Never miss an update

Nike Air Vapormax Flyknit 2.0 Diffused Taupe Flyknit 942842-201 Navy 4380 Pink Men's Running 942842-201 e59f8e9




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
Modified Item: No
Color: Pink Style: Running, Cross Training
Brand: Nike
Never miss an update

Nike Air Vapormax Flyknit 2.0 Diffused Taupe Flyknit 942842-201 Navy 4380 Pink Men's Running 942842-201 e59f8e9 - blurrypron.com

    Nike Air Vapormax Flyknit 2.0 Diffused Taupe Flyknit 942842-201 Navy 4380 Pink Men's Running 942842-201 e59f8e9
    Nike Air Vapormax Flyknit 2.0 Diffused Taupe Flyknit 942842-201 Navy 4380 Pink Men's Running 942842-201 e59f8e9
    NIKE AIR VAPORMAX PLUS “VOLT” 2018 ITEM NUMBER 4581-14Jordan Air 1 Retro High Elephant Print Black/Gym Red Basketball Shoes Men's 10.5NIKE KOBE XI ELITE LOW 4KB SZ: MNS 8NIKE AIR JORDAN 12 XII RETRO THE MASTER 130690-013 Flu Game Taxi Playoff Cherry , Kobe Hyperdunk Supreme Milan DS Size 9.5 Style 333373-613 , USED AIR JORDAN XI WHITE BLACK CONCORD 2000 RETRO sz 9 space jam v iv x xiNike CJ81 Trainer Max shoes/sneakers, size US Men 10.5, with Transformer FigureMens Nike KD VII 7 PRM White Metallic Gold Pink 706858-176 Aunt Pearl Wings , Nike Air Jordan Retro IV 4 Laser White Chrome Metallic Silver 3M 30th LS Limited , NIKE MAGISTA OBRA 2 ELITE DF FG [AH7301 107] FOOTBALL FIRM SOCCER CLEATS SZ 7Man's/Woman's yeezy 350 v2 triple white cream Special price Has a long reputation Cost-effective , 2013 Nike Dunk Low Pro SB BLACK WHITE ICE BLUE CONCORD PURPLE 304292-043 NEW 12 , Man's/Woman's jordan Retro international 5 Year-end special promotions Comfortable touch Preferred boutiqueNike KD 7 N7 Kevin Durant KD VII N 7 Style 705135 486 Size 9.5 Men's , Gentleman/Lady air jordan 13 retro low High security low cost classic style , Nike Air Jordan Retro 5 Stealth Blue 136027-142 Size 11 White Sport Royal 2006Air Jordan 11 72-10 1 2 3 4 5 6 7 8 9 10 12 13 DB gold bred toes yeezy , Air Jordan 6 “Tinker” Size 13 *Confirmed*Air Jordan 13 Retro Low "Bred" - 310810 027 , ASICS GEL LYTE V 9.5 WOODLAND CAMAO BLACK WHITE TQK536-8890. JAPAN. H54AK-8890Man's/Woman's Nike Kyrie 4 Kix Size 12 Selling Sales Italy Popular recommendation2002 NIKE AIR JORDAN VI 6 RETRO LOW WHITE UNIVERSITY BLUE BLACK 304401-141 DS 11 , Adidas Ultra Boost 1.0 Wool Grey Silver S77510 LTD Size 15 , NEW MEN'S,NIKE KOBE BASKETBALL SHOES LEATHER US:IX MID EXT QS704286-001 B/B S.11 , Nike Air Jordan 3 Retro III Katrina Hall Of Fame Shoes136064-116 Men's Size 9NIKE AIR MAX PLUS Tn MENS COMFY SHOES PREMIUM LIFESTYLE CASUAL SNEAKERS , NIKE KOBE X 10 ELITE LOW RIVALRY CHESTER CHEETAH 747212 818 US MENS SHOE SZ 9.5Nike Dunk High SB Twin Peaks Night Owl Black 313171-006 9.5 Size 8.5VTG Nike Air Foamposite Pro Black Medium Grey 2002 sz 12 ,
    Nike Air Vapormax Flyknit 2.0 Diffused Taupe Flyknit 942842-201 Navy 4380 Pink Men's Running 942842-201 e59f8e9 - blurrypron.com>Nike Air Vapormax Flyknit 2.0 Diffused Taupe Flyknit 942842-201 Navy 4380 Pink Men's Running 942842-201 e59f8e9 - blurrypron.com
    Shoes Le Coq Sportif AZStyle 1711412 Man Suede Nylon Optical White Blue SneakerNike Brand New Authentic Rare Men’s Air Force 1 Year of The Snake Shoes US 10.5Gentlemen/Ladies TOPO HYDROVENTURE - Mens New product New products in 2018 Perfect processing , Mr/Ms Bordello TEEZE-2000 Clearance price Upper material Most practical , HUGO Womens Adreny Trainers, Beige Natural 103, 5 UKWomens Mens Europe Genuine Leather Slip On Loafers Flats Gommino Oxfords Plus SZMiss Albright Anthropologie Mary Jane Shoes Heels Red Strawberry Mod Cloth 9.5 , Vogue Brogue British Womens Buckles Wing Tip Leisure Carving Formal Dress Shoes , [BD2773] Womens Reebok Classic Leather Pastels - Spirit Collaboration Green , Rockport Women's Briah Gladiator Wedge Sandal - Choose SZ/Color , Superga Men's 2750 Cotu Classic - Choose SZ/ColorKEEN Men's 8.5 Brown Leather Waterproof Sport Hiking mesh Excellent , Nike Zoom Winflo 3 Shield 831561-003 Men's Running Shoes Gray/Green sz 14 in boxBrandblack Men's Gambetto Ankle-High Leather Tennis Shoe , New Mens 13 NIKE Vapor Speed 2 II Low Black Cleats Shoes $105 833380-001Fila Men's Original Fitness 11F16LT Sneaker White Retro ShoesSAUCONY KINVARA 5 MEN'S RUNNING NEW IN BOX MULTIPLE SIZES S20238-1 GREAT COLORS!Caterpillar, P90738, Creston 6" WP TX Comp Toe, Black , Hey Dude Men'S Renova Textile, Rubber, Memory Foam Fashion Sneakers , Gentleman/Lady New Clarks M dark brown (1876) Good design Order welcome Reliable reputationNunn Bush Men's Ian Loafer,Black,7 M USDerby KENZO Modèle DARRELL Veau Box Noir T 6,5 / 40 Etat Neuf , Skechers Game On Running Women's Shoes Size 5.5NIKE WOMENS DUALTONE RACER SZ 7 RUNNING CARGO KHAKI MEDIUM OLIVE 917682 303Asics Onitsuka Tiger Mexico 66 Slip-On Vibrant Yellow White Women D786N-0401 , Womens Nike Air Zoom Pegasus 32 Sz 5-11 Pink Pow/Black 749344-600 FREE SHIPPING , NEW BALANCE 574 SAFARI ZEBRA PACK RUNNING SHOES WOMEN'S SELECT YOUR SIZE , Nike Free RN Women's Running Shoe 831509 401 Size 7.5 , PRADA WOMEN'S CASUAL SHOES / SEAKERS ALL LEATHER BLACK 100% AUTHENTIC , Womens Flats shoes Round toe Rhinestons Pull on Winter Ankle Snow Boots CHIC new ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Vapormax Flyknit 2.0 Diffused Taupe Flyknit 942842-201 Navy 4380 Pink Men's Running 942842-201 e59f8e9 - 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 Air Vapormax Flyknit 2.0 Diffused Taupe Flyknit 942842-201 Navy 4380 Pink Men's Running 942842-201 e59f8e9 - 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 Air Vapormax Flyknit 2.0 Diffused Taupe Flyknit 942842-201 Navy 4380 Pink Men's Running 942842-201 e59f8e9
    Athletic Shoes
    >
    ;