Never miss an update

Helly Blue/Shell 22016 Hansen Women's Seasand HP Flip-Flop Navy/Aqua Flip-Flop Blue/Shell Pink/Off White d738708




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: Helly Hansen
Style: 837500_1841969 Color: Navy/Aqua Blue/Shell Pink/Off White
Never miss an update

Helly Blue/Shell 22016 Hansen Women's Seasand HP Flip-Flop Navy/Aqua Flip-Flop Blue/Shell Pink/Off White d738708 - blurrypron.com

    Helly Blue/Shell 22016 Hansen Women's Seasand HP Flip-Flop Navy/Aqua Flip-Flop Blue/Shell Pink/Off White d738708
    Helly Blue/Shell 22016 Hansen Women's Seasand HP Flip-Flop Navy/Aqua Flip-Flop Blue/Shell Pink/Off White d738708
    AnyWear Women's Guardianangel Uniform Dress Shoe White 8 M US , Pro Keds Canvas Black Womens Shoes Size 9.5New Balance Womens Atlas Grey Fashion Sneaker Size 10 (31867) , Nike Court Force Hi White/Varsity Red-Black 316117-161 Women's SZ 8.5 , Brooks Womens 120247 Black Walking Shoes Size 8.5 (28266) , Steve Madden Size 6 M Shufle Black Glitter Fashion Sneakers New Womens ShoesNew Balance Fresh Foam Arishi Light Porcelain Blue/Coral WARISCA1 Women's SZ 8.5 , New Balance Womens Wl574ew White Fashion Sneaker Size 8 (30202)NWOB Skechers Shape-Ups Women's size 8.5 Brown taupe Leather ROCKERS NEWFila Women's Memory Foam Pilota Slip-On Shoes Grey / Mint Green 8 M US , New Balance Womens W1080cs8 Light Blue Walking Shoes Size 8 (AA,N) (32329) , Brooks ADRENALINE GTS 14 Women's 8 M Mesh Fabric Running Shoes Pink GrayNike W Air Force 1 07 Mid Seasonal Casual Womens Shoes Black NWOB 818596-003 , Nike Tanjun Gray Wolf Grey/White Casual Women's Shoes SneakersMizuno Running Women's Wave Inspire 13 Shoes, Silver/Tile Blue/Griffin, 8 B US , Brooks Womens Variation Blue Walking Shoes Size 9 (2E) (28105) , Reebok Women's Classic Renaissance Sneaker, White/Steel, 8 M USBrooks Womens 1202471B Blue Walking Shoes Size 9 (33212)Brooks Womens Black/White Running Shoes Size 11.5 (35465)Propet Women's Washable Walker Athletic,Black,7.5 2E US , Brooks Womens 1202471B057 Silver Walking Shoes Size 9 (30731) , New Balance Womens Ww577bk Black Walking Shoes Size 9 (AA,N) (32341) , Puma FENTY Rihanna Beige Suede Gold Toe Platform Creeper Sneakers Size 9 , Brooks Womens Black Running Shoes Size 7.5 (34665)Easy Spirit Women's Roberta Sneaker - Choose SZ/Color , Converse Ox White & Gold Polka Dot Canvas Sneakers Shoes Women's Size 10Under Armour Charged Bandit -White / Afterburn / Blue Knight. Size: 6 Reg:$ 109. , New Balance Women's Ivory Athletic Shoes 7.5 BReebok Zig Glam Womens Running Shoes Zignano Size 9.5
    Helly Blue/Shell 22016 Hansen Women's Seasand HP Flip-Flop Navy/Aqua Flip-Flop Blue/Shell Pink/Off White d738708 - blurrypron.com>Helly Blue/Shell 22016 Hansen Women's Seasand HP Flip-Flop Navy/Aqua Flip-Flop Blue/Shell Pink/Off White d738708 - blurrypron.com
    Dr Martens Wos Boots Tall MILLY US 11 Brown Leather Wedge Heel Zip Buckle 776NIB PIERRE HARDY Taupe Leather Zipped Motorcycle Ankle Boots 8.5 ITALYPikolinos Women's Ordino Ankle Boot W8M-8919 Black/Lead Leather Ankle BootsMan/Woman Adidas-x Spezial Indoor Comp SPZL B41820 Best-selling worldwide Beautiful British temperament , Gentleman/Lady Gioseppo TIXAE Sandal - Off White Customer first comfortability high quality productRALPH LAUREN ITALY CLASSIC Shoes Purple Blue Black 3 1/2" Pumps Size 7B WA 36422018 Womens Gladiator High Heels Flip Flops Stretchy Boots Shoes Sandals Black , $550 Gravati Wing-Tip Chunky-Heel Pump Blue Suede Patent Leather Heel/Toe 9 M 9M , Fidji women's heels, L342, Size 41, Cabernet/Red, Leather , NEW KEEN EMERALD CITY STRAPPY SANDALS WOMENS 7.5 HENNA/MELON LEATHER FREE SHIP , Lamo Women's Britain Moc II Black Slippers , Dan Post Women's Trinity Snip Toe Leather Western Cowboy BootsAsics Tiger Gel-Lyte III 3 RANRU Shoes Japan Peacoat Aluminum SZ (HN7T0-5896) , NEW Nike Vapor Untouchable 2 Football Cleats Size 13 Blk Cardinal Red 835646-001 , CLEAN Nike Air Jordan Retro X 10 Lady Liberty Size 9 All-Star 705178-045 , Adidas Originals by Alexander Wang X Reissue Run Core Black Red ( B43597) , Los Altos SANDED BLACK Teju Liazrd Square Toe TPU Rubber Sole Western Boot EE+Men's/Women's Skechers Women's You-14960 Sneaker Fine processing Used in durability CharacteristicsSkechers Women's Prima Mixer Sneaker , Man/Woman Women Nike Tanjun 812655-101 High quality and low overhead New style German OutletsDolce Vita Womens Sneakers Size 6 Silver Metallic Leather Sage New $125Skechers Shape Ups Black White Gray Size 9 Walking Shoes Sneakers ToningNike Classic Cortez Leather SE Metallic Gold 902854-700 Women's Size 9 , Converse WH2-161232C_TOTAL_ECLIPSE_EGRET_GARNET sneaker Women's - colour Blue USPropét Women's Wprx25 Olivia Black 8 EE USSkechers Women's Be-Light-Well-to-Do Sneaker - Choose SZ/colorTommy Hilfiger Womens Ebonie Closed Toe Mid-Calf Cold Weather, Black, Size 11.0 , Ladies Show Bling Glitter Shiny Casual Mid Calf Boots Mid Cuban Heel Zip ShoesSam Edelman Womens Patton Tall Buckle Strap Side Zipper Knee High Riding Boots , Pleaser COURTLY-3011 Women's Green Iridescent Ruched Sequined Thigh High Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Helly Blue/Shell 22016 Hansen Women's Seasand HP Flip-Flop Navy/Aqua Flip-Flop Blue/Shell Pink/Off White d738708 - 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.

    Helly Blue/Shell 22016 Hansen Women's Seasand HP Flip-Flop Navy/Aqua Flip-Flop Blue/Shell Pink/Off White d738708 - 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
    Helly Blue/Shell 22016 Hansen Women's Seasand HP Flip-Flop Navy/Aqua Flip-Flop Blue/Shell Pink/Off White d738708
    Athletic Shoes
    >
    ;