Never miss an update

Mr/Ms ARRAY Women's Charlie 29935 Pump Mr/Ms Special price Women's International choice buy online aa33b8d




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: ARRAY
Color: Black Style: Pumps, Classics
Pattern: Solid Width: Wide (C, D, W)
Never miss an update

Mr/Ms ARRAY Women's Charlie 29935 Pump Mr/Ms Special price Women's International choice buy online aa33b8d - blurrypron.com

    Mr/Ms ARRAY Women's Charlie 29935 Pump Mr/Ms Special price Women's International choice buy online aa33b8d
    Mr/Ms ARRAY Women's Charlie 29935 Pump Mr/Ms Special price Women's International choice buy online aa33b8d
    Women Peep Toe High Heel Slingbacks Crystal Silver Ladies Wedding Shoes Pumps , 20cm super high heel Shoes Platform LOLITA PUNK stilettos Women Boots Fashion C8Brand New Clarks Women's Heavenly Star Dress Pump Navy Leather 7 1/2 MCLARKS Womens gracelin lea Closed Toe Mules Navy Leather Size 10.0Fulinken 8 Color Sz 5-10 Bridal Wedding Dress Prom Flats Heels Pumps Shoes W466 , Fulinken Satin Bridal Ladies Wedding Dress Prom Flat to High Heels Shoes W331 , CHIE MIHARA Gray Leather Mary Jane Heel Shoes Size 38.5 8.5Women's Marc Fisher KAEE Espadrille Wedge Sandal Heels Suede Insignia Blue 9.5 , Aldo Womens Thiasa Leather Open Toe MulesUnited Nude Womens Fold Lite Hi Dress Pump /7.5-- Pick SZ/Color.Womens Irregular Choice Ban Joe Low Heel Bow Evening Party Court ShoeCLARKS Women's Petula Sadie Wedge Pump, Black Leather Combo, 8 M USIvanka Trump Hayzes Sandals Strappy Heels Snake Ankle Strap Black Multi 9.5 MVEGAN 5.25" HEEL PF PEEP TOE PUMP-GLITTERY BAT BOW-CHAINS 5 6 7 8 9 10 11 12 , NEW Earth Tamarack Womens 7.5 38 Platform Pumps Leather Stacked Heel Burgundy , BCBG Max Azria Size 8 M Amaris Black Satin Pumps New Womens Shoes , Dr Comfort Cindee Womens 8.5 EW Nude Diabetic Adjustable Mary Jane Comfort ShoesRALPH LAUREN women shoes sz 7.5 Europe 38 burgundy suede S6968 , Ernesto Esposito Womens Pumps Size 38 8 Metallic Gold Leather SlingbacksClarks Women's Caslynn Reece Platform Pump Nude Beige & Black - MEDIUM to WIDE , GUESS Womens kenzie2 Open Toe Ankle Strap Classic Pumps, Black Suede, Size 8.0 H , Heel Jessica Simpson Cambredge Rouge Noir Velvet , Nightclub Womens Real Leather Platform Super Stilettos Heels Pumps Slip On ShoesChloe Womens Sandals Wedges Size 39 9 Gray Brown Leather Peep Toe Ankle StrapNAOT TRENDY 7 M 38 METALLIC PURPLE EGGPLANT PATENT LEATHER MARY JANE PUMPS HEELSALDO Catheryn Chunk High Heel Round Toe Ankle Boots Booties, Beige, 9 , Fulinken 8 Color Sz 5-10 Bridal Wedding Dress Prom Flats Heels Pumps Shoes W374 , MANOLO BLAHNIK Open Toe Heels Sz 40.5 , GUESS Womens kenzie2 Open Toe Ankle Strap Classic Pumps, Blush Suede, Size 6.5 w ,
    Mr/Ms ARRAY Women's Charlie 29935 Pump Mr/Ms Special price Women's International choice buy online aa33b8d - blurrypron.com>Mr/Ms ARRAY Women's Charlie 29935 Pump Mr/Ms Special price Women's International choice buy online aa33b8d - blurrypron.com
    Modern Vintage Black Suede & Patton Leather Pull On Knee High Boots Sz 38 - 7.5WINDSORSMITH WOMAN WINTER ANKLE BOOTS LEATHER BLOCK HEELS CODE VINYL DEFECT , Laredo Women's Myra Mid Heel Cowgirl Boot 51091 , Ed Hardy Men's Fierce Tiger Print Hi Top Trainers, White , NEW FENDI Goldmine Knee High Boots Dark BROWN Leather Block Heel Sz 10.5 / 40.5Gentleman/Lady Old Gringo Olivia in Maroon Not so expensive Preferred material Excellent functionGioseppo Womens 43379 Low-Top Sneakers, Black, 6.5 UKMan's/Woman's Clarks Women’s Drafty Haze Boots sell Beautiful appearance Clearance sale , Men/Women STARDUST-701 Guarantee quality and quantity Primary quality Current shapeAWESOME Dolce Vita DV8 Black Heel Combination Platform Heels Size 7.5 , Man/Woman LORIBLU Black Velvet Oxford Pumps New varieties are launched Cheaper than the price Personalization trendValentino Loves Me Loves Me Not Sandal 38 , CONVERSE CHUCK TAYLOR 70 OX THINK 16 30 & BILL RUSSELL SHOES MENS SZ 11 161408CAdidas Pharrell Williams SOLARHU NMD Motherland Pink Solar Pack Camo size 9 , COLE HAAN MEN'S WILLIAMS CHUKKA BOOT II (C20917) BLACK US 11.5 , Magnum Tactical Boot 8.0 Waterproof Combat Military Tactical Boots 7-13 , Nike Air Jordan 1 Retro Ko Hi White Red 2010 Bred 402297-161 Size 11 , Converse One Star Leather Ox Shoes Green Beige 153707C Men's Size 8 Women’s 9.5 , Mens Nunn Bush Jefferson shoes Bicycle toe slip on Black dressy leather 84222-01Balance Women's WT410v5 Cushioning Trail Running Shoe, Grey, 6.5 B US , adidas Originals Gazelle Ice Mint Green Women’s Sneakers Size 6 BA9599 , Nike Tanjun Black White Women Size Running Shoes New In Box Original 812655 011 , Mizuno Wave Horizon Size US 10 M (B) Women's Running Shoes Gray SilverPuma Suede Classic Womens 355462-77 Iron Gate Grey Winsome Orchid Shoes Size 9 , HOGAN REBEL WOMEN'S SHOES HIGH TOP LEATHER TRAINERS SNEAKERS R182 COLLETTO I FE0 , TEVA DE LA VINA ANKLE SUEDE BLACK OLIVE BOOTS BOOTIES SIZE US 6.5 WOMENS NEWSPLENDID BOOTIE - RAFAELA NUTMEG SUEDE SZ 9womens embroidery floral knee high top boots block low heel buckle shoes custom , Acorn Women's Slouch Boot - Charcoal Cable Knit - MWorn 1x Dark Gray MASSIMO DUTTI Suede Leather Ankle Booties 39 US ITALY ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mr/Ms ARRAY Women's Charlie 29935 Pump Mr/Ms Special price Women's International choice buy online aa33b8d - 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.

    Mr/Ms ARRAY Women's Charlie 29935 Pump Mr/Ms Special price Women's International choice buy online aa33b8d - 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
    Mr/Ms ARRAY Women's Charlie 29935 Pump Mr/Ms Special price Women's International choice buy online aa33b8d
    Heels
    >
    ;