Never miss an update

Chinese Style Style Women's ankle ankle Boots Faux Suede Embroidered block Shoes floral Shoes New 58b4ad9




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: Unbranded
Style: Ankle Boots
Never miss an update

Chinese Style Style Women's ankle ankle Boots Faux Suede Embroidered block Shoes floral Shoes New 58b4ad9 - blurrypron.com

    Chinese Style Style Women's ankle ankle Boots Faux Suede Embroidered block Shoes floral Shoes New 58b4ad9
    Chinese Style Style Women's ankle ankle Boots Faux Suede Embroidered block Shoes floral Shoes New 58b4ad9
    womens British pointy toe suede block kitten heel ankle boots pumps shoes partyLadies Ankle Boots Chelsea Low Heel Pull On Pu Leather Square Toe Ankle Boots szWomens Fashion Leather Multicolor Zippers Hidden Wedge Knee High Boots Shoes SeaWomen Wedge Heel Platform Suede Platform Ankle Boots Side Zipper Casual Shoes , Womens Booties Retro Block Spell Color Shoes Wine Clubwear Back Zip Mid HeelsFashion Womens Faux Suede Ankle Boots Square Toes Block High Heels Party Shoes , Black Wome's Round Toe Side Zip Block Heel Metal Decor Ankel Boots Fashion Szpatent Leather Womens Over Knee High Boots Poiny Toe Stiletto Heel Shoes sexy2017 Womens Stylish Stretch boots pull on low hidden heel over the knee boots , Women's Ankle Boots Stiletto Heel Color Stitching side zipper Pumps SHoes size , Womens Spendex Pointed Toes Pull On High Block Heel Chic Ankle Boots Comfy ShoesWomens Ankle Boots Back zip Metal Stiletto Pointed Toe Simple Fashion Shoes Hot , Fashion Women's Pointy Toe Stretchy Pull On Ankle Boots Splice High Heels CasualWomens Knitted Stretchy Knee High Riding Boots Round Toe Street Shoes Size zhou8Womens Mid Calf Ankle Boots Shoes Creeper Pull On British Retro Brogue Loafers , Chic Womens Grace Pointy Toe Bowties Chunky High Heels Ankle Boots Formal Shoes , Women's Pull On Mid Calf Boots Block High Heels Stretchy Shoes Pointy Toe Pumps , Fashion Womens Pointy Toe Stilettos High Heels multicolor Retro Ankle Shoes SizeChic Women's Platform Round Toe High Heel Stiletto Zip Ankle Boots Shoes Plus , Womens Mid Calf Boots Stiletto Side Zip Fashion Pointy Toe Color Stitching Shoes , womens round teo faux suede bowknot block kitten heel ankle boots shoes party SZ , Womens Mixed Color Sequins Bling Bling Pointed Toe Warm Ankle Boots Warm Shoes UNew Womens Over the Knee Boots High Heel Pointed Toe Zipper Stilettos Punk ShoesWomens Pointy Toe Faux Suede High Heels Stiletto Zip Ankle Boots Shoes Plus SizeWomens Super High Wedge Platform Round Toe Over Knee Riding Boots Shoes HOT F383Womens Chunky High Heels Side Zipper Embroidery Fashion Retro Ankle Boots B619Womens Butterfly Suede Chunky Heel Multi Color Ankle Boot Side Zip Shoes Size 12Women Round Toe Block Heels Mid Calf Boots Rivet Zip Elegant Girls Casual Shoes , Women Short Boots Sexy Pointy Stiletto Pointy Toe Boots Fashion Faux Suede Shoes ,
    Chinese Style Style Women's ankle ankle Boots Faux Suede Embroidered block Shoes floral Shoes New 58b4ad9 - blurrypron.com>Chinese Style Style Women's ankle ankle Boots Faux Suede Embroidered block Shoes floral Shoes New 58b4ad9 - blurrypron.com
    Women's Leather Knee High Long Boots Buckle Belt Motorcycle Shoes Vintage BootsMen/Women Adidas Seeley BURG/WHT-GUM Rich design Wholesale trade Outstanding functionConverse One Star Suede Green White Star 2018 ORIGINAL ITALIE 2018 Man DClarks Women’s Un Haven Strap Ballet Flats , Women`s Girl Lambskin Leather Flats Loafers Shoes Bottom Thick Size 4.5-11 35-41NEW Katy Perry The Harra Black "XO" Ballet Flats Shoes Sz. 8.5Dansko Women's Professional Black Cherry Patent Leather Clogs ( Size ) , Drew Footsaver Trader Tan Beige Women's Shoes - Size 5.5 Wide - Oxford NEW , Naturalizer Womens Dove Leather Closed Toe Wedge Pumps Black Size 6.5Gentlemen/Ladies KISS-208SD Packaging diversity Medium cost Official websitePLEASER Sexy Stripper Dancer 7" Heel Rhinestone Studded Platform Black ShoesBOBS from Skechers Womens mementos-Angel Face Winter Boot- Select SZ/Color. , Gianvito Rossi Sandle Gold Metallic Ankle Strap Lucite Heel Size 40 NEW , ADIDAS HARDEN VOL. 1 BASKETBALL SHOE WHITE/RED Size 17Nike Air Trainer SC High Bo Jackson Black Sneakers Men's Size 108 Men's Nike Lebron XIV Marty McFly 852405 005 Matte GREY Silver Glow DARK night , Nike Air Max 90 Ultra 2.0 Essential [875695-002] Men Casual Shoes Black/Grey , Klogs Abilene - Comfort Unisex Clog - Made In The Black - 10 Medium , VANS Bennett Dark Grey Hi Top Ankle Suede Boot WOMEN'S Shoes 11nike air max 90 ultra 2.0 essential NEW , 2018 Vogue INS Famous Hot Ladies Sneakers Sport Breathable Running Shoes Top szReebok Women's Zpump Fusion 2.0 ELE Running Shoe - Choose SZ/Color , Demonia Women's Cramps 09 Platform Slide Silver Hologram Vegan Leather Sandals , NEW! Nike WMNS Air Max 2016 Sz 6.5 806772 800 () , Women's sz 8 B NEW BALANCE Nylon Running Shoes Blue Yellow w1080by7 veganROBERTO DEL CARLO LUCE Black Leather Designer Pumps Heels 7.5 M , Nike Zoom All Out Flyknit Women's Wolf Grey/White/Black/Pure Platinum 45361003 , Women Punk Block High Heels Pull On Ankle Boots Patent Leather Creeper Shoes New , Mia Nita Women US 6.5 Tan Ankle BootWomens Barbour Bede Wellingtons Waterproof Mid Calf Snow Winter Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Chinese Style Style Women's ankle ankle Boots Faux Suede Embroidered block Shoes floral Shoes New 58b4ad9 - 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.

    Chinese Style Style Women's ankle ankle Boots Faux Suede Embroidered block Shoes floral Shoes New 58b4ad9 - 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
    Chinese Style Style Women's ankle ankle Boots Faux Suede Embroidered block Shoes floral Shoes New 58b4ad9
    Boots
    >
    ;