Never miss an update

Kipling - PALMBEACH - - Trousse de toilette toilette (Multi-couleur) - Floral Night - (Multi-couleur) b8367d1

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Marque: Kipling
EAN: 5400552752849 Fabricant: Kipling
UPC: Non applicable Numéro de pièce fabricant: K13860T27
ISBN: Non applicable MPN: K13860T27
Manufacturer Part Number: K13860T27
Never miss an update

Kipling - PALMBEACH - - Trousse de toilette toilette (Multi-couleur) - Floral Night - (Multi-couleur) b8367d1 -

    Kipling - PALMBEACH - - Trousse de toilette toilette (Multi-couleur) - Floral Night - (Multi-couleur) b8367d1
    Kipling - PALMBEACH - - Trousse de toilette toilette (Multi-couleur) - Floral Night - (Multi-couleur) b8367d1
    Charlotte Olympia “Mexi Cat” Pink Turquoise Blue Espadrilles Size 34/4.5 $835! , ASH WOMAN CLASSIC BUSINESS FORMAL SHOES LEATHER CODE NOVAK FW15-M-110897-003PINKO WOMAN CLASSIC BUSINESS DERBY SHOES SUEDE CODE 1W201N.Y1A4 WITHOUT BOX , Haflinger Women's Andrea Gold Sparkle Leather Slides , New 100% Genuine Natural Sheep Wool Slippers Home Shoes Soft Booties US SELLERMiniature American Shepherd Print Boots For Women-Express ShippingSoftMoc Women's Cute Jewels Rabbit Fur MoccasinMr/Ms Flat Nine West Marie Black/Pewter Leather sell New design Rich on-time delivery , Haflinger Saskatchewan Suede Scuff Slippers, Women's Size 7, Charcoal (Damaged) , Gentlemen/Ladies Onesole Women's Elegance Tibetan Black/Multi Slides selling price excellent cheap priceMan's/Woman's Onesole Women's Elegance Tibetan Cafe/Multi Slides High security Strong value Acknowledgement feedback , Life is Good Cozy Striped Jacket, Cuff Night black MediumNWT EddIe Bauer Women Shearling Scuff Slipper Chestnut Natural Smoke DkBrown , Haflinger Women's Ar Beethoven Slip on Slipper - Choose SZ/Color , Man's/Woman's Onesole Women's Leisure Tibetan Black/Multi Slides Packaging diversity low cost valueLadies Women's Real Fox Fur Flat Shoes Fluffy Flip Flop Slippers Sliders Sandals , Off White Women's Shoes Closed - OWIA083R18478016 | Black | Spring Summer 18 , Man's/Woman's Haflinger Women's Kitty Slipper Big clearance sale Clearance Shopping promotion , Saks Fifth Ave Womens Two-Piece Slippers & Eye Mask Travel Set Beige CashmereNaot Women's Jessica Vintage Slate/Mirror Leather Slides , Wishcotton Womens Jersey Flip Flop Slippers Open, Grey/Black, Size 9-10 womansPatricia Green - Velvet Slipper - Demure Kitty - Size 9Sanita Botilde Sandal Metallic Suede Womens Shoes Sandals Clogs - NEW , Birkenstock Gizeh Leather Washed Metallic Leather Women footbed Slides slippersBirkenstock Arizona Nubuck Leather Craft Rivets II Women Slides sandals slippersBearpaw Leslie Women's Waterproof Sheepskin Snow BootsHAFLINGER WOMEN'S PARADISE COMFY INDOOR WOOL SLIPPERSWomen Real Rabbit Fur Slipper Slip on Mule Warm Indoor Outdoor Casual Chic Shoes , BOBS from Skechers Women's Keepsakes Ice Angel Slipper Black 8 W US
    Kipling - PALMBEACH - - Trousse de toilette toilette (Multi-couleur) - Floral Night - (Multi-couleur) b8367d1 ->Kipling - PALMBEACH - - Trousse de toilette toilette (Multi-couleur) - Floral Night - (Multi-couleur) b8367d1 -
    Sam Edelman Women's Justin Leather Bootie Black/Gold 7830 Size 7.5 M , Hunter Womens Sz 11 Tall Rain Boots Black Gloss Back Adjustable Made In England , Blondo Women's Villa Waterproof Ankle Bootie Black Leather 7 M US , Men's/Women's Saucony Men's Xodus 2 Running Shoe Excellent value special function Very good classificationNIB Giuseppe Zanotti Center Zip Suede Open Toe Booties Sz 7 , Ash Majestic Sheep Metal Womens Silver Black Leather Trainers , Windsor Smith Leather Platform Tan Boots size 8 , Sz 7.5 NEW NIB True Vtg 70s Womens BROWN RUBBER Strappy MEXICAN SANDALS SANDAK , SKECHERS USA Inc Skechers Womens Microburst Perfect Note SkimmerH&M Premium Quality Leather Heel Pointed Burgundy Sandals ankle EUR Size 37NEW BALANCE W3040SB1 WOMENS ATHLETIC TIE WHITE HUGE SALE $97.50 FREE SHIPPING , Badgley Mischka Cydney Dress Sandal-Women's size 10 Silver , Dolce & Gabbana Leopard Print Embellished Slide, 36Wholesale lot Women's Sandals Assorted colors 36 pairs Sizes 5-10 SB2552VANS SK8-HI Zip DX Varsity Red Men's!WOMEN’S NIKE AIR ZOOM PEGASUS 34 WHITE/PURE PLATINUM SIZE 5.5Nike Lebron James 808709-555 Athletic Shoe For Men Size 10 , NIKE SB ZOOM STEFAN JANOSKI SKATEBOARD LOW MEN SHOES 615957-612 SIZE 12 NEW , Nike Komyuter ESS AA2211-002 Light Pumice US Mens 11 Brand New , JORDAN ULTRA FLY 2 BLACK MEN SIZE 14.0 NEW RARE COMFORTABLE SLIP ON MESH UPPERMen's Nike Air Jordan Flight Origin 2 Infrared 23 Off Court Shoes $119 Sz 10.5Nike Mercurial Superfly V DF FG Sz 6.5 Soccer Cleats 831940 002 Black MSRP $3002Colors Hot Sale Mens Leather Cuban Heels Show Zip Chelsea Shoes Ankle Boots SZBates Men's Black Reyes Boots 44130 Waterproof Slip Resistant Work BootsPristine Jordan IV 4 Retro Laser Pack size 9 , PUMA Men's R698 Og 93 Casual Sneaker Black 12 M USH Mens patent Leather Shoes Shiny Wing Tips Platform Punk Creepers Dress Formal , Caterpillar Men's Brode Hi Steel Toe Skate Shoe - Choose SZ/ColorLacoste Walk Shoes Sneakers Casual 734SPM0035_LTR , Retro Womens Strappy Tassel Ankle Boots Low Heel Pointed Toe Shoes Matte D051 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Kipling - PALMBEACH - - Trousse de toilette toilette (Multi-couleur) - Floral Night - (Multi-couleur) b8367d1 -

    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.

    Kipling - PALMBEACH - - Trousse de toilette toilette (Multi-couleur) - Floral Night - (Multi-couleur) b8367d1 -

    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.


    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
    Kipling - PALMBEACH - - Trousse de toilette toilette (Multi-couleur) - Floral Night - (Multi-couleur) b8367d1