Never miss an update

Nike Tennis Zoom Streak Men's Training Training mogochinese-21255 Tennis Shoes Racing Pink Black 831413-600 84b0717




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Style: Athletic Sneakers
Color: Multi-Color Width: Medium (D, M)
Country/Region of Manufacture: China Brand: Nike
Never miss an update

Nike Tennis Zoom Streak Men's Training Training mogochinese-21255 Tennis Shoes Racing Pink Black 831413-600 84b0717 - blurrypron.com

    Nike Tennis Zoom Streak Men's Training Training mogochinese-21255 Tennis Shoes Racing Pink Black 831413-600 84b0717
    Nike Tennis Zoom Streak Men's Training Training mogochinese-21255 Tennis Shoes Racing Pink Black 831413-600 84b0717
    Saucony Jazz Original Vintage S70368-15 White Black Mens Sneakers TrainersASICS Men's Gel-Craze TR 4 Black/Black/White 8.5 D US , New Balance Mens Size 12.5 Low Molded Baseball Cleats Red WhiteMens Nike Magista Onda II FG Soccer Cleats Size 10.5 Black Blue White 3D TextureADIDAS ORIGINALS TUBULAR MENS SIZE 11 SNEAKER CG5071 INVADER STRAP EASY BLUEAdidas CF Lite Racer Men's Running Shoes B42167 Dark Blue Size 9.5 , Vans Iso 1.5 Men's Trainer Running Shoes Shoes Summer Shoes Canvas Shoes NEW , NIKE LUNARCONVERGE MEN'S SHOES REG. $75 SIZE 11.5 , Men's NIKE Lunarglide 8 RUNNING Shoes Size 11, 13 Blue AA8676 400Men/Women Men`s Jordan J23 854557 004 Attractive and durable Settlement Price Excellent workmanshipMen's/Women's adidas skateboarding shoes Many varieties New products in 2018 a lot of varietiesNike Vapor Speed Turf LAX Men's Lacrosse Cleats NEW! Sz 8Adidas Mens Ace 16.3 Primemesh Yellow Soccer Shoes 10.5 Medium (D) BHFO 8405 , Nike Men's Shoes Toki Low Leather 555270-040 Dark Charcoal Gamma BlueNew Balance MC696WT3 Men's Tennis Shoes White and Black Leather/Mesh Upper , Nike NikeLab Free Inneva Woven Motion White Platinum Sail 894989 001Men's/Women's nike dunk supreme high durability delicate Lightweight shoesVans Mountain Edition Waxed Suede Hummus Shoes Size Men 8.5 Women 10 , 316664-011 Nike Blazer High (dark grey / white / varsity red Size 12 BROOKLYN , NIKE VAPOR SPEED TURF TF LAX Solar Flare Volt/Total Crimson 856585 798 mens 9.5New Vans Sk8 Hi Reissue Ginger Suede Leather Men's Shoes Sneaker Size 11.5 , CONVERSE TRAINERS CHUCK TAYLOR ALL STAR OX NAVY CANVAS SHOESNike ZOOM PAUL RODRIGUEZ 2.5 Black Charcoal Gray Red Skate (118) Men's Shoes , Nike SB Stefan Janoski SE Black Gum Brown Gold Grey Sz 10.5 631298-020 , Converse CT AS HI Top Unisex Shoes Rose Quartz/White/Black 157628f , Adidas Crazylight Boost Black Blue(D70294) Size 9 Mens S111394667 , NEW Men's Adidas Cosmic 2 Shoes Size: 7 Color: Black/Navy , NEW BALANCE KAYMIN TRAIL FRESH FOAM BLACK MTKYMLB1 MENS US SIZES , New UA Under Armour Highlight California Bear Sz 15 Football Cleats 1275479-130
    Nike Tennis Zoom Streak Men's Training Training mogochinese-21255 Tennis Shoes Racing Pink Black 831413-600 84b0717 - blurrypron.com>Nike Tennis Zoom Streak Men's Training Training mogochinese-21255 Tennis Shoes Racing Pink Black 831413-600 84b0717 - blurrypron.com
    PLEASER MOTORCYCLE STILETTO HEEL PLATFORM CHAPS CROTCH THIGH HIGH WOMENS BOOTS , FRYE Women's Julia Chain Tall Harness Boot Black 8 B(M) USMan/Woman Sneakers Hogan Traditional Comfortable feeling Good market Exquisite workmanshipNew Balance Women's Fantom Fuse Racing Shoe , Womens Woven Gold Leather Mules Flats Slides Sandals Slip Ons Flip Flops LoafersNew! GIUSEPPE ZANOTTI Women's Black Crepe Satin Peep-Toe High Heel Pumps US40 , FENDI Gold Edition Black & Gold Leather Slide SandalsNIB Authentic $150 ORIGINAL ADIDAS STAN SMITH Snake Embossed Leather Shoes Sz 9MADIDAS ORIGINALS TUBULAR SHADOW SZ 9.5 CORE BLACK RUNNING WHITE CQ0930Men/Women Jordan Eclipse - 724010 015 We have won praise from our customers. Win highly appreciated Outstanding functionPolo Ralph Lauren Men Leather Tartan Boots Size 8 Made in USADr. Martens 1460 Pascal Mens Black Leather Casual Dress Boots Shoes , Calvin Klein Men's Willy Oxford - Choose SZ/color , Men's/Women's Epic - Cognac Milled URGE Footwear flagship store Has a long reputation Reliable reputation , Rockport Men's Pre Owned Essential Waterproof Slip On Loafer Shoes Black Size 9 , Frye Mens James Oxford FRYE - Choose SZ/Color. , CAMPER 18302 Camper Pelotas Mens Fashion Sneaker SZ 41M- Choose SZ/Color. , Alden Mens 968 Derby Size 12 A/C Black Leather Plain Toe Goodyear Welt Oxfords , Business Pointed Toe Slip On Mens Classic Patent Leather Dress Formal Shoes SizeNew! Nike Mercurial Veloce II FG Soccer Cleats 658572 400 Womens Blue Size 7.5 , NIKE Metallic Gold Dunk High Skinny Shoes Womens Size 9 , NIKE WOMENS AIR HUARACHE RUN SD SZ 8 BLACK DEEP GREEN SAIL GUM AA0524 001 , Merrell Women's Siren Sport 2 Hiking Shoe,Olive,9.5 M US , Man/Woman Hermes Short Boots (92186 Complete specification range Let our goods go to the world Sales online storeDansko Women's Sophie Sandal Black Full GrainNew Balance Womens SD200V1 Track Spike- Pick SZ/Color. , Vince Camuto Kemper Womens Suede Leather Wedges Heels Shoes Bootie Boots 10 , Propet Womens Dayna Ankle Bootie, Dark Red, 11 M US , Women Demin Gladiator Platform Slim High Heel Peep Toe Over Knee High Boots Sexy , NEW Taryn Rose Fleet Peep Toe Bootie Women's SIZE 7.5 BROWN
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Tennis Zoom Streak Men's Training Training mogochinese-21255 Tennis Shoes Racing Pink Black 831413-600 84b0717 - 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 Tennis Zoom Streak Men's Training Training mogochinese-21255 Tennis Shoes Racing Pink Black 831413-600 84b0717 - 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 Tennis Zoom Streak Men's Training Training mogochinese-21255 Tennis Shoes Racing Pink Black 831413-600 84b0717
    Athletic Shoes
    >
    ;