Never miss an update

Nike Womens Shoes Air Force Shoes I Orange Retail Aster Pink Orange 315186-661 Size 7- $108 Retail e71ee41




Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: ONE shoe midsole is yellow look like their color is also kinda litter which is hard to notice please check all pictures
Gender: Women UPC: 882801300752
Country of Manufacture: China Style: Athletic
Color: Aster Pink Orange Sub Style: Sneakers
US Size: 7 Heel Type: FLAT
Heel Height: Flat (0 to 1/2 in.) US Shoe Size (Women's): 7
Width: Medium (B, M) Main Color: Aster Pink Orange
Brand: Nike Fastening: Lace Up
Material: Leather
Never miss an update

Nike Womens Shoes Air Force Shoes I Orange Retail Aster Pink Orange 315186-661 Size 7- $108 Retail e71ee41 - blurrypron.com

    Nike Womens Shoes Air Force Shoes I Orange Retail Aster Pink Orange 315186-661 Size 7- $108 Retail e71ee41
    Nike Womens Shoes Air Force Shoes I Orange Retail Aster Pink Orange 315186-661 Size 7- $108 Retail e71ee41
    ADIDAS SPRINGBLADE 6.5 running shoes G66652 , NEW Nike Roshe Two 2 SE Gold Dart/Gold Dart 881188-700 Women's Shoes Size 9.5 , Gentlemen/Ladies Dingo Women's Fashion 501/502 Queensland Wholesale trade Outstanding style[BW0400] Womens Adidas Vigor Bounce W Running Sneakers - Coral OnixWOMENS REEBOK CL LEATHER SEA-WORN in colors LIGHT PURPLE / WHITE SIZE 9.5NIKE DUALTONE RACER BLACK WHITE DARK GREY WOMENS RUNNING WMNS SZ 6-10 917682-003Converse One Star Platform Ox GOLD Sneakers 559924C Light Gold Egret SZ 9.5New Nike Womens Air Zoom Fearless Flyknit Running Shoes 850426-009 sz 7.5 multiWomens Nike Air Chukka MOC 1.5 LT Casual Boot - 472779-200Under Armour Women's Charged Rebel Running Shoes 1298670-100 Apollo Grey Blue , New Nike Flex Contact Womens Casual Running Sneakers all sizesNIKE AIR ZOOM MARIAH RACER MULTI COLOR WHITE BLACK VOLT SZ 12 WMNS OR 10.5 MENS , NEW! ASICS Gel-Fuji Lyte Womens Cross Training Running Shoes Shoe Size US 6.5Nike Wmns W Air Max 90 Pure Platinum Snakeskin 896497-004 Msrp $120 AS , New Balance Men's 247 Decon Grey Ivory Running Shoes MRL247DSASICS Women's GT-2000 5 Trail Runner, Aluminum/Silver/Orchid, 7 US , Women's Reebok Club C 85 Soft - - Width: med - Fashion SneakersMan's/Woman's Nine West Women's Tatiana Excellent craft High quality and economy business , Oliver Women's Series 5" Mid Industrial Hikers (OL21112) 9US Work Steel Toe NIBAdidas Women's Size 8.5 Alphabounce 1 Ash Pearl White Athleic Running Shoes New , Adidas Originals Swift Run Primeknit Aqua CQ2034 Women's Causal Shoes Size 6.5Summit White Mountain Women's Belton Slip-OnConverse by John Varvatos CTAS VTG Slip Ox Turtledove 156706C White Leather WMNS , NEW Asics Gel Tactic B554N-0190 White/Black/Silver volleyball women shoe Size 14Steve Madden Size 8 M EIRIS Black High Top Fashion Sneakers New Womens Shoes , Hush Puppies Cille Gwen Chukka Ankle Boot Sneakers Floral Black Suede Womens 6.5 , Mr/Ms Harley-Davidson Women's Jenkins Sneakers Shoes Complete specification Win the praise of customers Shopping promotionNike Women's Free RN Distance 827116-301 Size: 7, 7.5 , New Balance 847 v3 Size US 7.5 D WIDE Women's Walking Shoes White WW847WT3
    Nike Womens Shoes Air Force Shoes I Orange Retail Aster Pink Orange 315186-661 Size 7- $108 Retail e71ee41 - blurrypron.com>Nike Womens Shoes Air Force Shoes I Orange Retail Aster Pink Orange 315186-661 Size 7- $108 Retail e71ee41 - blurrypron.com
    Vintage Black Fluevog Zip-Up Angel Boots 6 , BZ530 2 STAR shoes green textile men slip on , Country Road Corina Sneaker | Women's size 36 Blue GreySkechers Womens/Ladies Bobs Sport Squad Hot Spark Trainers (FS5301)Women shoes leather pumps model SHARON Aus 2 to 10.5New Beltrami Paloma Be Womens Shoes Dress Sandals HeeledWomens GENTLE SOULS Soleful Metallic Bronze Loafers Shoes Sz. 5.5 NEW!Skechers Women's Seager-Stat-Scalloped Collar, Engineered, Natural, Size 9.0Sam Edelman Zaida Pointed Toe Ankle Strap Pumps 209, Putty, 7.5 USBELSTAFF Shoes SANDALS Pumps Size 38.5 EUR , GB35 Claraa Block Heel T Strap Sandals 434, Hibisbus, 9 US , New sz 6 / 36 Jimmy Choo Veto Light Denim Studded Open Toe Ankle Sandal Shoes , Womena Bow Wedge High Heels Open Toe Slippers Casual Slip On Beach Shoes Pumps T , New Mizuno 410779.9U13 Wave Enigma 6 Grey Women's Running Shoes Size 9.5 US PBWNike Air Flyknit Trainer SZ 4 Black White AH8396-007Nike Free RN 2017 Mens 880839-408 Obsidian Carbon Knit Running Shoes Size 10Nike LeBron XIV 14 White Wine Cavs Team Red Camo Gum Light Brown 852405-104Adidas Y-3 Kaiwa Sneakers Black Size 7 8 9 10 11 12 Mens NMD Boost Y-3 Ultra New , Men’s 2014 Nike Air Max 95 OG V SP Patches Neon Green black grey volt 10.5 , Hush Puppies Men's Shoes Performance Expert Black Leather , DVS Glacier Woman's Size 6.5 Cold Grip Technology Snow Winter BMX Skate Boots , New Balance CW620 Summit-W Womens Summit Running Shoe- Choose SZ/Color.Wmns Nike Air Zoom Pegasus 33 Sz 11 White/Pink/Green 831356-106 FREE SHIPPING , ECCO Women's Vibration II Togel SneakerSilver/Silver Metallic/Shadow42 EU US ... , Women BY4562 Adidas Edge lux Running shoes pink sneakers , 1801 adidas Originals ZX 750 Women's Sneakers Sports Shoes BY9274 , Beautifully Worn-In JUSTIN L3163 LADIES CLASSIC ROPER BOOTS Brown Leather 7.5 C , Women Pointed Toe Rhinestones Decorated Ankle Boots High Block Heel Party ShoesDolce Vita Kara Gray Womens Shoes Size 6.5 M Boots MSRP $130 , Sam Edelman SoftWalk Black Leather Leopard Calf Hair Size 6.5/7 Petty Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Womens Shoes Air Force Shoes I Orange Retail Aster Pink Orange 315186-661 Size 7- $108 Retail e71ee41 - 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 Womens Shoes Air Force Shoes I Orange Retail Aster Pink Orange 315186-661 Size 7- $108 Retail e71ee41 - 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 Womens Shoes Air Force Shoes I Orange Retail Aster Pink Orange 315186-661 Size 7- $108 Retail e71ee41
    Athletic Shoes
    >
    ;