Never miss an update

SPIRA Women's US WaveWalker DX3 mogochinese-29892 Black 9 W 29886 US 7c817ac




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
EAN: Does not apply
Color: Black MPN: WaveWalker DX3
Size: 9 W US Brand: Spira
US Shoe Size (Women's): 9 W US UPC: Does not apply
Never miss an update

SPIRA Women's US WaveWalker DX3 mogochinese-29892 Black 9 W 29886 US 7c817ac - blurrypron.com

    SPIRA Women's US WaveWalker DX3 mogochinese-29892 Black 9 W 29886 US 7c817ac
    SPIRA Women's US WaveWalker DX3 mogochinese-29892 Black 9 W 29886 US 7c817ac
    L'Artiste by Spring Step Women's Libre Knee Boot Orange Leather/Fabric Zipper , L'Artiste by Spring Step Women's Lidia Bootie Bordeaux Leather Zipper , ADIDAS BY STELLA MCCARTNEY WOMENS CRAZYMOVE PRO SHOES S80844 BLACK/GREY , NIKE WMNS Revolution 4 Running Shoe - Choose SZ/ColorNike Blazer Mid Rebel Black White Zipper Women Casual Shoes Sneakers BQ4022-0011808 Nike Air Max 90 Women's Sneakers Sports Shoes 325213-135New adidas Authentic PUREBOOST GO Core Black Grey FiveGrey B75665 BLK Women sizeNEW Women's Shoe Air Jordan Explorer XX AQ7883001 Multi size 145$ FREE SHIPPINGRemonte Women's Kaja 00 Sneaker Shark/Jeans/Silver Leather Sneakers , Mizuno Wave Rider 22 - Women's Tradewinds/Teaberry 9909T6M , Women's Air Jordan 1 Retro High SOH Casual Shoe AO1847-845 , OTBT Women's Snowbird Sneaker Dark Grey Leather Sneakersadidas Women's Pureboost X TR 2 Running Shoe, - Choose SZ/Color , Kenneth Cole New York Women's Kenmare Slip-On Sneaker Rose Neymar LeatherOluKai Women's Miki Li Slip-On Sneaker Pearl Blush/Pale Grey Textile SneakersSperry Top-Sider Women's Saltwater Jetty Snow Boot Black Textile Hook and Loop , Cinzia Araia Olive Green Snakeskin Espadrille Sneaker Size , Salomon Women's Ellipse 3 ClimaShield Waterproof Shoe Shadow Water Shoes , NIKE Womens Hyperdunk 2017 Tb 897813-500 COURT PURPLE Size 6 , FitFlop Women's F-Sporty II Sneaker Urban White Python Print Leather Sneakers , Mizuno Women's Wave Inspire 14 Running Shoe Cobalt/White , adidas Originals Women's EQT Support Adv Running Shoe - Choose SZ/Color , Man's/Woman's Givenchy Urban Knots Size 39 Customer first Moderate cost comfortableAdidas Flb_runner W Womens CQ1968 GRETHR,White,GRETHR Womens Size 5 , Hoka One One Women's Arahi 2 Running Shoe Liberty/Fuchsia Synthetic/Mesh RunningECCO Women's Intrinsic Sneaker Fashion Sneaker Black 38 EU/7-7.5 M US , Alegria by PG Lite Women's Gem Mary Jane Pinwheel Mini Leather Hook and LoopAravon Women's Standon T Strap Sandal Black Leather Hook and LoopNike Air Max 1 Se Womens Style : 881101 BLACK Womens Size 7.5 ,
    SPIRA Women's US WaveWalker DX3 mogochinese-29892 Black 9 W 29886 US 7c817ac - blurrypron.com>SPIRA Women's US WaveWalker DX3 mogochinese-29892 Black 9 W 29886 US 7c817ac - blurrypron.com
    New Balance MRL996DG D Grey White Silver 3M Mens Running Shoes MRL996DGDWomen's Shoes Paloma Barcelò Aladierno Gold Wedge Sandal Spring Summer 2018 , Womens Black Leather Buckle Flats Loafers Slip On moccasin Driving Casual Shoes , Jessica Simpson Women's Plemy Satin Ankle-Strap Dress Pumps Nude BlushPleaser Pink Label Womens Queen01/b-Bg Dress Pump 1- Pick SZ/Color. , Olukai 20343 8B6C Kalapu Hibiscus Red Dark Shadow Women's Sandals , Gentleman/Lady Aldo Red Caged Sandal feature a wide range of products Pick up at the boutique , LifeStride Womens Trip Fabric Open Toe Casual Slingback SandalsLauren Ralph Lauren Women's Catrin Espadrille Wedge Sandal, Black Canvas/KidskinALEXANDER WANG WOMEN'S LEATHER HEEL SANDALS NEW NADIA BLACK 3B3 , 2006 Nike Air Jordan IV 4 Retro White Mars 308497-162 11’5Nike Air Footscape NM Hyper Cobalt/Black 852629-400 Men's SZ 10.5adidas Men's Marathon 10 Trail Grey/Orange Running Shoes , Mizuno 410873 985R Wave Horizon Dark Shadow Men's Running Shoes , NIKE LEBRON XIII 13 USA OLYMPICS MEN SZ 14 MIDNIGHT NAVY BLU WHT RED 807219-461ASICS Lethal Stats 3 SK Football Boots (D) (2411) | BRAND NEW | BUY NOW!!! , Nike Wu Tang DUNK MID PRO SB Black Varsity Maize Yellow (D) (267) Men's Shoes , Nike Air Zoom Huarache 2K4 All Star Mens Basketball Shoes White Blue Size 10.5DC Men's Spartan High WC Skate Shoes - Choose SZ/Color , Adidas Jeremy Scott Gold Rod Laver Bones Tribute, Size 11.5, RARE!Adidas Custom Star Wars ZX Flux Stormtrooper Sz 9.5Muck Boot's Edgewater II Brown Boot w/ Extended Ruber Coverage -Mens Size 13Mens Leather Casual Embroidery Driving Moccasin Loafers Shoes Slip On Loafers , Mr/Ms Clarks Men's Tilden Free Reasonable price Known for its good quality Non-slip , New Balance 990 Gray Men Sneakers Size 10 4E $175 retail , Mens Metal Pointed Toe Leather Business Formal Dress Slip On Shoes Plus Size @@ , BA7210 Adidas Women Adilette Cork W white core black gumNike Air Max 1 Premium 454746 301 New Women's Seaweed Trainer Shoes Size 7Minnetonka Women's Double Fringe Tramper Boot Brown Suede , New Womens Over the Thigh Boots Side Zip Faux Suede Occident Low Heels Winter US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    SPIRA Women's US WaveWalker DX3 mogochinese-29892 Black 9 W 29886 US 7c817ac - 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.

    SPIRA Women's US WaveWalker DX3 mogochinese-29892 Black 9 W 29886 US 7c817ac - 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
    SPIRA Women's US WaveWalker DX3 mogochinese-29892 Black 9 W 29886 US 7c817ac
    Athletic Shoes
    >
    ;