Never miss an update

J Slides Choose JSlides Alara Women's Alara Fashion Sneaker - - Choose SZ/Color 4a169b4




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: J Slides
Style: Fashion Sneakers Manufacturer: J Slides
Size Type: Regular MPN: Alara
US Shoe Size (Women's): Multiple Variations Model: Alara
Never miss an update

J Slides Choose JSlides Alara Women's Alara Fashion Sneaker - - Choose SZ/Color 4a169b4 - blurrypron.com

    J Slides Choose JSlides Alara Women's Alara Fashion Sneaker - - Choose SZ/Color 4a169b4
    J Slides Choose JSlides Alara Women's Alara Fashion Sneaker - - Choose SZ/Color 4a169b4
    ASICS B752N.9045 Womens Gel-Tactic 2 Volleyball-Shoes- Choose SZ/Color.Rockport Women's Trustride W Side Zip Fashion Sneaker - Choose SZ/Color , Asics Women's Gel-Nimbus 20 Lite-Show Running ShoeAdidas Ultra Boost X Undye Womens BB6159 Nondye Primeknit Running Shoes Size 8.5 , Saucony S10355-1 Womens Freedom ISO Running Shoe- Choose SZ/Color. , adidas AC6981 Womens Alphabounce 1 w- Choose SZ/Color.Adidas Ultra Boost 3.0 Mystery Blue Vapour Grey Womens Sz 10.5 BA8928 , Merrell Men's All Out Blaze Aero Sport Hiking Water Shoe Khaki 7.5 M US , adidas Performance BB3643 Womens Vengeful w Running Shoe- Choose SZ/Color.Mephisto LASER PERF Womens Laser Perf Oxford- Choose SZ/Color.Reebok CN1042 Womens Crossfit Nano 8.0 Flexweave Cross TrainerAdidas Performance Women's Aleki X Cross-Trainer Shoe - Choose SZ/ColorASICS Women's Gel-Nimbus 19 Running Shoe - Choose SZ/ColorNew Balance Women's Zante V4 Running Shoe , ECCO Women's Cool 2.0 Gore-Tex Fashion Sneaker - Choose SZ/Color , Cole Haan W05539 Womens Grandpro Tennis Fashion Sneaker- Choose SZ/Color. , Women's Air Jordan 1 Retro High SOH Casual Shoe AO1847-345Nike Lunarepic Flyknit Womens 818677-008 Black Fire Pink Blue Shoes Size 7.5 , Nike Women's Lunarepic Low Flyknit 2 White/Black/Pure Platinum Running Shoe 10Merrell Men's All Out Terra Turf Shoe, Black, 8 M US , Adidas USSH1603073461 Adizero Adios Boost W Womens Shoes- Choose SZ/Color.Hoka One One Women's W Vanquish 3 Running Shoe , Men's/Women's Altra Women's Torin Running-Shoes Quality queen new Reliable reputation , adidas DB1697 Womens CF Lite Racer CC W- Choose SZ/Color.NIKE Women's Metcon 3 Training Shoes Black/Racer Pink - Hyper Violet 849807-002ASICS T765N.9667 Womens Gel-Contend 4 Running Shoe- Choose SZ/Color. , adidas Originals Women's NMD_r2 W Sneaker - Choose SZ/Color , adidas B75679 Performance Womens Adilette Comfort Slide SandalMan's/Woman's Saucony Variation Type A- Choose SZ/Color. Complete specification Lush design Clearance sale
    J Slides Choose JSlides Alara Women's Alara Fashion Sneaker - - Choose SZ/Color 4a169b4 - blurrypron.com>J Slides Choose JSlides Alara Women's Alara Fashion Sneaker - - Choose SZ/Color 4a169b4 - blurrypron.com
    Adidas Element Refine US Size 12 Orange / Red Colourway , adidas Predator Tango 18.3 Mens Astro Turf Trainers US 9 /3 3952 , Women's Boots Suede model LESLIE by HGilliane Design Us size 3.5 to 12 , Abeba 4086-35 Size 35 Nature ESD-Occupational Sandal - BlueJustin Womens Beige Cowboy Vintage Western Boot USA Size 9BNEW! $275 rag & bone 'Georgie' Espadrille Flat Metallic [SZ 38.5 38 1/2] , BOBS from Skechers Womens Luxe Rain Dance Flat- Pick SZ/Color. , Etre 1301 White Black Stitched Quilted Leather Padded Insole Flats 37 / US 7 , Man/Woman Balenciaga Suede Cage Pumps 38.5 Adequate supply and timely delivery online shop List of explosionsMan/Woman Sergio Rossi Crystal Sandal Selling First grade in its class Outstanding functionNIB Dr Brinkmann 3-Strap Ladies Sandals Blue Ladies 7 Euro 38Men/Women Soludos Women's Palazzo Mule Special price Win the praise of customers a lot of varietiesYoki Embellished Metallic Cutout High Heel Caged Ball Shape Studded Sandal...ASICS GEL-Lyte MT - White - MensAdidas Originals Stan Smith PC Wool Grey Black Mens Size Sneakers AQ8452 1801-55 , New Balance Fresh Foam 1080 V7 Men's Running (Size 8.5 Wide 2E) M1080WB7 Lime , NIKE AIR MAX 97 UL '17 MICA GREEN 918356-701 VOLT GREEN GREY DS SIZE: 12Nike Air Jordan Ceremony 11 XI Low Retro Gold White Olympic 528895 103 Men & GS , DS 2002 NIKE AIR FORCE 1 L/M THE DIRTY 302945-112 US11Adidas Yeezy 350 V2 Boost Low SPLY Kanye West Core Black Red BY9612 9, 9.5 , Man's/Woman's 4660 Cuervo ****PROMO**** Adequate supply and timely delivery product quality Outstanding style , NIKE ZOOM MERCURIAL XI FK Sz 11-12 UNIVERSITY RED DARK GREY 844626-600Cole Haan Grand Pro Leather Tennis Sneaker Navy Men Sz 8 M 1217 , Fiorangelo Leather Sandals Italian New Sizes 6,7,8,9,10,11 Beige , Bostonian Shell Cordovan Crown Windsor Wingtip Oxford - Genuine Brogue Mens 13 BBROOKS GLYCERIN 15 Women's Running Shoes Size 11 2A Narrow Blue Purple WhiteWomens Nike Cortez Floral Running shoes sz 9 , Propét Women's Wprx25 Olivia Black Size 8.0 , Rockport Cobb Hill Aubrey T Strap Sandal Khaki Full Grain Burnished Leather , Hunter Tall Riding Rain Boots Size 5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    J Slides Choose JSlides Alara Women's Alara Fashion Sneaker - - Choose SZ/Color 4a169b4 - 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.

    J Slides Choose JSlides Alara Women's Alara Fashion Sneaker - - Choose SZ/Color 4a169b4 - 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
    J Slides Choose JSlides Alara Women's Alara Fashion Sneaker - - Choose SZ/Color 4a169b4
    Athletic Shoes
    >
    ;