Never miss an update

Plus mogochinese-29994 Size Winter Women Shiny Glitter High High Plus Heel Platform Ankle Boots Party Pumps 8417d14




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: Ankle Boots,high heels,pumps
Material: Synthetic US Shoe Size (Women's): 4.5 5 6 7 8 9 9.5 10 10.5 11 11.5
Pattern: Solid,shiny glitte,bling bling Width: Medium (B, M)
Occasion: Casual,party,office work,nightclub,dance Color: gold,silver,pink,white,blul
Fastening: Zip Heel Type: Slim
Heel details: 10.5 cm ,Platform is 2.5 cm
Never miss an update

Plus mogochinese-29994 Size Winter Women Shiny Glitter High High Plus Heel Platform Ankle Boots Party Pumps 8417d14 - blurrypron.com

    Plus mogochinese-29994 Size Winter Women Shiny Glitter High High Plus Heel Platform Ankle Boots Party Pumps 8417d14
    Plus mogochinese-29994 Size Winter Women Shiny Glitter High High Plus Heel Platform Ankle Boots Party Pumps 8417d14
    Women 2018 New Pointed Toe Color Stitching Comfortable Low Heel Ankle Boots ShoeCute Womens High Heel Over The Knee Boots Shoes Zip Warm Rivet US Size BB5173Womens Fashion Block FlatsRound Toe Pull On Fur Trim Winter Warm Ankle BootsWomens Ankle Boots Block Low Heel Suede Fashion Solid Pull On Fashion Shoes SizeWomen16cm High Heel Performance Platform Shoes Metal Belt Buckle Punk Ankle Boot , Womens Sexy High Heels Stilettos Back Zip Suede Pointy Toe Ankle Boots Stilettos , Womens fashion party new Super block high heel platform knee high boots shoesWomens tound toe chunku high heel ankle boots platform faux leather shoes X64 , Women Pointed Toe High Top Flats Casual Warm Ankle Boots Outdoor Muffin Shoes , Stiletto Ladies Black Side Ankle Boots Shoes High Heels Pointed Toe Sexy Dating , KNEE HIGH BOOTS women Pu leather Side Zip Winter Warm SHoes wINTER , Hot Sale Cut Out Womens Black Wedge Heel Peep Toe Knee High Boots Sandals Summer , Women Pointy Toe High Stiletto Heel Pull On Floral Ankle Boot Stretchy Shoe NewWomens Faux Suede Round Toe Wedding Red Ankle Boots High Heel Platform ShoesHot Womens Knee High Riding Boots Punk Motorcycle Combat Block Heel Zipper ShoesWomen's Shoes Solid Round Toe Hidden Heel Zip Tassel Short Boots Thick Heel bootWomens Stiletto High Heels Platform Clubwear Ankle Boots Patent Leather ShoesWomen Strappy Platform Ankle Boots Stiletto High Heels Faux Suede Club New ShoesWomens Sweater Top Stretchy Pull On Mid-Calf Boots college Wedge Heel Shoes SlimWinter Women Block Mid Heels tassel Mid Calf Boots Casual Faux Suede ShoesWomens chunky heels suede side zippers pointy toe high heels ankle boots size , Womens Fashion Mid Calf Boots Shoes Pull On Block High Heel Shoe Occident SpringWomen's Weaving Ankle Boots Pointed Toe Stiletto High Heel Side Zip Sexy ShoesHot Women Chunky Block heel shoes Round toe Over Knee High Boots Side zip CasualWomen Pointy Toe Buckle High Stiletto Heel Pull On Ankle Boot Shoe Suede FashionLadies Over Knee High Boots Pointed Toe Shoes Stilettos T Stage 2Colors New ChicWomens Suede Leather Knee High Long Boots Flat Heel Shoes Boots knight shoes hotWomens Pu Leather ROund Toe Over The Knee High Boots WedgesThigh Casual Boots Sz , fashion Womens Stilettos High Heels Shoes Pointed Toe Over Knee Thigh Boots b243 ,
    Plus mogochinese-29994 Size Winter Women Shiny Glitter High High Plus Heel Platform Ankle Boots Party Pumps 8417d14 - blurrypron.com>Plus mogochinese-29994 Size Winter Women Shiny Glitter High High Plus Heel Platform Ankle Boots Party Pumps 8417d14 - blurrypron.com
    Gentlemen/Ladies Dansko Women's Dabney Boot sell International choice Don't worry when shopping , Kenneth Cole New York Kam Fashion Sneakers, Natural, 7.5 US / 38 EUSuperdry Women GF1002HQ Slip On Yellow Size 6 UK , Ladies Clarks Croc Print Slip On Shoes Label Gael Angora-W , Dior Cube Block Heel Ankle Strap Sandals 633, Bleu Jean, 5 US / 36 EU , Kendall and Kylie Heels ‼️RRP: $250‼️ SELLING CHEAPSkechers Womens Go Step Lite Origin Comfortable Casual Shoeswomens pointy toes ankle strap Mary Janes rhinestones slim kitten heel shoes new , New Naturalizer Bewilder Womens Brown Heels Slides Open Toe Heels Shoes 6 narrowRalph Lauren Purple Label Brown Leather Sandal Size 8.5COCLICO Peeptoe Women's 8 / 38.5 Blue Suede Slingback Wedge High Heels SandalsPleaser FLAMINGO-808MMG Women's Sexy Clear High Heel Platform Ankle Strap SandalCape Clogs Women's Spring Bouquet White/Multi Size 35 MWomens Open Toe High Heels Strappy Silver Gladiator Sandals Ladies Summer ShoesJessica Simpson Zenolia Wedge Sandal Sand Castle Nude Leather Open Toe StrappyProenza Schouler Tie sling Back Peep Toe Platform Sandals SZ 37.5 NIB Studs $830 , Nike Lebron XII PRM Trillion Dollar Man Riftblue Metallic Silver 705410 430 8.5 , 2017 Nike Air Jordan 1 Retro High OG Gatorade Cyber Yellow Size 13. AJ5997-345 , Western Chief Leather Work Boots Brown Size 13 washington shoe company boots 13Sperry Authentic Original Leather Boat Shoes, Men's Size 10S, Brown , CATERPILLAR MENS STAGE OXFORD CASUAL SHOES #P720710 , LIDFORT TAN LEATHER BROGUE CAP TOE OXFORD MEN SIZE US 7.5 MADE IN ITALY HOTMen's Dress Shoes Slip On Pointy Toe Clubwear Formal Spike Punk Hiking Shinning* BORRELLI Mens Tan Light Brown Leather Split Toes Loafers 9.5 D VibramNike Wmns Air Huarache Run Ultra BR Breathe Triple White Women Shoes 833292-101Saucony Women's Kinvara 8 Runshield Running Shoe - Choose SZ/ColorAC910 MBT shoes black leather women sneakers , Womens Punk Shoes Leather Low Block Heel Buckle Strap Zipper Ankle Boots Biker S , Naturalizer Womens Black Leather Knee Boots 6 MGladiator Womens Motorcycle Ankle Boots Riding Rivet Buckle High Top Shoe Black
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Plus mogochinese-29994 Size Winter Women Shiny Glitter High High Plus Heel Platform Ankle Boots Party Pumps 8417d14 - 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.

    Plus mogochinese-29994 Size Winter Women Shiny Glitter High High Plus Heel Platform Ankle Boots Party Pumps 8417d14 - 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
    Plus mogochinese-29994 Size Winter Women Shiny Glitter High High Plus Heel Platform Ankle Boots Party Pumps 8417d14
    Boots
    >
    ;