Never miss an update

NIKE NIKE WMNS CLASSIC guptauniver-16883 CORTEZ INDIGO 16873 (921667 400) SZ: WMNS 6.5 ba2e31c




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: OBSIDIAN/OBSIDIAN-SAIL US Shoe Size (Women's): US 6.5
Brand: Nike UPC: 886551209907
Never miss an update

NIKE NIKE WMNS CLASSIC guptauniver-16883 CORTEZ INDIGO 16873 (921667 400) SZ: WMNS 6.5 ba2e31c - blurrypron.com

    NIKE NIKE WMNS CLASSIC guptauniver-16883 CORTEZ INDIGO 16873 (921667 400) SZ: WMNS 6.5 ba2e31c
    NIKE NIKE WMNS CLASSIC guptauniver-16883 CORTEZ INDIGO 16873 (921667 400) SZ: WMNS 6.5 ba2e31c
    Womens ASICS Gel Cumulus 17 running training shoe Pink Pistachio Coral **CUTE**NEW BALANCE 530 90s RUNNING LEATHER W530PSC BLACK/LEAD GREY/ORANGE/SPECKLED SOLENEW WOMEN'S 7.5 CONVERSE PL LP OX WHITE & PORPOISE PRO LEATHER SKATE SHOES , Nike Nike Dual Fusion Tr 2 Print Fitness Women's Shoes Size 5 , Chaco J106586: ZX2 Classic Dolman Pine Atheletic Sandal , New Balance WRZHLP1 Gray/Purple Women's Running ShoesAdidas Originals Women 7.5 / 8 Men 6.5 Tubular X PRIMEKNIT Shoes White S76039Nike Women's Air Force 1 Hi FW GS 2014 Holiday Size 8G.H. Bass & Co. Women's Estelle Loafer , NIKE OUTBREAK HIGH SNEAKERS WOMEN SHOES BLUE/GREEN 318635-411 SIZE 8.5 NEW , NIB Keen Womens 5 Versatrail Low Hiking Shoes Boots Gray Saffron Euro 35 NEWMizuno Wave Wave Paradox 3 Women's Sneaker Pink/Blue Size 10.5M NWB , Puma Women's Speed Ignite Netfit Ankle-High Running ShoeMerrell Emma Clog Mule Women Black Distressed Leather Size 9.5 M 40.5Nike AirMax1 Ultra Moire Women's Shoe 11.5 Dark Citron/Bright Citron 704995-301WMNS Nike Air Max Sequent 3 Women's Running Shoes, 908993 017 Size 8 NEWVintage Nike Air Max 90 Women’s Size10 Denim Ice Yellow Blue Maize AirMax ShoesWMNS Nike FREE TR Flyknit 2 (904658 100) Sz 8 White/Hyper Wolf Grey W , New Asics Women's Noosa FF Running Training Airy Blue/Blue Purple/Flash Coral , New Brooks Evenfall Regent Women Sneakers Pink/Blue , Vibram FiveFingers VI-B Magenta womens sizes 36-42 NEW!!!Mizuno Wave Sky Size US 7.5 M (B) Women's Running Shoes Pink BlueHush Puppies Women's Power Walker II Leather Walking Shoes H70295 , New Balance W1080WP4 Running Training Racing Shoes White Blue Pink Womens 10.5Asics Gel DS Trainer 21 Size US 8.5 M (B) Women's Running Shoes Red T647NAsics Gel Scram 3 Women's Sz 8.5 Grey/Silver/Aruba Blue Athletic Shoes X14-1661 , ASICS Gel Lyte III 3 Blue Metallic Women kith atmos Running Shoes New H6E5L-4242SKECHERS Performance Go Flex Slip-On Women's 14010 Walking Shoes BlackTory Sport Chevron Color Block Sneaker - Women's Size 8.5M White ,
    NIKE NIKE WMNS CLASSIC guptauniver-16883 CORTEZ INDIGO 16873 (921667 400) SZ: WMNS 6.5 ba2e31c - blurrypron.com>NIKE NIKE WMNS CLASSIC guptauniver-16883 CORTEZ INDIGO 16873 (921667 400) SZ: WMNS 6.5 ba2e31c - blurrypron.com
    Ariat Women's Crossfire Caliente Western Boot Weathered Brown 8 M US , Nike Wmns Air Jordan 1 Retro Low NS No Swoosh Beige Women Shoes AJ1 AO1935-204Nina Women's Cabell Slingback True Silver Metallic Synthetic Slingbacks , Gentlemen/Ladies Womens Sandals With Printed Textile Strap Modern technology Beautiful appearance Good qualityConverse Chuck II Perforated Metallic High TopDonald J Pliner Carly Loafer, Women's Size 8 M, AsphaltBlack Patent Karl Lagerfeld Paris Ilayna Bootie Boot 7 , J.Renee Womens Prattsi Pointed Toe Classic Pumps, Taupe, Size 8.0 Qfpv , Hot Women's Transparent Pointed Toe Ankle Strap Stilettos Sexy Party Club Shoes , Saks Fifth Ave Leopard Print Animal Fur Heels Womens Shoes Size 7 1/2 M , Steve Madden Women's Strapped Heels, Yellow Nubuck , Handmade Women Princess White Floral Bridal Wedding High Heels Shoe lUSRNike Wmns Pre Montreal Racer VNTG Vintage Gold Dart Yellow Women Shoe 828436-701Lucky Brand DADEEN-BLK Dadeen Women US 5.5 Slides Sandal- Choose SZ/Color. , Prada Sport Black Leather Platform Slide Sandals Size 36 New $450 , NEW NIKE Mens 14 Black Suede High Top Shoe SneakerNIKE FLYKNIT ROSHERUN 677243-601 PINK FLASH LIME DS SIZE: 8.5 , MENS es ACCEL SLIM MID SKATEBOARDING SHOES NIB BLACKMens Shoes ADIDAS Originals Equipment EQT Support 93/17 BOOST- BZ0583-Wondr Pink , Puma GV Special Turbulence/Electric Green 343569 71 Men's SZ 7 , adidas PureBOOST Go White Grey Men Running Training Casual Shoes Sneakers AH2311 , Mens Nike Shox R4 FW Vintage Sneakers, Silver Black Blue 386154-001 sku AA , CHAUSSURE MOCASSIN PARABOOTS CUIR TAILLE 40 / 7 LEATHER SHOES/ZAPATO/SCARPA TBE , Dr. Scholl's Women's Blitz Sneaker Flintstone Nubuck Leather Sneakers , Adidas Duramo lite Women's Running Shoe BB0886 Size 8.5NIKE WMNS AIR VAPORMAX PLUS AO4550-200 SMOKEY MAUVE VINTAGE WINE BLACK BORDEAUX , NIKE Womens Nike Free Tr 8 942888-401 NAVY/WHITE Womens Size 8.5 , Perforated Peep Toe Cut Out Ankle Booties , Bottes Cavalières Bandes élastiquées VIOLETA Cuir Noir T 37 TBE , Gentlemen/Ladies Palladium Women's Pampa-Hi Canvas Boots Shoes Reasonable price New products in 2018 Known for its beautiful quality ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE NIKE WMNS CLASSIC guptauniver-16883 CORTEZ INDIGO 16873 (921667 400) SZ: WMNS 6.5 ba2e31c - 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 NIKE WMNS CLASSIC guptauniver-16883 CORTEZ INDIGO 16873 (921667 400) SZ: WMNS 6.5 ba2e31c - 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 NIKE WMNS CLASSIC guptauniver-16883 CORTEZ INDIGO 16873 (921667 400) SZ: WMNS 6.5 ba2e31c
    Athletic Shoes
    >
    ;