Never miss an update

Aetrex 29988 Addison Suede Ankle BM Boot mogochinese-29995 7 BM US b6e9d88




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
UPC: 045468324428
Weight: 1.5 lbs EAN: 0045468324428
Dimensions: L 12.01 x W 7.52 x H 4.21 inches Brand: Aetrex
PartNumber: CF405-400 MPN: CF405
ISBN: Not Applicable Binding: Shoes
Style: Not Applicable Color: Blue
US Shoe Size (Women's): 7 M US Department: womens
Never miss an update

Aetrex 29988 Addison Suede Ankle BM Boot mogochinese-29995 7 BM US b6e9d88 - blurrypron.com

    Aetrex 29988 Addison Suede Ankle BM Boot mogochinese-29995 7 BM US b6e9d88
    Aetrex 29988 Addison Suede Ankle BM Boot mogochinese-29995 7 BM US b6e9d88
    Circus by Sam Edelman Women's Jennifer Fashion Boot, Black Waxy, 8 M US , Clarks Originals ORNELLA Chelsea Sand Suede Boots 9.5 Women's MSRP $275 NEWBlondo Womens Venise Leather Almond Toe Knee High, Black Boston, Size 9.0SANTANA CANADA PALOMINO Black Leather Designer Boots Knee High Boots 10.0 M , Clarks Women's Faralyn Dawn Dark Black Suede High Boots 26121588 , Eight Fifteen Size 8 Women's Black Leather Suede Brooke Open Toe Ankle Boots , Free People Tan Pointy Toe Leather Flat Size 40 , dav Women's Calgary Shearling Rain Boot, Black, 9 Medium US$275 Australia Luxe Collective Cowboy Wedge womens suede sheepskin boots 8/ 39Mr/Ms Bogs Women's Summit Boot,Black,6 M US elegant low cost Highly appreciated and widely trusted in and out , Retro omen Flats Strappy Suede Leather Over Knee High Boots Military Long Boots , Men/Women Howl Black Leather Nine West Exquisite (middle) workmanship Optimal price Explosive good goods , Dolce Vita Women's Marra Fashion Boot, Smoke Suede, 9.5 Medium US , JCrew $228 Hadley Velvet Ankle Boots 9 Zinc Gray Block Shoes H3195 , INC International Concepts Womens Irinaa Suede Almond Toe Over, Black, Size 7.0 , FRYE Womens Natalie Double Zip Boot- Select SZ/Color. , New Hunter Original Tall Gloss Rain Boots, Red, (Women) size 7 (38 EU)Roxy Women's Vargas Low Fashion Boot, Chocolate, 7.5 Regular US , Gabor Cheyenne Womens Studded Zip Ankle Boots , Pleaser RBOW1018UV-7/B/NMC Women's Boot, Black Patent/Neon/Multi, 7 M USMas Artisan Women's Aria Ankle Bootie, Cafe, 9 M US , JEFFREY CAMPBELL 2615 KI PERF Black Leather Designer Boots Ankle Boots 6.0 M , Lauren Ralph Lauren Sigrid Women's Fashion Knee High Leather Tall Riding BootsSoftspots Women's Black/Black Sherry 9.5 C USDEMONIA 7" Wedge Platform Punk Rave Gogo Dancer Pink Hologram Knee Boots w Beads , Hunter Original Tall Razzle Black Womens Shoes Size 7 M Boots MSRP $235Rodolphe Menudier Women Heels Fur Winter Ankle Boots Pumps Brown Suede Size 37 , Bernardo Women's Felicity Fashion Boot, Black Tumbled Oil, 7M M US , Women's High Stilettos shoes Pointy toe Snakeskin fASHION Over Knee High boots ,
    Aetrex 29988 Addison Suede Ankle BM Boot mogochinese-29995 7 BM US b6e9d88 - blurrypron.com>Aetrex 29988 Addison Suede Ankle BM Boot mogochinese-29995 7 BM US b6e9d88 - blurrypron.com
    CESARE PACIOTTI Green Leather Boots Size 37Mens Clarks Slip On Leather Chelsea Ankle Boots Batcombe TopGentleman/Lady zoe kratzmann dias shell 38 Packaging diversity Wholesale trade buy onlineReebok Royal Bridge 2.0 Black Grey White Women Running Shoes Sneakers DV5167 , LANVIN Paris Leopard Calf Hair Elasticized Ballet Kitten Heel FRANCE Sz 8 EU39.5 , Emeril Lagasse Women's Canal Canvas Shoe, Black/White, 10 W USImagine Vince Camuto Women's Gavin Dress Pumps Light Sand , New Womens 9 Miucha Brazil Leather Heels Shoes Aqua Teal Tan Sandal Open toeDavid Tate Women's Easy,Pewter Elastic,US 10 N , Stuart Weitzman Women's Size 8M Rhinestone Mule Heels Pumps Shoes In Black , Giuseppe Zanotti 37 6.5M Gold Leather Peep Toe Platform Pumps ItalyRed 8 3/4" glitter go go dancer rave thigh high bootsSkechers Womens Career-Quick Comfort Flat- Select SZ/Color. , Saucony Kineta Relay Men's Running Shoes Size 9 M Marl Black S25244-24 , MENS ADIDAS SL LOOP RUNNER in colors BLACK / GREEN / GREY SIZE 10.5 , NIKE LEBRON X 10 MIAMI DOLPHINS ATOMIC TEAL SZ 9 [541100-302] , New Nike Men's Flystepper 2K3 PRM Shoes Black/White 677473-003 , Adidas Adizero Prime Ltd Running Shoes, Men's Size 11.5-12 D, White/Silver NEW! , NIKE AIR JORDAN 6 RETRO "PISTON" 384664 001 MEN'S US 12 PRE OWNED , Asolo REVERT GV A23010 Men's Graphite/Gunmetal Suede Vibram Sole Hiking Boots , Brand New Calvin Klein Men's Loki Matte Box Dark Brown Leather Slip On Sz 10M , Men's Pointed Toe Slip On Leather Hidden Wedge Business Nightclub Casual Shoes , Men's Suede Leather Formal Dress Slip On Casual Wedding Pointed Loafer Shoes Cz8NWOB Anthropologie New Balance 501 Metallic Ice Pink Black Silver Sneakers 8New Under Armour Women's Micro G Assert 7 Running Shoes - Size 10 - Black , Asics, Women's, Gel-Kayano Trainer knit, Bay Blue, H7N6N-8787, Size:6 , New Mizuno 410943 9L73 Wave Sky Grey Stone Women's Running Shoes 6.5 USAdidas Women's Crazyflight Bounce 2 Volleyball Shoes Sneakers Boost - CP8892Nike Women's Air Max 97 UT Khaki Light Bone AJ2248 200 Size 5.5Jessica Simpson Womens NWOB Katyia Black Over The Knee Boots Shoes 5.5 MED NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Aetrex 29988 Addison Suede Ankle BM Boot mogochinese-29995 7 BM US b6e9d88 - 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.

    Aetrex 29988 Addison Suede Ankle BM Boot mogochinese-29995 7 BM US b6e9d88 - 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
    Aetrex 29988 Addison Suede Ankle BM Boot mogochinese-29995 7 BM US b6e9d88
    Boots
    >
    ;