Never miss an update

ECCO Women's Flat Sense Light Women's Ballerina Flat Ballet - Choose Choose SZ/color 29aa379




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
Binding: Apparel
Publisher: ECCO Department: womens
UPC: Does not apply Label: ECCO
Style: Does not apply Manufacturer: ECCO
Brand: ECCO Model: 284503
Size Type: Regular ProductGroup: Shoes
US Shoe Size (Women's): Does not apply
Never miss an update

ECCO Women's Flat Sense Light Women's Ballerina Flat Ballet - Choose Choose SZ/color 29aa379 - blurrypron.com

    ECCO Women's Flat Sense Light Women's Ballerina Flat Ballet - Choose Choose SZ/color 29aa379
    ECCO Women's Flat Sense Light Women's Ballerina Flat Ballet - Choose Choose SZ/color 29aa379
    Limited Edition Paolo Lantorno Black leather boots size 38FORNARINA Brown Leather Knee High Heels Equestrian Riding Boots US 7.5MCLARKS Women's Maypearl Oasis Engineer Boot - Choose SZ/colorCLARKS Women's Fianna Still Slip-on Loafer - Choose SZ/colorSam Edelman Women's Landis Loafer Flat - Choose SZ/colorBoot Johnston & Murphy Lizzie Gray Kid SuedeECCO Women's Biom Fjuel Tie Sneaker Walking Shoe - Choose SZ/color , ECCO Women's Exceed Low Fashion Sneaker - Choose SZ/color , EMU VALERY LO PURPLE SHEEPSKIN BOOT WITH BUTTONS WTR RESISTANT SIZE 10 REG $180 , Corral Boots Leather Lizard Inlay Brown Blue Vintage Cowgirl SIZE 8 M , New Balance Women's Fresh Foam Gobi Neutral Trail - Choose SZ/colorECCO Women's Classic Hybrid Iii Golf Shoe - Choose SZ/color , New LAUREN RALPH LAUREN Micah Black riding women's boots sz US 6.5Rockport Womens Christy Leather Round Toe Knee High Fashion BootsGrinders Dallas Ladies Black Cowboy Western Mid Calf Toe Leather Classic Boots , Man's/Woman's Boot Nine West Sadiah Black Fabric Diverse new design Modern and stylish fashion Pick up at the boutique , Laura Vita Ernault 02 Womens Violet Leather Ankle Boots , Dr.Martens Newton BTS Temperley Womens Mens Combat Unisex BootsGentleman/Lady Corral Camel Bootie Elegant appearance New style Fashion dynamicASICS Women's Gel-Quantum 360 cm Running Shoe - Choose SZ/colorFranco Sarto Jelly Brown Leather Short Moto Boots Womens Size 10 M NIB AuthenticROCKPORT EVA STUD BOOT TALL, BLACK LEATHER SIZES 7 MSRP $200 , Women's Custom Leather Dance Black Fringe High Heels Boots Kitty Paws ShoesECCO Women's Women's Shape 35 Studded Dress Sandal - Choose SZ/colorJoie Womens Yvettia Closed Toe Ankle Fashion Boots , Columbia Women's Minx Shorty Omni-Heat Wool Snow B - Choose SZ/color , Men's/Women's Boot Isola Tavora Mogano Suede New market The highest quality material Different styles and styles$325 NIB POUR LA VICTOIRE 10 9.5 40 Fallon ankle leather platform wedges bootsNew Balance Women's WX857V1 Training Shoe-W - Choose SZ/color ,
    ECCO Women's Flat Sense Light Women's Ballerina Flat Ballet - Choose Choose SZ/color 29aa379 - blurrypron.com>ECCO Women's Flat Sense Light Women's Ballerina Flat Ballet - Choose Choose SZ/color 29aa379 - blurrypron.com
    Adidas Originals EQT Support RF Womens Running Trainers BB2355 Sneakers , Asics Gel Netburner Ballistic MT Womens Shoe (B) (9093) + FREE AUS DELIVERY , Merrell Versent Grey Pink Blue Kid Preschool Outdoors Hiking Shoes MC57388Comfort Sandals leather. Jungla shoes Made in SpainStella McCartney Burgundy Red Pointed Pump Heels- Size 39CHARLES JOURDAN HIGH HEEL SANDALS BLUE SUEDE SZ 8.5 BNIBNEW DANSKO 'Audrey' Black Crackle Leather Mary Jane, Women Size 38 (7.5-8) $145 , Klogs Isabella Women's Leather Clogs Display Shoes Model Priscilla 7.5 MLAUREN by Ralph Lauren Womens Hala Leather Closed Toe Classic Grey Size 11.0 rBadgley Mischka Dawn Black Satin Pumps Size 8.5 , Cole Haan Juliana Pump Women Silver Heels Size 8.5Guess Conetti Womens Suede Booties Shoes Black Size 7.5 , Gibellieri 3375a Hot Orange Suede Geometric Heel Pointy Pumps 38.5 / US 8.5Vans Peanuts Snoopy Skating Skateboarding Blue Authentic ShoesNike Free Flyknit Mercurial Wolf Grey Game Royal Blue 805554-003 Msrp $200 AFNEW Men's Nike Air Max LTD Shoes Sneakers Size: 6.5 Color: Black/Pale Gray , Men's/Women's Saucony Koa St Running Shoes Fashion pattern low cost SimpleMens Steel Toe Safty Shoes Summer Breathable Casual Hiking Climbing Work BootsMan's/Woman's PELLE PELLE SHOES SZ 12 Fashion pattern Clearance Extreme speed logisticsmen's shoes LUMBERJACK 8 () sneakers brown leather suede AJ217-CMens Leisure Slip On Loafers Embroidery Floral Moccasins Wedding Shoes Flats Hot , Nike Lebron Zoom Soldier VII PP Mens Black/Silver/Red Sneakers size 11Skechers for Work Men's Holdredge Steel Toe Shoe - Choose SZ/Color , Reebok Classic Aztec Garment and Gum Leather Women's Sneakers White TrainersWMNS NIKE AIR HUARACHE CITY BARELY GREY/CLAY GREEN-SAND AH6787-005 , SIZE 7.5 WOMEN'S NIKE AIR MAX 90 iD CLASSIC SHOES TRIPLE WHITE 931896 994 CASUALLucky Brand Women's Terrie Pump, Warm Stone, 9 Medium USNaturalizer New Gemi Black Womens Shoes Size 8.5 M Boots MSRP $129Womens denim over knee high boots holes side zipper high heel party shoes plusLucky Brand Havasoo Womens Size 8 Black Leather Tall Riding Boots Shoes W2-48 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ECCO Women's Flat Sense Light Women's Ballerina Flat Ballet - Choose Choose SZ/color 29aa379 - 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 Women's Flat Sense Light Women's Ballerina Flat Ballet - Choose Choose SZ/color 29aa379 - 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 Women's Flat Sense Light Women's Ballerina Flat Ballet - Choose Choose SZ/color 29aa379
    Boots
    >
    ;