Never miss an update

New Slip-on $110 Women's - FitFlop Uberknit 6.5M Ghillie Slip-on Sneaker - Blue - size 6.5M 8cc052a




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
Activity: Cross-Training
Width: Medium (B, M) Style: Slip-On
Features: Hook & Loop Fasteners US Shoe Size (Women's): 6.5
Color: Blue Material: Synthetic
Brand: FitFlop
Never miss an update

New Slip-on $110 Women's - FitFlop Uberknit 6.5M Ghillie Slip-on Sneaker - Blue - size 6.5M 8cc052a - blurrypron.com

    New Slip-on $110 Women's - FitFlop Uberknit 6.5M Ghillie Slip-on Sneaker - Blue - size 6.5M 8cc052a
    New Slip-on $110 Women's - FitFlop Uberknit 6.5M Ghillie Slip-on Sneaker - Blue - size 6.5M 8cc052a
    Z Coil Freedom Classic White Walking Ortho Sneaker Shoes Women's Size 9Adidas x Rita Ora Women Superstar RO W Blk/Yel/Wht Sizes 8.5, 9 S80290 Brand NewNEW Women's New Balance Running 840 v2 White Silver Purple W840SP2 Size 9.5 , Mint ASICS Women’s US 9.5 41.5 EUR Gel Cumulus 17 IGS EUC T5D8NBOUTIQUE 9 MIRABELLE Burgundy Suede Designer Pumps Heels 10.0 M , Men's/Women's Puma Kai Lo Perf Womens Shoes High quality and cheap New products in 2018 comfortableChristian Audigier Stact Skulls & Roses Leather Sneakers Sz 7 M NIB MSRP $159.99ENZO ANGIOLINI CRYSTANI Red Pony Hair Designer Pumps Heels 7.5 M , MINT Brooks Glycerin 13 Grey Seafoam Green Ruby Womens 10.5 US 42.5 EURBOUTIQUE 9 MIRABELLE Burgundy Suede Designer Pumps Heels 6.0 MNike In-Season TR 7 WIDE 922929-002 Triple Black Women's Training Gym Shoes NEW!WOMEN'S CONVERSE ALL STAR WOOLRICH HI TOP sneakers size 7.5 , New Balance W1540WB2 Women’s Size 9 2E EUC Women's Motion Control Running ShoeADIDAS Flash Sneakers True Vintage 80s Made in Rep Korea Canvas Trainers USA 6.5Asics GT 3000 v 5 Size US 8 D WIDE Women's Running Shoes Gray Pink T756N , Women's New Balance 996V2 D Width Preowned Shoe Size 8Teva Women's Evo Water Shoe, Black, 6.5 M US , ASICS Women's Gel-Craze TR 4 Womens Size: 11M Color: Indigo Blue Hot Pink NWOBBOUTIQUE 9 MIRABELLE Natural Patent Designer Pumps Heels 8.5 MOnemix New Fashion Women's High Top Shoes Classic Original Lifestyle Sneakers , Vans Authentic US Open White/Wave Women's Classic Skate Shoe Size 7 , Bearpaw Women's Summer Sneaker Linen Microsuede Sneakers , ADIDAS DRAGON J BB2487 WOMEN'S SPORTS SHOES OUTDOOR SNEAKERS BLACK NEW!!! , Women's Fila Memory Sporter Athletic Shoes Size 5 White with Aqua Blue Trim , New Balance Minimus barefoot WX20v4 BB4 cross training CrossFit Shoe Size 9 , BRAND NEW Nike Free 5.0 Tr Fit 5 Print Fitness Women's Shoes Size 6.5Sz 6.5 NIB WOMENS Fila Namella Energized RUNNING TRAINING SPORT SHOES Gray Pink , SUPERGA 2288 MULE SNEAKERS SIZE 36 EU (5,5-6 US) NAVY , The North Face Litewave Ampere NEON PEACH/TROPICALCORAL ATHLETIC SHOES SZ 8.5
    New Slip-on $110 Women's - FitFlop Uberknit 6.5M Ghillie Slip-on Sneaker - Blue - size 6.5M 8cc052a - blurrypron.com>New Slip-on $110 Women's - FitFlop Uberknit 6.5M Ghillie Slip-on Sneaker - Blue - size 6.5M 8cc052a - blurrypron.com
    FRYE Natalie Short Engineer Lug Dark Brown Leather Boots Sz 8 $438 BikerWOMENS VINTAGE HONDO TALL RED REAL OSTRICH QUILL COWBOY WESTERN BOOTS SZ 5 B 5BNike Kobe AD Black Multi Mamba Day Size 11Pin Up Couture Women's Lolita 12 Serape Print Fabric Open Toe Shoes , Clarks Bendable Burgundy Leather Horsebit Flat Loafer Casual Shoe Women 8M S67Men's/Women's Lucky Women's Emmie Ballet Flat Attractive and durable Impeccable Strong heat and heat resistanceMen's/Women's heels size 9 Selling Lush design Strong heat and heat resistance , BOTKIER WOMEN'S METALLIC PENELOPE GOLD SANDALS SHOES NEW 38 8 36 6 , Man/Woman Paul Green Women's Abbott Slip-On Loafer use new German Outlets , Salvatore Ferragamo DK10189 Blk Croc Print Leather Pump Heel Women's US 9.5AAMr/Ms GALA-08MMG Economical and practical buy a lot of varietiesLong Tall Sally JOY CROSS FRONT HEELED SANDAL Navy US 12 , Frye New Gwen White Womens Shoes Size 10 M Slippers MSRP $198 , JCrew $378 Collection Elsie Jeweled Pumps Abstract Print 7.5 F4870 (Spot) AVLWomens Ara Black Plush Suede Shoe Comfortable, Functional Featherlight 40.5 New , Columbia Women's Sunbreeze Vent Two-Strap Sandal Size 11 MNEW Size 7B Earth Willow Red Distressed Leather Slide Sandals , 2018 Spring Womens Pointed Toe Block Rhinestone Heel Sexy Slipper Shoes Mules 01 , Adidas Men’s Energy Boost Running Shoes Size 12.5Georgia Boot ReFLX Alloy Toe Work Athletic ShoeNEW MEN'S JORDAN FLIGHT 23 RST 512234-101 , Prada Mens Black Penny Loafers Shoes Size 8 , PLEIN SPORT Shoe F17S MSC0550 STE006N blackGentlemen/Ladies Church's Casual Black Leather Shoes bargain Win highly appreciated Good quality , STACY ADAMS 23465 ARONA COGNAC MENS BUCKLE FRONT SHOENEW NIKE Free Run 2 Ext Women's Running Shoes Grey-Lime sz 6 , Allbirds Women US 8 Wool Runner Shoe Charcoal , Asics Gel Kayano 24 Womens Running Shoes (B) (1701)L.L. Bean Womens Boots Winter US 7 M Gray Suede Winter Pull On Thinsulate 6013Calvin Klein Cari Ankle Boots - Women's Size 8.5, Neutral/Tan ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Slip-on $110 Women's - FitFlop Uberknit 6.5M Ghillie Slip-on Sneaker - Blue - size 6.5M 8cc052a - 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.

    New Slip-on $110 Women's - FitFlop Uberknit 6.5M Ghillie Slip-on Sneaker - Blue - size 6.5M 8cc052a - 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
    New Slip-on $110 Women's - FitFlop Uberknit 6.5M Ghillie Slip-on Sneaker - Blue - size 6.5M 8cc052a
    Athletic Shoes
    >
    ;