Never miss an update

Gentlemen stable/Ladies DC Women's color Trase TX SE quality Strong heat and wear resistance stable quality Suitable for color 793f689




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: Dc Shoes
Features: Durable canvas upper, clean vamp, foam padded collar and 6.5mm ethylene vinyl acetate insole the tr Color: JESTER RED
Style: Athletic US Shoe Size (Women's): 6-B
Size: 6-B UPC: 888327083926
Never miss an update

Gentlemen stable/Ladies DC Women's color Trase TX SE quality Strong heat and wear resistance stable quality Suitable for color 793f689 - blurrypron.com

    Gentlemen stable/Ladies DC Women's color Trase TX SE quality Strong heat and wear resistance stable quality Suitable for color 793f689
    Gentlemen stable/Ladies DC Women's color Trase TX SE quality Strong heat and wear resistance stable quality Suitable for color 793f689
    Gentlemen/Ladies Nike Air Force 1 Mid Long-term reputation modern Highly appreciated and widely trusted in and out , NIKE AIR MAX women sneakers (5M, BLACK)Reebok Size 9 SPEED RISE MEMORYTECH Grey Running Sneakers New Womens ShoesWOMENS BROOKS RAVENNA 8 RUNNING SHOES SIZE 7.5 US 38.5 EU NAVY BLUE PURPLE WHITENIKE PEDRO LOURENCO X WOMEN'S BLAZER LOW 718802 008 SZ: WMNS 5 **RARE**Saucony Redeemer Running Shoes, Women's Size 7.5 W, Silver/Navy/Mintadidas NEO Baseline Kid's Shoes - White Lilac - Size 6 , AdTec Women's 8418 Low Cut Steel Toe Hiker , Mizuno Wave Inspire 14 Blue/Purple Running Shoe Women's US 9.5 (C2,14)VANS Runner Lilac Snow Pink UltraCush Trainer Shoes Women's Size 10 , KEEN Women's Venice II H2-W Sandal, Paloma/Pastel Turquoise, Size 11.0 GnNaAsics Gel Kayano 23 Womens Size 8.5 Blue Running Training Shoes L3 , New NIB Nike Vandal High Concord Shoes Sneakers 7 7.5 8Adidas N-5923 W Ash Pearl/Linen-White AQ0265 Women's SZ 7.5 , NIB Women's New Balance WSTROLP RUNNING Shoes Wide(D)&Medium Width Alpha PinkNew Balance 840v3 Women's Running Shoes Size US 8 Silver Purple W840WP3NEW Asics GT-2000 5 I.G.S Grey White Pink Glow T757N 9601 Women's Shoes Size 5 , Women Women's Ecco Athletic Shoes SZ Tennis Sneakers Leather Upper Mesh 9 , VANS Sk8 Hi Moc (Suede) Port Royale/Blanc Skate Shoes WOMEN'S SIZE 7Nike Juvenate Woven Prm Pink/Orange/Crimson Sneakers (833825-600) Women's Sz 6Men's/Women's sketcher shoes memory foam Moderate price special promotion Global sales , Chaco J104926 'Outcross Evo 1' Violet Quartz Hiking Water Shoe Women Size 7 M , WOMENS BROOKS RAVENNA 7 RUNNING SHOES SIZE 6.5 US 37.5 EU PURPLE BLUE GREENNEW NIKE SWEET CLASSIC TEXTILE Womens NIB ace 83 NR , New Balance WT874SB Sneakers Shoes Womens 11 Offroad Trail Running Gray Blue USA , VANS Old Skool (Pastel Pack) Ice Green/Blanc Leather Skate WOMEN'S Size 7 , New NIKE Size 6 Womens Free TR 6 Cross Training Shoes White/Silver 833413-007 , NIB WOMENS SIZE 7.5 NIKE DUALTONE RACER RUNNING SNEAKERS BLACK 917682-003Merrell Women's Capra Waterproof Hiking Shoe - Size 9.5, Taupe
    Gentlemen stable/Ladies DC Women's color Trase TX SE quality Strong heat and wear resistance stable quality Suitable for color 793f689 - blurrypron.com>Gentlemen stable/Ladies DC Women's color Trase TX SE quality Strong heat and wear resistance stable quality Suitable for color 793f689 - blurrypron.com
    FitFlop Flip Leather Adjustable Backstrap Sandal Flame , BIRKENSTOCK INGOLSTADT BROWN NARROW Fit Womens Casual Treiners Shoes 4 EU , Man's/Woman's Fabulicious LUMINA-25 use stable quality Preferential price , Ariat Women's Castaway Brown Bomber Cruiser Shoes 10023017Tory Burch Billy 2 Blue Velvet Grosgrain Loafer Slip On Quilted Size 5.5Miu Miu Black Velvet Bow Ruched Round Toe Ballerina Flats SZ 38Katy Perry Womens stella-nappa Leather Open Toe Classic Pumps White Size 7.0 p , VIA SPIGA Black Leather "Abilene" Open Toe Mule Heels Womens 11M Italy (136) , Eileen Fisher Burgundy Red Heels Pumps Size 9 EUC! , Jessica Simpson Siennah Suede Wedge Pumps Choose Sz/ColorMan's/Woman's ARRAY Isabella Women's Pump Reliable quality Good market Elegant and stable packaging , Cole Haan Mariela Air Open Toe High Heel Pumps Black Patent 9.5B Fantastic!! , Zara Leather Sandals With Studs Womens 7.5 , Johnson and Murphy Womens Sanya Slide Navy Polka Dots Size 6 New With Box , NEW Vans Authentic Vintage OG checkerboard ambrosia size 13New Nike Zoom Shift TB size 11 Men's Basketball Shoes Black 897811 001- , Adidas Skateboarding Matchcourt Shoe Scarlet Red Men's Size 11Men's Size 13 Nike Zoom Victory Elite 2 Running Track Shoe Rio OC 835998-999 , VANS New SK8-Hi Reissue V White Stitch Vault Size Men's USA 93N2 SHOWTIME MID METAL BASEBALL CLEAT MENS , Nike Flyknit Trainer + Squadron Blue/White-Pink Flash 532984-416 Men's SZ 11.5 , New Mens Casual wing tip oxford side zip Brogue dress shoes British bootsSaucony Ride 10 Size US 9 M (B) Women's Running Shoes Purple S10373-1Mezlan Genuine Alligator Loafers Manressa Slip On Men's Black Dress Shoes 8.5MMan's/Woman's NEW SUPERGA® WOMENS SNEAKERS Beautiful design Clearance Variouswomen Fila Stellaray Athletic Sneakers , Navy / Coral BRAND NEW , NIKE WMNS CLASSIC CORTEZ LEATHER WHITE GUAVA ICE 807471-109 Womens Sneakers , Ted Baker Vleil Floral Citrus Bloom High Top Fabric Sneakers US 9 / NIBColumbia GRAND CANYONTM-W Womens Grand Canyon Trail Shoe- Choose SZ/Color.Dr. Scholl's Women's Daina Boot Dark Brown 8 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentlemen stable/Ladies DC Women's color Trase TX SE quality Strong heat and wear resistance stable quality Suitable for color 793f689 - 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.

    Gentlemen stable/Ladies DC Women's color Trase TX SE quality Strong heat and wear resistance stable quality Suitable for color 793f689 - 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
    Gentlemen stable/Ladies DC Women's color Trase TX SE quality Strong heat and wear resistance stable quality Suitable for color 793f689
    Athletic Shoes
    >
    ;