Never miss an update

Womens Tassels Rivet Tassels Tassels pull on elastic Low elastic Low Heel Ankle Boots knight Shoes 02e42fb




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
Material: Synthetic Style: Ankle Boots
Pattern: Solid US Shoe Size (Women's): 4.5-10.5
Occasion: Casual Width: Medium (B, M)
Fastening: Slip On Heel Type: Block
Country/Region of Manufacture: China Heel Height: Low (3/4 in. to 1 1/2 in.)
Never miss an update

Womens Tassels Rivet Tassels Tassels pull on elastic Low elastic Low Heel Ankle Boots knight Shoes 02e42fb - blurrypron.com

    Womens Tassels Rivet Tassels Tassels pull on elastic Low elastic Low Heel Ankle Boots knight Shoes 02e42fb
    Womens Tassels Rivet Tassels Tassels pull on elastic Low elastic Low Heel Ankle Boots knight Shoes 02e42fb
    Luxury Womens Pointed Toe Sheepskin Leather Side Zipper Mid Calf Boots Shoes SzWomens Sexy Stretchy Over Knee High Thigh Boots Pull On Black High Stilettos new , Vogue Women Block Heel Ankle Block Heel Boots Side Zip Pointed Toe Ladies Shoes , Womens Riding Boots Knee High Boots Buckles Strap Side Zipper Pointed Toe ShoesWomens Hot CHic Slouch Suede Low Heel Over The Knee Thigh High Boots Boots SizeBlack Women's Pointed Toe Side Zip Stiletto Heel Ankel Boots Rivet Plus Sz 10.5 , Man's/Woman's LifeStride Women's Xripley-Wc Riding Boot High quality and cheap Quality and quantity guaranteed a wide variety of goods , Women Camouflage Over Knee Boots Pull on Shoes Military Pointed Toe Zsell , Women Pointed Toe Chunky Heels Winter Leather Ankle Boots Korean Style ZsellWomens winter ankle short warm Boots camouflage zip high top Casual shoes New USLadies Pearl Grace Boots Chunky heels Round Toe Side Zip Scalloped Edge Shoes OLWomens Patent Leather Over Knee Boots Shoes Clubwear Stilettos Shoes Ths01Womens Pointy Toe Flat Snake Leather Ankle Boot Shoes Pull On Retro Casual Sbox , Fashion Women's Over The Knee Thigh Boots Pointed Toe Stiletto Heel Stretchy SzWomen Sexy Pointy Toe Ankle Shoes Boots Side Zipper High Slim Heel Stiletto Sz , Womens Pointed Toe Pumps Chunky Heels Platform Patent Leather Pull On [email protected] , Womens Roma ankle HighTOP Boots Buckle cuban heels shoes Leather Motorcycle NewSexy Women Lady Strench Over Knee High Boots Knight Suede Boots Shoes Size New , Pointed Toe Stilettos Elegant Women Solid Ankle Boots High Heels Casual ZsellSexy Womens Faux Fur Decor Ankle Boots Shoes Black Pointy Toe Zipper Fashion newWomens Faux Fur Trim Ankle Boots Winter High Block Heel Casual Platform Shoes USWomens Block Heels Tassel Square Toe Pull On Zipper Suede Leather Ankle Boots sz , Occident Sexy Ladies Stretch Suede Patent Leather Over Knee Boots Party Shoes SZ , New Elegant Women's Round Toe Pull On Block Heels Ankle Boots Winter Warm ShoesOver Knee Boots Women Solid Black Chunky High Heels Zipper Suede Casual Zsell , Winter Women's Pointed Toe Side Zip Block Heel Ankel Boots Rubbit Fur Sz 4.5-8 , Womens Leather High Heel Zip Sequins Fashion Nightclub Square Toe Boots S Ths01Fashion Womens Squre Toe Leather Zippers Retro Ankle Boots Block Heel Shoes H647Luxury Women Low Heel Carved Brogue Leather Ankle Boots Shoes Punk Fashion Size
    Womens Tassels Rivet Tassels Tassels pull on elastic Low elastic Low Heel Ankle Boots knight Shoes 02e42fb - blurrypron.com>Womens Tassels Rivet Tassels Tassels pull on elastic Low elastic Low Heel Ankle Boots knight Shoes 02e42fb - blurrypron.com
    LB712807K LIBERTY BLACK MINDY ACACIA MATTE BRONZE OPEN TOE LEATHER BOOTIEMen/Women Jordan VI Retro 13US Sport Blue Fine workmanship New in stock classic style , New Florsheim Dubai Mens Shoes Dress Shoes Flat , Gentleman/Lady Nike SFB boots jungle 8" (coyote) Excellent value Highly praised and appreciated by the consumer audience Pick up at the boutique , Aigle BIson, Mens Boots - Brown Amb, 7.5 EU , Aerosoles Infamous Knee-High Boots 263, Black, 6 US , CLARKS Women's Leisa Sadie Mule, Dark Brown Leather, 7.5 M USWomen's Rare Designer Tory Burch Brown Leather Quinn Reva Quilted Flats, 7.5MKEEN Womens Flintmid-Steeltoe-W Drizzle/SurfSpray Occupational Shoes Size 11 , Womens Round Toe Slip On Sequin High Block Heel Rhinestone Rivet Tassels [email protected]Antonio Melani Size 8.5 MCBETH Floral White Fabric Pumps Heels New Womens ShoesAnkle Strap Pointed Toe Brass Heel Pumps Stiletto High Heels Shoes Adult WomenStuart Weitzman Realdeal Buff Tan Suede Women's Platform High Heels Sandals 10 NMr/Ms Pleaser TIPJAR-708-2 Many varieties online shop various kindsJoie Womens Lacole Suede Almond Toe Ankle Fashion Boots Gravel Size 8.5 l64VCrocs Women's Swiftwater Flip Flop Smoke/White Thong Sandals , VANS AUTHENTIC CA SZ 8 CALI TRIBE WASHED POPPY RED VN 0JWIAS4 , New Balance Men's Fresh Foam Gobi v2 Trail Running Shoe, Triumph Green/Phantom,Man/Woman Air Force 1 New Listing Used in durability Fair priceMen Work Steel Toe Boot Cobra Black Leather Goodyear Welt Construction C826S New , Nike React Element 89 Black Neptune Green Size 4Nike Zoom KD IV 4 AUNT PEARL AUTHENTIC , Emerica "Wino G6" Sneakers (Black/Grey) Men's Suede Skate Skating ShoesPUMA Men's Ignite Evoknit Lo Hypernature SneakerNike Air Max+ 2011 Size 11.5 SOLAR 429889-026 BLACK CHILLING RED BMen Steve Madden Shoes Mychel Fashion Taupe Size 9.5 , Mens Brogue Carved Leather slip on Buckle Business shoes Party Hot Oxford DressCobb Hill Padma ‑ Women's Low Boot - Size 7 M, Black , Seychelles Womens Black Fashion Boots Size 7.5 (286266)The Original MuckBoots Unisex Edgewater Camp Shoe black
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Tassels Rivet Tassels Tassels pull on elastic Low elastic Low Heel Ankle Boots knight Shoes 02e42fb - 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.

    Womens Tassels Rivet Tassels Tassels pull on elastic Low elastic Low Heel Ankle Boots knight Shoes 02e42fb - 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
    Womens Tassels Rivet Tassels Tassels pull on elastic Low elastic Low Heel Ankle Boots knight Shoes 02e42fb
    Boots
    >
    ;