Never miss an update

Nike MEN'S Jordan Trainer 2 BRAND Flyknit MEN'S Hyper Jade SIZE SIZE 10 BRAND NEW acf87e7




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
Style: Athletic Sneakers
Color: Hyper Jade US Shoe Size (Men's): 10
Brand: Nike UPC: Does not apply
Never miss an update

Nike MEN'S Jordan Trainer 2 BRAND Flyknit MEN'S Hyper Jade SIZE SIZE 10 BRAND NEW acf87e7 - blurrypron.com

    Nike MEN'S Jordan Trainer 2 BRAND Flyknit MEN'S Hyper Jade SIZE SIZE 10 BRAND NEW acf87e7
    Nike MEN'S Jordan Trainer 2 BRAND Flyknit MEN'S Hyper Jade SIZE SIZE 10 BRAND NEW acf87e7
    Shoes Puma Tsugi Jun Sport Stripes Black Men 367519-04Nike Mercurial Vapor X SG-Pro Men’s Size 7.5 ACC Soccer Cleats 648555 108 New , NEW BALANCE US576ND4 576 NORDSTROM TRUE RED WHITE GREY BLACK NEW 9.5 , Nike Air Jordan Horizon Premium BHM Black History Month SZ US 15 822333-022 , Nike Air Presto Mid Utility - 859524 600Adidas D96609 Men I 5923 Running shoes pink SneakersNike Air Max 270 White Total Orange SZ 11 ( AH8050-102 ) NIB $150PUMA Men's BMW MS Future Kart Cat 2 Low Sneaker, White-Team Blue Black, 12 M USNike Air Max Plus TN Men's Shoes Size 12 Red Pure Platinum , Nike Shox Gravity Mens Running Shoes Triple White Size 9HOKA ONE ONE MEN BONDI 6 BLACK IRIS/STORM BLUE SHOE US 10.5 2E //3 /NEW 2017 ADIDAS ULTRABOOST ADIZERO PRIMEKNIT LTD NIGHT CARGO BOOST [BA7936] 8.5Adidas CQ2439 Men Stan smith New Bold Running shoes white sneakersFilling Pieces Low Top Paramaribo Laser 6-year anniversary Limited Taille 39adidas Originals Equipment Running Guidance ”All Gold” Trainer 9 UK /3ADIDAS Boost Icon 2.0 Mid Royal Blue Red Baseball Metal Spikes Cleats Mens 11 12 , ASICS Men's Gel-Nimbus 20 in Blueprint Race Blue Sz 8-12 NEW - Retail: $159.99 , Nike Air Jordan XXXI 31 Low Gym Red October Shoes 897564-601 Size 11 USNew Balance Mens 2018 1500 V4 Boa Fantomfit Mesh Upper Trainers , PUMA x FOOTPATROL TSUGI Shinsei Sashiko Sneakers 366125-02 Ltd Edition Kith , *NEW* Nike Air Griffey Max 1 Wheat 354912 200 Size 10.5 Ken Griffey JR Shoes 24Nike Air Zoom Talaria Mid FK Premium 875784-300 Palm Green Men Sizes NEW , New Nike Air Max Zero Essential 876070 101 White Black Mens Shoes Size 10.5Nike KD 8 Kevin Durant Mens Elite Black Gold Metallic 834185-071 Size 9 , Nike Dunk CMFT PRM AS QS Size 11 Black Hyper Jade 744309 001 NYC ASG DS New NIB , Adidas Pure Boost Limited Heather Grey S80703New Nike Lunar Command 2 Sz 11.5 Mens 45.5 Golf Shoes 849968 500 TW Blue White , Brooks Dyad 8 Mens Running Shoes (2E) (040) + FREE AUS DELIVERY!Adidas adiZero Adios Boost 3 Running Shoes Grey/White/Scarlet Men's Size 8
    Nike MEN'S Jordan Trainer 2 BRAND Flyknit MEN'S Hyper Jade SIZE SIZE 10 BRAND NEW acf87e7 - blurrypron.com>Nike MEN'S Jordan Trainer 2 BRAND Flyknit MEN'S Hyper Jade SIZE SIZE 10 BRAND NEW acf87e7 - blurrypron.com
    Dr Martens Unisex 1460 Vegan Cherry Red Cambridge Brush Vegetarian Ankle Boots , Ariat Women's Saddle Blanket Circuit Cruz Cowgirl Boot - MultiSam Edelman Paloma Black Over the Knee Boot 7471 Size 9.5 MK-Swiss Bigshot Light 3 White/Navy Men's Shoes , New I Love Billy Nolo Black&Red Flowe Womens Shoes Casual Boots Ankle , AB994 DI MELLA shoes blue leather men elegantLadies Fly London Yobe Work Smart Closed Toe Office Fashion Mid Heels All Sizes , PINUP GIRL BLACK AND CREAM OXFORDS BY B.A.I.T. SHOES NWB SZ 9Marais USA Jardin Heel 7.5 Blush Vegan PatentWomens Fashion Sexy Peep Toe Bandage Block High heels Sandals Summer Party ShoesNike Men's Lunar Command 2 Shield Golf Shoe 922050 001 Blk/Slvr/Slr Red Size 12 , EWINGS ATHLETICS 33 HI 50 GREATEST PLAYERS CREAM ROYAL ORANGE 1EW90187-738 S8-13Kobe 9 elite Victory green what the Kobe size 13 , Kenetrek Hardline ST 400 Work Boots - Insulated, Composite Safety Toe Sz 12 MCole Haan Zeno Slip on SHOE C24673 Black Leather w/Contrast Stitching SIZE 11 M , Asics Women's Gel-Blast 6 Ankle-High Running Shoe , Nike Flyknit One Lunarlon Green Orange Women's Shoes Size 9Nike Anodyne DS Flywire Running Shoes Women’s Size 7.5 – Dark Gray & YellowSalomon Womens Crossamphibian Swift W Athletic-Sandals, Deep Peacock Blue, 9.5 MPuma X Rihanna Fenty Trainer Hi Shoe Boots Size 8 Womens Green 190398 02 NewASICS Women's Gel Frequency 3 Walking ShoeNew Tory Burch Womens Laney White Running Shoes Size 9.5Nike W AF1 Jester XX White Reimagined Air Force 1 AO1220-101 Womens Shoes NIB , Leather Pointy Toe Combat Punk Boots Womens Metal Chain Decor L;ace Up S343New Womens Lady Stretchy Faux Suede Zipper High Heel Mid Calf Boots casual Shoes , Reba Size 6 M ZANIA Brown Leather Ankle Boots New Womens Shoes , Salomon 9187 Womens Hime High Brown Quilted Side Zip Winter Boots Shoes 10 $190 , New Womens Round Toe Leather Kintting Mid-calf Boot Flat Riding Casual Shoes H28Womens Sexy Pointy Toe Summer Hollow Mesh Leather Zip Ankle Boots Shoes SandalsCurrent Mood Player Slayer Boots NWT Size US 6
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike MEN'S Jordan Trainer 2 BRAND Flyknit MEN'S Hyper Jade SIZE SIZE 10 BRAND NEW acf87e7 - 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 MEN'S Jordan Trainer 2 BRAND Flyknit MEN'S Hyper Jade SIZE SIZE 10 BRAND NEW acf87e7 - 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 MEN'S Jordan Trainer 2 BRAND Flyknit MEN'S Hyper Jade SIZE SIZE 10 BRAND NEW acf87e7
    Athletic Shoes
    >
    ;