Never miss an update

ECCO Golf Women's Casual Casual Hybrid Knit 29768 Golf Shoe - Choose SZ/Color 5321879




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: ECCO
Style: Golf Manufacturer: ECCO
Size Type: Regular MPN: Women's Casual Hybrid Knit-W
US Shoe Size (Men's): Multiple Variations Model: Women's Casual Hybrid Knit-W
Never miss an update

ECCO Golf Women's Casual Casual Hybrid Knit 29768 Golf Shoe - Choose SZ/Color 5321879 - blurrypron.com

    ECCO Golf Women's Casual Casual Hybrid Knit 29768 Golf Shoe - Choose SZ/Color 5321879
    ECCO Golf Women's Casual Casual Hybrid Knit 29768 Golf Shoe - Choose SZ/Color 5321879
    Supreme Nike Air Streak Spectrum Plus White Size 10.5New Balance Men's 840v4 Running Shoe, - Choose SZ/Color , adidas Men's Adizero Adios Running Shoe - Choose SZ/Color , Adidas NMD R2 White Mountaineering Navy BB3072 Brand New Deadstock Sz. 10 , Mr/Ms Cole Haan Men's Zerogrand Wing Oxford Fine workmanship Wholesale trade retail price , Merrell Men's Moab Fst Ltr Waterproof Hiking Shoe - Choose SZ/Coloradidas Originals Men's X Tango 17.3 TF Soccer Shoe - Choose SZ/ColorSalomon L39349300 Mens Sonic Aero Trail Runner- Choose SZ/Color. , Nike Air Jordan XX9 29 CHICAGO BULLS 695515 023 Air Max sz 10.5 , ASICS T7E1N.9007 Mens GT-2000 5 Lite-Show Running-Shoes- Choose SZ/Color. , Jordan Westbrook 0 Prem Mens Style : 838817 , New Balance Men's MT690V1 Trail Shoe - Choose SZ/Color , Gentlemen/Ladies NEW ECCO MENS COOL GORE-TEX SNEAKER Elegant appearance a variety of Different goodsSaucony Mens Kinvara 5 Running Shoe- Pick SZ/Color.Nike Air Jordan 3 III White Infrared 398614 123 Air Max BG GS sz 7Under Armour Men's Charged Bandit 2 Running Shoe - Choose SZ/ColorCQ1824_7.5 adidas x Mastermind Mens EQT Support Mid CQ1824 (SZ: 7.5)adidas Performance Men's Supernova Sequence 8 - Choose SZ/ColorNIKE Men's MercurialX Finale II TF Soccer Shoe - Choose SZ/Color , adidas Barricade 2018 Boost Shoe Men's Tennis Black/Night/Scarlet 12 D(M) US , New Balance Men's MW1400v1 Black Boot 11.5 B - Narrow , New Balance MX40GP Mens MX40V1 Cross Trainers D US- Choose SZ/Color.Adidas NMD Runner Boost Clear Brown White CG2999 Light Beige Womens Trainers , Adidas NMD R1 Boost Utility Black Grey BY3035 Womens Trainers See Sizesadidas Golf Mens Adipower Boost 2 Cleated- Pick SZ/Color.NEW 11 BY BORIS BIDJAN SABERI MENS SNEAKERSNike Air Jordan 10 Steel White 310806 103 Air Max BG GS sz 4.5 , Nike Force 180 Charles Barkley 310095 011 Air Jordan Air max sz 10 , ECCO Men's Biom Hybrid Hydromax Golf Shoe - Choose SZ/Color
    ECCO Golf Women's Casual Casual Hybrid Knit 29768 Golf Shoe - Choose SZ/Color 5321879 - blurrypron.com>ECCO Golf Women's Casual Casual Hybrid Knit 29768 Golf Shoe - Choose SZ/Color 5321879 - blurrypron.com
    Nike Air Force 1, high top sneakers, size US 6Skechers Performance Womens Go Step Lite-Determined Loafer Flat 5 Wadidas Women's W Climacool Knit Golf Shoe - Choose SZ/color , Sanuk Womens Pair O Dice Chill Slip Ons Tobacco Size 6 New , All US SIZE Womens Sexy PU Leather Ankle Strap High Heels Pumps Platform Shoes , Madison Lila Red Floral Platform Wedge Heels Fashion Ankle Boots Navy Blue 6.5Glory Chen Wms Black Leather /Fabric Buckle Heels Mules 9.5 , Ivanka Trump Nanci Platinum Suede Lesther Dressy Evening Heels Pumps 5.5 M , Womens SAM EDELMAN "ONYX" 208655 black leather pumps pointy toe sz. 7 ()Womens Super High Heel Transparent Plastic Platform Sexy Club England Shoes SizeECCO Women's Shape 55 Plateau Platform Pump , PRADA Gray & Black Suede Leather Criss Cross Strap Pumps USA 8// , Balenciaga Brown Clog Platform Sandals Shoes Heels Studded $795 38 , NEW Womens NIKE Lunarconverge Premium 898483 002 Grey White Sneakers ShoesGiesswein Vent Slipper US SIZE 13 (Womens)BRAND NEW EXCLUSIVE ADIDAS TUBULAR RUNNER SIZE 9-12 $60 AQ8389 FREE SHIPPINGNEW Nike Mens Air Zoom Mercurial XI FC Black & White Size 8.5 flyknitAdidas Originals OC STAN SMITH Opening Ceremony Leather Shoes DEAD STOCK RARENIKE NikeiD AIR HUARACHE PANDA BLACK WHITE OREO 777330 972 US MENS SHOE SIZE 9 , NIKE AIR MAX 270 FUTURA MEN's CASUAL COOL GREY - WHITE - TOTAL ORANGE AUTHENTICNike Air Max Plus TN Men's Sneakers Running Comfort Training Sport Casual NIBGentleman/Lady Clarks Originals Weaver boot cola suede Not so expensive High quality and economy Different styles and styles , Gentleman/Lady Hugo Boss Mens shoes Size 10 New product Year-end sale Sales online storeWMNS NIKE CLASSIC CORTEZ LEATHER 807471 101 WHITE/BLACK-WHITE , 361 Degrees Kroozer Wide - Blue - WomensNike Women's SF AIR FORCE 1 MID IVORY Shoes AA3966-100 b , WOMEN's ASICS - GEL-BLAST 7 (E658Y-4301) - Size 10 - 40% OFF , adidas USSH16030610777 Outdoor Terrex Boost Trail Running Shoe - Womens , New Hush Puppies Pippa Womens Small Wedge Heel Boots , Womens Trendy Casual Floral Shoes High Heel Pointed Toe Fashion Ankle Boots Chic ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ECCO Golf Women's Casual Casual Hybrid Knit 29768 Golf Shoe - Choose SZ/Color 5321879 - 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.

    ECCO Golf Women's Casual Casual Hybrid Knit 29768 Golf Shoe - Choose SZ/Color 5321879 - 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
    ECCO Golf Women's Casual Casual Hybrid Knit 29768 Golf Shoe - Choose SZ/Color 5321879
    Athletic Shoes
    >
    ;