Never miss an update

ECCO Women's Shape Mary 55 Plateau Mary - Jane Platform 24009 Pump - Choose SZ/Color 10d6f4b




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: ECCO
Style: Flats Manufacturer: ECCO
Size Type: Regular MPN: Shape 55 Plateau Mary Jane
US Shoe Size (Women's): Multiple Variations Model: Shape 55 Plateau Mary Jane
Never miss an update

ECCO Women's Shape Mary 55 Plateau Mary - Jane Platform 24009 Pump - Choose SZ/Color 10d6f4b - blurrypron.com

    ECCO Women's Shape Mary 55 Plateau Mary - Jane Platform 24009 Pump - Choose SZ/Color 10d6f4b
    ECCO Women's Shape Mary 55 Plateau Mary - Jane Platform 24009 Pump - Choose SZ/Color 10d6f4b
    Pleaser Women's Stardust-708 Ankle-Strap Sandal - Choose SZ/ColorPleaser Womens Teeze 06R BLSA Platform Pump,Blue Satin/Irid Rose,9 M USNaturalizer Women's Banks Pump, Black Leather, 11 W US , Nine West Women's Tatiana Metallic dress Pump - Choose SZ/Color , Pleaser Xtreme-875 Womens Platform Sandal- Choose SZ/Color. , Nine West Women's TIJOO Suede Pump, - Choose SZ/ColorNine West Women's Omygosh Pump - Choose SZ/ColorJessica Simpson Women's Jenee Pump - Choose SZ/Color , Pleaser ADORE-769RS Womens Ado769rs/b/Sch Platform Sandal 6 M- Choose SZ/Color. , ECCO Women's Shape 75 Pump Dress - Choose SZ/Color , Anne Klein Women's Petria Fabric Pump - Choose SZ/Color , Rockport Seven To 7 85mm Peep Toe Wedge Womens 85 Pump- Choose SZ/Color.Nine West Women's Danell Pump - Choose SZ/Color , Nine West Women's Morrisa Dress Pump - Choose SZ/ColorCLARKS Women's Heavenly Star Dress Pump - Choose SZ/ColorCole Haan Women's Tali Luxe 40 Wedge Pump - Choose SZ/ColorPleaser - ASPIRE-601SDC Womens Asp601sdc/C/B Platform Sandal- Choose SZ/Color.ALDO Women's KEDIREDDA_ Pump, - Choose SZ/Color , Pleaser ADORE-1018G Womens Ado1018g/s/M Ankle Bootie, Slv Glitter/Slv Glitter, 9Jessica Simpson Women's Barretta Dress Sandal - Choose SZ/Color , Bed Stu Women's Onset Black Driftwood Dress Sandal 7.5M , ALDO Women's Sevoredia_ Dress Sandal, - Choose SZ/Color , Nine West Women's Angus Fabric Heeled Sandal - Choose SZ/Color , ALDO Women's Ostenson Heeled Sandal - Choose SZ/ColorNine West Women's Kaylee Suede Dress Pump - Choose SZ/ColorSteve Madden Women's Canastel Dress Sandal - Choose SZ/Color , Nine West Women's Magenta Pump - Choose SZ/Color , Ivanka Trump Women's Liah6 Pump - Choose SZ/ColorCalvin Klein Women's Gella Dress Pump - Choose SZ/Color
    ECCO Women's Shape Mary 55 Plateau Mary - Jane Platform 24009 Pump - Choose SZ/Color 10d6f4b - blurrypron.com>ECCO Women's Shape Mary 55 Plateau Mary - Jane Platform 24009 Pump - Choose SZ/Color 10d6f4b - blurrypron.com
    VASQUE SKYWALK BACKPACKING BOOTS EEUC WOMENS 10 LOOK!Miz Mooz Leather Triple Buckle Ankle Boots Booties Casper Brandy Size 9-9.5 EU40Dr.Martens 8-Eyelet Zip Pascal Grizzly Dark Brown Womens Boots , W2 MX ENDURO BOOTS UNADILLA WHITE SIZE / W245500146Jessica Simpson Jolinda Ankle Strap Heel Sandals, Black Suede, 6.5 US / 37 EU , Near New Mens ADIDAS ENERGY BOOST 2.0 ESM Sneakers Size US 8 , Bernie Mev Women's Size 40 Timeless Black Hightop Sneaker Shoe Memory Foam , Man's/Woman's EIZO Shoes 329202 Brown 22.5cm Cheap real Characteristics , MARC FISHER Dalli Women Heel Sandals (9M, Black Multi Suede) , Salvatore Ferragamo Boutique Womens Shoes Beige Black Cap Toe Wedge Heel Size 7BSCHUTZ Women's Rania Heeled Sandal Tanino Ii Nude Patent Leather T-strap PumpsLadies Skechers Empire Inside Look Walking Sports Fitness Gym Trainers All Sizes , Jessica Simpson Women's Nessa Mesh Sneakers Deep Teal Blue Size 6 M , Nike Mens Flex Experience RN 4 Running Shoes 11 M US , Nike Rosherun Gamma Green Jordan SB Air Force Dunk US 10.5Nike Free Trainer V7 Mens 898053-006 Dark Grey Blue Training Shoes Size 7 , Nike KD Trey 5 III PRM Men's Basketball Shoes Black White 749379-010 size 9.5 , Donald J Pliner Mens Shoes size 12M Slip On Black Leather Renkin , Black Mens Pointy Toe Slip On Rivets Patent Leather Brogue Nightclub Shoes Sz , Bostonian Windsor Men Tassel Loafers 9 C Burgundy Leather Uppers Leather Soles , Clarks Men's Tilden Way Penny LoaferFI-2319 Red Synthetic Leather Encore By Fiesso Mens Slide-in Sandals , Womans Nike Shox Grey/White/Pink Sneakers Shoes 354707-011 Size 6NIKE WOMENS AIR HUARACHE RUN PRM SZ 5 SUEDE MEDIUM GREY OFF WHITE 833145 002 , Man/Woman merrell shoes Economical and practical Pleasant appearance Official websiteNikelab Nike Blazer Premium Wmns sz 5 , Mephisto Runoff Air Jet System Soft Suede Shoes - Women's Size 8.5, Dark BrownMaterial Girl New Womens Flip Macy's Black Bootie Boot 7 M Shoe NWOB , EUC Womens Lucky Brand 8 Dark Green Suede Benniee Bootie Dual Zippers , Naot Mariachi black shoe with strap Size 42/11
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ECCO Women's Shape Mary 55 Plateau Mary - Jane Platform 24009 Pump - Choose SZ/Color 10d6f4b - 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.

    ECCO Women's Shape Mary 55 Plateau Mary - Jane Platform 24009 Pump - Choose SZ/Color 10d6f4b - 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
    ECCO Women's Shape Mary 55 Plateau Mary - Jane Platform 24009 Pump - Choose SZ/Color 10d6f4b
    Heels
    >
    ;