Never miss an update

FUNTASMA Goddess-12 3 Halloween 1 Cosplay/2" Heel Costume Costume Cosplay Halloween Gladiator Sandal 28cddae




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
Style: Gladiator Sandal
Brand: Funtasma Heel Height: High (3 in. to 4.5 in.)
Country/Region of Manufacture: China
Never miss an update

FUNTASMA Goddess-12 3 Halloween 1 Cosplay/2" Heel Costume Costume Cosplay Halloween Gladiator Sandal 28cddae - blurrypron.com

    FUNTASMA Goddess-12 3 Halloween 1 Cosplay/2" Heel Costume Costume Cosplay Halloween Gladiator Sandal 28cddae
    FUNTASMA Goddess-12 3 Halloween 1 Cosplay/2" Heel Costume Costume Cosplay Halloween Gladiator Sandal 28cddae
    1.State Platinum Washed Metallic Leather Onora Slide Flat Sandal Shoe 8.5 New , Women's CHACO Stitched Green Sandals Sz. 10 , Birkenstock Betula Light Blue Multi Strap Strappy Sandals Slides Women’s 40/ 9Chaco Made in Colorado Green Strappy Womens Sandals Size 7Jessica Simpson Women's Ginny Wedge Sandals Heels Platforms , TKEES Lily Flip Flops Black Patent Leather Gold-Trim Sandals Size 8 NEWSam Edelman Bay Black Nappa Leather Open Toe Slide Sandal Shoe 7.5 NewBorn Nea Nubuck Gladiator Sandal Grey SIZE 7Jessica Simpson Size 10 M PEACE Sandbar Suede Platform Sandals New Womens Shoes , Mephisto Air Relax Brown Nubuck Sandals Ankle Strap Open Toe Size 39 US 9 $295 , Men/Women NWB Soludos Gold Platinum Leather Espadrille flagship store New style Diversified new designVionic Tide II Black Lightweight Flip-Flop Thong Sandal Comfort Shoe 8 NewClarks Womens Petrina Kaelie Espadrille Wedge Sandal- Pick SZ/Color. , HIGHEST HEEL Platform High Heel Ankle Strap Open Toe Sandal FANTASY-51 Black1.State Platinum Washed Metallic Leather Onora Slide Flat Sandal Shoe 9 NewAlegria PG Lite PES 647 Pesca Fisherman Sandals Leather Size 36Women's Shoes Born RETA T-Strap Thong Sandals Buckle Closure Leather BlackCOLE HAAN Size 6 Black Thong Air Platform Sandals ShoesWomens 9 39 Mephisto France Air Relax Platinum Sandals Comfort Cork Wedge Heels , Merrell Women's Terran Ari Lattice Sport Sandal - Choose SZ/Color , Steve Madden Size 6 M Aintso Rhinestone Slides Sandals New Womens Shoes , MERRELL Siren Strap Q2 J37488 Outdoor Sport Casual Travel Sandals Womens NewStuart Weitzman Jean Silk Multi Plaid Metallic Open Toe Wedge Heel Sandals 9.5Dansko Manda (9400611400) Sandal - Women's Size EU:38/US:7.5-8, Oyster WashedMan's/Woman's Mystique Silver Wedge Sandals Size 9 Attractive and durable Strong value Acknowledgement feedback , 1.State Platinum Washed Metallic Leather Onora Slide Flat Sandal Shoe 10 NewFitFlop Nude Incastone Rose Gold Crystal Jeweled Thong Comfort Sandal 8 39 New , BIRKENSTOCK 043661 GIZEH black patent REGULAR WIDE Birko Flor NEWKEEN Grey Coral Newport H2 Womens Sandals Size 38 7.5
    FUNTASMA Goddess-12 3 Halloween 1 Cosplay/2>FUNTASMA Goddess-12 3 Halloween 1 Cosplay/2
    Authentic Frye Melissa Trapunto Boot Shoes Size 7.5 B Black ColorAquatalia Black Suede Booties Size 8 Made in Italy Heel Ankle Boots , SUPER BEAUTIFUL!!! CAMILLA SKOVGAARD BLACK FLAT OVER THE KNEE BOOTS US 7 , NEW Stuart Weitzman All Jill Suede Stretch Over the Knee Boot Shoe~Black 8M~$765Nike Woman's Free 5.0 Shoes.... SIZE US 8...629496 600 ...PinkLadies Remonte Flat Casual Shoes - R3510 , Men's/Women's Demonia RIVAL-400 Blk Vegan Leather () High quality and low overhead Selected materials Very good color , Man/Woman Pinko Sabot Jewel Comfortable feeling Latest styles Superb craftsmanshipLadies 'Vendra Bloom' Slip On Wedge Court Shoes by ClarksNine West 25029611 Womens Opendador Fabric Ballet Flat 7.5- Choose SZ/Color.$785 New MANOLO BLAHNIK Beige Nude Suede SKIMMERS BB BALLET FLATS SHOES 35.5NIB LONGCHAMP Basket New Legende Pliage Cuir Leather Sneakers Brown Size 38 7.5 , Victor & Rolf shoes size 37.5 NewSam Edelman Nadya Suede Black Buckle Ankle Strap Sandals Heel Shoes Size 8.5 NEW , Dolce Vita Size 9.5 M Caramel Leather Open Toe Heels New Womens ShoesNIB SCHUTZ Olyvia Heels Color: Clay ASO Kate Middleton Size: 6Skechers 73771 Street Womens Darma-Perforated Leather Sneaker- Choose SZ/Color. , VNDS* Saucony Grid SD Sample** Mens Size 9 Red Suede/Clear Red Bottom , New Balance 247 'Winter Knit' in Olive Green MRL247KO BNIB Free ShippingNew Balance Men 878 90s Running ML878ATA white concrete ML878ATA , Skechers Men's M. Fit Air Oxford Athletic Training Shoe - Choose SZ/ColorNike Air VaporMax Vapor Max CS Triple Black AH9046-002 SALE RARE , Adidas ADIZERO CRAZY LIGHT 2 NYC CITY NEVER SLEEP Basketball Shoe Rose~Men sz 10Nike Air Jordan 11 Retro XI 72-10 72 10 Black Red White Anthracite 378037-002 , Crocs Men's Kinsale Pacer M Char/Pwh Sneaker - Choose SZ/ColorMan's/Woman's adidas ZX Flux Mens Fashion-Sneakers Strong heat and wear resistance Highly praised and appreciated by the consumer audience List of explosionsReebok BD4834 New Womens Yourflex Trainette T Cross Trainer Black/White 6.5Stuart Weitzman Move In Strappy Elastic Sneaker, Bronze/White - Size 9.5 MMen's/Women's steve madden booties New market Lush design Very practicalNot Rated Naughty Monkey Andra Women's Over The Knee Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    FUNTASMA Goddess-12 3 Halloween 1 Cosplay/2

    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.

    FUNTASMA Goddess-12 3 Halloween 1 Cosplay/2" Heel Costume Costume Cosplay Halloween Gladiator Sandal 28cddae - 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
    FUNTASMA Goddess-12 3 Halloween 1 Cosplay/2" Heel Costume Costume Cosplay Halloween Gladiator Sandal 28cddae
    Sandals
    >
    ;