Never miss an update

Man/Woman specifications Oasis Women's Terry range Cream Slip-Resistant (Non-Skid) New of product special promotion Full range of specifications a193336




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
Brand: Oasis
Color: Cream Style: 404478_862281
US Shoe Size (Women's): 5 W UPC: Does not apply
Never miss an update

Man/Woman specifications Oasis Women's Terry range Cream Slip-Resistant (Non-Skid) New of product special promotion Full range of specifications a193336 - blurrypron.com

    Man/Woman specifications Oasis Women's Terry range Cream Slip-Resistant (Non-Skid) New of product special promotion Full range of specifications a193336
    Man/Woman specifications Oasis Women's Terry range Cream Slip-Resistant (Non-Skid) New of product special promotion Full range of specifications a193336
    Fabulicious Women's Lumina 32 Champagne Patent Platform ShoesGentleman/Lady Arcopedico L18 Synthetic Womens Shoes Diverse new design New products in 2018 Clearance sale , Fabulicious Women's Lumina 42 Pump Red Satin Platform Shoes , Propet Women's Leila Black/Hot Pink Walking ShoesConverse Women's Chuck Taylor All Star Dainty Ox Black Monochrome Sneakers , Burnetie Women's Ox Sneaker 005255 Blue Canvas ShoesGentleman/Lady Propet Women's Patricia Black Comfort Shoes Louis, elaborate Selected materials Export , Ann Creek Women's Mitad Pump Black Business Shoes , Gentlemen/Ladies Ellie Women's Pinstripe-550 Black T Straps Exquisite (middle) workmanship Known for its good quality Pick up at the boutiqueBurnetie Women's Slip Light Purple Canvas ShoesMinnetonka Women's Kilty Suede Moc Softsole Taupe Suede MoccasinsPleaser Day & Night Women's Deluxe 654RS Green Suede Platform Shoes , Fabulicious Women's Lip 115 Black/Black Ankle StrapsAcorn Women's Spa Wrap Natural Vegan Shoes , Propet Women's TravelWalker Mary Jane White SneakersVictoria Women's Inglesa Lona Estampada Carmin Canvas Shoes , Fabulicious Women's Belle 309 Ankle-Strap Sandal Black Patent/Black Party ShoesDemonia Women's Emily 306 Black PU Mary JanesMinnetonka Women's Thunderbird Soft Sole Suede Black Suede Slip-on Shoes , Pleaser Women's Delight 609 Black Patent/Black Ankle StrapsMinnetonka Women's Cally Slipper Grey Suede Slip-on Shoes , Fabulicious Women's Lip 165 Black Patent/Black Party ShoesPin Up Couture Women's Bombshell 03 Black Satin Party ShoesMinnetonka Women's Cally Slipper Red Suede Slip-on Shoes , Steve Madden Women's Ecentrcq Slip-on Nude Leather Sneakers , Pleaser Day & Night Women's Deluxe 631RS Dark Grey Suede Ankle Straps , Pleaser Women's Delight 609 Red Patent/Red Ankle Straps , Gotta Flurt Women's Hip Hop 2 Black/Gold Synthetic High Tops , Pin Up Couture Women's Bettie 04 Black Satin Evening Shoes
    Man/Woman specifications Oasis Women's Terry range Cream Slip-Resistant (Non-Skid) New of product special promotion Full range of specifications a193336 - blurrypron.com>Man/Woman specifications Oasis Women's Terry range Cream Slip-Resistant (Non-Skid) New of product special promotion Full range of specifications a193336 - blurrypron.com
    NIB $220 Pajar Amanda Faux Fur Lined High Boot Brown Sz US 9 - 9.5ACERBIS 0017719.243.044 Boots X-MOVE 2.0 BLUE/ORANGE T.44Nike Blazer Mid PRM Mens Hi Top Trainers 429988 Sneakers Shoes 202 , Skechers Ultra Flex-Weave Away Raspberry Purple Women Running Shoes 12845-RAS , Gadean Elegant Brown Leather Comfort Sandals Removable Insole EUR Size 40 NewPRADA women shoes Travertine patent leather slingback shoes with silver buckleGentleman/Lady CLASSIQUE-01 PU Red Clearance price Latest styles businessGUILLAUME HINFRAY BROWN LEATHER HEELS BRASS BUCKLE HEELS SANDALS 38.5 8.5 NEW!AUTHENTIC FURLA PATENT ENAMEL WEDGE SOLE PUMPS PINK GRADE A USED -AT , SAS Tripad Comfort Women's Black Patent leather Sandals Sz 10 1/2 S Made in USA , SCHUTZ Womens evelinna Open Toe Casual Ankle Strap Sandals, desert, Size 7.5 , Men's/Women's Lacoste LS.12-Minimal Ripple 416 1 Many styles Modern design Diversified new design , NIKE DUNK LOW UK8 EU42.5 PALE GREY WHITE 904234 002 SKATE BASKETBALLMan's/Woman's M SF AF1 Mid Sz 9.5 durable Let our goods go to the world businessNew Balance Men's 247 Luxe Casual Shoe , Nike Men's Zoom Fly Running Shoe Black Anthracite White (880848-001) sz 9.5 , 8.5 Nike Men's Air Max 95 Running Shoes (749766-021) Black/Anthracite/Dark Grey , Air Jordan Retro 8 Aqua Size 8.5 Black Bright Concord Aqua 305381-025ARIAT HERITAGE SEDONA BLACK LEATHER R TOE WESTERN ROPER BOOTS MEN'S 11.5Red Wing Heritage Mens Sz 14 B 101 Postman Oxford Shoes Black Work Casual , Womens Nike Revolution Black/Pink Sneakers Womens USA Size 7Nike Women’s Romaleos 3 Weightlifting Shoes White/Black (878557-100) Sz 9 UsRyka Influence 2.5 Black Plum Training Shoe W/Re-Zorb Cushioning Women’s Sz 8M , Skechers Sport Women's Breathe Easy Allure Fashion SneakerBlack10 M US , Adidas Originals Superstar Up S76406 Ostrich Rita Ora Pharrell Williams boost dsWOMENS MERRELL ALL OUT BLAZE SIEVE LADIES WALKING/HIKING BOOTS SHOESNEW M MISSONI WOMENS ZIGZAG RAIN RUBBER BOOTS SZ 10 - EU40 MADE IN ITALYFranco Sarto Women's Richland Ankle Boot, Black, Size 6.5Women Winter Rain Snow Boots Size 9 (M) Fur lined Collar Italian Leather Boots , New $278 Frye Ilana Suede Shootie 10 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man/Woman specifications Oasis Women's Terry range Cream Slip-Resistant (Non-Skid) New of product special promotion Full range of specifications a193336 - 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.

    Man/Woman specifications Oasis Women's Terry range Cream Slip-Resistant (Non-Skid) New of product special promotion Full range of specifications a193336 - 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
    Man/Woman specifications Oasis Women's Terry range Cream Slip-Resistant (Non-Skid) New of product special promotion Full range of specifications a193336
    Comfort Shoes
    >
    ;