Never miss an update

Antonio Melani Size Melani 6.5 M ELENA Black guptauniver-6931 6929 Leather Knee High Boots New Womens Shoes 17a62ee




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Style: Knee High Boots
Width: Medium (B, M) Boot Shaft Height: Knee-High
Fastening: Zip Calf Width: Medium
SKU: 3480D US Shoe Size (Women's): US 6.5
Color: Black Heel Height: Low (3/4 in. to 1 1/2 in.)
Brand: Antonio Melani Material: Leather
UPC: 0090688212222
Never miss an update

Antonio Melani Size Melani 6.5 M ELENA Black guptauniver-6931 6929 Leather Knee High Boots New Womens Shoes 17a62ee - blurrypron.com

    Antonio Melani Size Melani 6.5 M ELENA Black guptauniver-6931 6929 Leather Knee High Boots New Womens Shoes 17a62ee
    Antonio Melani Size Melani 6.5 M ELENA Black guptauniver-6931 6929 Leather Knee High Boots New Womens Shoes 17a62ee
    Man's/Woman's Propet Women's Dayna Ankle Bootie Clever and practical Let our goods go to the world retail price , Gentleman/Lady Kamik Women's Harper Snow Boot Exquisite (middle) workmanship a wide range of products Brand feastkensie Women's Talicia Slouch Boot - Choose SZ/ColorDr. Martens Airwair 1460 Black Smooth Hard Leather Boots 8 Hole /EU36-45Men's/Women's Lucky Brand Women's Nandita Ankle Boot the most convenient Quality and quantity guaranteed a wide variety of goodsMan's/Woman's Clarks Women's Cabrini Reef Bootie online sale Brand Suitable for colorVince Camuto Women's PIMMY Ankle Boot - Choose SZ/ColorHunter ORIGINAL TALL GLOSS Womens Black WFT1000RGL Rubber Waterproof Rain Boots , Skechers Women's Hi-Lite - Triangle De-Boss Sneaker, - Choose SZ/ColorMen's/Women's Aerosoles Women's Fortunate Bootie durability Sufficient supply Authentic guarantee , Men's/Women's Splendid Women's Spl-Rodeo Ankle Bootie Reasonable price Comfortable touch At an affordable price , Gentlemen/Ladies Bella Vita Women's Delfina Ankle Bootie Innovative design Various types and styles a wide variety of goodsDoc Martens Artist Collection Pascal Hogarth Boots Women's Size 6 , Mr/Ms Nine West Women's Argyle Ankle Boot Queensland stable quality British temperament , Mr/Ms CLARKS Women's Sashlin Vita Ankle Bootie Selling Known for its good quality high quality productLucky Brand Women's Lanesha Equestrian Boot - Choose SZ/Color , Mr/Ms Softwalk Women's Urban Ankle Bootie Clearance price Comfortable touch Different stylesCarlos by Santana Women's Mandarin Fashion Boot - Choose SZ/ColorMen's/Women's Propet Women's Taneka Ankle Bootie Aesthetic appearance Used in durability Highly appreciated and widely trusted in and out , rares BOTTES type cuissardes WRANGLER DAIM NOIR PARFAIT ETAT P41 VINTAGE countryDr. Martens 1460 Black Nappa Soft Leather Boots 8 Hole Unisex Men Women , Sam Edelman Packer Ankle Bootie in Moss Green Suede - Brand New with BoxTommy Hilfiger Women's Julie3 Ankle Bootie - Choose SZ/ColorAerosoles Women's High Frequency Ankle Bootie - Choose SZ/Color , Skechers Women's Reggae Fest Steady Quilted Bungee Ankle Bootie , Nine West Women's Joannie Ankle Boot - Choose SZ/Color , Men's/Women's Propet Women's Delaney Ankle Bootie selling price Quality and quantity guaranteed Modern and elegantSkechers Women's Hi-Lite-Triangle De-Boss Sneaker - Choose SZ/Color , Kenneth Cole REACTION Women's Loop-y Flat Ankle Bootie Finger Gusset Leather ,
    Antonio Melani Size Melani 6.5 M ELENA Black guptauniver-6931 6929 Leather Knee High Boots New Womens Shoes 17a62ee - blurrypron.com>Antonio Melani Size Melani 6.5 M ELENA Black guptauniver-6931 6929 Leather Knee High Boots New Womens Shoes 17a62ee - blurrypron.com
    Naughty Monkey Women's Sewn up Ankle Bootie, Plum, 8.5 M US , NIB WoodWood Hank Chelsea Boots with Crepe Sole (Brown) RRP $500 , Gentleman/Lady Ladies DB Shoes Label Florence-W Online Shopping Low price Fine wild , ORDELL BECCA LADIES CLARKS LEATHER RIPTAPE STRAP FLAT MARY JANE CASUAL SHOES , Men's/Women's Demonia EMILY-377 Beautiful design cheapest Elegant and stable packagingGentlemen/Ladies Clarks Women's Vogue Tulip Casual Shoe High quality and low overhead Orders are welcome buy onlineMan's/Woman's Easy Spirit Women's Gulia Flat Innovative design Let our products go to the world Speed ​​refund , Chinese Laundry Womens z avalon jelly Closed Toe Ballet Flats Black Size 7.0 1Trotters Womens Jenn Leather Closed Toe Loafers Black Size 6.0 , Clarks Women's Edenvale Bella Ankle Boot , NIB Donald J Pilner Gracey Black Patent Mid-Heel Mary Jane Pump, Sz 6.5M; $248 , Burberry Natural Python Peep Toe Leather Bootie Brown Women Sz 36 5807 *Dolce Vita Women's Langly Wedge Sandal Olive Nubuck Size 8.5 , Gentleman/Lady Fitflop Women'S Cha Cha Sandal Strong heat and wear resistance special function Cost-effective , ADIDAS ORIGINALS TUBULAR DOOM ''YING YANG'' BA7555 MEN'S SHOES 100% AUTHENTICadidas Originals Men's ZX Vulc - Choose SZ/Color , Nike SB Stefan Janoski Max Premium air men lifestyle sneakers NEW 807497-002Men's/Women's NEW BALANCE MS574STP DUSTED PEACH Innovative design Reliable performance Sales online store , HOKA ONE ONE Arahi Men's running tennis shoes Blue Coral True Red 1016258 size 9 , NIKE KOBE 11 XI " CARPE DIEM" SIZE 12 BASKETBALL SHOES BRAND NEW LAKERS , Shoes Old Skool Platform Vans Black Women VA3B3UBKAadidas TMAC 3 - White - Mens , Nike Zoom Kobe VII 7 Supreme 488244-100 size 13 , CONVERSE Vintage 2002 EV PRO OX shoes 1J067 White Men's sz 10 Women's sz 12Mens Stacy Adams Shoes Sz 10 Black White Snake Pattern Cap Toe Oxford Vero CuoioSaint Crispins Men's Oxfords Size 8.5 Tan Brown Leather Spectator Full BrogueNEW Reebok All Terrain Super OR Off Road AR0058 womens running shoes sneakers 11NEW BALANCE CW620SP Orange Pink Blue White Lifestyle Retro Sneakers 6.5 8 8.5 9 , Man/Woman NEW FRYE WOMENS IVY HIKER superior Has a long reputation Excellent workmanshipNine West Women's Mavira Suede Knee-High Boot - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Antonio Melani Size Melani 6.5 M ELENA Black guptauniver-6931 6929 Leather Knee High Boots New Womens Shoes 17a62ee - 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.

    Antonio Melani Size Melani 6.5 M ELENA Black guptauniver-6931 6929 Leather Knee High Boots New Womens Shoes 17a62ee - 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
    Antonio Melani Size Melani 6.5 M ELENA Black guptauniver-6931 6929 Leather Knee High Boots New Womens Shoes 17a62ee
    Boots
    >
    ;