Never miss an update

New Balance - Women's 574V1 Shattered Pearl Sneaker Balance - Sneaker Choose SZ/Color 32aaae7




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: New Balance
Style: Shoes Manufacturer: New Balance
Size Type: Regular MPN: WL574CIB
US Shoe Size (Women's): Multiple Variations Model: WL574CIB
Never miss an update

New Balance - Women's 574V1 Shattered Pearl Sneaker Balance - Sneaker Choose SZ/Color 32aaae7 - blurrypron.com

    New Balance - Women's 574V1 Shattered Pearl Sneaker Balance - Sneaker Choose SZ/Color 32aaae7
    New Balance - Women's 574V1 Shattered Pearl Sneaker Balance - Sneaker Choose SZ/Color 32aaae7
    Vans Old Skool ATCQ All Black Red Women's 8.5 Men's 7 Skate Shoes New A TribeWomens Nike Benassi Sides Duo Rainbow White Custom 11WOMEN's ASICS - GEL-BLAST 7 (E658Y-4301) - Size 10 - 40% OFFNike Hyperdunk TB 2013 Gym 599527-601 Red Basketball Shoes Women's 13 NCAA newSuperga Women's 2224 Polywoolw High-Top Fashion SneakerAsics Gel Challenger 10 Vball Tennis Women's Shoes Size 10.5Man/Woman Sam Edelman Women's Baylee Sneaker for you to choose Won highly appreciated and widely trusted at home and abroad retail priceAuthentic adidas Originals Superstar Slip On Shoes Black Women Size 9 CQ2382 , Womens Nike Air Max 1 AQ6378-001 Desert Sand Brand New Size 12NEW adidas adipower Barricade - White Running, Cross Training (Women's 7)Adidas Stellasport IRANA stella mccartney BOOST SHOES Originals Women's US 8 RUNWomens Nike Air Huarache Run Pirnt 725076-007 Black/Khaki Brand New Size 6.5Adidas CC Fresh 2 W [B40621] Women Running Shoes Mint/Grey-White US 7.0 , NEW New Balance 990 Women's Breast Cancer Awareness Pink Made USA W990KM4 SZ 7 BNew Balance WMNS 530 NB women casual lifestyle sneakers NEW grey bordeaux creamyMen's/Women's CLASH-430 durable fashionable Most practicalAdidas Women's Originals Superstar Shoes S85139 White Sneaker , New Balance Women's 990 W990KM4 Komen Pink Ribbon Running Shoes Sz 7 , Adidas XCS Women Spikeless Cross Country Running Shoes S76865 Black Pink Size 8Nike Air Jordan 2009 White Red Men's - Size 11 , Women's Altra Footwear Zero Drop Running Shoes Blue Size 12 , Propet Washable Walker - Women's Casual Or White Leather - 11 X-Wide , Nike Air Zoom Cage 3 HC Tennis Shoes WMNS Gray Orange Quartz SZ 6 -918199-001 , New Balance Womens 996 Mid Retro Sneaker Boot Shoe WH996BXW Japan Rare Size 5.5 , Under Armour Womens Size 11 SpeedForm Velociti Graphic Re Grey Running ShoesWMNS NIKE AIR ZOOM 90 IT GOLF CLEATS "RORY MCILORY ( 844648 001 ) SIZE 6.5 , adidas Adizero Adios 3 Running Shoes Women's Size 8.5 Gray Continental Sole , Women's Converse Chuck Taylor All Star Tri Zip High Top, 544859C Size 7 Black/GoSALOMON S-WIND INCA 38-40.5 NEW running ultra speedcross crossmax xa pro
    New Balance - Women's 574V1 Shattered Pearl Sneaker Balance - Sneaker Choose SZ/Color 32aaae7 - blurrypron.com>New Balance - Women's 574V1 Shattered Pearl Sneaker Balance - Sneaker Choose SZ/Color 32aaae7 - blurrypron.com
    Charlotte Olympia Galactica Black Nappa & Gold Textured Leather Boot Sz 6.5/36.5 , Anatomic & Co Lins 838305 Mens Black Floater/Touch Shoes (MR)Gentlemen/Ladies Woman high heels nude Elegant and sturdy set meal In short supply Explosive good goods , Gentlemen/Ladies MOON-708MER Clear Black Excellent craft Attractive fashion Contrary to the same paragraphNine West Womens Seabrook Suede Ballet Flat- Pick SZ/Color.Women Trendy Floral Print Satin Square toes Leather Slippers Mules Slip on ShoesNEW $545 VALENTINO ESPADRILLE CANVAS STAR FLAT WHITE ON WHITE 38 , NIB NINE WEST MY DEBUT CROSS STRAP SANDAL - NATURAL SATIN - SIZE 9.5 , Chloe Women's Pumps Size 7.5 White Neon Pink Open Toe Strappy Pull On ClosureBNIB NEW J.Crew made Avery Suede Velvet Heels Shoes w/ Ribbon Bow well Sz 7.5! , Vince Camuto Size 6.5 Leather Gold Brown Pumps New Womens Shoes , Anne Klein Women's Meredith Peep Toe Pump, Natural Suede, 7.5 M USNew Womens Adidas Anyanda Flex Slide Fitfoam Sandals - B44265 Blue White Silver , Chinese Laundry Womens robbie Open Toe Casual Ankle Strap SandalsNEW NIKE USC TROJANS FREE TRAINER V7 WEEK ZERO SHOES MEN SZ 10.5 AA0881 600Adidas x PW Tennis Hu Pharrell Williams White Tactile Blue Human Race BY8718Clarks Padmore II 2 Navy 63365 Men'sNike Air Max 97 SP Country Camo Pack Italy Flag Men's Size 10 Sneakers Shoes DSDonald J Pliner “Victor” 2 Tone White Ivory Suede Leather Loafers Shoes 14 EXCConverse Womens Size 8 Chuck Taylor All Stars Ox Low Top Shoes Casual Blush , Man's/Woman's Drew Women's Rachel elegant Stylish and fun Excellent function , Skechers Women's D'Lites Rose Blooms Sneakeradidas Q44710 Womens W Tech Response Clgrey/Ft Golf Shoe- Choose SZ/Color. , NEW CLARKS WOMENS TRI BLOSSOM - WOMENS SPORT SHOES - BLACK COMBINATION , Ariat Women's Heritage RT Zip Paddock Black Upgraded Full Grain LeatherHOGAN WOMEN'S SHOES HIGH TOP LEATHER TRAINERS SNEAKERS H342 WHITE 741Burberry high top sneakers in fuchsia metallic leather Size US 6.5 - ½Luxury Womens Roman Gladitor Bandage Sandals Open Toe Over Knee High Boots ShoesSporto® Korrie, for Curations Waterproof Suede Duck Boot, Grey/Pinot 5.5M , Jeffrey Campbell Women's Speir Ruched Suede Ankle Boot Retail $198 size 10 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Balance - Women's 574V1 Shattered Pearl Sneaker Balance - Sneaker Choose SZ/Color 32aaae7 - 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 Balance - Women's 574V1 Shattered Pearl Sneaker Balance - Sneaker Choose SZ/Color 32aaae7 - 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 Balance - Women's 574V1 Shattered Pearl Sneaker Balance - Sneaker Choose SZ/Color 32aaae7
    Athletic Shoes
    >
    ;