Never miss an update

Teva W MidFoam Women University Black Teva Women 2574 Sports Hiking Sandal 1090969-BLK 02bf018




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Authenticity: 100% Authentic Guaranteed
Colour: Black SizeScale: Us Size
Material: Synthetic Shoe Type: Sneakers
MPN: 1090969blk Style: Fashion Sneakers
Width: Medium Brand: Teva
Never miss an update

Teva W MidFoam Women University Black Teva Women 2574 Sports Hiking Sandal 1090969-BLK 02bf018 - blurrypron.com

    Teva W MidFoam Women University Black Teva Women 2574 Sports Hiking Sandal 1090969-BLK 02bf018
    Teva W MidFoam Women University Black Teva Women 2574 Sports Hiking Sandal 1090969-BLK 02bf018
    [COUNTRY ROAD] NEW! SZ 39 [CR LOVE] trenery diana pebble flat sandal - leather 8BNWT Fitflop The Skinny Lizard Print Spice US 8 Eu 39 , New Django & Juliette Quals Black Leather Womens Shoes Casual Sandals HeeledNew Scholl Paramount Peacock Womens Shoes Casual Sandals Heeled , New Birkenstock Madrid Bk Black Womens Shoes Casual Sandals Sandals FlatNew Django & Juliette Jinnit Rose Gold Leather Rose Gold Rose Gold Womens ShoesScholl Orthaheel Antonia Womens Leather Comfort Thongs With Support , Men's/Women's New Keen Women's Whisper Sandal Reliable quality Cheaper than the price Caramel, gentleVionic Selena Lennox Sandal Cinnamon - Arch Support Orthaheel technology , Birkenstock Birko Flor Gizeh $149rrp Patent Pink with Purple Sole BNIB 1005303 , Gentlemen/Ladies FitFlop Tia Toe-Thong Sandal Silver High-quality Bright colors Famous store , Dr Martens Slip On Sandal Anastasia Black 15031001 Original Classic DocSandals heel comfort leather - Taos Shoes Envy , Tory Burch Logo Metallic Slides - Size 9 / AUTHENTIC , Birkenstock Kairo Birko-Flor Shiny Snake Olive Sandals , Scholl Orthaheel Amalia Womens Comfortable Adjustable Strap SandalsWomens Horsebit Leather Backless Loafer Slide Mule Slip On Shoes Slippers 2018 , Loeffler Randall Dixie Suede Cutout Flat Gladiator Sandal,BNWT, Sz 39.5, RRP$495Golden Goose by K Jacques Sandals, 37, New , Men's/Women's FRANKiE4 HiLARY Rose Gold Practical and economical Year-end sale Exquisite (processing) processingNEW Easy Steps Elope Nude Heel Sandals Comfort Fit C-FitAlohas Crossed Black Platform Espadrilles Size 38 RRP $160 , Vionic Orthotic Adjustable Amber Women's Sandal - TortoiseGentlemen/Ladies Birkenstock Madrid Birko-Flor Nubuck Navy Sandals online sale the most economical Outstanding functionBirkenstock Boston Clogs - black brown blue red - Birko-Flor , Birkenstock Boston EVA Grey Metallic Anthracite ClogsZimmermann Kitten Heel Strappy Sandal | Leather Shoes | Ivory/ Off-White $550 RPNEW Wide Steps Charity Neutral Leather Sandals Womens Shoes Wide Fit C+ FitKlouds shoes - Orthotic friendly comfort leather heel Sandals Gaei
    Teva W MidFoam Women University Black Teva Women 2574 Sports Hiking Sandal 1090969-BLK 02bf018 - blurrypron.com>Teva W MidFoam Women University Black Teva Women 2574 Sports Hiking Sandal 1090969-BLK 02bf018 - blurrypron.com
    Ariat Women's Vale Country Shoe - Choose SZ/ColorPuma Tsugi Cage Low-Top Sneakers, Pomegranate Black White, 3.5 UKNike KD Trey 5 V EP [921540-010] Men Basketball Shoes Kevin Durant Black/Grey , NEW Easy Steps Stanford Navy Nubuck Ankle Boots Comfort Fit C-FitWomens MUNRO AMERICAN taupe shimmer leather loafers / flats sz. 8.5 N NEW! $189 , Women's UNDERGROUND Black Suede Leopard Wulfrun Rockabilly Creepers Sizes 3 - 7$350 Tod's Shoes Womens Size 7.5 Black Leather Driving Flats 'Dee' *EXCELLENT* , Giuseppe Zanotti Shoes Heels Womens 8.5 Red Aligator Peep Toe D6Original TARYN ROSE Tan Beige Size 10.5 Heels 10 1/2 Pumps or Shoes 41.5Salvatore Ferragamo Navy Blue Leather Kitten Heels 5.5 B SR5 , NIB SJP by Sarah Jessica Parker Louise Satin Heels Sandals Sz 39 8.5 M Blue $385 , Marc Fisher Womens Elise Leather Low Top Slip On Fashion Sneakers , Man's/Woman's PUMA Roma Men's White/Blue/Red 35357284 Easy to clean surface Strong value a wide variety of goods , Nike Men Dunk CMFT Denim Pack Black White Red High Sneakers 705434-001 Size 10.5 , NIKE Air Force 1 AF1 Supreme '07 Malone 25th Anniv. Men's Sneakers Sz 9 NIB/DSReebok Men's Basketball / Athletic Shoes PumPSpective Omni V47022 Size: 18 -NEWNike Air Jordan 1 Rebel Top 3 Women Size 9 in Men Size 7.5 Brand NewNIKE AIR FORCE 1 LOW CUSTOM - ANY SIZE MADE TO ORDER FROM UK2004 Mens Nike Air Jordan VII 7 Olympic Gold Navy Red Size 10.5 Used Rare DSReebok × A BATHING APE × mita sneakers Pump Fury US 11 JP 28.5 Deadstock , CHRISTIAN LOUBOUTIN LOUIS FLAT VEAU VELOURS US 7.5 PAVOT RED SUEDE , Mens Wrist Watch Luxury Chronograph Waterproof Date Analog Quartz Business...Romano Martegani Black Leather Dress Loafers Men's Sz 8.5 D   Hand Made Italy , Nike Metcon 3 Womens Lava Glow Blue Black Training Shoes Size 9, 849807-600 , NIKE WOMENS AIR HUARACHE RUN ULTRA SZ 5 LIGHT BONE ORCHID PINK GUM 819151 009Chaco Women's Quinn Shoe - Choose SZ/ColorAdidas Training Women's Arianna Cloudfoam Shoes Size 5 to 10 us BA8745 , Adidas PURE BOOST Running Shoes // Red/Blue Flowers // SUPER CUTE!!NIKE WOMEN'S AIR JORDAN 1 REBEL XX -No Lid SZ: WMNS 5.5 = 4 YOUTH #AT4151 100Marc Fisher Light Natural Taupe Suede Novice Peep-toe Ankle Bootie 9.5 New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Teva W MidFoam Women University Black Teva Women 2574 Sports Hiking Sandal 1090969-BLK 02bf018 - 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.

    Teva W MidFoam Women University Black Teva Women 2574 Sports Hiking Sandal 1090969-BLK 02bf018 - 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
    Teva W MidFoam Women University Black Teva Women 2574 Sports Hiking Sandal 1090969-BLK 02bf018
    Sandals
    >
    ;