Never miss an update

Fila Italia High 71/2 Top Leather 7.5 Sneakers Womans Size Size Sz 71/2 7.5 d35c230




10% of the final sale price will support St. Jude Children's Research Hospital - opens in a new window or tab

Giving Works ItemAbout this nonprofit:
St. Jude Children's Research Hospital is leading the way the world understands, treats and defeats childhood cancer and other life-threatening diseases. Our mission is clear: Finding cures. Saving children. Families never receive a bill from St. Jude for treatment, travel, housing or food - because all family should worry about is helping their child live. Please help St. Jude continue its mission by donating today.

This is an eBay for Charity charitable listing

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Really Good condition. No Hassle Money Back Fast Ship out!
Brand: Fila Italia Material: Leather
US Shoe Size (Women's): 7.5 Color: White
Style: Basketball Shoes UPC: Does not apply
Never miss an update

Fila Italia High 71/2 Top Leather 7.5 Sneakers Womans Size Size Sz 71/2 7.5 d35c230 - blurrypron.com

    Fila Italia High 71/2 Top Leather 7.5 Sneakers Womans Size Size Sz 71/2 7.5 d35c230
    Fila Italia High 71/2 Top Leather 7.5 Sneakers Womans Size Size Sz 71/2 7.5 d35c230
    NEW BALANCE WOMEN'S CSTL V4 RUNNING OR WALKING SHOES WIDE D WIDTH NAVY BLUE NEWNew Women Vans Old Skool True white Skateboarding Shoes Classic Canvas size US 6Nike Womens Air Zoom Structure 19 Athletic Snickers Running Training ShoesWmns Nike Free RN Motion FK 2017 Flyknit Solar Red Running Shoe SZ 9 880846 60WMNS NIKE AIR MAX THEA ULTRA JCRD PRM, STYLE 885021 001, SIZE 8.5 NWB , UNDER ARMOUR CHARGED BANDIT 2 RUNNING SHOES WOMEN 7 PURPLE NEW 1273961-178UNDER ARMOUR W CHARGED BANDIT 2 RUNNING SHOES WOMEN 6.5 PURPLE NEW 1273961-757NIB Women's Adidas Lite Racer Athletic Shoes All Sizes UPC 88817036338 , adidas energy cloud - Black - Womens , Women's NIKE LUNARSWIFT +4 Shoes size 9.5 Black Blue 510790 024New Balance Women's L574 Ankle-High Leather Fashion Sneaker , NIKE Running Zoom Strike Women's SIZE 9 BLACK/WHITE-DARK GREY (AJ0188-001)Men's/Women's ADIDAS ZX FLUX ADV VIRTUE SHOES Fine workmanship Fast delivery Popular tide shoes , STRONG by Zumba Fly Fit Women's Shoes - Orange A1F00086 , NEW Womens NIKE Kaishi 654845 010 Wolf Grey White Sneakers Shoes , Brooks Adrenaline GTS 18 Sneaker - Women's Size 7B, Gray/Ebony/Rose Gold , Skecher Street 801 Memory Foam Slip-On Fashion Sneakers Choose Sz/Color , Keds Women's Champion Oxford Canvas Sneaker Graphite , Nike Wmns Lunarstelos Running Womens Shoes Wolf Grey Volt 844736-007 , 7 W Wide | NWT Vionic Women Taupe Walker Athletic Orthaheel Sneaker Flat ShoeWomen Adidas Cosmic 2 SL Running CQ1714 Black Black Grey 100% Original Brand New , NIKE AIR MAX ZERO PRM WOMEN’S SHOES SNEAKERS NEW SZ 12;ADIDAS CF QTFLEX W WOMENS RUNNING CG5762 , New Women's 10 Nike Revolution 3 Athletic Grey Running Training Shoes 819303-009Vans SK8 HI SLIM Cutout Square Perf Amberlight Women's Shoes 8 , Women's Reebok Reebok Speed Her TR - Grey - Width: med - Cross TrainingWomen's Nike Air Huarache Run Ultra Running Shoes Sz 6-8 Blue NEW 819151 304Nike Women's Air Zoom Pegasus 34 Black/White/Dark Grey/Anthracite Running ShoesNIB New Balance J Crew Classic Sneakers Womens Size 9.5 Ivory Cream Navy Blue ,
    Fila Italia High 71/2 Top Leather 7.5 Sneakers Womans Size Size Sz 71/2 7.5 d35c230 - blurrypron.com>Fila Italia High 71/2 Top Leather 7.5 Sneakers Womans Size Size Sz 71/2 7.5 d35c230 - blurrypron.com
    Gameday Women's Boot University Of Tennessee Western Pointed Toe - Ten-L039-1 , All Saints Suede hiking boots. SUPER RARE !!!!SOLD OUT!!! women sz 7 , Man's/Woman's CHLOE-115 PU Cream quality King of quantity Direct business , Betsey johnson EVER sz 7 metallic silver flat shoes rhinestone embellished bowPikolinos Women's Jerez Loafer 578-3685 Brandy Leather Loafers , Gladiator Heel Tan Women's Size 6 - 9 Rivet Knee Stiletto Strappy Sandal NewClarks Purity Frost Grey Suede Wedge Shootie NEWFendi sz 35 Spring 2014 colourful plastic leather heels sandals NEW box sandals$345 ALICE & OLIVIA DAHLIA-B Black Designer Pointed Toe EVENING Pump 6Maison Martin Margiela Womens Slip-on Mule Brown Leather , Women's Vionic Gracie Toe Post Slippers Black US Sizes , ASICS MENS Sport Running Training Walking Shoes US SizeNike Shox Elite II TB Shoes 316904-131 Size 17.5 Deep Forest Green White NIB , Mens Skechers Casual Trainers - Lindman 52189Gentlemen/Ladies Sparco IMOLA-GP use New design Famous store , NEW BALANCE US576CM1 CLASSIC CAMO PACK NAVY/CAMO SIZE 7.5 MADE IN USA MSRP199.99NEW Mens 15 NIKE Air Jordan 4 Retro Mid White Black Metal Spikes Baseball CleatsNike Men's Air Max Flair Shoes Size 7 to 13 us 942236 200 , Nike Air Jordan Retro Gift Of Flight Pack 11 & Xx9 SZ 13 Pantone Blue 717602-900Air Jordan 1 Bred 2013 Size 7y AuthenticWolverine Men's Floorhand Waterproof 10" Steel Toe Work Boot, Dark Brown, 10.5 MMen casual slip on loafer moccasins slipper driving shoes sandal plus size HotVintage Andhurst Brown Pebble Grain Leather Dress Wingtips Brogues Oxfords 10 44John Varvatos Men's Tan Leather Ankle Boots Size 7 , Dan Post Mens Denver Western Cowboy Boots Leather Embroidery Square Toe BlackAlden New England men's dress shoes size 9 Brown , New Nike Metcon 1 Wmns S 11.5 Lauren Fisher Black White 813101 002 Jade Volt 126 , WOMENS PUMA BASKET PLATFORM PEARLIZED WHITE GOLD RIHANNA CREEPER FASHION SHOESGentlemen/Ladies Naot Women's Arataki Pecan Brown Leather New Listing Ranked first in its class wonderfulNaot Black Leather Pull On Booties Boots Sz 37 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fila Italia High 71/2 Top Leather 7.5 Sneakers Womans Size Size Sz 71/2 7.5 d35c230 - 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.

    Fila Italia High 71/2 Top Leather 7.5 Sneakers Womans Size Size Sz 71/2 7.5 d35c230 - 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
    Fila Italia High 71/2 Top Leather 7.5 Sneakers Womans Size Size Sz 71/2 7.5 d35c230
    Athletic Shoes
    >
    ;