Never miss an update

Gladiator Women Opentoe Roma Sandals Gold Women Stiletto Roma Pumps Party Gold Shoes Back Zipper 8737731




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 Height: High (3 in. and Up) Style: Gladiator
Heel Type: Stiletto Width: Medium (B, M)
Occasion: Clubwear Material: Synthetic
Pattern: Solid Fastening: Zip
Country/Region of Manufacture: China
Never miss an update

Gladiator Women Opentoe Roma Sandals Gold Women Stiletto Roma Pumps Party Gold Shoes Back Zipper 8737731 - blurrypron.com

    Gladiator Women Opentoe Roma Sandals Gold Women Stiletto Roma Pumps Party Gold Shoes Back Zipper 8737731
    Gladiator Women Opentoe Roma Sandals Gold Women Stiletto Roma Pumps Party Gold Shoes Back Zipper 8737731
    Womens Gladiator Flip-Flop Rhinestones Buckle Strappy Boots Sandals Shoes Sand , Haflinger Flair Radl Black Womens Wool Open-Back Slip-on Slippersbritish women pointed toe suede slingbacks mules embroidery flower mid heel shoe , vogue womens pointy toe mid heel mules sandals mesh bowknots shoes summer new szNew Summer Womens Sandals Mules Low Block Heels Casual Fur Leather Fashion Shoes , Womens Peep Toe Rivets Ankle Strap Stiletto High Heels Sexy Party Sandals ShoesWomen Flats Gladiator Ring Toe Bowknot Punk High Top Leisure Shoes Thong Sandals , New Womens Cow Leather Sandals Open Toe Slippers Mid Block Heel Chic Mules ShoesWomen's Fashion Sequins Slingback Casual Mules Sandals Flower Slip On slippersNew fashion Sandals High Heels Open Toe Slingbacks Genuine leather Womens ShoesHavaianas Women's Slim Crystal Glamour Navy Blue Thong Sandals , Women Satin Silk Bow Knot Pointed Toe Mules Flat Slip On Diamond Slippers ShoesWomens Wedge Heel Sports Sandals Hollow Out Stripes Open Toe Shoes Slingbacks SzNew Womens T-Strap Ankle Buckle Vogue Casual Med Heels Summer Real Leather Shoes , New Summer Women T-Strap Boots Sandals Leather Low Heel Casual Fashion Zip Shoes , Womens Stiletto High Heel Open Toe Party Plus Sandals Boots Summer Shoes Chic , New Women's Summer Crystal Flats Mules Casual Fashion Real Leather Sandals Shoes , Women's High Heel Sandals Peep Toe Slip On Elastic Band Party Casual Thick SoleWomens Fashion Open Toe Slingback Buckle Side Zip Low Heel Sandal Casual Shoes , Roman Womend High Block Heel Leather Slippers Summer Beach Sandals Casual ShoesNew Womens Sandals Ankle Buckle Med Heel Satin T-Strap Casual Diamond Chic ShoesWomens British Patent Leather Pointy Toe Low Heels Slippers Metal Decor Mules SzNew Summer Womens Real Leather Sandals Fashion Casual Mules Strappy Flats ShoesWomen Boho Ethnic Beads Tassels Open Toe Ankle Strappy Chunky Heels Sandal Shoes , Roman Womens Mixed Color Slingbacks Low Chunky Heels Leather Date Dress Sandals , Bohemia Womens Flip Flop Pearl T-strap Buckle Sandals Flat Casual Beach Shoes SY , Womens Peep Toe 18cm Super High Heel Shoes Ankle Strap Nightclub Sandals Plus SzNew Womens Pearl Mules Bowknot Low Block Heels Casual Fashion Real Leather ShoesFashion Bohemia Espadrille Wedge Heel Beach Sandals Womens Summer Peep toe Shoes ,
    Gladiator Women Opentoe Roma Sandals Gold Women Stiletto Roma Pumps Party Gold Shoes Back Zipper 8737731 - blurrypron.com>Gladiator Women Opentoe Roma Sandals Gold Women Stiletto Roma Pumps Party Gold Shoes Back Zipper 8737731 - blurrypron.com
    Womens Sand Heart Wings Distressed Overlay Leather Cowboy Boots Pointed , Corral Women's Western Snip Toe Leather Cowboy Boots Sand Fish Wings & Cross A34 , Miss Macie Western Boots Womens Martina Overlay Studs Brown U6016-01Mr/Ms Funtasma WALKER-130 Complete specification range International choice Very practical , Geox D Marlyna B Women's Metallic Shiny Cracked Leather Slip On Bar Loafers New , New Mollini Questol Womens Shoes Boots Ankle , Naturalizer Size 8 Brown Womens Gadget Slip On Casual Leather Loafer $129 NewEastland Women's Skip Pink Leather Deck ShoesNew Guess JACLYN Strappy Platform Pump Sandal Patent Heel Brown/Black 8.5 , Stuart Weitzman Women's "BUCKUP" WHITE PATENT PUMP 6.5N NARROW , NWB Christian Louboutin Heels Pumps Suede Blue Turquoise Alta Spritney 36 6 $895 , Nike PG 1 Paul George Size 8 , NEW NIKE FLYKNIT ROSHERUN Men's Running Shoes Size US 11 , Nike Nike Free 4.0 Flyknit 717075-403 7 us mens running blue flyknitASICS GEL LYTE III 3 RED WHITE SNOW FLAKES CHRISTMAS PACK H6W3Y 2525 SZ 8 , Nike Air Max 90 Ultra 2.0 Flyknit Pale Grey/Pale Grey 875943-006 Men's SZ 9.5Adidas Crazy 1 Damien Lillard SZ 9 W Receipt Florist City Portland TrailblazersAsics I Stand [SFS210-5001] Men Metal Baseball Cleats Navy/WhiteReebok Twilight Zone Pump Mens sz 10.5 New! , 2001 Nike Air Jordan XI 11 Retro WHITE COLUMBIA BLUE BLACK LEGEND 136046-142 12 , LUCCHESE BLACK CHERRY SEVILLE CORD COWBOY BOOTS 10 B Vintage USA , Levi's Men's Jeffrey Hi 501 Core Sneaker - Choose SZ/ColorSaucony Womens Triumph Iso 3 LR Running Shoe, Grey/Black, 9 US , Men/Women Womens Run Lux Clima W Big clearance sale Elegant and sturdy packaging Amoy219 Vince Blair White Perforated Leather Slip-On Sneakers Women's Sz 6 MSoftWalk Women's Meredith Sport Clog Diamond Multi Leather , Gabriella Rocha Pyatt Black Boot Size 8.5mCLARKS Women's Grasp Chime Slip-on Loafer - Choose SZ/colorBearpaw Women's Prim II Snow Boot Black Suede Sheepskin WaterproofPLEASER Delight-4000 6" Heel Sexy Exotic Thigh-High Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gladiator Women Opentoe Roma Sandals Gold Women Stiletto Roma Pumps Party Gold Shoes Back Zipper 8737731 - 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.

    Gladiator Women Opentoe Roma Sandals Gold Women Stiletto Roma Pumps Party Gold Shoes Back Zipper 8737731 - 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
    Gladiator Women Opentoe Roma Sandals Gold Women Stiletto Roma Pumps Party Gold Shoes Back Zipper 8737731
    Sandals
    >
    ;