Never miss an update

Aetrex Women's NIB JULES AE500W THONG BLACK AE500W BLACK NIB a11e4ed




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
Modified Item: No
Pattern: Solid Style: Flip Flops
Color: Black Material: Leather
Brand: Aetrex Width: Medium (B, M)
Never miss an update

Aetrex Women's NIB JULES AE500W THONG BLACK AE500W BLACK NIB a11e4ed - blurrypron.com

    Aetrex Women's NIB JULES AE500W THONG BLACK AE500W BLACK NIB a11e4ed
    Aetrex Women's NIB JULES AE500W THONG BLACK AE500W BLACK NIB a11e4ed
    Mr/Ms Badgley Mischka Flower Sandals Size 7 Fashion pattern Various types and styles Elegant and stable packagingSandals, COLE HAAN, Gold leather between toe, 2" wedge, SZ: 9B$289 French Connection Women’s Leather Sandals Size 10 Brown Slingback FlatsCole Haan Jillian Criss Cross Ankle Wrap Open Toe Leather Black Wedge Sandal** Pour La Victoire Pica Espadrille Sandal - Women's Size 8M Blackstuart weitzman raffia platform sandals 8.5 m , All Black Womens Shoes Size 39 9 Black Pom Pom Thong Sandals New , Dolce Vita Slingback Sandals - Women's Size 9.5 - White/GoldSteve Madden Womens Stecy Dress Sandal- Select SZ/Color.Jewel Badgley Mischka Hunt Strappy Wedge Sandals, Silver Glitter , Dr. Scholl's Band sandals tan natural leather 4.5 " heels sz 10 Med NEW , Cole Haan Gold Leather Sandals Womens Size 7.5 , Betsey Johnson Size 8.5 Black Wedge Sandals New Womens Shoes , NIB Miss Trish Shell Print Wedge Sandals - Peach/peach / US 7 , NEW Urban Outfitters Matiko black Leather Silver Studded Flat Slide Sandals 36 , Women's LUCKY BRAND 227148 black canvas slip on wedges sz. 9 M , SANITA Hydra Blue Sandals Slide Shoes Purple (US 8.5-9) QQ22 , SEYCHELLES 'Scout It Out' Black Leather Block Heeled Gladiator Sandals 8M - 8.5MBetsey Johnson June Slides Oversized Bow Dot Black Sandals Shoes Size US 9.5 , Men's/Women's Powerstep Women's Fusion Sandals Flip-Flop Aesthetic appearance a variety of classic style , Sam Edelman Amee Heels Strappy Sandals,Nudist Nude,Patent Leather , 10.5 M , Chaco Womens Z1 Classic Size 7 US Scatter Peach (CS18W-6) , Merrell Women's Terran Ari Post Sport Sandal - Choose SZ/colorH.S. Trask Atoll Blue White Sandal New In Box 7 M Bozeman Montana Navy SurfVince Camuto Lorrana Peep Toe Heeled Sandals, Red RoseVia Spiga Womens Brown Leather Sandals 9 MCOLE HAAN ANALYN GRAND TANG RED /CREMIN ANKLE STRAP SANDAL US 7.5M , Sam Edelman Gabriel Beaded Thong Toe Sandal Leather Brown Sz 6.5 NEW , MIA Women's Black Glitterati Gladiator Sandals Shoe Size 6 New!
    Aetrex Women's NIB JULES AE500W THONG BLACK AE500W BLACK NIB a11e4ed - blurrypron.com>Aetrex Women's NIB JULES AE500W THONG BLACK AE500W BLACK NIB a11e4ed - blurrypron.com
    Merrell Chocolate Brown Boots Block Heel Side Zipper Size 6.5 Riding Moto NWTJeffrey Campbell Total Black Floral Pointed Toe Chunky Heel Retro Ankle BootieRoper Womens Snip Toe - M- Pick SZ/Color. , Nike Lunar Apparent [908987-001] Men Running Shoes Black/White-Cool Grey , Man's/Woman's Air Jordan Retro White Cement 3 Easy to clean surface auction Preferential priceAnne Klein Vergil Front Buckle Slip on Loafer Flats, Black, 8.5 US , NEW Lluna leather sandals in gold glitter Women's by RIA Menorca , Ladies Unstructured by Clarks Slip On Shoes The Style - Keesha RosaLoeffler Randall 41 10B Rose Gold Italian D'Orsay metallic flats womens shoes , NEW! NIB Donald J Pliner BABOU2 Black Distress Antique Metallic Leather Mule 5.5Pleaser Black Leather 4" Pull-On Thigh Hi Boot LEGEND-8868/B/LENew Summer Hot Women's Loafers Leather Mules Flats Casual Fashion Bowknot Shoes , Block Heels Platform Sandals Women Square Toe Ankle strap Buckle Beads New ShoesNEW VIONIC PACIFIC HIGH TIDE SANDAL FLIP FLOP BLACK WOMENS SHOE FREE SHIP 6-11Nike Size 8 Training Sneakers New Womens Shoesnike zoom speed TR mens running trainers 630855 001 sneakers shoes CLEARANCE , ADIDAS Adizero Boston Boost 5 M - Running, Cross Training (Men's 12) , Men New Balance MW577WT Walking Extra Wide 4E White 100% Authentic Brand New , New ADIDAS EQT Support ADV Sneaker Mens peach pink white all sizes , Man's/Woman's Reebok Classic Leather Men's White/Gum 49797 Reliable quality Fast delivery SimpleMan/Woman Saucony Freedom ISO Men's White/Gold 2035511 Special price Won highly appreciated and widely trusted at home and abroad TRUEADIDAS YEEZY BOOST 350 V2 SEMI FROZEN YELLOW B37572 SIZE 12.5 100% AUTHENTICJUSTIN (8306) Men's Chocolate Iguana Lizard Leather Western Cowboy Boots Size 8DGoodyear Leather Work Boots Western Cowboy Steel Toe Chemigum Brown Men Sz 7 EW , SeaVees Hermosa Plimsoll Standard Shoe - Men's (Size: 8) , Mens Nunn Bush Comfort Gel shoes, Black,84548 Newton,cap toe monk strap US 9.5 , Geox Fashion Sneakers size 7 M Glitter Sparkle Shoes New WF34 , GOLDEN GOOSE DELUXE BRAND Palm Tree Print Hi-Top Sneakers Womens size 8 , 1711 Nike Air Footscape Mid Women's Sneakers Sports Shoes AA0519-001Deep Red Camper Knee-High Boots 6.5 37
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Aetrex Women's NIB JULES AE500W THONG BLACK AE500W BLACK NIB a11e4ed - 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.

    Aetrex Women's NIB JULES AE500W THONG BLACK AE500W BLACK NIB a11e4ed - 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
    Aetrex Women's NIB JULES AE500W THONG BLACK AE500W BLACK NIB a11e4ed
    Sandals
    >
    ;