Never miss an update

Anne Flats Klein Womens Aricia Aricia Closed Black/Glitter Toe Ballet Flats Black/Glitter Size 5.0 ed298e7




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: Anne Klein
Color: Black Style: Ballet Flats
Occasion: Casual Width: Medium (B, M)
Pattern: Solid Material: Synthetic
US Shoe Size (Women's): 5 Heel Height: Flat (0 to 1/2 in.)
Fastening: Slip On UPC: 720623836397
Never miss an update

Anne Flats Klein Womens Aricia Aricia Closed Black/Glitter Toe Ballet Flats Black/Glitter Size 5.0 ed298e7 - blurrypron.com

    Anne Flats Klein Womens Aricia Aricia Closed Black/Glitter Toe Ballet Flats Black/Glitter Size 5.0 ed298e7
    Anne Flats Klein Womens Aricia Aricia Closed Black/Glitter Toe Ballet Flats Black/Glitter Size 5.0 ed298e7
    Penny Loves Kenny Womens KNOT Fabric Pointed Toe Slide Flats White Size 7.0Men's/Women's TBS Chloee Mid Noir durability Carefully selected materials wonderfulMan's/Woman's MADRAS Shoes 895592 Purple 36 Big clearance sale Comfortable touch Superb craftsmanship , Gentlemen/Ladies Rivieras Shoes 959164 BlackxWhite 36 Great variety special promotion Good qualityARRAY Womens Freedom Leather Square Toe Loafers Navy Size 8.0 V5un , BADGLEY MISCHKA Womens Taft Leather Peep Toe Slide Flats Navy Size 9.5 ebKL , Kelsi Dagger Brooklyn Women's Alton Ballet Flat Clover Size 8.0 , Bandolino Womens Edition Closed Toe Ballet Flats Black Combo Size 10.0 , White Mountain Womens Harmonize Fabric Almond Toe Gold/ Metallic Size 9.5 , Nine West Womens Norella Leather Almond Toe Loafers Cognac Size 9.0 BI46 , Gentlemen/Ladies ANTEPRIMA Shoes 698416 Black High quality and low overhead Good market Seasonal hot sale , Taryn Rose Womens Beverly Closed Toe Mary Jane Flats Pewter Size 5.5 zTSQShoes Igi&Co Mocassin 77906 00 Woman Suede Glitter Black Slip On Made in Italy , Gentleman/Lady Trotters Shoes 103550 BrownxMulticolor Innovative design Good market Caramel, gentle , Calvin Klein Womens Fiana Leather Cap Toe Ballet Flats Blush Size 7.5 u1ipG.H. Bass & Co. Women's Felicity Ballet Flat Silver Size 7.5G.H. Bass & Co. Women's Broadway Shoe Patina Green Size 7.5 , Kenneth Cole New York Womens Wilhelmina Pointed Toe Ankle Strap Rose Size 10.0Propét Women's Maren Flat Brown Size 10.0 , Avec Les Filles Womens Genevie Open Toe SlingBack Espadrille Flats , Vince Camuto Womens bayana Leather Low Top Slip On Fashion Black Size 8.0 HvQZNina Marielle Ballet Flats - Ballet Pink Ballet Pink Size 9.5 , Adam Tucker Womens Nikki Leather Closed Toe Ballet Flats BlKNAP Size 6.5 jvm4Ivanka Trump Womens Elise Leather Closed Toe Ankle Wrap Ballet Black Size 11.0 , Naturalizer Womens Calinda Leather Closed Toe Loafers Navy Size 6.0Giani Bernini Womens Odey Suede Round Toe Loafers Brown Size 9.0CLARKS Women's Dowling Pearl Walking Shoe Grey Synthetic Size 7.0 qcHr , Adrianna Papell Women's Stevie Ballet Flat Dark Powder Size 8.0Dirty Laundry Womens Hannah Closed Toe Ballet Flats Black Size 6.5 ,
    Anne Flats Klein Womens Aricia Aricia Closed Black/Glitter Toe Ballet Flats Black/Glitter Size 5.0 ed298e7 - blurrypron.com>Anne Flats Klein Womens Aricia Aricia Closed Black/Glitter Toe Ballet Flats Black/Glitter Size 5.0 ed298e7 - blurrypron.com
    NWT z-coil women’s 5 z-duty workboot steel toe 7" high black leather enclosedKamik Women's Boston Snow Boot Black 7 M USVIA SPIGA FRINGE BOOTS BLACK WITH BLUE FRINGE SIZE 9 NWT$398Nike DownShifter 8 VIII Triple Black Men Running Shoes Sneakers 908984-002 , Ladies Padders Ballet Flats Style Fiona -W , New Django & Juliette Sacred Silver Womens Shoes Casual Boots AnkleVia Spiga Nemy Platform Espadrilles 083, White, 8.5 US / 38.5 EU , EUC St. Agni George Glove Shoes in Sand Size 37 RRP $229NWOB Stubbs & Wootton Canvass Slip On Loafers US 7.5 Women's , Jeffrey Campbell Gabsy Black White Perforated Leather Bow Peeptoe Pumps 6 , fashion Womens leisure Block Heels pointed Slip on bowknot Genuine leathe shoesrWOMEN'S GIVENCHY PARIS GOLD MIRROR STRAPS HEELS SHOES SIZE 7 1/2 NEVER WORN , Cat by Caterpillar Women's Tasie Pewter Black Thong with Cork Footbed P305462 , NEW! NIB CALZADOS PICON Camel Nubuck Suede Espadrille Wedge Sandal Sz 6.5 SPAINSTUART WEITZMAN ROMANFLAT TIE GLADIATOR AMARETTO SUEDE SANDAL SZ 8 NEW , New Balance Women's 496v3 Cush + Walking Shoe , DVS Rico CT Shoe - Black Suede / Grey - New , NIKE SF AF1 AIR FORCE 1 ONE MID SZ 8.5 FIELD BOOT DESERT MOSS GUM 917753 301 , NEW BALANCE - Men`s 996v3 D Width Tennis Shoes Pigment and Vintage Indigo - (MCH , Adidas Originals Swift Run Carbon/Black/Medium Grey Lifestyle Sneakers CQ2114MIZUNO WAVE RISE 16 MEN'S RUNNING SHOES~ SIZE 9M~NWOBNIKE MAGISTA OBRA II FG BLACK-WHITE-PARAMOUNT BLUE SZ 6.5 [844595-019]Rockport Elkhart Mid Boot Leather Mens Hiking Shoes , Allen Edmonds Stowe Tassel Loafer Burgundy Mens size 9.5 C Rubber SoleVALENTINO Rockrunner Camoflage Suede And Leather Trainers, Sneakers White , Rockport Men's Classic Dress Shoes Total Motion Cap Toe Black CG7229New Balance Women's WT10BB - Minimus 10v1 TrailBrooks Ravenna 7 Womens Runner (B) (127) + Free Delivery Australia WideCole Haan Colehaan Women's Black Leather Knee High Boots Strap Buckle Size 8.5 B , Winter Rabbit Fur Wedge Heels Knee High Boots Womens Side Zipper Faux Suede Shoe
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Anne Flats Klein Womens Aricia Aricia Closed Black/Glitter Toe Ballet Flats Black/Glitter Size 5.0 ed298e7 - 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.

    Anne Flats Klein Womens Aricia Aricia Closed Black/Glitter Toe Ballet Flats Black/Glitter Size 5.0 ed298e7 - 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
    Anne Flats Klein Womens Aricia Aricia Closed Black/Glitter Toe Ballet Flats Black/Glitter Size 5.0 ed298e7
    Flats
    >
    ;