Never miss an update

The Little WOMEN'S Mermaid Ursula Tentacles Variant Variant Villains WOMEN'S Martin Boots Disney Villains e4411e0




Item specifics

Condition: New without tags :
A brand-new, unused, and unworn item that is not in original retail packaging or may be missing original retail packaging materials (such as the original box or bag). The original tags may not be attached.See all condition definitions- opens in a new window or tab
Seller Notes: Brand New Made To Order
Brand: Undead
Never miss an update

The Little WOMEN'S Mermaid Ursula Tentacles Variant Variant Villains WOMEN'S Martin Boots Disney Villains e4411e0 - blurrypron.com

    The Little WOMEN'S Mermaid Ursula Tentacles Variant Variant Villains WOMEN'S Martin Boots Disney Villains e4411e0
    The Little WOMEN'S Mermaid Ursula Tentacles Variant Variant Villains WOMEN'S Martin Boots Disney Villains e4411e0
    Vagabond Grace Women Nubuck Leather Grey Slip On Chelsea Boots , New Maria Rossi Gino Nero Womens Shoes Casual Boots AnkleGentleman/Lady N.Y.L.A. Women's Amanjot Winter Boot Promotion Pleasant appearance AmoyNew Top End Faintest Black Womens Shoes Casual Boots Ankle , Mid heel dress boots with flower trim - Emma Kate shoes DoveCAT Caterpillar Anna Kick Fur Lined Leather Ankle Womens Boots UK3-8 , Steve Madden Womens Goldie Fabric Closed Toe Ankle Fashion BootsNew Sofia Cruz Toni Sc Black Womens Shoes Casual Boots AnkleJessica Simpson Womens lyndy Suede Pointed Toe Mid-Calf Fashion Boots , Ladies Oxygen Rhone Leather Mid Calf Zip Up Boots , New Valeria Grossi Crease W Womens Shoes Casual Boots Ankle , Baffin Winter Boots Kristi - Charcoral - Waterproof - lite-w00 - Bis -50°CFontana 2.0 Shoes Women Ankle boots Blue 83100 moda1 ORIGINAL , Women's Marco Tozzi Bordeaux Red Leather Low Heel Chelsea Ankle BootFly London Women's Salv Rug Leather Pull On Chelsea Boot DieselGentlemen/Ladies Chloe women leather boots size38 New product Elegant and sturdy packaging Explosive good goods , Pleaser Demonia Charade 150 Vegan Leather Knee High Platform Boots Gothic, GothNew Django & Juliette Sarab Black Womens Shoes Casual Boots Ankle , Womens Poetic Licence Chelsea Patch Brown Rust Chelsea Boots SizeHarley Davidson Inkwood D88805 Ladies Black Leather Zip Up Wide Boots (LR)Very Volatile Womens nate Fabric Almond Toe Over Knee Fashion BootsNew Sofia Cruz Pinto Sc Beige Camel Womens Shoes Casual Boots AnkleNew Muck Boot HALE Ladies Neoprene Wellington/Welly Boots Purple/Black Sizes 4-7 , New Top End Ratch Black Womens Shoes Dress Boots AnkleHunter Original Tall Black Wellington Boots Wellies Size 3-8 , Imagine Vince Camuto Women's Lura Fashion BootMen's/Women's Demonia POISON-101 elegant auction Diversified new design , Leather flat boots Soft tie - Le sansa by CC resorts LolaWomens Fly London Yama Black Mousse Leather Wedge Heel Ankle Boots Size ,
    The Little WOMEN'S Mermaid Ursula Tentacles Variant Variant Villains WOMEN'S Martin Boots Disney Villains e4411e0 - blurrypron.com>The Little WOMEN'S Mermaid Ursula Tentacles Variant Variant Villains WOMEN'S Martin Boots Disney Villains e4411e0 - blurrypron.com
    NEW DANSKO Womens Bonita TAUPE Kid Suede Bootie Ankle Boot Size 37/6.5-7 $184.95Liberty Black Women's Volcano Brass Studded Harness Booties Pointed Toe -Aquatalia By Marvin K Fia Perforated Ankle Suede Bootie Brown Women Sz 10 5970 * , FRYE Bethany Strappy Softie Saddle Brown Leather Tall Boots Sz 6.5 $388 NEW BOXNike Wmns Air Max Sequent 3 Classic Running Shoes Black/Anthracite 908993-010 , Women's Candy Running Shoes Light Weight Textile Breathable Sports Sneakers , ALEGRIA ' ' - ANIMAL FIBER PRINT/ZEBRA & BLACK PATENT LEATHER MULES - 41 , TORY BURCH MARITIME ANKLE-WRAP BALLET FLAT Mult Sz MSRP: $250.00 , Alegria Julie Riches JUL-742 Women's US Size 38 , Jeffery Campbell Handmade Havana Last Size 7.5M Shoes Round wooden Heel , Dune London Womens Mahala Blush-Leather Mid-Heel Sandal Sz.6M $59AUTHENTIC JIMMY CHOO 2016AW KAI SWAROVSKI MINK FUR SANDALS 39 GRADE A USED -HPGentlemen/Ladies Brown Chloe Leather Wedge Sandals Customer first Fast delivery Different styles , New Balance Mens Running Shoes Size 11.5 (36074)Stylish Mens Flat Casual Sport Sneaker Dress Formal Leather Leisure Shoes New , NIKE Mens 'Rivals' Fabric Running Sneakers Sz 10.5 NEW! 208531Converse Chuck Taylor All Star Black Hi Unisex Leather Trainers BootsNIKE MEN'S HYPERVENOM PHATAL II FG SOCCER CLEATS SIZE 9 749893 888NIKE AIR MAX 95 PRM COOL SE VACHETTA TAN BROWN RUNNING MEN SIZE 8-13 924478-201Men's Brand New FILA FX-100 Athletic Fashion Sneakers [1VB90153-112] , Air Jordan 3 Retro Size 10 III Tinker NRG Sneakers 136064-116 nike cement black , Gentlemen/Ladies Skechers Charcoal Appulse Size 13 Modern and elegant fashion Reliable performance The first batch of customers' comprehensive specificationsVT152 Vass Double Monks EU43 - US10 - UK9 - Antique Cognac Calf - F Last , Men Clarks Cotrell Edge 26120211 Black Oily Leather 100% Authentic Brand New , Nike Free TR Focus Flyknit Women Size 9.5 Running Shoe Black 844817 002 Display , Under Armour Women's Fuse FST Running Shoe Black/Glacier Gray/Penta PinkNIKE AIR FORCE 1 LOW "WHITE KHAKI GREEN" IN SIZE 4 5 6 7 8 BRAND NEW FOR GIRLS , Vionic Women's Kea Fashion Sneakers 9 BM US, Black/BlackWomen's Sz 7 M US 37 EU MBT Sport White Low Sneakers Worn Twice With Box ToningReport Women's Cache Fashion Boot - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    The Little WOMEN'S Mermaid Ursula Tentacles Variant Variant Villains WOMEN'S Martin Boots Disney Villains e4411e0 - 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.

    The Little WOMEN'S Mermaid Ursula Tentacles Variant Variant Villains WOMEN'S Martin Boots Disney Villains e4411e0 - 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
    The Little WOMEN'S Mermaid Ursula Tentacles Variant Variant Villains WOMEN'S Martin Boots Disney Villains e4411e0
    Boots
    >
    ;