Never miss an update

NIKE W TENNIS CLASSIC ULTRA TENNIS FLYKNIT 833860-301 Wmns OLIVE ULTRA FLAK ROYAL BLUE Wmns SZ 6.5 cb9b02d




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: All shoes are new and have box but the shoes will be shipped in a Priority Mail shoe box. The original shoe box will be broken down and packed inside the shipping box without the shoe box top. Shoe box top was removed in store for display purposes.
US Shoe Size (Women's): 6.5 Product Line: Flyknit
Brand: Nike Width: Medium (B, M)
Style: Tennis Fastening: Lace Up
Color: Blue/Green Country/Region of Manufacture: China
UPC: 826218027680
Never miss an update

NIKE W TENNIS CLASSIC ULTRA TENNIS FLYKNIT 833860-301 Wmns OLIVE ULTRA FLAK ROYAL BLUE Wmns SZ 6.5 cb9b02d - blurrypron.com

    NIKE W TENNIS CLASSIC ULTRA TENNIS FLYKNIT 833860-301 Wmns OLIVE ULTRA FLAK ROYAL BLUE Wmns SZ 6.5 cb9b02d
    NIKE W TENNIS CLASSIC ULTRA TENNIS FLYKNIT 833860-301 Wmns OLIVE ULTRA FLAK ROYAL BLUE Wmns SZ 6.5 cb9b02d
    NIKE FREE TR 6 Black White Grey 833413 001 Running WOMEN SIZE 7.5 8.5Vans Authentic - LEOPARD - Womens Shoes (NEW w/ FREE SHIP) Size 5-10 MULTI WhitePenny Loves Kenny Women's Crook Stretch Sneaker , Men's/Women's New Balance Womens 7.5 elegant International choice Complete specifications , NIKE FLEX 2016 RN WOMENS SHOES ASST SIZES BRAND NEW 830751 100 , NEW Womens ASICS Gel Venture 4 T383N 7990 Charcoal Magenta Black Sneakers ShoesNew Balance Womens SD100 Sprint Spikes Track Shoes 8 Black Teal New NB RacingWMNS Nike KOTH Mid Size 11 (749532 434) No Box Top , Womens size 6 NIKE Flex 2016 Run Gray Mango Running Sneakers Shoes NEW , NIB Skechers Go Step Mesh Walking Shoe Sneaker Black 14200 Womens Sz 9 $60Nike Women’s Lunarepic FK SHIELD GYAKUSOU Running Shoes Sz. 6 NEW 859890-300Nike Air Max Thea Blue Spark/Summit White Women's Running Shoes 599409-413 , Women's Shoes sneakers Converse CT All Star Eyerow Cut Out OX 551570 Studs sizeNew Woman's Black Adidas Running Athletic Shoes Size 6 , Unisex Adidas Superstar Classic In White/Navy, Size 6 1/2 Men’s = 8 1/2 Women’s , Adidas Originals Flashback FLB W WOMEN'S SHOES SIZE 8 $85 BY9302 , Women's Skechers Breathe Easy-FORTUNEKNIT - Charcoal - Wide Widths -NewReebok MemoryTech Massage Breast Cancer Awareness Pink/Gray 8.5 ShoesNike Zoom MC Lea Sneakers Womens 6.5 37.5 Black Pink Leather Dance Fitness ShoesBROOKS GHOST ATHLETIC SHOE WOMEN'S 6 NEUTRAL GRAY Teal NEON SIZE 9 , Women's Skechers Go Run Fast Invigorate - Black - Width: med - Cross TrainingWomen's Skechers - Flex Appeal 2.0-New Image - Black - W - Wide WidthsVtg 2002 NIKE AIR P9000 Women's Running Training Shoes White Blue Red Sz 9.5NIB VANS CLASSIC SLIP ON (MONO CANVAS) MILKY GREEN SHOES WOMENS 7 OR MENS 5.5Clarks Women's Sillian Paz Slip-OnConverse Chuck Taylor Hi Tops Midnight Indigo Blue Women Sneakers Shoes 157622FNEW Adidas Women's Edge Lux Bounce Running Shoes Black Training SneakersReebok Women's Sz 8 Highjacked Heritage Rose Gold Sneakers Shoes New , NIKE FLEX SUPREME TR 4 WOMENS SHOES ASST SIZES BRAND NEW 819026 004 ,
    NIKE W TENNIS CLASSIC ULTRA TENNIS FLYKNIT 833860-301 Wmns OLIVE ULTRA FLAK ROYAL BLUE Wmns SZ 6.5 cb9b02d - blurrypron.com>NIKE W TENNIS CLASSIC ULTRA TENNIS FLYKNIT 833860-301 Wmns OLIVE ULTRA FLAK ROYAL BLUE Wmns SZ 6.5 cb9b02d - blurrypron.com
    Man's/Woman's Pearl Izumi EM trail M2 mens wholesale Brand Different stylesNike Cortex Leather Black/White/Silver OG US11 Preowned Air Max Zoom SneakerNike Zoom Live EP Low Air Men Basketball Shoes Sneakers Trainers Pick 1 , New Balance U220NV D Navy White Men Running Shoed Sneakers Trainers U220NVDMCQ ALEXANDER MCQUEEN MEN'S SHOES HIGH TOP TRAINERS SNEAKERS NEW SWALLOW PLI C2D , PATRICIA GREEN WOMEN'S BECCA HIDDEN WEDGE TIE MOCCASIN SHOES IN MUSTARD 9 M NIB , NEW MAX MARA MM41 Navy Perforated Suede Leather Sneakers Shoes size 40 US 10$120 LUXURY REBEL ELENA Tan Snake Leather Designer Moccasin Loafers 7 , PLEASER ADORE-701UVG DELIGHT-609UVG Exotic Dancing Platform Slide/StrapWomens Suede Sequins High Wedge Pointed Toe Stilettos Pumps Fashion OL Shoe C328ALEXANDER MCQUEEN rose metal leather platform sandals - Size 9 US / 39 EU / 6 UKDVF 8.5 Black and Blue Booties SaleManolo Blahnik 38/7.5 Pepe Zebra Black Leather Ankle Strap Sandals Discount Sale , Saucony Triumph ISO 3 Size 8 M (B) Women's Running Shoes Purple S10346-1 , Puma Basket 68 Snake Sz 12 Black White 346415 01 Clyde VTGASICS Gel-Kayano Trainer Evo - Blue - MensNew 2014 Nike Roshe Run One Black Size 10.5ULTRA RARE SAMPLE New Mens 9 NIKE Air Max ST International Shoes 652976-003 , NIKE Zoom Maxcat 4 Sprint Volt Pink Track Running Spikes Shoes Mens Youth 6.5Nike Mens Air Presto Essential Running ShoeAIR JORDAN 1 RETRO HIGH OG 555088-114 sail/university red 1 Size 10.5 , ADIDAS YEEZY POWERPHASE [SZ 9 - 13] CALABASAS CORE BLACK GREY WHITE V2 CG6420 , Men Vlado Footwear Shoes Atlas lll Fashion White Size 7 , Uniform Black Oxford Band Parade School Military Cadet Soft Sole Dress Shoes , Mark Nason Los Angeles Women's Page Sneaker, Black, Size 6.5Adidas NMD_R1 W Shock Pink Core Black Running White BB2363 (452) Women's Shoes , Liz Claiborne Ladies Booties size 9,5 M Leather Upper Coffee Bean High Heel 4 inWomen’s Lucchese Western Cowboy Boots 7 BMr/Ms Ana Lublin - RIGMOR Elegant appearance Online export store Very practical , CLARKS Women's Brier Dolly Dress Pump - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE W TENNIS CLASSIC ULTRA TENNIS FLYKNIT 833860-301 Wmns OLIVE ULTRA FLAK ROYAL BLUE Wmns SZ 6.5 cb9b02d - 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 W TENNIS CLASSIC ULTRA TENNIS FLYKNIT 833860-301 Wmns OLIVE ULTRA FLAK ROYAL BLUE Wmns SZ 6.5 cb9b02d - 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 W TENNIS CLASSIC ULTRA TENNIS FLYKNIT 833860-301 Wmns OLIVE ULTRA FLAK ROYAL BLUE Wmns SZ 6.5 cb9b02d
    Athletic Shoes
    >
    ;