Never miss an update

Propet Washable Walker Washable - Women's Women's mogochinese-29721 Casual Or White Leather - 11 X-Wide f4070af




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: Propet Comfort
Width: Extra Wide Style: Walking Shoes
Shade: White Leather US Shoe Size (Women's): 11
UPC: 756111140615
Never miss an update

Propet Washable Walker Washable - Women's Women's mogochinese-29721 Casual Or White Leather - 11 X-Wide f4070af - blurrypron.com

    Propet Washable Walker Washable - Women's Women's mogochinese-29721 Casual Or White Leather - 11 X-Wide f4070af
    Propet Washable Walker Washable - Women's Women's mogochinese-29721 Casual Or White Leather - 11 X-Wide f4070af
    Nike free 5.0 (GS) women shoes size 6 Youth running training shoes , Adidas x Overkill x Fruition Women's Tubular Elastics Runners S.E. 9 US APEBronx Women's Neon Trees Peach Satin Print Fabric Size 38 M , WMNS NIKE CITY LOOP TECH FLEECE OBSIDIAN/BLACK RUNNING ( AA1097 400 ) SIZE 7 , New Nike Womens LF1 Duck-Boot Air Force Shoes Boots AA0283-001 Sz 7.5 BlackNike Women's Free RN Flyknit 2018 Running Sneakers Size 5.5 White/Black , Marc Joseph Grand Central Flat Women’s Sz 5.5 Navy Metallic Scrawl 4799 OfficePantofola d'Oro Multi Color Textile & Leather camo Print Euro Track Sneaker 39 , Nike Air Max 90 Ultra Essential fitness running shoes 724981 006 size 10,MUST SEE FABULOUS $179.99 2017 NEW BALANCE 998 W998WA WOMEN 9.5 B EEEUC LNNike Womens Air Zoom Pegasus 34 Running Shoes Size 8.5 Ice Blue 880560 404NIKE Women's Juvenate Sneaker, Palm Green/Legion Green/Black/White, 9 B US , adidas Women's Originals Stan Smith - Women's BB5154 Core Pink Size 10 NWT , New Nike Womens SF AF1 SE PRM premium Shoes Air Force 1 AJ0963-600 port wine 9 , Women's Nike Volley Zoom Hyperspike Size 5.5 (585763 001) No BoxNike Air Max Thea Ultra Flyknit Pure Platinum/Pure Platinum 881175-002 , Women's Converse Chuck Taylor All Star Madison Ox, 557978C Sizes 6-11 Black , Athletic Propulsion Labs APL Women’s Techloom Faded PeppermintWomens Nike Air Huarache Run Pirnt 725076-007 Black/Khaki Brand New Size 6NEW ECCO Felicia Leather Wedge Dress Sandal Black Patent Womens Sz 41 / 10Nike Womens Size 10 Air Max Siren Print Green Black Snakeskin Running Shoes , DS NIKE 2016 SAMPLE AIR TECH CHALLENGE II GOLD DART 7 AGASSI MAX TRAINER COURTKeds Women's Crashback Leather Fashion Sneaker,New Black,6 M USNike Air Rift BR womens trainers shoes 848386 800 eu 38 us 7 NEW+BOXNew Keen Women's Terradora Waterproof Hiking 9m Astral Aura/Liberty 1016506Nike Womens Air Zoom Pegasus 34 Running Shoes Size 9 Ice Blue 880560 404 , Saucony Women's Ride 10 Running Shoe, White Blue, 8.5 Wide USNike Women's Air Max 90 Ultra 2.0 Polarized Blue / White Shoes 917523-400 Size 7Nike Women Metcon 4 Selfie Training Shoes AH8194 001 Black/Black Chrome Size 11
    Propet Washable Walker Washable - Women's Women's mogochinese-29721 Casual Or White Leather - 11 X-Wide f4070af - blurrypron.com>Propet Washable Walker Washable - Women's Women's mogochinese-29721 Casual Or White Leather - 11 X-Wide f4070af - blurrypron.com
    Prada Brown Suede Tall Shaft High 3.5" Heel Boots size 36 6.5 ShoesMerrell Coldpack ICE+ Mid Polar Waterproof ClayWomen's Marco Tozzi Navy Detailed Chelsea Ankle Boot , NEW Pleaser 6” Heel Red Patent Thigh High Boots, Womens Sexy Shoe, Wild SecretsMan/Woman Demonia RANGER-208 service Modern and stylish fashion General productLadies Clarks Leather Nubuck Slip On Court Shoes The Style Orabella Lily , BOBS from Skechers 33731 Womens Chill Luxe Shoe- Choose SZ/Color.Hogan HXW1440712277B8699F ballerina shoes Women's Brown USWomen's Bling Bling Pointy Toe Mid Heels Slip On Party Dress Date Shoes US Size , YSL Tribtoo 105 Pumps Black Shoes 37 , ladies pointy toes slip on block suede clear block kitten heel party slippers SZ , JORDAN SUPERFLY SUPER FLY 2017 GREY RED BASKETBALL SHOES SZ 8-13 921203-015Men's Puma Sky Premium Sneakers, New Brown Green Orange Sport Waling Shoes Sz 9Nike Air Jordan XXXll 32 Pure Platinum AA1253 007 SZ 10.5 NO BOX TOPNew Balance Men's 3000v3 Baseball TPU Cleat , NIKE AIR MAX FOAMDOME ACG FOAMPOSITE BOOTS BLACK MEN'S SIZE 7.5Adidas Mens Ultra Boost Uncaged Running Shoe , Nike Men's Air Jordan 1 Retro Ultra High Sneakers Size 8 to 11 us 844700 132Man's/Woman's VANS DISNEY Disney from japan (2154 durable Quality and quantity guaranteed Different stylesTommy Bahama Women's Penelohpe Thong Sandal Size 6 BNIB $88Los Altos Genuine WHITE Caiman Crocodile Tail Motorcycle Boot Square Toe EERed Wing 3141 Classic Mens Dark Brown Leather Chukka BootsSkechers for Work Mens Hobbes Shoe- Select SZ/Color.Converse Chuck Taylor All Star 156643C Bordeaux White Casual Shoes Medium MenNike Free RN 2017 Women's Running Shoes (Size 8.5) White Black Punch 880840 102Adidas Originals Shoes VERITAS FARM Rita Ora Tukana Womens US 8.5 AQ4865 , Cole Haan Women's ZEROGRAND Wingtip Oxford Black Suede Comfort ShoesFILLING PIECES Mountain Cut leather men sneaker FP 39 US 7 (rrp:) , Red / Black Rain boots - Butterfly Twist Windsor Rainboot Women , Milwaukee Ladies Black Rally Motorcycle Boots MB246 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Propet Washable Walker Washable - Women's Women's mogochinese-29721 Casual Or White Leather - 11 X-Wide f4070af - 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.

    Propet Washable Walker Washable - Women's Women's mogochinese-29721 Casual Or White Leather - 11 X-Wide f4070af - 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
    Propet Washable Walker Washable - Women's Women's mogochinese-29721 Casual Or White Leather - 11 X-Wide f4070af
    Athletic Shoes
    >
    ;