Never miss an update

THE BOOTS NORTH FACE WOMEN'S 29993 Sz 9.5 ULTRA GTX SURROUND THE MID HIKING BOOTS BLACK DEEP SEA 20caa2c




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: Hiking Boots
Features: Waterproof Product Line: ULTRA GTX SURROUND MID
EUR Shoe Size (Women's): 40.5 US Shoe Size (Women's): 9.5
Color: TNF BLACK / DEEP SEA Width: Medium (B, M)
Occasion: Outdoor UK Shoe Size (Women's): 7.5
Brand: The North Face UPC: 889587705351
Never miss an update

THE BOOTS NORTH FACE WOMEN'S 29993 Sz 9.5 ULTRA GTX SURROUND THE MID HIKING BOOTS BLACK DEEP SEA 20caa2c - blurrypron.com

    THE BOOTS NORTH FACE WOMEN'S 29993 Sz 9.5 ULTRA GTX SURROUND THE MID HIKING BOOTS BLACK DEEP SEA 20caa2c
    THE BOOTS NORTH FACE WOMEN'S 29993 Sz 9.5 ULTRA GTX SURROUND THE MID HIKING BOOTS BLACK DEEP SEA 20caa2c
    Sam Edelman Penny2 Women's Brown Leather Boots Sz 9.5 M 4791 *Pleaser ILLUSION-3019RS Women's Black Pu Silver Chrome Heel Platform Thigh BootsMan's/Woman's Kamik Women's Momentum White Winter Boots Fine processing special promotion Rich on-time delivery , Womens Office Joplin Pull On Boot Black Leather Boots With FurPleaser FLAMINGO-1017SRS Women's Clear Black Rhinestones Simulated Fringe Boots , FRYE Jayden Moto Cuff Engineer Black Leather Motorcycle Boots Women's 5.5 $358Brand New Sperry Women's Saltwater Duck Boot Brown/Plaid STS95922 Size 7.5 , HALOGEN Womens Brown Leather Knee High Boots Sz 10 M NEW! 218418Devious DAGGER-3060 Single Soles Black Stretch Patent Stiletto Thigh High Boots , Women's Rodeo Boots El General Western Wear Color Blue Authentic LeatherStuart Weitzman Womens 32121 Mid Calf Side Zip Buckle Strap Fashion Wedge BootsJEFFREY CAMPBELL Womens Dark Gray Leather Ankle Boots Sz 7.5 NEW! 219832 , WOMENS AQUATALIA BOOTS Vale Black Blue Suede Waterproof Ankle Bootie 8.5 $495 , Womens KENNETH COLE Black Leather Open Toe Booties Sz. 6 M NEW!adidas Women's Terrex AX 2.0 R Mid GORE-TEX Hiking Shoe , DV DOLCE VITA Womens Black Leather Riding Boots Sz 6 M NEW! 217823Steven By Steve Madden Duval Tall Boot, Women's Size 9.5 M, Black , FRYE Women's Cara Short Leather Boot - Wood Sz 8Jenni Kayne Booties Black Studded Suede Size 36 Peep Toe Slingback Heel , Women's Laredo 12" Tan Bees Wax w/ Wild Wing Underlay Cowboy Boots 52152 , Demonia 5.5" Platform Shiny Black Gothic Stomp Knee Boots 6 7 8 9 10 11 12Womens Frye 75210 Autumn Shield Tall Boot - Dark Brown Sz 7.5b NWOB $398 , NEW Leather Knee-High, Peep-Toe Stiletto Boot Heel by Gwen Stefani Size 7.5Reebok Work Women's Rapid Response RB RB864Ladies 10" Boots Western Boot (Women's Size) 5B , Vasque Women's Skywalk GTX Size 8 US Sage/Everglade (VS18W-Misc)FRYE Brown Pointed Toe Top Stitched Pull On Blocke Heel Cowboy Boots Sz 8 B3100New Harley-Davidson women's boots, size 9.5 medium, black, , ISOLA Womens Pewter/Silver Leather Sz 7.5 Ankle Booties NEW! 213549 ,
    THE BOOTS NORTH FACE WOMEN'S 29993 Sz 9.5 ULTRA GTX SURROUND THE MID HIKING BOOTS BLACK DEEP SEA 20caa2c - blurrypron.com>THE BOOTS NORTH FACE WOMEN'S 29993 Sz 9.5 ULTRA GTX SURROUND THE MID HIKING BOOTS BLACK DEEP SEA 20caa2c - blurrypron.com
    JEFFREY CAMPBELL ZION GOLD STUDS HI WEDGE BLACK SUEDE WOMEN ANKLE BOOTS 10 , Via Spiga Bethany Leather Boot Size 10Via Spiga Women's Ciaran Bootie, Light Coal, 7.5 M USNike Jordan Fly Unlimited PFX Anthracite Gym Red Men Basketball Shoes AA4298-011Men's shoes Giorgio Rea brogue Italian handmade artisanal derbies dress 07316MA , Nike Air Force 1 Ultraforce Hi Mens Trainers 880854 Sneakers Shoes 004New Nike Flyknit Lunar1+ Womens Running Sport ShoesVans Ladies Camden Floral Lo Trainer Blue size 3 (3482766 loc S8) CMan's/Woman's crocs Womens 16214 Flat- Pick SZ/Color. Many styles Let our products go to the world Sales online storeWome's DANSKO Size 37/ 6.5 Brown Button Leather Slip On Clog Shoes New NWTWomens Rhinestones Bow Tie Stilettos Bead Clubwear Shoes Party Formal Gown Sexy , Size 11 Wide Black Patent & Snake Leather Large shoes Women Low kitten heelNWOB Jimmy Choo $625 White Nate Leather Wedge Sandals sz 41Man/Woman Clarks gold sandals size 12 Various styles Skilled manufacturing Clearance saleSaucony Dxn Vintage Mens White Beige Suede & Nylon Trainers , NEW Mens Nike Roshe Run Shoes Midnight Navy Blue Black White Rosherun 511881 405 , Men's NIKE FREE TRAIN VIRTUE Training Athletic Shoes Sneakers - 898052 001 BlackPUMA IGNITE 3 EVOKNIT SHOES GRAY/SHADE SIZE 10.5 BRAND NEW (189697 04) , Nike Kobe XI 11 TB Promo 856485-882 Texas Longhorns Sz 15.5 BasketballGeox U Nebula A Mens Leather Trainers / Casual Shoes - Black , Adidas Dragon Ball Z YUNG 1 Size 6 Frieza GokuDAN POST ARMSTRONG WORK SHOES DP67611 * ALL SIZES - NEW , Double H HH AG7 2529 Wellington Ranchwell Leather Cowboy Mens Work Boots Size 11Reebok Zigkick Work Composite Toe Work Athletic Oxford , $275 MEN'S ALLEN EDMONDS WENDELL US 9.5D DERBY OXFORD SHOES BROWN LEATHER A2 , Madeline Women's Sassitude Open Toe Bootie Taupe Textile , NEW: Adidas Women's Boost NMD R1 PK Black Shock Pink Primeknit BB2364 W10.5 M9.5 , New Balance Minimus Men’s Size 9 Trail MT10GY Dark Grey Yellow Mesh ShoesWomens Leather Pointed Toe Ankle Boots Cross Buckles Flat Heel Shoes Ladies PunkNaturalizer Women's Wynnie Wide Calf Riding Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    THE BOOTS NORTH FACE WOMEN'S 29993 Sz 9.5 ULTRA GTX SURROUND THE MID HIKING BOOTS BLACK DEEP SEA 20caa2c - 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.

    THE BOOTS NORTH FACE WOMEN'S 29993 Sz 9.5 ULTRA GTX SURROUND THE MID HIKING BOOTS BLACK DEEP SEA 20caa2c - 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
    THE BOOTS NORTH FACE WOMEN'S 29993 Sz 9.5 ULTRA GTX SURROUND THE MID HIKING BOOTS BLACK DEEP SEA 20caa2c
    Boots
    >
    ;