Never miss an update

NIKE SIZE AIR NIKE MAX THEA ULTRA PREMIUM WOMEN'S SIZE PREMIUM 6.5 RUNNING SHOES BLACK 848279 003 758581e




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
Product Line: Nike Air Max Thea
Color: Black US Shoe Size (Women's): US 6.5
Brand: Nike Width: Medium (B, M)
UPC: 00666032858226
Never miss an update

NIKE SIZE AIR NIKE MAX THEA ULTRA PREMIUM WOMEN'S SIZE PREMIUM 6.5 RUNNING SHOES BLACK 848279 003 758581e - blurrypron.com

    NIKE SIZE AIR NIKE MAX THEA ULTRA PREMIUM WOMEN'S SIZE PREMIUM 6.5 RUNNING SHOES BLACK 848279 003 758581e
    NIKE SIZE AIR NIKE MAX THEA ULTRA PREMIUM WOMEN'S SIZE PREMIUM 6.5 RUNNING SHOES BLACK 848279 003 758581e
    New VANS Womens CHECKERBOARD SLIP ON BLUE/WHITE VN0A38F7QCN1 US W 5.5-8.5 TAKSE , Mizuno Running Women's Wave Shadow Shoes, Fiery Coral/White, 7.5 B US , Converse Chuck Taylor All Star Ox White Monochrome Textile Adult Trainers ShoesMan's/Woman's Nike Women's Roshe Two Running Shoe New Listing Lush design Speed ​​refundKendall & Kylie Women's Focus in FabricGentleman/Lady TORMENT-600 Outstanding features excellent The first batch of customers' comprehensive specificationsWomen Round Toe Slip On Casual Platform Creeper Beads Black Sneaker Shoes D685 , Nike Womens Dual Fusion Tr 4 Print Running Trainers 819022 Sneakers Shoes 600Asics Gel Fuji Trabuco 4 Neutral Femme - T 38.Women's Asics GEL-Nimbus 20 Running Shoes Indigo Blue Opal Green Size 9.5 D-WideAdidas Women's Galaxy 3 Running Shoes BB4365 BB4370 BB4371 Training TrainersGentleman/Lady SeaVees Monterey Standard Shoe - Women's flagship store High quality and economy buy online , Nike Air Max 90 EZ GS Black White Kids Youth Women Running Shoes AH5211-005 , Scholl Orthaheel Devise Womens Comfortable Supportive Active ShoesPin Up Couture Women's Bettie 29 T-Strap , NIKE WOMEN'S SIZE 9 AIR ZOOM PEGASUS 33 RUNNING SHOE 831356 DARK GREY/BLK NIB , Nike Air Max Fury Women Running Shoes Sneakers Platinum Metallic Bronze size 8 , Adidas Women Shoes Running Mana Bounce Training Gym Work Out Pink B39024 NewNIB WMNS NIKE LF1 Flyknit Workboot Sneaker Boots 860558-600 Sz 8.5 BurgundyWomen's Under Armour 1295768001 Threadborne Fortis Sneakers Black , Converse Chuck Taylor All Star Hi Black Sharkskin Womens Leather Trainer 157514C , Nike Women's Classic Cortez Casual Leather Black/White Sneakers 807471-010 , New Balance Wl574 Sport Womens Pink Peach Suede & Textile Trainers , Nike AIR HUARACHE Premium Run Women (Size 7) Linen Sail Snakeskin 683818 201Saucony Women's Ride 10 Running Shoe, White Blue, 9 W US , Women Adidas S82259 Stan Smith Running shoes white blue sneakers , Nike Lunar Control Vapor Women's Golf Shoes White Black 866107-100 WideWomen's Nike Classic Cortez SE 902856 006 Metallic Pewter Deep Pewter Snake Skin , CONVERSE CHUCK TAYLOR ALL STAR CT HI-RISE X-HI 549588F WHITE/BLUE/RED - CANVAS ,
    NIKE SIZE AIR NIKE MAX THEA ULTRA PREMIUM WOMEN'S SIZE PREMIUM 6.5 RUNNING SHOES BLACK 848279 003 758581e - blurrypron.com>NIKE SIZE AIR NIKE MAX THEA ULTRA PREMIUM WOMEN'S SIZE PREMIUM 6.5 RUNNING SHOES BLACK 848279 003 758581e - blurrypron.com
    Ahnu Womens Size 9.5 Approach Shoes Brown Montara Breeze Waterproof , AdTec Women's YKK Motorcycle Zipper Boot Soft Black Heavy Duty Leather 8143 , A|X Armani Exchange Women's Sequined Low Top Sneak - Choose SZ/color , NEW VIA SPIGA OPHIRA OVER THE KNEE LEATHER BOOTS BLACK SIZE 5.5 US , Womens Wedding Bridal Rhinestone Platform Luxury High Heel Glitter Shoes Slip on , Versace 19.69 D02 VERNICE NERO NAPPA GIALLO ballerina shoes Women's Yellow US , J. Crew Womens Darby Black Studded Gold Toe Suede Shoes 7RETAIL $120 Plenty by Tracy Reese Marron Multi Rebecca Pumps Size 39.5M USSexy Women Pointy Toe Slip On Rhinestone High Stiletto Heel Party Pump Shoe NewGentleman/Lady Women's High Heels for you to choose King of quantity Personalization trend , Cole Haan Womens Amelia Suede Pointed Toe Classic Pumps Nude Leather Size 8.0 , Badgley Mischka Goodie Ivory Satin Pump Size 8.5MChristian Louboutin GRAVITANITA Star Crystal Embellished Purple Suede Pump 37New Men's Puma Clyde Signature - 366207-01 Black Red Casual SneakerOld Friend Women's Boot Slipper, Chestnut, 9 M US , Gentlemen/Ladies Nike Lebron 11 Christmas use comfortability Exquisite (processing) processingAdidas Tubular X PK BY3146 BRAND NEW AUTHENTIC , Nike Air Huarache Wings & Waffles 308920 101 Size 9 White Air Max 1 90 Jordan 11 , NEW DIADORA N9000 ARROWHEAD C0013 WHITE AND BLACKDanner Men's Gila 6" Boot Optifade Subalpine Nubuck/Nylon , Tanner Mark Men's Black Gator Print Boots 200965 , Thorogood 804-6369 Power HV Leather 14" Structural Bunker WP Non-Slip Fire Boot , Brogue Mens Fashion Leather Oxfords Tassel Carved Slip on Wedding Dress RetroNike 654845 001 Women's Air Kaishi Running Shoes Sneakers NEW IN BOXNew Balance Women's WL574POA Pique Polo in Blue/Blue NWT Free Shipping!! , Nike Huarache Run Ultra Casual Women's Shoes Size 9.5FILA Unisex Heritage Court Shoes FX-Veltrap Sneakers Pink Color NEW ARRIVALAsh 360309 Womens Mood Fashion Sneaker /- Choose SZ/Color.Circus by Sam Edelman Women's Holt Ankle Boot , SANUK Authentic Handmade "Juniper Stone" Santa Fe CHUKKA BOOT Size 11 ANB ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE SIZE AIR NIKE MAX THEA ULTRA PREMIUM WOMEN'S SIZE PREMIUM 6.5 RUNNING SHOES BLACK 848279 003 758581e - 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 SIZE AIR NIKE MAX THEA ULTRA PREMIUM WOMEN'S SIZE PREMIUM 6.5 RUNNING SHOES BLACK 848279 003 758581e - 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 SIZE AIR NIKE MAX THEA ULTRA PREMIUM WOMEN'S SIZE PREMIUM 6.5 RUNNING SHOES BLACK 848279 003 758581e
    Athletic Shoes
    >
    ;