Never miss an update

New Men's LE Under Armour Spotlight LE 1275481-611 Cleat - Ohio UA 1275481-611 - UA Football ce7b7d0




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: Under Armour
Width: Medium (D, M) Style: Cleats
Never miss an update

New Men's LE Under Armour Spotlight LE 1275481-611 Cleat - Ohio UA 1275481-611 - UA Football ce7b7d0 - blurrypron.com

    New Men's LE Under Armour Spotlight LE 1275481-611 Cleat - Ohio UA 1275481-611 - UA Football ce7b7d0
    New Men's LE Under Armour Spotlight LE 1275481-611 Cleat - Ohio UA 1275481-611 - UA Football ce7b7d0
    Nike Air Jordan 3 Retro Wolf Grey Size 9.5Man's/Woman's nike kyrie 1 “rise” High-quality discount price Very good color , NIKE 2014 AIR MAX 93 MEN'S SHOES 306551 100 SIZE 10 BRIGHT CITRUS2009 DS NIKE AIR MAX 95 FRESHWATER SZ 13 609048-135 *Rare* , Diadora Intrepid Packer Shoes "FROM SEOUL TO RIO”Lacoste ENDLINER 317 2 - Black - Mens , Brooks Beast 16 Running Shoes - Men's Size 11D - Black , *New* Nike Air Oscillate XX Men’s Size 13 White/Midnight Navy/Black 918195-104 , Nike Flex 2016 Rn Running Men's Shoes , Saucony Redembeer Iso Wide Running Men's ShoesMens Nike Flyknit Trainer Size 10.5 (AH8396 300) No BoxNike Metcon 1 Wolf Grey/White-Cool Grey-Volt Men's Size 7.5 704688 017 New 2 3 , Nike Air Force 1 Low Supreme Safari 2007 Carrot Black Grey 318776 801 Men Sz 9.5Converse Chuck Taylor All Star Mens Waterproof Boots Off Grey 558819C NEW Size 7 , Adidas Mens Size 9 Tubular Shadow Knit CK Tactile Blue Athletic Casual Shoes , Nike Mens Flyknit Streak Running Pure Platinum White Shoe 835994-002 Size 8 $160Mens Nike Lunarglide 8 Sz 7-13 Racer Blue/Black AA8676-400 FREE SHIPPINGASICS GEL-Lyte V NS - Blue - MensJordan Reveal men lifestyle casual sneakers NEW light bone sail 834064-005NIKE FREE RN FLYKNIT 2017 BLUE FOX WHITE TOTAL CRIMSON 880843 401 US MENS SZ 14 , Nike Air Zoom Pegasus 33 OC Running Shoes Mens 846327-999 NEW w/o Box 10.5 11.5Adidas Ultra Boost Uncaged "Non Dyed" White/Navy Oreo Size 9.5 BA9616Nike SB High Dunk Size 10 Khaki Navy Blue Red , MENS NIKE AIR MAX JORDAN 8 VIII RETRO BUGS BUNNY 305381-103 SIZE US 13 - USEDASICS GEL-LYTE V 5 HN6C3-2525 MONOTONE PACK RED DS SIZE: 10.5 , NIKE PAUL RODRIGUEZ 9 R/R MEN'S SHOES SIZE 12 NEW IN BOX 749564 010NEW Mens Sz 9 ADIDAS Rockstack Mid M18502 Brown Outdoor Boots Sneakers Shoes , Men's Nike Classic Cortez Leather Shoes White Black Size 10 749571 100 NIB , Nike Metcon 2 II men training train gym sneakers shoes NEW wolf grey 819899-005
    New Men's LE Under Armour Spotlight LE 1275481-611 Cleat - Ohio UA 1275481-611 - UA Football ce7b7d0 - blurrypron.com>New Men's LE Under Armour Spotlight LE 1275481-611 Cleat - Ohio UA 1275481-611 - UA Football ce7b7d0 - blurrypron.com
    Nike Air Jordan 1 Retro 89 Fire Red 599873603 US9.5 UK8.5Asics Mens Black Gel Kayano 25 Running Training Shoes US SizesNIKE WOMENS CLASSIC CORTEZ CE OCEAN BLISS GOLD CASUAL SHOES 2018 *FREE POST AUST , Mens Clarks Smart Slip On - Claude Aston , Planet Shoes Iris Womens Leather Flat Supportive Comfort Sandals , Clogs WOMAN Blacks- Made in Italy 35 up to 41 - Heel 8-K5101 BLACK , New ETRO Paisley Classic Print Sneakers 36 (net A Porter) , JUICY COUTURE "LEAH" BLACK BALLET SHOES SIZE 7.5ZOE WITTNER SHOES BROWN BEIGE BLACK WHITE LEATHER SANDALS HIGH HEELS 40 US 9NIB Isaac Mizrahi New York Gina Pump 5.5 6 7 7.5 8 black patent with bow , LAMB Beige Black Leather Platform Mary Janes Heels Sandals SZ 8.5 MBella Vita Women's Joni Slingback Denim Suede Heels , L.A.M.B. Women's Kapono BLACK Wedge Heels Sandal LAMB Ankle Leather & FabricNew Dansko Jacinda blush shimmer sandals. SZ40. RT$130.Mr/Ms MEPHISTO WOMEN'S GETHA WALKING COMFY SANDAL New product fashionable have fun , NIKE AIR JORDAN REVEAL SNEAKER SHOES BASKETBALL SHOES MENS 12 , Nike Zoom Kobe Venomenon 5 "Lob City" - Size 11.5 (NWB)USED MENS NIKE AIR JORDAN X 10 NYC BLACK BB 310805 012 SZ 9 MAX AIR FREE 1 , MEN'S SHOES SNEAKERS ADIDAS ORIGINALS SAMBA OG [B96324] , Puma Mens Ignite Wave Evoknit Limited Edition Cork Shoe Blue Olive 365858 Sz 10 , Asics Gel Lyte 3 X MJC Spécial Pack 10/10,5us , #R MENS TORCIVIA MOTORCYCLE LEATHER BROWN BOOTS SIZE 42 , MAISON MARTIN MARGIELA FUTURE HIGH TOP SNEAKERS RED , Men's Cinch Edge Dip Chew Can Square Toe Pull On Western Boot - CEM156Mezlan Mens Masi Fashion SneakerUK/- Pick SZ/Color.New FILA Womens CENTER COURT B WHITE FS1SIA3090X UNISEX SIZE TAKSENike Roshe Two Floral Print Womens Sz 6 White Pink Blue Brand New CustomNew Balance WW847BK Women's Walking Shoes, Black, 6, New, Free Shipping US48! , SALE***FINN COMFORT-sensitive feet,NAIROBI;Womens 9 1/2 US (7 UK) JL-75Womens High Wedge Heels Round Toe Faux Fur Ankle Snow Boots Warm Pump Shoes Size
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Men's LE Under Armour Spotlight LE 1275481-611 Cleat - Ohio UA 1275481-611 - UA Football ce7b7d0 - 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.

    New Men's LE Under Armour Spotlight LE 1275481-611 Cleat - Ohio UA 1275481-611 - UA Football ce7b7d0 - 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
    New Men's LE Under Armour Spotlight LE 1275481-611 Cleat - Ohio UA 1275481-611 - UA Football ce7b7d0
    Athletic Shoes
    >
    ;