Never miss an update

Dune Pump- London Womens Dune Platform Pump- Pick SZ SZ/Color./Color. 9adf219




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
UPC: 0888371415490
Style: Causal Brand: Dune London
US Shoe Size (Women's): Multiple Variations Model: Davine
Size Type: Regular MPN: Davine
Material Type: Synthetic
Never miss an update

Dune Pump- London Womens Dune Platform Pump- Pick SZ SZ/Color./Color. 9adf219 - blurrypron.com

    Dune Pump- London Womens Dune Platform Pump- Pick SZ SZ/Color./Color. 9adf219
    Dune Pump- London Womens Dune Platform Pump- Pick SZ SZ/Color./Color. 9adf219
    Bed Stu Onset Women's Tan Driftwood Open Toe Booties 9MCalvin Klein 34E2954-SHG Womens Casilla Dress Pump- Choose SZ/Color. , Calvin Klein Womens Genoveva Glossy Pat Pump, Navy, 9 M US , Seychelles Womens Forward Wedge Pump- Pick SZ/Color. , Rockport Womens Total Motion Catrin Wedge Pump 10(B)- Pick SZ/Color.Ivanka Trump ITWINOGRAND Womens Winogrand Dress Pump- Choose SZ/Color.New Elie Tahari Shoes Pumps Black Jackie Heels Classics Size 8 LeatherVince Camuto VC-SAVILLA Womens Savilla Pump- Choose SZ/Color. , EUC Giuseppe Zanotti for Barneys Women's Size US 5 1/2 Blue Leather Pumps , NEW STUART WEITZMAN WOMEN'S SHOES HEELS WEDGE PLATFORM BLACK LEATHER 40 10 , Sexy Rhinestone Platform Clear Upper Mule Cone High Heels Shoes Adult WomenCamper Limi Womens Wedge Pump- Choose SZ/Color. , Lola Cruz Women's Santa Barbara D'Orsay Pump, Negro, 39 EU/9 M US , Lola Cruz Women's Santa Barbara D'Orsay Pump, Negro, 38 EU/8 M US , Calvin Klein Womens Griselda Pump- Pick SZ/Color. , Nine West 25026478 Womens Tatiana Canvas Dress Pump- Choose SZ/Color. , ~NIB BARNEY'S VIRGINIA DUSTY GREY SUEDE ANKLE STRAP HEELS (CURRENT!) ~ 36.5 , Corso Como Womens Sydney Dress Pump- Pick SZ/Color.Jessica Simpson Women's LINNEE Pump Black 8 M US , SCHUTZ Women's Jane Heeled Sandal, Black, 8.5 M US , Pedro Garcia Moon Black Nude Leather Women's High Heels Sandals Size 38.5 / 8.5 , Rockport Cobb Hill Women's Shayla Dress Pump, Black, 6.5 M US , AK Anne Klein Sport 25028893 Womens Opalize Reptile Pump- Choose SZ/Color. , Badgley Mischka Abella II Womens Ballet Flat- Choose SZ/Color.Pleaser Pink Label DREAM-1020 Womens Dre1020/b Ankle BootieM- Choose SZ/Color.French Sole FS/NY Women's Whimsey Dress Pump, Bone/Black, 8.5 M US , NOBELL-297 Steve Madden Womens Nobell PumpM- Choose SZ/Color.TOD'S Womens Ciabattina Occielli Fondo Ritz Open Toe Heels Shoes Sz: US 11 / 41 , Lola Cruz Women's Santa Barbara D'Orsay Pump, Negro, 37 EU/7 M US ,
    Dune Pump- London Womens Dune Platform Pump- Pick SZ SZ/Color./Color. 9adf219 - blurrypron.com>Dune Pump- London Womens Dune Platform Pump- Pick SZ SZ/Color./Color. 9adf219 - blurrypron.com
    NEW Anthropologie Howsty Etnia Heeled Boots Size 39 Green Suede Booties , Reebok Aztec Retro Steel Grey Men Classic Shoes Sneakers Trainers BD1666 , Yohji Yamamoto FEMME Leather Boots Size US About 5.5(K-46564) , PHILIPPE MODEL WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW PARIS GLITTER WHI 703 , Legero Tanaro, Womens Low-Top, Pink Powder, 5.5 EUAsics GT-1000 6 GS Rouge Red White Yellow Kid Junior Running Shoes C740N-1901Men/Women Camper Iman Womens Black Leather Boots Fine processing fashionable International big name , NIB BURBERRY LONDON SHIPLEYSON NOVA CHECK BLACK LEATHER GOLD CHAIN FLAT 36 ITALY , Embroidered Women's Pull On Pointed Toes Floral Chic Pumps High Heel StilettosJeffrey Campbell Serling Cage Heel Pump Beige Box Silver Size 8.5 $155PLEASER Platform High Heels Color Block Strappy Sandal DELIGHT-678-9 Metallic , Alexander McQueen Studded Leather Wooden Mary Janes Buckle Wedges Heels EU36 UK3Bella Vita Cor-Italy Women's Sandal Whiskey Size 8.0 , Vince Camuto Ettina Womens Slide- Choose SZ/Color.Nike Vapor Untouchable Pro Football Cleats Maroon Black White SZ ( 839924-601 ) , New NIKE DUNK LOW GLACIER GREY 904234 005 ATHLETIC CLASSIC MEN'S Shoes SIZE 10Puma Blaze of Glory NU x Stampd Mens Trainers Black White Shoes 361493 02 D11 , Nike Men's Free TR Versatilty AMP Blue Shoes Size 10 NEW , Men's New Balance Fresh Foam Zante v3 Running Shoe*NEW* Adidas Crazylight Boost 2018 Size 12.5 DB1069 Red/Black Great Deal !Nike Obra 2 Elite FG Men's soccer cleats AH7305 080 Multiple sizes , ADIDAS Boost Icon 2.0 Maroon White Baseball Metal Spikes Cleats NEW Mens Sz 8 , University of Miami NCAA Damian D Lillard 3 March Madness Player Exclusive PE , Vincero Luxury Men's Chrono S Wrist Watch - Top Grain Italian Leather Band... , BZ37 DI MELLA shoes blue leather men elegantMen's TOTO H0630 - 2.8 Inches Taller Suede Elevator Shoes Ankle Boot 9 , Skechers Women's D'Lites A New Leaf Black/White 11957 BKW , WMNS NIKE LUNARGLIDE+2 PURPLE DARK BLUE 407647-561 US 6.5 WOMENS grey orange red , NWOB $197.95 MSRP Vince Camuto KRITON Black Knee High Riding Boots sz 5.5 , Sam Edelman Womens Thora Leather Closed Toe Knee High, Oatmeal Suede, Size 8.0 r
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dune Pump- London Womens Dune Platform Pump- Pick SZ SZ/Color./Color. 9adf219 - 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.

    Dune Pump- London Womens Dune Platform Pump- Pick SZ SZ/Color./Color. 9adf219 - 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
    Dune Pump- London Womens Dune Platform Pump- Pick SZ SZ/Color./Color. 9adf219
    Heels
    >
    ;