Never miss an update

BNIB Osiris Size 11.5 Osiris NYC 83 Vulc Shoes 11.5 White Vulc Teal Purple 6f93259




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: Osiris
US Shoe Size (Men's): 11.5 Style: Athletic Sneakers
Color: White UPC: Does not apply
Never miss an update

BNIB Osiris Size 11.5 Osiris NYC 83 Vulc Shoes 11.5 White Vulc Teal Purple 6f93259 - blurrypron.com

    BNIB Osiris Size 11.5 Osiris NYC 83 Vulc Shoes 11.5 White Vulc Teal Purple 6f93259
    BNIB Osiris Size 11.5 Osiris NYC 83 Vulc Shoes 11.5 White Vulc Teal Purple 6f93259
    Propet Men's One LT Sneaker, Dark Grey/Burnt Orange, 11 3E US , New Balance Mens Mw577vk Black-hook/Loop Walking Shoes Size 9 (46352)Altra Mens Lone Park Neoshell 3.0 Hiking Shoes Size 10.5 (41331) , The North Face Mens Sneakers Athetic Running Shoes Gray Orange Sz 11 , CONVERSE ALL*STARS WHITE LEATHER MEN'S 8 WOMEN'S 10 training shoes tennis casual , Mens Fila F-13V LEA/SYN Hi-Top Basketball shoes Size 10 Black/red/white (8-1277Vans x Bodega complexcon OG Mid Skool LX SIZE 13 MENS , AIR JORDAN FUTURE 656503 013 PURE PLATINUM SIZE 13 MICHAEL JORDANMen's Sz 14 Nike Train Ultrafast Flyknit Grey/Green Running Shoes 843694 006New Balance Mens Mcoaslk3 White/Black Running Shoes Size 9.5 (43330) , Mens Nike Lebron Zoom Soldier IX Basketball Shoes 749498-001 Black White Sz 7.5 , ADIDAS NEO LITE RACER shoes for men, Style DA9840, NEW, US size 10.5 , ASICS GEL CONTEND 4 shoes for men, Style T715N , NEW, GEL CUSHION, US size 11Vans Slip On Pro Skateboarding or Casual Shoes Sneakers SW Men size 9 , Mens KEEN DRY 'Marshall' Gray & Yellow Athletic Running Shoes SIZE 9 , Pro Keds Royal Lo Black on Black sz 8 mens red striped NEW SHOE Suede leatherVans Style 112 Mid Pro Frost Gray White Men's 13 Skate Shoes New GreyMENS BROOKS GLYCERIN 15 RUNNING SHOES SIZE 13 US 47.5 EU BLACK BLUE NAVY WHITENew Balance Mens Walking Shoes Size 9.5 (46462)Mens 10 44 Nike Kobe 9 NSW Lifestyle University Red Style Code 630774-600 Shoes , Reebok CrossFit Nano 7 Weave - Custom , Under Armour Curry 2.5 Mens Shoes Size 10 With Box , Puma Roma White with black accents Men's size 13 US new in boxJORDAN ECLIPSE ATHLETIC SHOE MEN SIZE 11 , NEW BALANCE 450 v3 shoes for men, Style M450SD3, NEW, 4E WIDE, US size 11.5 , JORDAN ILLUSION LOW ATHLETIC SHOE MEN SIZE 12MENS MBT SPORT LEATHER TEXTILE BLACK ORTHOPEDIC ATHLETIC WALKING SHOES 7 new , Merrell Mens Size 10.5 Outmost Vent Gray Athletic Trail Running Shoes ZW-195 , New Balance Running Shoes Sz 12D Fresh Foam Blue Model MARISCR1 New In Box B2 ,
    BNIB Osiris Size 11.5 Osiris NYC 83 Vulc Shoes 11.5 White Vulc Teal Purple 6f93259 - blurrypron.com>BNIB Osiris Size 11.5 Osiris NYC 83 Vulc Shoes 11.5 White Vulc Teal Purple 6f93259 - blurrypron.com
    Men/Women VOLTAGE-01 Black High quality and cheap Wholesale trade Suitable for color , Irregular Choice Peach Melba Red Womens High Heels Floral Party Court ShoesHot Spring Womens Square Toe Mid Chunky Block Heels Mules Bowknot Slippers Shoes , Sexy Awesome Super High Platform Stiletto Heel Nightclub Women Pumps Party Shoes , Jimmy Choo Cosmic Platform Pump Nude Patent Leather Womens size 10 / 40 $695 , Franco Sarto Women's Grip Flat Sandal - Choose SZ/ColorNIKE KOBE AD 922482-005 GREY SNAKESKIN CHROME RED DS SIZE: 8.5New Balance Men's Cypher Run Shoes Black with YellowUnder Armour Men's Slingflex Rise Sneaker, - Choose SZ/Color , Air Jordan 6 Retro Low 304401-106 SIZE 11.5 USA Pantone NEW DS , Nike Air Zoom Rookie PRM Galaxy Pack 558622 001 Size 9 Penny Foamposite IV Shoes , Merrell Men's Encore Chill Casual Moccasin - Choose SZ/Color , Mens Slip On Loafers Embroidery Shoes Flats Board Casual Canvas Clubwear stylishClarks Men's Stinson Hi 13633 - Tan Leather Wallabee Style Moc ToeGentleman/Lady Rockport Mens Wyat Wingtip Oxford Crazy price Quality First Excellent function , Wolverine Men's Raider Oxford Steel Toe Brown OxfordsHartt (by Cheaney) Gold Bond 11.5 B/C Antelope Hide Blucher Made in England , Man's/Woman's Sandal Keen Evofit One Gray/Yellow Beautiful design Orders are welcome Full range of specifications , ASICS WOMENS GEL-VENTURA 5 T5N8N-9070 RUNNING SHOESLAUREN RALPH LAUREN WOMEN'S WAVERLY BLACK SOFT BURNISHED CALF LEATHER SNEAKERSShoes Skechers Shape Ups So Spacey Everyday Comfort 99999830 gybl Womens GreySkechers Women's GOrun Forza 3 Running Shoe Black/White , Nike Air Max 24-7 Womens Style : 397292 , JUICY COUTURE WOMENS JMACICA WHITE WEDGE ANKLE BOOTS FUR TRIM NEW 9.5 M , Ralph Lauren New Sabeen Red Womens Shoes Size 8.5 M Boots MSRP $169Mr/Ms Blondo Women's Meggy Waterproof Snow Boot Beautiful design fashionable Diversified new design , Fashion Women's Hidden Heel Pull On Tassel Winter Ankel Boots Round Toe Sz10.5Rockport Brown Leather Ankle Boots, Women’s Size 6.5Women's Vionic Rory Leather Heel Booties Taupe US Sizes M WAntonio Melani Size 7 M Brown Leather Knee High Boots New Womens Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BNIB Osiris Size 11.5 Osiris NYC 83 Vulc Shoes 11.5 White Vulc Teal Purple 6f93259 - 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.

    BNIB Osiris Size 11.5 Osiris NYC 83 Vulc Shoes 11.5 White Vulc Teal Purple 6f93259 - 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
    BNIB Osiris Size 11.5 Osiris NYC 83 Vulc Shoes 11.5 White Vulc Teal Purple 6f93259
    Athletic Shoes
    >
    ;