Never miss an update

New Boots Women Europe Chunky Style arizonamusi-25439 Black Chunky Heels Side Zipper National Wind Long Boots s 33ff45f




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: unbranded
Material: Suede Style: Fashion - Knee-High
Pattern: Soild Width: Medium (B, M)
Country of Manufacture: china Heel Height: High (3 in. and Up)
Never miss an update

New Boots Women Europe Chunky Style arizonamusi-25439 Black Chunky Heels Side Zipper National Wind Long Boots s 33ff45f - www.blurrypron.com

    New Boots Women Europe Chunky Style arizonamusi-25439 Black Chunky Heels Side Zipper National Wind Long Boots s 33ff45f
    New Boots Women Europe Chunky Style arizonamusi-25439 Black Chunky Heels Side Zipper National Wind Long Boots s 33ff45f
    Women's Square Toe Block Heel Side Zip Front Bandage Ankel Boots Color StitchingWomen's Mid Calf Boots Stiletto Heel Side Zip Down Clubwear Shinning Pointy ToeSexy Womens Chains Rivets Platform High Heels Shoes Ankle Boots Platform Punk US , Mona Mia Camilla Canvas Green Camo Gold Spiked Heel Platform Boot 7-11 , New Women Winter Shoes embroidery Floral Buckle Strap Block Heels Knee High Boot , Women's Harley-Davidson Biker Motor-cycle Riding Boots 8.5M, Brown Leather , Mr/Ms GOGO-307 economic fashionable Fair priceVasque Womens St Elias GTX Brown Leather Athletic Hiking Outdoor Boots Size 7Women's High Platform Wedge Heel Faux Suede Round Toe Star Tassels Ankle Boots , New Women Qupid Ranker-09 Faux Suede Over The Knee Lucite Block Heel BootVINTAGE BATES FLOATERS SHEARLING LAMB FUR MUKLUKS BOOTS MOCCASIN BROWN LADIES 7 , Women Glitter Zip High Heels Platform Stiletto Over Knee Boots Shoes Size 33-47 , Crocs Women's Citilane Low Canvas Slip-On - Choose SZ/colorDiesel Mesa Embroidered Canvas White Boots Women's Size.US 6.5//Kamik Harper Winter Boot- Women's Size 10, KhakiNew Billabong Womens Jafthout Off Black Ankle Boots Size 10New Balance WW1400v1 Hiking Boot - Women's Size 8B, Grey/Teal , Chic Womens Low Wedge Heel Fur Trim Mid Calf Boots Winter Warm PU Leahter ShoesNew Autumn Fashion Satin Ankle Boots Womens Ladies Vogue Square Toe Block HeelsSteve Madden Niela Women's Faux Suede Over-The-Knee Stretchy Fashion Boots , Crocs Women's Leigh Suede Wedge Boot - Choose SZ/color , Bearpaw KNIT TALL Boots 14" Sweater Black AUTHENTIC 658 Sheepskin Womens NEW BoxEcco Black Leather Side Zip and Buckle Casual Ankle Boots Women's 41 / 10 - 10.5NEW Womens Ankle Boots Wedge Heels Pointy Toe Suede Casual Shoes US Size AutumnWomens Cowboy Western Cuban Heel Ankle Boots ShoesCorral Vintage Brown Lizard Leather Inlay Cowboy Western Mules Shoes Womens 6.5 , Nine West Nolynn Ankle Booties 239, Black/Black2, 7.5 USRound toe Women Platform High heel Stilettos shoes Patent Leater Hot Ankle Boots , Womens Leather Over Knee High Boots Low Block Heel Winter Pull On Party Shoes sz ,
    New Boots Women Europe Chunky Style arizonamusi-25439 Black Chunky Heels Side Zipper National Wind Long Boots s 33ff45f - www.blurrypron.com>New Boots Women Europe Chunky Style arizonamusi-25439 Black Chunky Heels Side Zipper National Wind Long Boots s 33ff45f - www.blurrypron.com
    Gentlemen/Ladies BUSSOLA Cai Women's Boot Fine workmanship Order welcome A balance between toughness and hardnessAsics Gel-Kayano 24 2E Wide Silver Mid Grey Men Running Shoes Trainer T7A0N-9390Divaz Womens/Ladies Bari Knee High Boots (FS3671)Gorgeous Brand New Women's 8.5 Black Leather Ballet Flats with Bow and Gold HeelAZUREE CANNES women shoes Black suede loafer with patent trim multicolor fringes , Sam Edelman Brocade Floral Stillson Pumps Womens Size 7.5 Heels Embroidered NWOBKendall & Kylie Women's Reagan in Leather , AUTH $1695 Burberry Prorsum Women 100% Python Lipstick Red Heel , Prada Black Multicolor Suede Crystal Studded Platform Pumps SZ 39 , Women's Platform Sneakers Trainers Shoes High Top Wedge Heel Athletics Outdoors , Nike Metcon 1 Trainer Weightlifting Shoes Volt Black White SZ 14 ( 704688-710 ) , Adidas Gameday Luxe [NEW] Louisville Cardinals Red/White [D70004] Men's Size 14Mr/Ms KD V Christmas Sz. 9.5 VNDS New Listing Skilled manufacturing Superb craftsmanshipMizuno 410995 5N1T Wave Sky 2 Directoire Blue Men's Running ShoesKobe 11 Elite Low 4kb -Mens Size 11 -Liquid Lime 824463-334 Glow Ghost ChristmasNIKE AIR MAX PLUS TN 852630-031 BLACK SQUOIA SQUOIA BLACK , Nike Hyperdunk 2013 BHM Black History Month Shoes 668771 575 Size 17 , Nike Air Jordan 5 Retro International Flight Orange V AJ5 Men Women Shoes Pick 1 , Classic Justin Roper Grey Cowhide Cowboy Boots Men's Size 8DStetson Men's Floppy Top US 13 D Brown Leather Pull On Western Work Boots $270 , SHOES81) CHURCH'S (BALMORAL) MARRON / 70 G / 41 FR CHAUSSURE /SHOES/BROWNNew Balance NWOT 247 Classic Shoe US W 7.5 MSRP $80 maroon cassis , New Balance Women's W530BOA Classic Running Sneaker ~ White/Black/OrangeCESARE PACIOTTI women shoes sz 6.5 Europe 37 black leather S6875Men's/Women's Skechers Women's Double up-Rhine-Steps Sneaker bargain Fine art Human borderGentlemen/Ladies DC Womens Midway SN- Pick SZ/Color. quality high quality Contrary to the same paragraphReebok BD2032 Womens Stylescape 2.0 City Fashion Sneaker- Choose SZ/Color. , NIKE BLAZER MID SNEAKERS WOMEN SHOES 306499-271 Gld-Olv Khk-Vrsty SIZE 7.5 NEW , Shoes Under Armour 3020282 Breathe Trainer Woman White Gold Running Training Sne , Men's/Women's Very Volatile Women's Sava Western Boot High security Year-end sale Easy life
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Boots Women Europe Chunky Style arizonamusi-25439 Black Chunky Heels Side Zipper National Wind Long Boots s 33ff45f - www.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 Boots Women Europe Chunky Style arizonamusi-25439 Black Chunky Heels Side Zipper National Wind Long Boots s 33ff45f - www.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 Boots Women Europe Chunky Style arizonamusi-25439 Black Chunky Heels Side Zipper National Wind Long Boots s 33ff45f
    Boots
    >
    ;