Never miss an update

NIKE ZM STREAK SPECTRUM PLUS NIKE PREMIUM 27554 MELON [AR1533-800] TINT-PURPLE SZ 11.5 [AR1533-800] 07b424c




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: ZM STREAK SPECTRUM PLUS PREMIUM
US Shoe Size (Men's): 11.5 Modified Item: No
Color: Purple Style: Running, Cross Training
Brand: Nike Width: Medium (D, M)
UPC: 091206511872
Never miss an update

NIKE ZM STREAK SPECTRUM PLUS NIKE PREMIUM 27554 MELON [AR1533-800] TINT-PURPLE SZ 11.5 [AR1533-800] 07b424c - blurrypron.com

    NIKE ZM STREAK SPECTRUM PLUS NIKE PREMIUM 27554 MELON [AR1533-800] TINT-PURPLE SZ 11.5 [AR1533-800] 07b424c
    NIKE ZM STREAK SPECTRUM PLUS NIKE PREMIUM 27554 MELON [AR1533-800] TINT-PURPLE SZ 11.5 [AR1533-800] 07b424c
    Air Jordan 1 Retro High OG Game Royal Blue Black White 555088 403 New in BoxAuthentic Adidas Raf Simons Stan Smith sz.9 Blush Yellow BZ0033 $400 Buy It Now!Nike Lebron 11 XI SZ 16 (641216-991) iD Purple Los Angeles Lakers King JamesNike Air Max 1 V SP SZ 14 Steel Green Patch 704901-300 , Nike Foamposite One XX ROYAL Sz 7 100% Authentic Retro 2017 OG Penny 895320 500 , NIKE AIR JORDAN 10 RETRO DARK SHADOW-TRUE RED-BLACK SZ 15 [310805-002]8 MENS - ADIDAS Raf Simons Stan Smith $455 White Mono Sneakers Shoes NEW 0127LF , Mr/Ms Jordan 7 Cardinal 2006 Elegant shape Selected materials professional design , BAIT x STRANGER THINGS x GHOSTBUSTERS x REEBOK EX-O-FIT Vintage Hi Clean Size 9 , NIKE MAGISTA OBRA II FG WHITE-BLACK-VOLT-PURE PLATINUM SZ 8 [844595-109]adidas NMD_R1 PK Black AQ1248 Men Black Boost 100% AUTHENTIC Yezzy RARE DS USA , Gentlemen/Ladies Ronnie FiegxKithxasics Gt-cool Express Size 11 Year-end special promotions Make full use of materials Modern and elegantAir Jordan Retro 14 Thunder Black Yellow Men's Pre-Owned 9/10 Size 9 , 315371-300 Men's Air Jordan SPIZIKE Shoe!!! OLIVE CANVAS/CONE-BLACKAir Jordan 10 Retro Powder Blue 2014 White Black X Men's DS 310805-106 , Reebok Question Mid Q96 9 Allen Iverson Blue The Answer shaq attack pump yankees , Air Jordan 5 V Retro OG Black Fire Red Shoes -Size 16 -845035 003 WMNS NIKE MERCURIAL SUPERFLY SG PRO MANGO SZ 10.5 WOMENS/MENS SZ 9 [749698-800]Mens NIKE AIR JORDAN 13 RETRO XIII Sneakers White/Black/Red ~ NEW Sz11.5 RareNew Ds New Balance Mt580 Mad Hectic Undefeated Pink 10.5 Rare Og Vintage Vtg StuNIKE AIR FORCE 1 LOW AIZOME SASHIKO JAPAN NAVY BLUE SZ 7 RARE!! [AR4670-444] , ADIDAS NMD XR1 "DUCK CAMO" OLIVE CARGO BA7232 US MENS SZ 4-11 kanyeGentlemen/Ladies jordan retro 5 white metallic service Low price Non-slipIN HAND 2018 NIKE AIR MAX 98 QS TOUR YELLOW HYPER GRAPE RUNNING DAY 924462-800 , Nike Zoom Mercurial XI Flyknit Black/Black-White-Anthracite 844626-001 SZ 11DS NIKE MCFLY MAG DUNK LOW SB PRO sz 10.5 presto off white kobe vapormax jedi , NIKE AIR DIAMOND TURF II PRM QS FSU FLORIDA STATE SEMINOLES SZ 9.5 [700867-600] , Armani Jeans men high top suede sneakers with logo US 11NIKE FLYKNIT MAX WHITE-BLACK-COOL GREY-WOLF GREY SZ 8.5 OREO RARE! [620469-102]
    NIKE ZM STREAK SPECTRUM PLUS NIKE PREMIUM 27554 MELON [AR1533-800] TINT-PURPLE SZ 11.5 [AR1533-800] 07b424c - blurrypron.com>NIKE ZM STREAK SPECTRUM PLUS NIKE PREMIUM 27554 MELON [AR1533-800] TINT-PURPLE SZ 11.5 [AR1533-800] 07b424c - blurrypron.com
    Kenneth Cole New York Women's Addy Western Bootie Double Zip Low Heel Leather , Boots Booties ANDRE Leather and Suede Midnight blue T 37 VERY GOOD CONDITION , Ladies Clarks Knee High Boots The Style - Maymie StellarLes Tropziennes par M. Belarbi Horse, Womens Sling Back Sandals, Brown TanLe , Nine West Charles Block Heel Pumps 148, Black Leather, 6 USDansko Melanie Amber Milled Nubuck Comfort Mule Clogs 37 6.5 - 7 NEW , Fabio Rusconi S-ROSITA Indigo Suede Flat Shoe - New in Box , Madewell Womens Teddy Gold Studded Loafer Shoes 8.5M Black Suede Slip On 36808VALENTINO GARAVANI Rockstud Ballerina Flat Black Patent Shoes Size 35 / us 5Women Cut Out Shining Platform High Heel Nightclub Sexy Mid Calf Boots Shoes NewFolk Womens Pointy Toe Embroidery Slip On Leather High Wedge Heels Mules Pumps , Retro Womens Med Heels Slingbacks Pointy Toes Wing Tip Sandals Carved Shoes Hot , Paul Green Munchen Wedge Heel Ankle Strap Dress Shoes Black Leather Women US 7.5Vera Wang Lavender Penny Women's Pink Platform Sandal 8MADIDAS SUPERNOVA GLIDE 3 W WOMEN'S RUNNING SNEAKERS SIZE 12.5 BRAND NEW , Jordan Flight Tradition Mens 819472-107 White Blue Basketball Sz 10 $130 , CQ2052 2017 Adidas Ado Terrex Agravic Light Onix White Stone Size 10.5 (4374)Nike Air Jordan 13 Retro Low “Hornet” Style Size 12Nike LeBron XII 12 Low Photo Blue & University Gold Gym Sz 10.5 NEW 724557 484{897521-100} Men's Nike Air Jordan Retro 2 Decon Sail *Brand New* , 2018 NIKE KYRIE 4 EP MARCH MADNESS NCAA IRVING KI WHITE ASIA XDR 943807-104Outdoor Mens Faux Leather Worker Cowboy Fur Lined Martin Boots Winter Warm Shoes , Dr. Martens Men`s Grayson Chelsea Boot 2976 Black Ankle Boots ALL SIZESMEN'S COLE HAAN HORSE BIT BLACK LEATHER CASUAL SLIP ON LOAFER SHOES sz 11.5 , Calvin Klein Size 10.5 Brown Leather Slip On Loafers New Mens Shoes , Nike Court Force Hi White/Varsity Red-Black 316117-161 Women's SZ 8.5 , NIKE W Air Max 270 Rg Womens Bq0969-600 Size 6 , ASICS Gel-Kayano 25 - Grey - WomensSkechers Women's Seager - Stat - Scalloped Collar, - Choose SZ/colorKenneth Cole REACTION Women's Time to Step to The Knee Fabric Riding Boot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE ZM STREAK SPECTRUM PLUS NIKE PREMIUM 27554 MELON [AR1533-800] TINT-PURPLE SZ 11.5 [AR1533-800] 07b424c - 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 ZM STREAK SPECTRUM PLUS NIKE PREMIUM 27554 MELON [AR1533-800] TINT-PURPLE SZ 11.5 [AR1533-800] 07b424c - 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 ZM STREAK SPECTRUM PLUS NIKE PREMIUM 27554 MELON [AR1533-800] TINT-PURPLE SZ 11.5 [AR1533-800] 07b424c
    Athletic Shoes
    >
    ;