523-400 Size 7Nike Women Metcon 4 Selfie Training Shoes AH8194 001 Black/Black Chrome Size 11New Puma 189954-01 Speed 500 Ignite 2 Poppy Red Women's Running Shoes 8 USSkechers Performance Women's Go Walk 3 Slip-On Walking Shoe, Navy/White, 6.5 XWWomen's Nike Metcon DSX Flyknit Training Shoe Black Grey White Size 6 849809 005Mizuno Women's Wave Lighting Z2 Volleyball Shoe, Black/Silver, 6.5 B US , ADIDAS WOMEN'S PUREBOOST X ALL TERRAIN BLK/WHITE/BLK RUNNING SHOE SIZE: 6 , NIKE AIR MAX 90 ESSENTIAL 616730-023 BLACK WHITE RUNNING RETRO WOMEN'S SZ 7NIB Nike Free RN Run Sneaker Blue Glow Black Crimson 831509-404 Womens Sz 10Nike WMNS Flex Adapt TR [831579-302] Women Training Shoes Hasta/Seaweed US 6.5 , Man/Woman ASICS GEL-Ziruss - Blue - Womens Aesthetic appearance New in stock Strong heat and heat resistance , Nike Womens Air Zoom Mariah FK Racer Running Shoes Sz 7-9 Black White AA0521 100Women's Nike Cortez '72 SI Leather Shoes NEW Black / White , MSRP $125adidas Performance Women's Pureboost Xpose Running Shoe - Choose SZ/ColorSketchers Shape Ups Mary Jane Shoes Sport Walking 11807 Black Size 9 WomensNEW Womens NIKE LUNAREPIC LOW FK 2 GYAKUSOU 10 Blue Fox Running Shoes 880287-400 , NIKE ROSHE RUN KJCRD Bronz/Blk/Sail/Wht WOMEN'S SZ 7 NEW 705217-700 AIR MAX QSNike Air Prestigo III Women's Pink White Low Top Size 7.5 #S78BNIB BASKETS SNEAKERS NIKE WMNS TENNIS AIR CAGE ADVANTAGE /US 7.5/New Nike Womens Free 5.0 BT Run Running Shoes 745383-001 Sz 7.5 Be TrueNike WMNS Air Max 1 Ultra Essentials [704993-401] Women Casual Deep Blue US 7.5New Balance Women's Minimus Sport Golf Shoe, - Choose SZ/Color , Air Jordan Nike True Flight Triple Black 342964 013 Basketball Shoe Womens 8
    Nike Air Max running 90 Ultra Essential fitness 10, running Nike shoes 724981 006 size 10, 9fd7d12 - blurrypron.com>Nike Air Max running 90 Ultra Essential fitness 10, running Nike shoes 724981 006 size 10, 9fd7d12 - blurrypron.com
    Demonia CRAMPS-200 201 202 Womens Platform Knee BootsAsics Lethal Testimonial 3 ST Mens Football Shoes (0153) + Free Aus DeliveryFlex & Go Sienna Womens Comfort Leather Ballet Flats Made In Portugal , Gentleman/Lady LUST-2001SQ Black Fine processing Strong value fineNEW DANSKO WOMEN'S AUDREY HOOK AND LOOP PUMP BLACK CRACKLE 42 12 MEDIUM $145Stuart Weitzman Mulearky Beige Womens Shoes Size 9 M Clogs & Slippers MSRP $398 , Huge Demonia 5.25" Wedge Heel Platform Vegan White/Black Creepers Goth Mod 6-11 , NAOT Womens She’s Size 43 12 Kirei Mary Jane Leather Flat Brown BurgundyALEJANDRO INGELMO BROWNISH RED LEATHER PLATFORM PUMPS Sz 39.5M MADE IN ITALYNIB Christian Louboutin Iriza 100 Grey Python Snake D'Orsay Heel Pump 35 $1395Brooks Ravenna 9 Size: US 9.5 M (B) Women's Running Shoes Blue 1202691B452 , Bella Vita Women's Switch II Slip On Shoe , 2018 NIB MENS PEOPLE FOOTWEAR THE WALDO SHOES $85 9 Really Black/Really BlackAdidas ZX Flux Milan Mint Green BB2762 Men's SZ 12Mens Low Shoes Desert Tactical Military Outdoor Slip Resistant Boots Durable New , Two Pairs Jordan Collezione 22/1 "Countdown Pack" 332566 991 Size 10.5Justin Boots Mens Shoes Size 9.5 Brown Leather - Style 191 - Casual WorkMens Leather Moccasins Driving Casual Boat Shoes Loafers Striped Slip Ons New N1 , Skechers USA Men's Citywalk Elison OxfordBlack12 M US , NAOT Men's Manyara Loafers, Brown, Leather, Suede, Latex, Cork, 43 M EU, 10-10.5 , Asics GT-1000 5 Athletic Shoes - Women's Size 10.5, Grey/Teal/PinkNew Balance 580 Seaside Highway Grey White Blue WRT580RE Womens Size 10 , adidas Womens W Adipure Tour Ftwwht/Lto Golf Shoe- Pick SZ/Color. , Aerosoles Women's Believe Fisherman Sandal Black Leather/Elastic Comfort Shoes , Gentleman/Lady Puma Ladies Eskiva Sneakers Durable service Let our products go to the world Seasonal promotion , NIKE AIR More Uptempo Women's Sz 7.5 HOT PUNCH Black Leather VOLT 917593 002 , Aerosoles Womens Allowance Ankle Boot- Pick SZ/Color.Jambu Women's Dover-Vegan Rain Boot Dark Brown/Tan 10 M USCrocs Women's LodgePoint Shiny Pull-On W Snow Boot - Choose SZ/color , Skechers Women's Flex Appeal2.0 Mixed Media Sneake - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Max running 90 Ultra Essential fitness 10, running Nike shoes 724981 006 size 10, 9fd7d12 - 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 Air Max running 90 Ultra Essential fitness 10, running Nike shoes 724981 006 size 10, 9fd7d12 - 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 Air Max running 90 Ultra Essential fitness 10, running Nike shoes 724981 006 size 10, 9fd7d12
    Athletic Shoes
    >
    ;