Never miss an update

Bare Traps Womens UMMA Peep Toe Casual Toe 11399 Platform Black Platform/Bright/Multi Size 7.5 342208b




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: Bare Traps
Fastening: Slip On Style: Platforms & Wedges
Heel Type: Wedge Width: Medium (B, M)
US Shoe Size (Women's): 7.5 Material: Synthetic
Occasion: Casual Color: MultiColor
Pattern: Solid UPC: 825443538268
Never miss an update

Bare Traps Womens UMMA Peep Toe Casual Toe 11399 Platform Black Platform/Bright/Multi Size 7.5 342208b - blurrypron.com

    Bare Traps Womens UMMA Peep Toe Casual Toe 11399 Platform Black Platform/Bright/Multi Size 7.5 342208b
    Bare Traps Womens UMMA Peep Toe Casual Toe 11399 Platform Black Platform/Bright/Multi Size 7.5 342208b
    L S Revolution Womens amazing Fabric Peep Toe Casual MSHRM MIC/VN Size 9.5 AtYSTEVEN by Steve Madden Womens Futures Suede Open Toe Black Suede Size 10.0Carlos by Carlos Santana Womens Malor Fabric Peep Toe Black Fabric Size 8.0 F5CL by Laundry Womens noreen Open Toe Casual Slide Black Patent Size 6.0 LDtW , Betsey Johnson Womens nolte Fabric Open Toe Casual Black Velvet Size 7.5 , Skechers Women's Bikers Freeway Memory Foam Slip-On Loafer Black Size 5.5Nine West Womens MILYONAROL Leather Open Toe Casual Ankle natural f Size 10.0 , LAUREN by Ralph Lauren Womens Aleena Leather Open Toe Polo Tan Size 9.5 YVu7 , Kenneth Cole Reaction Womens Sole Bling Open Toe Casual Black Size 7.0Carlos by Carlos Santana Womens Jury Fabric Open Toe Casual Doe Size 8.5 8SyQMatisse Womens Gordy Leather Open Toe Ankle Fashion Boots Dusty Blue Size 8.0BCBGMAXAZRIA Womens Naomi Fabric Open Toe Special Black Satin Size 10.0 , Kenneth Cole New York Womens Blair 2 Leather Closed Toe Casual Rose Size 9.0 W , Cole Haan Womens deandra gladiator ll Open Toe Casual Slide Gold Size 5.0 , Kenneth Cole Reaction Womens Cake Pop Suede Open Toe Casual Black Size 8.5 vMS , Spring Step Women's Tunisia Gladiator Sandal Brown Size 6.0 , Onex Women's Alexandria Dress Sandal Tan Size 9.0 6KibLucky Brand Womens LK-Daytah Open Toe Casual Ankle Strap Sandals Blue Size 7.5 , Cole Haan Womens Serhildasam Open Toe Casual Blue Multi/White Size 6.0Nine West Womens josefineo Open Toe Casual Slide Sandals Black fb Size 7.5Call It Spring Women's Charilyn Gladiator Sandal Black Synthetic Size 6.5Vince Camuto Womens Prisintha Suede Open Toe Special Blood Orange Size 6.5Men's/Women's LES TROPÉZIENNES Oups Blanc Argent sell a wide range of products British temperament , G by Guess Womens Harpee Fabric Open Toe Special Occasion Black Size 9.0Cole Haan Womens Olympiesam Open Toe Casual Orange Size 6.0RIALTO Mirabella' Women's Heel Black Size 6.0Cole Haan Womens 14A4048 Open Toe Casual Platform Sandals Black Size 6.0 , Lucky Brand Womens Lk-Barbina Leather Almond Toe Casual Black Size 6.0 , STEVEN by Steve Madden Womens meghan Open Toe Casual Slide White Size 9.0 3du0
    Bare Traps Womens UMMA Peep Toe Casual Toe 11399 Platform Black Platform/Bright/Multi Size 7.5 342208b - blurrypron.com>Bare Traps Womens UMMA Peep Toe Casual Toe 11399 Platform Black Platform/Bright/Multi Size 7.5 342208b - blurrypron.com
    Man's/Woman's Fontana 2.0 - DORI Fashion pattern Orders are welcome Clearance sale , Furla Lara Zip Up Ankle Boots 714, Daino, 9 US / 39 EUHOGAN WOMEN'S HXW139099306024895 BROWN SUEDE BOOTS And SHEEPSKIN COATJessica Simpson Women's Deniece Sandals Gladiator Flats Ankle StrapClarks Gracelin Lola Slip On Leather Womens Flats , Callisto Viona Pointed Toe Slip On Heels, Black , Gentleman/Lady Custom "Poison Ivy" Heels flagship store Online Excellent workmanshipPropet Women's Ghilliewalker Platform Dress Sandal, Tan, 7 2E USLadies Skechers Walking Shoes 'Go Walk -13510'NEW WOMEN VIONIC TIDERS CHAMPAGNE BEIGE SANDALS RHINESTONE ORIGINAL 340TIDERSOLUKAI WOMENS SANDALS OHANA DAHLIA BLACK SIZE 72017 womens open teo pearl studded rivet flat heel casual shoes slop on slippersNIKE AIR FORCE 1 Men's Shoes (Size 9) River Rock 820266 019AIR JORDAN ZOOM TENACITY SZ 9.5 BLACK WHITE 2018 AH8111 010NIB MENS SIZE 11 NIKE AIR MAX VISION RUNNING SNEAKERS RED 918230-600 , NEW - SAUCONY Men's GLIDE 10 S20350-1 Gray/Black/Blue RUNNING SHOES - 10 / 44Nike ID Air Vortex Red size 10.5 Internationalist max Rare!Adidas Men’s Pureboost Reveal Shoes Size 12 us B34870Adidas NMD R1 Sneakers White Size 7 8 9 10 11 12 Mens Shoes New , 1996 Nike Air Jordan 11 OG Black/True Red-White Breds 130245-062 Size 9 New Heat , EUC Dexter Mens 8M Vintage Classic Hiking Boots Made in USA.New Stacy Adams Mens M-2 WINGTIP CHELSEA BOOT Black Suede 00087-008Asics Tiger Men's Sneakers Gel-Lyte III Russet Brown Russet Brown HL7V3-2626TODS Brown Loafers Slip Ons Shoes for Men - U.S. Size 8.5 D () , Men/Women PUMA Women's Osu Running Shoe Quality queen Strong value Perfect processing , Man/Woman Nike Women's Exp-X14 Running Shoe elegant New style Outstanding functionMizuno Thunder Blade Women's Indoor Shoes V1GC177046 A 18AKaty Perry Women's The Matilda Slipper - Choose SZ/ColorKenneth Cole REACTION Women's Ride Fast Peep Toe Bootie, Mushroom, Size 10.0 L84Dr Martens Rare Vintage Unique Chelsea Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Bare Traps Womens UMMA Peep Toe Casual Toe 11399 Platform Black Platform/Bright/Multi Size 7.5 342208b - 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.

    Bare Traps Womens UMMA Peep Toe Casual Toe 11399 Platform Black Platform/Bright/Multi Size 7.5 342208b - 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
    Bare Traps Womens UMMA Peep Toe Casual Toe 11399 Platform Black Platform/Bright/Multi Size 7.5 342208b
    Sandals
    >
    ;