Never miss an update

Man/Woman Diversified Dyeables Kaylee - Elegant Color - design Silver Elegant shape a wide range of products Diversified new design a8cb014




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: Dyeables
Model No.: 50616 US Shoe Size (Women's): US 2
MPN: 50616 Style: Kaylee
UPC: 706899044483
Never miss an update

Man/Woman Diversified Dyeables Kaylee - Elegant Color - design Silver Elegant shape a wide range of products Diversified new design a8cb014 - blurrypron.com

    Man/Woman Diversified Dyeables Kaylee - Elegant Color - design Silver Elegant shape a wide range of products Diversified new design a8cb014
    Man/Woman Diversified Dyeables Kaylee - Elegant Color - design Silver Elegant shape a wide range of products Diversified new design a8cb014
    Gianni Bini Leather Gladiator Strappy Boots Booties High Heel Shoes 7M Black , Skechers Womens Reggae-Sunshine Flip Flop- Pick SZ/Color. , Skechers Womens Reggae Ethnic T Dress Sandal- Select SZ/Color. , Men's/Women's Dyeables Matilda - Color - Silver Modern technology Low price professional designKenneth Cole Reaction Women's Mass-Ter Mind Slide , Bandolino Womens Opiuma Wedge Sandal- Select SZ/Color. , CLARKS Women's Sultana Rayne Sandal - Choose SZ/color , Man's/Woman's Dyeables Sloane - Color - Silver High security cheapest Shopping promotion , Stuart Weitzman Womens Noodles Pink Flat Sandals Shoes 9 Medium (B,M) BHFO 5334 , Merrell Adhera Slide Black Comfort Sandal Women's sizes 5,6 and 7/NEW!!!Men's/Women's WOMEN'S CLARKS ARLA GLISON CLOUDSTEPPERS SANDALS Clever and practical Wholesale trade Elegant and solemn , Mr/Ms Nina Women's Ganice Slingback Guarantee quality and quantity high quality Various latest designs , Sam Edelman Women's Anella-1 Slide Sandal - Choose SZ/colorWalking Cradles Women's Nara Wedge Sandal , Gentlemen/Ladies Corkys London - Bronze - Womens feature Win highly appreciated Breathable shoes , Man's/Woman's TABOO-709 We have won praise from our customers. Known for its good quality At an affordable priceWalking Cradles Women's Lindsey Wedge Sandal , Touch Ups Women's Saturn Ankle Strap SandalGentleman/Lady OTBT Women's Earthly Thong Sandal Durable service comfortability International big name , Sam Edelman Gigi Almond Patent Leather Ankle Strap Sandal Women's 5-12/ NEW!!!Benjamin Walk Emery - Color - Silver , Dyeables Women's Sarah T-Strap SandalGentlemen/Ladies Dyeables Women's Dee Customer first Modern and stylish fashion International big name , Gentlemen/Ladies Aerosoles Women's Back Down Slide Sandal Fashion pattern International choice As of the latest modelGentlemen/Ladies FLAMINGO-810 Crazy price, Birmingham Medium cost Pick up at the boutiqueGentlemen/Ladies FLAMINGO-801 Elegant and sturdy set meal Preferred material TRUE , ECCO Women's Freja Leather Sandals Slide Footwear Black , SOLUDOS Womens Brown Leather Espadrille Sandals Sz 5 - 10 , Mr/Ms TABOO-702 Selling Known for its good quality have fun
    Man/Woman Diversified Dyeables Kaylee - Elegant Color - design Silver Elegant shape a wide range of products Diversified new design a8cb014 - blurrypron.com>Man/Woman Diversified Dyeables Kaylee - Elegant Color - design Silver Elegant shape a wide range of products Diversified new design a8cb014 - blurrypron.com
    Smart buy Good quality sneakers balenciaga Red Men's US Size 8 Free shipping , Nike Air Vapormax Flyknit 2 Wmns Particle Beige/Blue - 942843-203 - US 5 NEWMiz Mooz Patrice Black Leather Ankle Boot , Widlyn Black Leather Nine West Mid Heel PumpSexy Women Stilettos Pointy Toe Slip on Suede Ladies Shallow Mouth Heels ShoesAnne Klein Size 9.5 Gray Wedge Sandals New Womens ShoesVionic Amber Backstrap Gold Cork Women's Sizes 5-12 NEW!!! , ECCO Womens Touch 25 Hooded Wedge Sandal- Pick SZ/Color. , UNDER ARMOUR SPINE PREDATOR MEN'S BASKETBALL SHOES SIZE 13.5 RED , Men's Brand New Lifestyle Mode DE VIE Athletic Fashion Wear Sneakers [MRL247NR] , Nike Cortez Basic 1972 TRIPLE BLACK ANTHRACITE 842918-001 sz 11.5 FORREST GUMP , New NIKE FREE RN 2018 842836-100 - MEN'S White/Black Running Shoes c1Nike Lunarcharge Essential NSW Cargo Khaki Green Men Running Shoes 923619-301NIKE AIR MAX LD-ZERO Hiroshi Fujiwara SIZE UK7.5/US8.5/EUR42/CM26.5 848624-002 , Nike Air Jordan Air Incline Gym Red/Infrared 23-Black 705796-607 Men's SZ 11.5 , Man/Woman Nike SB QS Rain Dunks Adequate supply and timely delivery high quality Superb craftsmanship , Ariat Men's Relentless Prime Cowboy Boot Black Bullhide/Light Aqua , SUPREME X NIKE Air More UPTEMPO GOLD BLACK RED LIMITED US 9 , PUMA Women's Vikky Ribbon S Sneaker, - Choose SZ/ColorNIKE WMNS AIR MAX THEA Volt/Light Liquid Lime 599409 700 ATHLETICNike Womens Air Max Zero Running Trainers 857661 Sneakers Shoes 104Nike Air Presto Running Women's Shoes Size 10Nike Air Huarache City Womens AH6787-200 Neutral Olive Athletic Shoes Size 10 , Reebok Women's Zpump Fusion 2.0 Running Shoe - Choose SZ/Color , Pleaser KISS-200-45 Women's Dancing Black Patent Cut Out Platform Knee High Boot , Block Heel Disco Boots Womens Patent Ribbon Booties Party mens Shoes Size 3-10Carlos by Carlos Santana Quality Over-The-Knee Boots, Black , Vintage ACME Womens Boots Cowboy Western US 6.5 White Leather Pull On rockabillyMan/Woman Chic Western Boots Booties Black Cognac Long-term reputation Fast delivery Elegant and stable packaging , Bottes Cuissardes Cuir Shearling T40 Pieds à Terre Leather Knee High Boots UK7
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man/Woman Diversified Dyeables Kaylee - Elegant Color - design Silver Elegant shape a wide range of products Diversified new design a8cb014 - 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.

    Man/Woman Diversified Dyeables Kaylee - Elegant Color - design Silver Elegant shape a wide range of products Diversified new design a8cb014 - 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
    Man/Woman Diversified Dyeables Kaylee - Elegant Color - design Silver Elegant shape a wide range of products Diversified new design a8cb014
    Sandals
    >
    ;