Never miss an update

VANS ISO (Tropical 1.5 (Tropical 28785 Leaves) Trainer True White UltraCush Trainer Shoes WOMEN'S 9 217ae47




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
US Shoe Size (Women's): 9
Width: Medium (B, M) Brand: VANS
Material: Synthetic Style: Skate Shoes
Color: True White UPC: Does not apply
Never miss an update

VANS ISO (Tropical 1.5 (Tropical 28785 Leaves) Trainer True White UltraCush Trainer Shoes WOMEN'S 9 217ae47 - blurrypron.com

    VANS ISO (Tropical 1.5 (Tropical 28785 Leaves) Trainer True White UltraCush Trainer Shoes WOMEN'S 9 217ae47
    VANS ISO (Tropical 1.5 (Tropical 28785 Leaves) Trainer True White UltraCush Trainer Shoes WOMEN'S 9 217ae47
    Asics GT 2000 v 5 Size US 8 M (B) Women's Running Shoes Silver T757NGentleman/Lady Women's Nike Air Sneakers Size 8.5 Guarantee quality and quantity Price reduction Official websiteAdidas Women's Campus Originals Crywht/Crywht/Icepnk Casual Shoe 8.5 Women Us , Nike Roshe One Print White/Black 844958-100 Women's Size 7.5 US | 38.5 EURNew Women's UA Under Armour W Micro G Speed Swift Running Sneaker - 1266243-100 , adidias shoes Women Size 8.5 tubular shadow , NEW Nike ZOOM FIT TRAINING sz 10 WHITE CRIMSON PURPLE Running Shoes Sneakers , Saucony JAZZ 14 Running Shoes Gray/Green Women’s Size US 11.5 Eur 44Lacoste Marice BL 2 Men's Black Cam CNV Slip On 7-33CAM1071024 , Women's grey, Under Armor Speedform running shoes sz 7.5Adidas Womens Cloudfoam Black Clear Orange White Ultimate Running Shoes Sz 9M , VANS Black Ball Hi SF (Aloha) Port Royale Skate Shoes WOMEN'S Size 10.5 , Keen Newport Womens Size 7 Brown Hiking Trail Outdoor Walking Nubuck Low Shoes , VINTAGE Women's Nike Dunk SB FC Dunk Low Shoes White w/ gold trim worn 2x SZ 9.5Pajar Canada Piper Burgundy/Black/Plaid Winter Snow Boots EU40 US 9-9.5 New $175New Womens 11.5 NIKE Flex Supreme TR Purple Running Shoes $80 537509-500 , NIKE WMNS AIR MAX FURY SZ: 6.5 (AA5740 004) , Vans Authentic (Checkerboard) Port Royale/True White Women's Size 7Skechers Women's Microburst - Greatness Taupe Memory Foam Sneakers Shoes Sz: 6adidas barricade club - Pink - WomensNIB Nike Air Max Sequent 2 Women's Sz 8 Running Shoe Grey Punch 852465-003 Sz 8 , Nike Air Huarache Run CS - Grey - WomensNike Free RN Commuter 2017 Premium Running Shoes GG8 Khaki AA1622-201 Size 8NIKE RIVAL S 7 Hyper Jade Pink Sprint Track Spikes NEW Womens Sz 9.5ASICS GEL-Flux 3 - Blue - Womens , Via Spiga Women's Gavra Perforated Slip-On Sneaker Size 6 Black SuedeSaucony Strech N Go Breeze Burgundy Running Shoe Women's US 8 (Q3,13)NEW Nike ZOOM FIT TRAINING sz 7 BLUE TEAL WHITE Running Shoes SneakersLacoste Women's Carnaby EVO BL 1 Shoe, Navy, 8 M US
    VANS ISO (Tropical 1.5 (Tropical 28785 Leaves) Trainer True White UltraCush Trainer Shoes WOMEN'S 9 217ae47 - blurrypron.com>VANS ISO (Tropical 1.5 (Tropical 28785 Leaves) Trainer True White UltraCush Trainer Shoes WOMEN'S 9 217ae47 - blurrypron.com
    Dan Post Boots Women's 12" Goat/Inlay DP3256 , Aquatalia Taupe Dark Brown Charlize Suede Rabbit Fur Trim Bootie Shoe 8 New , Nike Air Max 1 Ultra 2.0 Flyknit Mens Running Trainers 875942 600 Sneakers ShoesSexy Womens High Heels Flower Ankle Strap Sandals Open Toe Hollow out Shoes NewLegero Lima, Womens Low-Top, Black Schwarz, 5 EU , Pink Paradox London Women's Scrumptious7.5 AA brown leather COLE HAAN loafers shoes , Franco Sarto Nwb Sexy Bronze Leather Open Toe Buckle Slingback Wedge Heels 10Sam Edelman Women's HAROLDSON Pump - Sz 7.5/Pink Velvet , Women's Shoes Jeffrey Campbell Havana Last NITE-MATE Tan Black Suede Zip Heel 8M , NEW MAX MARA MAXMARA DINDA MUD Reptile Embossed Leather Heels Shoes 37 US 785% OFF HEAVY MACHINE YOKOS PROM POWDER WHITE HANDMADE HEELS- ITALY SIZE 40STUART WEITZMAN Morepearls Embellished VE Stud Suede Ankle Strap Sandal 8.5/38.5Prada Kitten Heel Brown Leather Sandals Women’s US Size 9 EU Size 39 , Crocs Women's Isabella Cut Graphic Strappy Sandal - Choose SZ/ColorAUTHENTIC NEW CHRISTIAN LOUBOUTIN SO KATE CORK PUMPSPunk Womens Strappy Low Heels Ankle Boots Casual Leather Flats Sandals Shoes NewLOEFFLER RANDALL LUZ-KST Womens Luz Dress Sandal- Choose SZ/Color. , adidas Nizza Mens Black White Canvas & Synthetic TrainersMens Under Armour Micro G Pulse II Running Shoe - 1246697-035 , Nike Free RN Flyknit Men's Blue Lagoon Running Training Shoes 880843-400 Size 14 , Nike 943020-400 Air Shake QS Easter NDESTRUKT Blue Tint Dennis Rodman SAMPLE , Nike Mens Wolf Grey Gum Lunar Force 1 Flyknit Workboot Boots 855984-001 Sz 8 NEWHighs & Lows HAL x Adidas Consortium EQT Support Adv 8-13 Sand Olive CM7873 , Nike Air Vapormax Flyknit Explorer Black/Bronze Sz 10.5 Men’s With Receipt , Merrell Moc Shoes - Slip-Ons (For Men), Boulder, Size 9 , John Varvatos venetian slip on mocha shoes , Men's Kenneth Cole Get Even Slip On Brown On Moc Toe ShoeWomen's Converse CHUCK II AStar WATERPROOF Sneaker Boot, 155316C Size 5 Black , Vagabond Marja Croc Embossed Ankle Boots Brown Leather 6.5 /37 SLEEK $178
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    VANS ISO (Tropical 1.5 (Tropical 28785 Leaves) Trainer True White UltraCush Trainer Shoes WOMEN'S 9 217ae47 - 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.

    VANS ISO (Tropical 1.5 (Tropical 28785 Leaves) Trainer True White UltraCush Trainer Shoes WOMEN'S 9 217ae47 - 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
    VANS ISO (Tropical 1.5 (Tropical 28785 Leaves) Trainer True White UltraCush Trainer Shoes WOMEN'S 9 217ae47
    Athletic Shoes
    >
    ;