Never miss an update

Icebug 29925 Women's Glava BUGweb Removable Traction Winter Winter Women's Boot, Earth, 38 EU/7.5 M U b62a63c




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: Icebug
Color: Earth Style: Ankle & Bootie
Size: 38 EU/7.5 M US MPN: Glava BUGweb-W
Model: Glava BUGweb-W US Shoe Size (Women's): 38 EU/7.5 M US
UPC: Does not apply EAN: 7310710116339
Never miss an update

Icebug 29925 Women's Glava BUGweb Removable Traction Winter Winter Women's Boot, Earth, 38 EU/7.5 M U b62a63c - blurrypron.com

    Icebug 29925 Women's Glava BUGweb Removable Traction Winter Winter Women's Boot, Earth, 38 EU/7.5 M U b62a63c
    Icebug 29925 Women's Glava BUGweb Removable Traction Winter Winter Women's Boot, Earth, 38 EU/7.5 M U b62a63c
    Fratelli Rossetti Brown Ankle Boots Euro 40/Genuine LeatherVIA SPIGA womens 8.5 Gerry chocolate brown suede ankle boots booties newPropet Women's Tessa Riding Boot, Brown, 6 W US , Vince Camuto Signature Boot Snakeskin Look Brown Riding Motorcycle Chocolate , Calvin Klein Women's Bestie Ankle Boot - Choose SZ/Color , New $295 Fly London Yolk060Fly Wedge Chelsea Snow Boot waterproofWhite House Black Market Boots Brown Leather Suede Heels Sz 10M (36-12)Propet Women's Tessa Riding Boot, Brown, 7.5 M US , Paul Green Munchen brown quarter boots, AUS 6.5 (US 8.5) , Alberto Fermani Cori Womens Shoes Dark Brown Suede Ankle Boots Sz NEW $475 , Tory Burch Women Black Knee High Boots Size 8 Fits Like Size 7 See The Desc , Franco Sarto Womens Christine Wide Calf Knee-High Boots Shoes BHFO 3847Miz Mooz Women's BRADY Boot, Stone, 41 M EU/10 USsz 9.5- 10/ 40 NEW DANSKO boots womens Wedge Ankle SHIRLEY taupe Leather , Sam Edelman Womens Black Leather Knee Fashion Boots 7 MVia Spiga Maury Block-Heel Booties, Blue, 8.5 US / 38.5 EU , *NEW* FRYE Sz 6.5, 7 M Molly Button Tall Leather Riding Boots $398 NEW BlackVince Camuto Bendra Over The Knee Suede Riding Boot Khaki Verona Sz. 8M NWB $198 , Sam Edelman Azra Platform Boots Size 8 NEW NIBCAMSSOO Women's Classic Studded Strappy Pumps Rivets High Heels Stiletto...Pleaser Women's Div1050/Bpu-Salc Ankle Bootie - Choose SZ/Color , Tommy Hilfiger Sexy Red Leather Knee High Treasure Boots High Heels Sz 8 M NIB , ARIAT EXTREME LADIES BOOT - SIZE 7 - WATERPROOF - THINSULATE LINEDDONALD J PLINER SNAKESKIN BOOTS WOMEN SNAKE LEATHER SLIP ON MID CALF SIZE 7 USFrye Womens Judith Zip Bootie Black Leather Boots NewGIUSEPPE ZANOTTI Black Leather Ankle Boots - Booties size 41 or 10.5Clarks Womens Arctic Venture Brown Winter Boots Shoes 6 Medium (B,M) BHFO 9165RAYE Ankle Boots Womens Size 10 Black Suede Western High Heel Booties Shoes , Rockport Cobb Hill Penfield Slouch Boot Black Leather Size 10 W Women's
    Icebug 29925 Women's Glava BUGweb Removable Traction Winter Winter Women's Boot, Earth, 38 EU/7.5 M U b62a63c - blurrypron.com>Icebug 29925 Women's Glava BUGweb Removable Traction Winter Winter Women's Boot, Earth, 38 EU/7.5 M U b62a63c - blurrypron.com
    Carlos by Carlos Santana Women's Gamma Fashion Boot, Doe, 9 M M US , GIANMARCO LORENZI Size 36 (US 6,5) High Heels Over Knee Boots Jeans outside , Sexy super high heel men's women's pole dancing boots over knee boots shoes newDr Martens Ladies Pascal Orchid Purple Textured Aunt Sally Leather Zip Boots(SALE) LIMI feu Drape design Short boots Size S(K-34877)Converse Chuck Taylor All Star Unisex Black White Canvas Trainers , Peter Kaiser Konia Black/Red Patent Slim Heel Court Shoes Size 6.5 , Womens sexy pointed toe shoes high clear wedge heel Casual Party slip on pumps , Nine West Women's Julian Metallic Wedge Sandal - Choose SZ/Color , Man's/Woman's Valentino Garavani 100% Authentic MSRP 750euro excellent quality Carefully selected materials Easy lifePlatform shoes Creeper Women's shoes Peep Toes Buckle Black White Casual Sandals , Women's shoes sandal leather model DARA Us size 3.5 to 12 , Alexander McQueen high heel sandals, rose gold, womens shoe size US 10.5PATRIZIA PEPE WOMAN DECOLTE AL HIGH HEELS SHOES NATURAL LEATHER 2V7372/A2RVMan/Woman NIKE Presto Fly Womens Running Shoes Various goods Preferred material Strong heat and heat resistance , Nike Lebron Soldier XI SFG Dark Grey Men's size 9.5 US 897646-003 , Nike Air Max Zero Essential Men's Running Shoes 876070-004 Mint Condition SZ 10 , Giuseppe Zanotti london Swarovski Crystal Strap High-top Leather Sneakers 43 BLK , NEW NIKE KOBE 1 PROTRO CLOSE OUT FINAL SECONDS WHITE SHOES AQ2728-101 MEN SIZE 8 , LOS ALTOS MEN BURGUNDY GENUINE OSTRICH LEG WESTERN COWBOY BOOT J-TOE 990506 EE+ , Larry Mahan Exotic Hornback Caiman Black Leather boots Men's Sz 9.5 D RARE!!Carlisle 60102 20 qt Pasta Cooker Pot [Set of 2]Ecco Men's Fusion Slip On Shoes Loafers Cocoa Brown Size 47 EU/13-13.5 US M , men's shoes TOMMY HILFIGER DENIM 12 () sneakers gray textile AB948-GSUPERGA WOMAN SNEAKER SHOES WITH WEDGE CODE 20001L0 2790ACOTW LINEA UP AND DOWNNIKE Women's Flex Experience RN 5 White/Wolf Grey SIZE 7.5 , HOKA ONE ONE VANQUISH 3 GRAPE JUICE/ PINK RUNNING SHOES, US 11/ ~NEW , Men's/Women's Calvin Klein Women's Janet Sneaker Crazy price, Birmingham cheapest Known for its excellent quality , Nike Flex Run 2017 - Women's 898476-004 BLACK Size 11 , New Womens Fox Fur Winter Thicken Warm Knee High Snow Boots Rhinestone Shoes Hot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Icebug 29925 Women's Glava BUGweb Removable Traction Winter Winter Women's Boot, Earth, 38 EU/7.5 M U b62a63c - 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.

    Icebug 29925 Women's Glava BUGweb Removable Traction Winter Winter Women's Boot, Earth, 38 EU/7.5 M U b62a63c - 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
    Icebug 29925 Women's Glava BUGweb Removable Traction Winter Winter Women's Boot, Earth, 38 EU/7.5 M U b62a63c
    Boots
    >
    ;