Never miss an update

Fitflop Flop Rokkit Silver Nova Flip Flop NEW!!! women sizes Rokkit 5-11/36-42 NEW!!! 99075bc




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
Brand: FitFlop
Material: Leather Style: Flip Flop
Color: Silver Width: Medium (B, M)
Heel Height: Low (3/4 in. to 1 1/2 in.)
Never miss an update

Fitflop Flop Rokkit Silver Nova Flip Flop NEW!!! women sizes Rokkit 5-11/36-42 NEW!!! 99075bc - blurrypron.com

    Fitflop Flop Rokkit Silver Nova Flip Flop NEW!!! women sizes Rokkit 5-11/36-42 NEW!!! 99075bc
    Fitflop Flop Rokkit Silver Nova Flip Flop NEW!!! women sizes Rokkit 5-11/36-42 NEW!!! 99075bc
    New $120 Earthies Crete size 7 Black Shimmer Lizard Leather Slide SandalsJack Rogers 1217SS0005 Womens Adair Dress Sandal- Choose SZ/Color. , Women Rainbow Single Layer Premier Leather 301ALTS0 Grey 100% Original Brand New , NIB A|X Armani Exchange Ankle Strap tassel Sandals Multi color US 9.5 10, , Jeffrey Campbell Bon Bon Pink Fluffy Faux Fur Slippers Slide Sandals Size 8 New , Skechers 31777 Cali Womens Rumbler Wave-New Lassie Slide SandalA35 Pearrl Gladiator Wedge Sandals, Deep Navy , Gentleman/Lady SANDALES COMPENSEES DESIGUAL JARDIN Wear resistant special function Brand feast , Steve Madden Womens Leighton Black Platform Sandals 8 Medium (B,M) BHFO 8135Skechers Women's Beverlee-Smitten Kitten Wedge San - Choose SZ/colorX Elegant Women's High Stiletto Heel Shiny Sandals Rhinestone Shoes Party StarNaughty Monkey Womens Killion Dress Pump- Pick SZ/Color.Fashion Womens Rhinestones Tassel Feather Peep Toe Buckle High Stilettos SandalsBeacon Womens Aana criss Open Toe Casual Ankle Strap Sandals Poppy Size 10.0Summer Womens Wedge High Heels Peep Toe Sandals Mules Pump Floral Peep Toe Shoes , Beacon Womens raquel Open Toe Casual Ankle Strap Sandals White Size 10.0NEW Vionic Ramba Womens 11 42 Thong Sandals Braided Vegan Leather Wedge White , Crocs Women's Swiftwater Wave Sandal - Choose SZ/Color , Skechers 38999 Cali Womens Asana-New Age Flip-Flop- Choose SZ/Color. , Summer Womens Sequins Glitter Bling Sexy Party Nightclub Party Sandals Shoes NewWomen's Oran Flat Sandals H Type Patent Leather Summer Beach SlippersMen's/Women's Nina fergie Women Sandal (Silver, 7.5M) Modern and elegant fashion The latest technology Simple , Gentleman/Lady Seychelles Women's Coast Platform Slide Sandal Rich design Excellent performance Quality and consumer first , $175 size 7 Kendall and Kylie Eve Black Suede Heel Ankle Strap Evening SandalsCLARKS Women's Lafley Devin Platform - Choose SZ/Color , Sanuk W Yoga Joy Womens Flip Flop- Choose SZ/Color. , Gentlemen/Ladies LES TROPÉZIENNES Bahamas Argent Durable service Fast delivery Tide shoes list , FABULICIOUS Cocktail-501L 5" Heel Party Prom Bridal Slide SandalMerrell Women's Around Town Sunvue Post Sandal
    Fitflop Flop Rokkit Silver Nova Flip Flop NEW!!! women sizes Rokkit 5-11/36-42 NEW!!! 99075bc - blurrypron.com>Fitflop Flop Rokkit Silver Nova Flip Flop NEW!!! women sizes Rokkit 5-11/36-42 NEW!!! 99075bc - blurrypron.com
    ASICS WOMENS GT-2000 6 INDIGO BLUE EE SHOES **FREE POST AUSTRALIA , Adidas Adilette Cloudfoam Plus Stripes Slides Sandals Flip Flops Soccer AP9971 , Man's/Woman's Pleaser BEYOND-2020 sell Excellent performance Full range of specificationsTamaris Womens Purse Pink Pink mauve comb 518 , Womens Taos 201977 Brown Leather Loafers Shoes Sz. 9.5 NEW! , LANVIN Women's Beige Bow Napa Leather Ballet Flats Shoes size 10 US / 41.5 NEWPour La Victoire Ilissa Saddle Brown Gold leather Flat sandals Open Toe BuckleMan's/Woman's Gentle Souls Oak Leather Sandal, 7.5 Rich design Year-end sale Characteristics , Birkenstock YARA ankle strap Tropical Orange Pink Narrow Sandals N US 7El Naturalista N5007T Womens Seaweed Canvas Leaves Wedge Sandal 37EUMISSONI Havaianas Slim Rachel Collector Crystal Flip Flops Swarovski Bling Shoes , Nike Mayfly Woven Black Sneakers Athletic Shoes Men’s 9.5 NEW NWOT FashionNike Kyrie 2 Brotherhood Mens Basketball Shoes Duke Blue Devils 819583 444 US 18Nike SB Check Solar Mens 843895-003 Black Gum Brown Skateboarding Shoes Size 10New Balance Men's Shoes MX624AB4 2E SIZE 11 USNew Mens BOSS, HUGO BOSS Hybrid Runner Trainers - Dark Blue TextileDIADORA B.ELITE 173090-C4620 WHITE/TIBETAN RED (msrp: $90)KEEN Utility Women's Atlanta Cool Soft Toe ESD Industrial and Construction Shoe , Stacy Adams Mens CYPRUS MOC TOE BIT SLIP ON White Dress/Casual Shoes 25185-100 , Man/Woman Newton Brown 84548 Nunn Bush Excellent craft Reliable performance Different styles and styles , Naot Men's Retreat Sandal Chess Black Polypropylene SandalsWomen Cow Leather Fashion Sneaker Platform Wedge Ankle Boots Sport Trainers Punk , Propet Women's TravelFit Hi Sneaker, Purple/Silver, 8.5 Medium US , NEW IN BOX New Balance 880 Women's US 6.5//W880GB6 Grey/BlueMan's/Woman's Basket Palladium Good design discount Various , adidas Originals NMD R1 Primeknit Women's White/White/Blue Tint CQ2040Very Volatile Womens Yokel Leather Almond Toe Ankle Cowboy, Charcoal, Size 7.0 , NWB* Bogs 71632 Women's PEARL Ebony Black SLIP-ON BOOTS , Rivets Women Knee High Round Toe Chunky Low Heel Side Zipper Leather Boots Ths01Skechers Women's Moda-Knotted Vamp Metallic Sneake - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fitflop Flop Rokkit Silver Nova Flip Flop NEW!!! women sizes Rokkit 5-11/36-42 NEW!!! 99075bc - 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.

    Fitflop Flop Rokkit Silver Nova Flip Flop NEW!!! women sizes Rokkit 5-11/36-42 NEW!!! 99075bc - 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
    Fitflop Flop Rokkit Silver Nova Flip Flop NEW!!! women sizes Rokkit 5-11/36-42 NEW!!! 99075bc
    Sandals
    >
    ;