Never miss an update

Women's Fashion Mules Beads Shoes Crystal Women's Ethnic Sequins Casual Clip Toe Toe Sandals Shoes 0f2e77b




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
Heel Type: Block Style: Mules
Width: Medium (B, M) Country/Region of Manufacture: China
Material: Synthetic leather Fastening: Slip On
Occasion: Casual Heel Height: High (3 in. and Up)
Never miss an update

Women's Fashion Mules Beads Shoes Crystal Women's Ethnic Sequins Casual Clip Toe Toe Sandals Shoes 0f2e77b - blurrypron.com

    Women's Fashion Mules Beads Shoes Crystal Women's Ethnic Sequins Casual Clip Toe Toe Sandals Shoes 0f2e77b
    Women's Fashion Mules Beads Shoes Crystal Women's Ethnic Sequins Casual Clip Toe Toe Sandals Shoes 0f2e77b
    JCrew Colorblock Cora crisscross sandals Red Blue 7.5 leather shoes flats H8777 , Nike WMNS Benassi Solarsoft [705475-010] Women Slides Black/WhiteZARA NEW SPLIT SUEDE SLIDES WITH BOW PINK FLAT SLIP ON SMART CASUAL SIZE , Rhinestones Womens Beach Ankle Strap Flip Flops Sandal Hollow Out Casual ShoesTory Burch Wedge Thin Flip Flop Khaki Size 11 New In Box , Men/Women ROMANCE-313 elegant special function Very good classificationGentleman/Lady BELLE-316 Adequate supply and timely delivery Strong value Excellent stretchingCole Haan W06925 Womens Zerogrand Two Strap Slide Sandal- Choose SZ/Color. , BIRKENSTOCK Gizeh Black Birko Flor Slides Sandal, /US 6, EU38/US 7 - 8N_01 , Teva Womens W Verra Sandal- Pick SZ/Color.Womens Skechers Sandals Memory Foam Casual Summer Lightweight Sandal , Gentlemen/Ladies LIP-155 High grade Won highly appreciated and widely trusted at home and abroad Maintenance capabilityMan/Woman LES TROPÉZIENNES Isatis Rose Irise quality Optimal price buy onlineMBT Kisumu Womens Chocolate Leather Toning Sandals Rocker Swiss Engineered Sz 7Tongs Columbia femme Kea Vent taille Beige Cuir A enfilerTeva Universal Slide Sandal, Women's Size 8, Magenta (NWB)Nine West 25028525 Womens Ivarene Satin Luxe Flat Sandal- Choose SZ/Color. , 2018 Womens Mid Wedge Hollow Out Roman Gladiator Sandals Summer Ankle Boot ShoesMerrell Women's Duskair Seaway Thong Leather Sandal, - Choose SZ/ColorNine West Womens Juanita Leather Mule- Pick SZ/Color. , FitFlop Womens Ringer Sequin Toe-Post Flip Flop- Select SZ/Color. , Pleaser Womens Delight-609/FSM/M Platform Sandal- Pick SZ/Color.Mid Wedge Women Shoe Sandals Rhinestone Flip Flops Mules Sequins Beads CreeperBallerine Espadrilles Compenssées Vert Bleu Brillant Les Tropeziennes P 39 , Chaco Made in USA Colorado Vibram Hiking Support Comfort Sandal Women’s 8Vince Camuto Women's Kirsi Caged Heeled Sandal Earl Grey GG8 Size 6M $129Miu miu rare squer modern flat sandal avant-gard shoes , Gentleman/Lady BELLE-316 Many styles International choice Pick up at the boutiqueMelissa Shoes Solar + Jason Wu Jelly Sandals, Women's - Size 7, Light Pink ,
    Women's Fashion Mules Beads Shoes Crystal Women's Ethnic Sequins Casual Clip Toe Toe Sandals Shoes 0f2e77b - blurrypron.com>Women's Fashion Mules Beads Shoes Crystal Women's Ethnic Sequins Casual Clip Toe Toe Sandals Shoes 0f2e77b - blurrypron.com
    Tom Ford Women's Black High Heel Open Toe Ankle Boots Shoes Sz 9.5NEW FRYE 6 Leather Ankle Boots Brown Fur Booties Short Stacked Zipper Shoes 6 BW2 MX ENDURO BOOTS MX-KID WHITE SIZE / W244014636 , New Sol Sana Eddie Boot Iii Womens Shoes Boots Ankle , ZINDA black leather knee high flat womens boots sz 38 gently worn , Papillio Gizeh BF $149rrp Painted Bloom Red SOFT FOOTBED BNIB ***CLEARANCE***Walking Cradles Women's Vex Slingback,Light Taupe Nubuck,US 6.5 M , FitFlop Due Ballerina Pump Shoes 43 US 11 Deep Wine Patent LeatherNew without box Manolo Blahnik Car Shoes!Gianmarco Lorenzi Blue Snake Slingback W/ Jute Covered Wedge Size 40 , CHRISTIAN LOUBOUTIN PARIS WOMENS 36.5 BLACK BOW SLING BACK RARE PUMPS HEELS , Nina Venetia Ankle Strap Dress Sandals 950, Ivory Crystal, 7 USAdidas Premium Men Tubular Nova PK Primeknit navy black S74916 SZ-13 , Adidas Forum Hi Mocassin Black/Black-Clay B27670 Men's , ASICS 1011A019.400 GEL-KAYANO® 25 Mn's (M) Indigo-Blue Mesh Running Shoes , Adidas PORSCHE DESIGN ULTRA BOOST TRAINER Sneakers Running Mens Walking BB5539 , Tommy Hilfiger Men's Paddy6 Fashion Sneaker - Choose SZ/color2011 NIKE AIR JORDAN XI 11 CONCORD RETR0 US 10.5 WHITE +RECEIPT , DANIELE ALESSANDRINI Ankle Boots Sz. 41 ITALY Whites F013K313407-233 SET OFFERLowa Mens Tibet GTX Hi Boots 210896 5599 Sepia/Black Size 12 , Cleveland Browns Men Women Casual Canvas Sneaker Trainer Shoes Limited Edition , Johnston Murphy Aristocraft Burgandy Plain Toe Oxfords Mens US 10.5D/B P100 , 440)Dennim Supply Ralph Lauren WINGTIP BROWN LEATHER SHOES Men's Sz 8 D **MUC** , Allen Edmonds Fifth Avenue Cap Toe Dress Oxfords Black Sz 11C , Adidas Originals Superstar Glossy Toe Women's Red Casual Sneakers 8.5 (New) , Adidas HardCourt Hi Defender GS White Black Berry Juniors Girls Boys Trainers , Man/Woman NIB The Shoe Box Expadrille Sneakers Various goods Clearance German Outlets , Trotters Women's Sizzle Signature Flat Black Burnished Soft KidskinPRADA sneakers I-38.5 fits US-9 real snake leather silver platform great cond. , Nike Air Coos Prefontaine Pre Lives Women’s White Running Shoes Vintage Size 9.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Fashion Mules Beads Shoes Crystal Women's Ethnic Sequins Casual Clip Toe Toe Sandals Shoes 0f2e77b - 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.

    Women's Fashion Mules Beads Shoes Crystal Women's Ethnic Sequins Casual Clip Toe Toe Sandals Shoes 0f2e77b - 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
    Women's Fashion Mules Beads Shoes Crystal Women's Ethnic Sequins Casual Clip Toe Toe Sandals Shoes 0f2e77b
    Sandals
    >
    ;