Never miss an update

Womens mogochinese-29986 Nike 29969 Juvenate Pink Lightweight Lightweight Walking Fitness Fashion Trainers 729fb0d




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: Nike
Sole: Rubber Main Colour: Pink Blast/Pink Blast
Style: Trainers Lining: Textile
Colour: Pink Blast/Pink Blast
Never miss an update

Womens mogochinese-29986 Nike 29969 Juvenate Pink Lightweight Lightweight Walking Fitness Fashion Trainers 729fb0d - blurrypron.com

    Womens mogochinese-29986 Nike 29969 Juvenate Pink Lightweight Lightweight Walking Fitness Fashion Trainers 729fb0d
    Womens mogochinese-29986 Nike 29969 Juvenate Pink Lightweight Lightweight Walking Fitness Fashion Trainers 729fb0d
    Shoes Reebok Club C 85 Dcn Pink Women CN0874Nike Womens Lunartempo 2 Running Trainers 818098 504 Sneakers ShoesShoes New Balance Lazr Future Sport Charcoal Women WLAZR-HP , nike womens zoom elite 7 running trainers 654444 806 sneakers shoesNike Womens Zoom Span Running Trainers 852450 601 Sneakers ShoesPuma Suede Classic Womens 355462-77 Iron Gate Grey Winsome Orchid Shoes Size 8.5New Vivobarefoot Ultra 3 Mens EVA Navy Minimalist Vegan Sneaker TrainerShoes Reebok Cl Lthr Hw Pink Women BS9880Shoes Skechers Flex Appeal 2.0-Warm Wishes Brown Women 12892-CSNT , nike womens roshe one DMB running trainers 807460 600 sneakers shoes , Nike Womens Air Zoom Pegasus 32 Running Trainers 749344 Sneakers Shoes 405Nike Womens Lunartempo 2 Running Trainers 818098 401 Sneakers Shoes , Nike Womens Lunarglide 8 Runing Trainers 843726 Sneakers Shoes 405 , Adidas Originals Superstar Snakeskin S75127 Women's White Comfort Rare , Shoes Reebok Club C 85 Vtg Grey Women CN1295 , Shoes adidas Everyn W Green Women CQ2043Shoes Reebok Cl Lthr Shimmer Pink Women BS9865 , nike womens flyknit zoom agility running trainers 698616 403 sneakers shoes , New Vivobarefoot Ultra 3 Womens EVA Finisterre Black Minimalist Vegan Sneaker , Nike Womens Blazer Low Le Trainers Aa3961 Sneakers Shoes 104nike air max thea PRM womens running trainers 616723 402 sneakers shoesShoes Reebok Cl Lthr Satin Pink Women CM9800 , Nike Roshe One DMB Bright Crimson Diamondback LTD 807460-600 Red Rare , Nike Roshe One Premium Women's 833928-300 Olive Green Prm Rarenike womens rosherun flyknit running trainers 704927 403 sneakers shoes , Nike Free 5.0 Womens Running Trainers 724383 600 Sneakers ShoesNike Womens Roshe One Running Trainers 511882 Sneakers Shoes 094nike free 5.0 womens running trainers 724383 002 sneakers shoes , nike free 5.0 womens running trainers 724383 501 sneakers shoes
    Womens mogochinese-29986 Nike 29969 Juvenate Pink Lightweight Lightweight Walking Fitness Fashion Trainers 729fb0d - blurrypron.com>Womens mogochinese-29986 Nike 29969 Juvenate Pink Lightweight Lightweight Walking Fitness Fashion Trainers 729fb0d - blurrypron.com
    20cm hot Clear Extreme High Heels Platform Over-the-knee crotch High club Boots , Munro Women's Black/Brown Ankle Boots 11 M , Frye 8 B Wyatt Disc Cognac Brown Leather Women's Western Ankle Studded Cowboy , Womens TORY BURCH ELOISE Black Leather Tall Ankle Boots Sz. 8.5 MWoman's Black Witchery Holly Ankle Heel boot size 5.5 , Nike NSW W Air Presto [878068-101] Women Casual Shoes White/White-Gum , Zara Women Flat Leather Shoes With Tassels Size 6.5 NWTAlfani Womens Aleaa Almond Toe Ballet Flats , ECCO Round Toe Flats Rhinestone Vamp Accent Strap Platinum / US 7-7.5 , Clarks Women's Shoes Size 7.5 M Leather Brown Slip OnPrada Women's Pumps Size 36 6 Purple Gold Peep Toe Ankle Strap , GENTLE SOULS Black Heels Slingback COMFORT Peep Toe Women's US 6.5 $159NEW Elegant Ladies GALO Italian IVORY SLINGBACK heels Size 41.5 , Gentlemen/Ladies MANOLO BLAHNIKHangisi Jeweled Pump sz 38 Louis, elaborate Online export store Most practicalNIB Christian Louboutin Suzanna 100 Black Crosta Criss Cross Strap Heel Pump 41Prada Jacquard 20mm Espadrille Inchio MSRP $570 Size 36.5 , New Women's Denim Pearls Crystal Heels Fashion Strappy Mules Ethnic Casual ShoesMen's/Women's Bernie Mev 41 Wedge Packaging diversity Medium cost Contrary to the same paragraph , Dr. Comfort Kelly Women's Supportive Slide San Black - 8 Medium-WideNIKE New Arrival AIR HUARACHE RUN ULTRA Men's Breathable Size 11 Black|| BARGAIN || Asics Hyper MD 6 Mens Track & Field Shoes (0790)Nike Air Huarache Run Mens AH9710-002 River Rock Black Running Shoes Size 6 , 1710 adidas NEO CloudFoam Refresh Mid Men's Sneakers Sports Shoes BB9906Men's Los Altos Genuine Handmade Single Stone Stingray Western Boots J-Toe Wide , Orthofeet Shoes Mens Sz 12 EEEE ex wide EW Diabetic Footwear Leather Extra DepthNIKE AIR MAX ZERO SI WOMAN SIZE 6.5 NEW WHITE GREY COMFORTABLE LIGHTWEIGHT , Women's Nike Air Max 1 SE PRM -Vachetta Tan/White/Pure Platinum/Metallic SilverNEW Adidas NMD R1 J Black/White/Burgundy Maroon Oreo Grey BA7841 All NEW RARE , Dolce Vita Women's Findley Boot,Taupe,6.5 M USMan/Woman Dolce Vita Women's morey Fashion Boot for you to choose luxurious At an affordable price ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens mogochinese-29986 Nike 29969 Juvenate Pink Lightweight Lightweight Walking Fitness Fashion Trainers 729fb0d - 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.

    Womens mogochinese-29986 Nike 29969 Juvenate Pink Lightweight Lightweight Walking Fitness Fashion Trainers 729fb0d - 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
    Womens mogochinese-29986 Nike 29969 Juvenate Pink Lightweight Lightweight Walking Fitness Fashion Trainers 729fb0d
    Athletic Shoes
    >
    ;