Never miss an update

Nike WMNS 34 Air 28976 Zoom Pegasus 34 [880560-103] Women Running Nike Shoes White/Anthracite 063500c




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
MPN: 880560103
Style: Athletic Brand: Nike
US Shoe Size (Women's): 4-18
Never miss an update

Nike WMNS 34 Air 28976 Zoom Pegasus 34 [880560-103] Women Running Nike Shoes White/Anthracite 063500c - blurrypron.com

    Nike WMNS 34 Air 28976 Zoom Pegasus 34 [880560-103] Women Running Nike Shoes White/Anthracite 063500c
    Nike WMNS 34 Air 28976 Zoom Pegasus 34 [880560-103] Women Running Nike Shoes White/Anthracite 063500c
    Adidas Originals ZX Flux ADV Virtue W [CP9883] Women Casual Shoes White/BlackMizuno Wave Sky Pink White Blue Women Running Shoes Sneakers Trainer J1GD17-0239 , NIKE WMNS AIR MAX 90 PREMIUM FIREBERRY US10 (443817 600)Adidas Originals Stan Smith W [CP8912] Women Casual Shoes White/White-GreenRoberto Festa Women's Moon Crushed Velvet Peep-Toe Platform Grey Velvet Sandals1803 Nike LunarSolo Women's Training Running Shoes AA4080-012 , Mizuno Wave Rider 21 Women's High Rise/Graystone/Persimmon 9769K9LSalomon Women's Wings Pro 2 W-W Trail Runner , PRADA LINEA ROSSA Cap Toe Sneakers sz 36Dansko Women's Marietta Mid Calf Boot Black Burnished Nubuck Comfort Shoes , 1802 Nike Free RN Women's Training Running Shoes 880840-200 , WMNS NIKE AIR HUARACHE RUN US 6 36.5 TRIPLE WHITE 634835-106 PURE PLATINUDan Post Boots Women's 12" Goat/Inlay DP3256 Brandy/Chocolate , Adidas Originals Campus W [BY9841] Women Casual Shoes Raw Pink/White , Dansko Women's Delphina Peep Toe Bootie Aged Bronze Metallic Leather Zipper1802 Nike LunarSolo Women's Training Running Shoes AA4080-001 , Reebok Crossfit Nano 8 [CN2977] Women Training Shoes Black/White , Nike NSW W Lunarcharge Essential [923620-405] Women Casual Shoes Navy/SailClarks Women's Wave Grip Quarter Strap Sandal Smokey Brown Pig Nubuck SlingbacksNike WMNS Odyssey React [AO9820-007] Women Running Shoes Thunder Grey/Geode TealBrooks Trance 12 Womens Runner (B) (210) + Free Aus Delivery , Adidas Originals Pharrell Williams Tennis HU W [AQ0988] Women Casual Shoes PinkAsics Gel Netburner Super 7 Womens Netball Shoe (B) (6743) + FREE AUS DELIVERYAdidas OriginSuperstar BW3S Slipon W [CQ2518] Women Casual Shoes Off White/Black , * NEW * Brooks Glycerin 14 Womens Cushioned Running Shoe (B) (496) , Cape Clogs Women's PIA Orange Strappy Sandal Orange Heeled SandalsNIKE WMNS AIR MAX 90 PREMIUM FIREBERRY US9.5 (443817 600) , Adidas Adizero Boston 7 W [BB6498] Women Running Shoes Turquoise/Aqua , **LATEST** Asics Gel Netburner Super 8 Womens Netball Shoes (B) (400) ,
    Nike WMNS 34 Air 28976 Zoom Pegasus 34 [880560-103] Women Running Nike Shoes White/Anthracite 063500c - blurrypron.com>Nike WMNS 34 Air 28976 Zoom Pegasus 34 [880560-103] Women Running Nike Shoes White/Anthracite 063500c - blurrypron.com
    Corral Wing Tip Circle Studded Cowboy Ankle Boots Brown Size 9.5 G1134Asics GEL-Kenun Lyte [T830N-0196] Men Running Shoes White/Glacier Grey , adidas Tubular Defiant **NEW IN BOX RRP$169**Black/White Shimmer UK7/US/8.5/EU41 , Kamik Women's Sharonlo Shoe, Red, 9 Medium USmadden girl Lorna Open Toe Slip On Heels 835, Taupe, 8.5 USJeffrey Campbell Jewel Sandals Womens 9 Black Suede Stiletto Heel Pola Ibiza , SEXY Nine West GRAND SLAM Women US 12 M Black Leather Peep Toe Sandals Heels , $175 VIA SPIGA EVELINA Cappuccino Leather Designer Platform Wedges 8.5 , $795 Jimmy Choo Heels Natural Glossy Elaphe animal print SANDALS SZ 37.5 , Air max 90 ultra 2.0 nike tennis shoes sz 6.5 , Yorkshire Dog Slip Ons For Women-Free ShippingNike 2011 Men's Zoom Hyperfuse Black White Green Size us 14 454146-005Puma Kite Mens Sneakers / Shoes - White and Green - 5901Under Armour Verge Low US 14 M Grey Mesh Hiking & Trail Sneakers Mens Shoes $125 , NEW BALANCE 2018 NWT SECONDS MADE IN THE USA M990SG4 MEN 9 D , NIKE ROSHE ONE HYPERFUSE BR MEN Size: 13.0 NEW CRIMSON RARE AUTHENTIC COMFORTDaniele Lepori Slip-on Leather Sneakers, Men's Casual Shoes, Made in Italy, Blue"Mens" Konigs - Komet - Leather Riding Boots sz 10 USA ( 42 cm Calf )Twisted X Boots Men's MRS0059 Ruff Stock Cowboy Boot Bomber/Ivory LeatherLucchese HX2505.W8 Archer Mens Chocolate Goat Leather Cowboy Western Boots , Nike Air Jordan Retro I 1 "23/501 Levis Denim Pack" Bred Galaxy IV Knicks Lin PENew Florsheim Imperial Como 13 B burgundy (2543)Moreschi Mens Cap Toe Oxford Italian Shoes Sz 13 Peccary & Calfskin Leather , Magnanni 'Carey' Burgundy Tobacco Single Monk Dress Shoes Size 11 M $350 *Nike Air Max Thea Ultra Flyknit Women Grey/White Running Shoe 881175-002 All Szs , Reebok Classic Nylon X FACE Womens Trainer Pink UK Size 3.5 to 6.5 New Runner , Reebok Club C 85 DCN Luna Pink Chalk Leather Women Casual Shoes Sneakers CN0874 , Over Knee Boots Women Stilettos Round Toe Simple Knight Boots ZsellXOXO Women's Trishh2 Slouch Boot, Taupe, 6 M US - Choose SZ/ColorNEW $260 Womens Woolrich Mustang Boots in Java Brown Leather sz 11 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike WMNS 34 Air 28976 Zoom Pegasus 34 [880560-103] Women Running Nike Shoes White/Anthracite 063500c - 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 WMNS 34 Air 28976 Zoom Pegasus 34 [880560-103] Women Running Nike Shoes White/Anthracite 063500c - 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 WMNS 34 Air 28976 Zoom Pegasus 34 [880560-103] Women Running Nike Shoes White/Anthracite 063500c
    Athletic Shoes
    >
    ;