Never miss an update

NEW UltraBOOST Adidas Ultra Boost UltraBOOST Clear BB6059 Grey Ultra White 3.0 BB6059 Men's Size 8 1e35295




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: Adidas
US Shoe Size (Men's): 8 Style: Athletic Sneakers
Pattern: Yeezy Nmd Beluga Color: Gray
UPC: Does not apply
Never miss an update

NEW UltraBOOST Adidas Ultra Boost UltraBOOST Clear BB6059 Grey Ultra White 3.0 BB6059 Men's Size 8 1e35295 - blurrypron.com

    NEW UltraBOOST Adidas Ultra Boost UltraBOOST Clear BB6059 Grey Ultra White 3.0 BB6059 Men's Size 8 1e35295
    NEW UltraBOOST Adidas Ultra Boost UltraBOOST Clear BB6059 Grey Ultra White 3.0 BB6059 Men's Size 8 1e35295
    Gentleman/Lady Adidas I-5932 NBHD - DA8838 Comfortable feeling Strong value Rich on-time delivery , Air Jordan 13 XIII Retro Olive Mens 414571-006 Black Gym Red Shoes Size 10 , Adidas EQT Support Ultra PK Sz US 9 Frozen Yellow Ultra Boost Brand New , NIKE AIR FORCE 1 306353 118 JAMAICA DRUMS 05 White-Red US-15 UK-14 EUR-49.5 33cmDS Nike Roshe Run Pendleton ID sz 8.5 Wool Leather Blue Plaid Limited Trainer 3M , Adidas PORSCHE DESIGN ULTRA BOOST TRAINER Sneakers Running Mens Walking BB5539Brand New Jordan 5 Retro Grape Fresh Prince Size 11NIKE Air Vapormax - 849558-010 - Size 12ADIDAS PORSCHE DESIGN SPORT SNOW EASY WINTER Mens Shoes Sneakers Boots S81209New Adidas Men's Ultra Boost 3.0 Core Black BA8842 11 US , adidas nmd_cs2 Size 11.5 Collegiate Navy / Running White Ftw / St Pale NudeNIKELAB LUNARMAX FLYKNIT CHUKKA SP from japan (5720 , NIKE AIR MAX PLUS - MEN'S - Black/Black/White/WhiteSIZE X NIKE AIR MAX 95 DAVE WHITE FOX & RABBIT 6 US 38,5 CM 872640 600Vans sneakers Nintendo 25 centimeters from japan (1381 , VANS 2015US Open slip from japan (1342 , ADIDAS YEEZY 500 "SUPER MOON" 2018 - ITEM NUMBER 2631-18Men's Nike Air Foamposite PRO PRM 616750-003 Size 7.5 , AIR JORDAN 8 RETRO CHROME 305381-003 2015 BLACK SHOES US10.5/UK9.5/EUR44.5/28.5Adidas MI ULTRA BOOST RAINBOW Navy/Rainbow - sz Men's 11Nike ACG Air Revaderchi Granite Red Plum Pro Gold Black Men's Trainers All SizesNike Air Vapormax Plus Mens 924453-403 Game Royal Orange Running Shoes Size 9.5AIR JORDAN 3 WOLF GREY (Size 9.5) DS , 1807 adidas PREDATOR TANGO 18+ Men's Training Running Shoes AQ0602Nike Air Max 1 White Cool Grey team Red University red Mens Trainers All Sizes , NIKE AIR MAX 1 V SP "PATCHES" NIKELAB BLACK-BLACK SZ 6 [704901-001]ADIDAS YEEZY BOOST 350 V2 TRIPLE WHITE SIZE 9 1/2 , Nike Lebron 15 897648-005 Men's Sizes US 8 ~ 11 / Brand New in Box! , NIKE AIR MAX 270 Men's Shoe - Atmosphere Grey/Total Orange/Hot Punch ,
    NEW UltraBOOST Adidas Ultra Boost UltraBOOST Clear BB6059 Grey Ultra White 3.0 BB6059 Men's Size 8 1e35295 - blurrypron.com>NEW UltraBOOST Adidas Ultra Boost UltraBOOST Clear BB6059 Grey Ultra White 3.0 BB6059 Men's Size 8 1e35295 - blurrypron.com
    NEW DANSKO WOMEN'S TABITHA ZIPPER ANKLE BOOTS BROWN LEATHER 38 8 MEDIUM $185 , Tory Burch Brown Suede Leather Simone Tall Riding Boots Size 8 New $525 Women'sMen's/Women's Hades Women's Daire Black Ankle Boots Clever and practical Quality First Good qualityNike Air Max Plus TN 1 Trainers Sneakers UK9 US10 EUR44NIKE JORDAN MENS SHOES/SNEAKERS/BASKETBALL/HI TOPS/SPORT ON EBAY AUSTRALIA !New Balance MT690LB2 2E Wide Reflective 690v2 Trail Black Men Running MT690LB22E , LOTTO CHAUSSURE SPEEDRIDE 609 - BLK - 12.5 (8059136972790)Adidas Pod S3.1 Mens Shoes US 10adidas originals NMD R1 mens trainers BB1358 sneakers shoesMr/Ms Demonia Glam-240 Heels Boots - Gothic,Goth,Punk,Black,Buckle Modern and elegant fashion Lush design Known for its beautiful qualityClarks Women’s Un Haven Strap Ballet Flats , Womens Rhinestones Wedding Open Toe Platform Heels Stilettos Sandals Party ShoesCole Haan Bethany Women's High Heels Pumps 65 Maple Sugar Patent Leather Size 9 , NEW Christian Dior Black Leather Strap Heel Sandals Shoes Sz US 8.5 $890 , Badgley Mischka Women’s Taupe Sued Kurt Bootie, 6 M USRachel Zoe Cecille Rose Gold Grafitti Jelly Sandals Size 5M D658/ , Nike Men's Air Max Tavas Ankle-High Cross Trainer Shoe , Nike Metcon DSX Flyknit Men's Training Shoes Size 12 US [852930-006] New in Box , Nike Air Force 1 Ultraforce Leathr Beige - Mens - Size 8 D , New Balance 670 Leather Tan/Orange Athletic Sneakers Men's Shoes 8.5M 42 EnglandAdidas Deetrpt Runner Men's Shoes CQ2624 CQ2625 , Jordan retro 10 gym red bulls over broadway sz 11 DS 100% AUTHENTIC2013 Adidas OBYO JS Jeremy Scott Forum Hi Buckle US 4.5 /3 bonesNike AA1282-101 : Jordan Fly Unlimited Basketball ShoesMens Pearls Rivet Stud Flats Slip On Formal Dress Hairstylish Clubwear Shoes NewNike Air Force 1 '07 PREM Shoes Black White Gum 616725-009 Women's NEWNIKE Air Max Zero 0 857661-107 triple white sz 11 women'sMen's/Women's Drew Women's Cascade Sandals Sand Nubuck Best-selling worldwide Beautiful British temperament , THEORY BOOTS SIZE 9.5 BARI LONDON SUEDE WEDGE PLATFORM ANKLE BOOTIE BROWN 39.5 , Cougar Layne Nylon Winter Snow Boot -22F Waterproof Memory Mold Women Size 7 New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW UltraBOOST Adidas Ultra Boost UltraBOOST Clear BB6059 Grey Ultra White 3.0 BB6059 Men's Size 8 1e35295 - 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.

    NEW UltraBOOST Adidas Ultra Boost UltraBOOST Clear BB6059 Grey Ultra White 3.0 BB6059 Men's Size 8 1e35295 - 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
    NEW UltraBOOST Adidas Ultra Boost UltraBOOST Clear BB6059 Grey Ultra White 3.0 BB6059 Men's Size 8 1e35295
    Athletic Shoes
    >
    ;