Never miss an update

BareTraps Women's Susanna Riding Women's Boot Brush Brown 6 M M 6 US e535eed




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
Size: 6 B(M) US
US Shoe Size (Women's): Does not apply Color: Brush Brown
MPN: BT22899-200 Department: womens
Model: BT22899-200 Style: Does not apply
Brand: BareTraps UPC: 825443568227
EAN: 0825443568227
Never miss an update

BareTraps Women's Susanna Riding Women's Boot Brush Brown 6 M M 6 US e535eed - blurrypron.com

    BareTraps Women's Susanna Riding Women's Boot Brush Brown 6 M M 6 US e535eed
    BareTraps Women's Susanna Riding Women's Boot Brush Brown 6 M M 6 US e535eed
    Justin Boots Women's Gypsy BootAged Bark6.5 B US , Very Volatile Womens Braya Ankle Bootie- Pick SZ/Color.Cole Haan Women's Elion Boot Chestnut Leather 7 B USAquatalia Womens Wanda Winter Boot Espresso Size 7 M USOld West Cowboy Boots Womens Snip Toe Leather Lined 7 B Tan Fry LF1541FRYE Womens Dara Harness Chelsea- Pick SZ/Color.Old West Cowboy Boots Womens Goodyear Leather Vintage Charcoal LF1587Kamik Women's Rogue 9 Waterproof Winter Boot Black 8 M USECCO Womens XpEd. III GTX Hiking- Pick SZ/Color.PRE-Owned RUDSAK Tarin Leather Wedge Booties 7.5M , Pleaser Blondie-R-3011 silver stiletto thigh high dual platform boots sizes 5-11ECCO Womens Ukiuk Short Snow BootEU/5-- Pick SZ/Color.Man's/Woman's Pleaser DEL600-23/BPU/M Womens Boot- Choose SZ/Color. New product Win the praise of customers retail price , Demonia Women's Asst100/Bvl Boot Black Vegan Leather 6 M USMacie Bean Western Boots Womens Floral Dakota Darling Blonde M8037Laredo Runaway 5404 Womens Gaucho Nutty Mule Leather Western BootsCalvin Klein Gladys Womens Equestrian Boot- Choose SZ/Color.Calvin Klein Womens Pammie Over the Knee Boot- Pick SZ/Color.Roper Women's American Beauty Western Boot Brown 8 M USARA Womens THELMA Black Gore-Tex Lined Ankle Boots Size 9 W (43492) , Demonia Women's Grip101/Bca Boot Black Canvas 9 M UScrocs AllCast II Luxe Boot Womens Snow Boot- Choose SZ/Color.Salomon Womens Ellipse 2 Mid Ltr Gtx W Hiking Boot- Pick SZ/Color. , DEMONIA 7" Platform Punk Gogo UV Reactive Neon Pink Green Panels Ankle BootsDr. Martens Women's Delphine Red Arcadia Ankle Boot - Choose SZ/ColorNoble Outfitters Womens Muds Cold Front HighWomen's Dingo Boots -Roni Gray Buffalo Leather Bootie DI790Northside Women's Cece Insulated Fashion Boot Dark Brown 8 M US , Toe Warmers Women Boots Jennifer Black 8 M US ,
    BareTraps Women's Susanna Riding Women's Boot Brush Brown 6 M M 6 US e535eed - blurrypron.com>BareTraps Women's Susanna Riding Women's Boot Brush Brown 6 M M 6 US e535eed - blurrypron.com
    Stuart Weitzman Clute Black Quilted Nappa Knee High Boot Size 7 M RH13034$650Man/Woman Nocona Boots Women's Competitor Fashion Boot Elegant and sturdy set meal First batch of customers Rich on-time deliveryPrada Womens Boots Size 38 8 Dark Brown Leather Round Toe Mid Calf In Box $990 , Women shoes boots leather model JOELLE by HGilliane Design Us size 3.5 to 12 , Supra Womens Skytop Low Black Size 4.5 UKHOPE Case Band Sandals 36 Slide Cow Fur Black EDGY,DESIGNER As NEW RRP$450Man's/Woman's Tod's XXW0HA03970HR0C013 Sandals Women's Beige AU Reasonable price First batch of customers unique , Ivanka Trump Dora Slingback Mule Pumps 234, Tan/Beige, 7 US , New Gabor Manon Womens Shoes Casual Sandals Sandals FlatFinn Comfort 2560 Milos Nappaseda Black Womens SandalsIVANKA TRUMP Black Strapped Sexy Womens High Heel Bootie Sz 7 NWOB$225 SCHUTZ ALDA Black Spikes Rhinestones Designer MISMATE Pumps R 8 L 7.5 , Runway Womens Pearls Pointed Toe Flats Heels Summer Sandals Ankle Strap Hot SaleAnne Klein Womens Farrah Suede Peep Toe SlingBack Classic Pumps , Stuart Weitzman Sandal Frenchie Crystal-Embellished Satin Black Size 8.5Jimmy Choo Clogs Sandals Snakeskin Print Mint Condition Size 36 EU / 5 US , PRADA Sandal Blue Platform Strappy Heels Size 37.5 US 7.5 Italy 100% AUTHENTICNIB Men's Nike AIR RING LEADER LOW 488102 102 Infuriate Basketball ShoesVans Mens Era CA "Chambray Polka" Chambray Polka/Thyme VN-0IM98JD Size 9 , Nike Air Jordan I 1 Phat Low White/Purple 350571-171 10.5 ShoesNIKE AIR MAX 90 NS GPX SP MEN's CASUAL BLACK - BRIGHT CRIMSON - EMBER GLOW NEWVintage 06 Nike Zoom LEBRON III 3 LOW WHITE UNIVERSITY BLUE BAROQUE BROWN , Nike Air Jordan 7 Retro VII French Blue 2015 Release 304775-107 DSMan's/Woman's Air Jordan Just Don 2 Beach Adequate supply and timely delivery Modern design List of explosionsMen's/Women's Up-tempo from japan (5416 Innovative design Orders are welcome Great choice , Sperry Top-Sider Swordfish Original 2-Eye Boat Shoe Black/Amaretto Size 7 NIB , Drew Men's Park Derby Brown Smooth Leather OxfordsPUMA Women's Roma Ripstop Clear Sneaker (10 US)On Cloud 2.0 Charcoal Rose Swiss Athletic Running Sneakers Shoe 9 NewBella Vita Everest II Classic Ankle Boots, Tan Croc
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BareTraps Women's Susanna Riding Women's Boot Brush Brown 6 M M 6 US e535eed - 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.

    BareTraps Women's Susanna Riding Women's Boot Brush Brown 6 M M 6 US e535eed - 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
    BareTraps Women's Susanna Riding Women's Boot Brush Brown 6 M M 6 US e535eed
    Boots
    >
    ;