Never miss an update

Aerosoles Flats Womens 2660 Sideways Black Canvas Flats Shoes BHFO 7 Medium (B,M) BHFO 4251 8ba187a




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: Aerosoles
Heel Height: Low (3/4 in. to 1 1/2 in.) Style: Oxfords
Color: Black Fabric MPN: SIDEWAYS
US Shoe Size (Women's): 7 Medium (B,M) Width: Medium (B, M)
Country/Region of Manufacture: China Material: Synthetic
Material Composition: Fabric/Man Made UPC: 737280758474
Never miss an update

Aerosoles Flats Womens 2660 Sideways Black Canvas Flats Shoes BHFO 7 Medium (B,M) BHFO 4251 8ba187a - blurrypron.com

    Aerosoles Flats Womens 2660 Sideways Black Canvas Flats Shoes BHFO 7 Medium (B,M) BHFO 4251 8ba187a
    Aerosoles Flats Womens 2660 Sideways Black Canvas Flats Shoes BHFO 7 Medium (B,M) BHFO 4251 8ba187a
    Amalfi By Rangoni Brown Ankle Strap Wedge Heels Size 7S Made in Italy $245Lily of Florence Sz US 11 Italy Emerald Green Driving Loafer Slip on ShoesRobert Zur Women's Loafers Driving Shoes Black Leather Size 7.5 M , Steve Madden Womens hydes Closed Toe Mules Blue Velvet Size 7.5Clarks Collection Women's Size 8M Brown Leather Slip On Shoes Mary Jane Flat , Ladies EARTHIES size 7 black suede ESSEN slip~on flatsSIXTYSEVEN ERIN BLACK LEATHER D'ORSAY SMOKING SLIPPER FLATS Sz 7.5 (Euro 38) EUCCole Haan Size 9.5 M Nantucket Canyon Rose Canvas Loafers New Womens ShoesDolce & Gabbana Women’s Leopard Print Flats Size 6 Comfortable Light ChicKeen Girl's Tris Mj Black Leather Mary Jane Shoes Size 5M US , Vionic Orthaheel GEM POSEY Kid Suede Ballet Flats Shoes CARAMEL SIZE 10 M NIB , Clarks Womens Brown Leather Slip On Moc Toe Loafer Horsebit Casual Shoe 8M S80Women's CLARKS Collection BROWN Leather Clpgs Mules Size 7M Slip On$155 Dansko Women 37 US 6.5 - 7 Celeste Waterproof Slip on Shoes Black Nubuck A7 , Tory Burch Reva Black/Gold Leather Logo Ballet Flat Women's Size 8.5 M , Fs/Ny FRENCH SOLE ZEPPA Flats Low Wedge Shoes Women's Sz 11 Made in Italy EUCSPENCO Siesta Women's Brown Leather Slip-On Loafer Total Support Casual Shoes 7w**Earth Shoes Zest Slip On - Women's Size 5.5B - Black , Ladies Rieker Red Eur 41 US 9.5 Anti-Stress Closed Toe Shoes Slingback Slip Ons , RARE EUC POUR LA VICTOIRE WOME'S CEZANNE FLATS BLUE LEATHER SHOES US 10 MPrivo By Clarks Womens Comfort Ballet Flats Shoe 6.5 Medium Black Slip On CasualED Ellen Degeneres Tillie Women's Size 11M Blue Tweed Dog Star Print Clog MulesSoludos Women's Platform Smoking Slipper - Choose SZ/ColorDrew Shoe Women's Boat Shoes - Bellini Sparkling Accent Slip-Ons - Medium WidthSperry Top-Sider For J Crew NEW Biscayne Navy White Stripe Boat Shoes Loafers 10 , Stuart Weitzman Pink Leather Ballet Flats 5 MRIEKER CELIA 87 Z STRAP FLORAL PRINT SHOE EURO SIZE 38 = US SIZE 7 - 7.5 M , Skechers Women's Bikers-Spirit Animal Ankle Bootie,Black,9 M USADRIENNE VITTADINI Genesis Black Patent Leather Bow Pearl Flats Shoes Sz 7 ,
    Aerosoles Flats Womens 2660 Sideways Black Canvas Flats Shoes BHFO 7 Medium (B,M) BHFO 4251 8ba187a - blurrypron.com>Aerosoles Flats Womens 2660 Sideways Black Canvas Flats Shoes BHFO 7 Medium (B,M) BHFO 4251 8ba187a - blurrypron.com
    Geox Women's Annya Mid 1 Ankle Bootie - Choose SZ/ColorWINNA FUR BOOTS CAMEL MADE IN ITALY SIZE 39 , Women's Marc Fisher Ltd Praye Over The Knee Boot, Size 10 M - Black 1119SKECHERS WOMENS ULTRA FLEX HIGH REACH BLACK WHITE SHOES 2018 **BEST SELLER , 29Jigsaw Bella Soft Ballerina Flat Size 36Art 1350s Metali Pedrera, Womens Low-Top Sneakers, Gold Champagne, 5 EArmani Jeans , WOMEN Flat SHOES Sneakers SIZE EU-40/US-9 NEWClarks Artisan Navy Blue Suede Daelyn Monarch Slip on Comfort Loafer Shoe NewNew Women's Clarks Collection Slip on Flat Shoes Soft Cushion Black Size 8.5 M , Kenneth Cole Reaction Women's Speed Floral Flat Mule Blue Denim MulesAna Lublin Women's Black Real Leather Studded Ankle Boots Decorative Buckle , NIB EMILIO PUCCI CLASSIC SUEDE SLINGBACKS HEELS sz 38 MADE IN ITALYGianvito Rossi Black Leather Sandals/Heels/Shoes Size 38.5 , Christian Dior Mirage Black Womens Shoes Size 8 M Heels MSRP $780Black Ankle Strap High Heel Sandals with Buckle Adjustment and Boho Style , Indigo Rd. Women's Doe Flat Sandal Gold/Multi 5.5 M US , Manolo Blahnik NIB Black Elastic Strappy Apeni Heeled Sandals SZ 37Fly London Women's Ceda Gladiator Heel Sandals Black, Red Sizes 37 38 39 40 , NEW NIKE Lunar Magista II Flyknit FC Men's Sz 8.5 Training Shoes Blue MSRP $200Jordan Horizon Red White Infrared 23 Men Basketball Shoe Sneaker 823581-601 $150Air Jordan Spizike Mens 10 Black Classic Green White Varsity Red $175 C174Mens Rock and roll Rivet Side Zipper Pointed Toe Fashion Ankle Boots Buckle sizeJimmy Choo Men's Blue Malibu Leather Monk Strap Loafers Shoes 10 11 12 , Polo Ralph Lauren AAM19342 Black Leather Monk Strap Dress Loafer Men's US 13D , Ahnu Montara II Women's Chocolate Chip Hiking Shoe 9M , OLUKAI NOHEA MESH DK JAVA / ROJO 10188-48RJ MENS SIZE 11 , Converse Womens Brushed Covered Wedge Fashion SneakersBrooks Glycerin 15 Womens Running Shoes (B) (465) + Free AUS Delivery!Fashion Women Round Toe LOW Block Heels Ruched Leather Ankle Boots Zip Shoes szClarks Chris Perth Black Leather Boots with Faux Fur New with Box
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Aerosoles Flats Womens 2660 Sideways Black Canvas Flats Shoes BHFO 7 Medium (B,M) BHFO 4251 8ba187a - 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.

    Aerosoles Flats Womens 2660 Sideways Black Canvas Flats Shoes BHFO 7 Medium (B,M) BHFO 4251 8ba187a - 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
    Aerosoles Flats Womens 2660 Sideways Black Canvas Flats Shoes BHFO 7 Medium (B,M) BHFO 4251 8ba187a
    Flats
    >
    ;