Never miss an update

Women Square Toe Shoes Shoes Ankle 8867 Kitten Heel Pull On Snakeskin Stiletto Ankle Boots 2018 2bb7a71

Item specifics

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
Heel Type: Stiletto Style: Motorcycle
Material: Patent Leather Country/Region of Manufacture: China
Occasion: Party Fastening: Zip
Pattern: Solid Heel Height: High (3 in. and Up)
Width: Medium (B, M)
Never miss an update

Women Square Toe Shoes Shoes Ankle 8867 Kitten Heel Pull On Snakeskin Stiletto Ankle Boots 2018 2bb7a71 -

    Women Square Toe Shoes Shoes Ankle 8867 Kitten Heel Pull On Snakeskin Stiletto Ankle Boots 2018 2bb7a71
    Women Square Toe Shoes Shoes Ankle 8867 Kitten Heel Pull On Snakeskin Stiletto Ankle Boots 2018 2bb7a71
    Women Gothic Punk Retro Buckle Worn Ankle Boots Roma Riding Motorcycle New Shoes , Womens stylish Thigh High Boots Runway Faux Leather Square Toe Shoes stage ClubMen/Women Ilse Jacobsen RUB15 Red Womens Boots Big clearance sale New in stock high quality product , Merrell Women's City Leaf Slide Fashion Sneaker, - Choose SZ/color , ASH ILONA ELBA BORDEAUX LEATHER ANKLE BOOTS BNIB EX DISPLAY 39Z Women Pointy Toe Leg Pants Over leg Knee High Boot Stiletto Elastic Silk Shoes , Dr Martens Ladies 100% Vegan Castel Vegetarian Textile 1460 Ankle Boots , Women Genuine Leather Ankle Boots Winter Woolen Fur Platform Creepers Snow Shoes , Ilse Jacobsen RUB1 Tall Red Womens BootsWomens 100% Real Suede Rabbit Fur Lined Sweet Beads Mid Claf Baoots Winter Shoes , CLARKS Women's Tealia Elva Dress Pump - Choose SZ/colorJog Dog Snowdon Waterproof Quilted Sneaker Boot Black/Grey, Womens Various Sizes , Demonia Fury-110 Black Vegan Leather Bat Buckle Heel Boots - Gothic,Goth,Punk,Bl , Luxury Womens Ladies Knee High Leather Boots Flat Heel Boots Shoes Round Toe C-5 , Womens Vogue Low Block Heel Shiny Patent Leather Buckle Zip Riding Boots Shoes , Man/Woman Boot Nine West Cartolina Navy/Navy Fabric High quality and low overhead Latest styles Outstanding function , new BETULA by BIRKENSTOCK Mid-Calf Leather BOOTs ALP black EU38 US7 UK5 NarrowOccident Womens Real Leather Stiletto Heel Over The Knee High Boots Sexy Sliver , Man's/Woman's Matisse Women’s Tan Leather Lorenzo Booties Many styles New design Quality and consumer first , Womens High Heels Clear Patent Leather Over The Knee High Boots Shoes Zipper 8 , PAUL GREEN Jada Water Resistant Bootie sz 4.5 us , Womens Runway Leather Mid Calf Boots Block Heels Fashion Buckle Striped Shoes US , Hunter Original Tall Gloss Black Wellies Womens RainbootsPleaser Day & Night Women's Fascinate 1011 Black Suede/Pewter Chrome Ankle Boots , Brand New Kumfs Ziera Black Leather Boots ZEPHYR Size 39 XW Wedge Heel , Salomon Xa Lite Women Hiking Shoes - Black/Magnet/Grape JuiceWomens Pointy Toe Genuine Leather Wedge High Heels Buckle Knee High Knight BootsMan/Woman Kamik Women's Momentum Charcoal Winter Boots Easy to use low cost Very good classificationSexy Wine Red Pointy Toe Zip Up Over Knee High Womens Roman Boots Stiletto Shoes
    Women Square Toe Shoes Shoes Ankle 8867 Kitten Heel Pull On Snakeskin Stiletto Ankle Boots 2018 2bb7a71 ->Women Square Toe Shoes Shoes Ankle 8867 Kitten Heel Pull On Snakeskin Stiletto Ankle Boots 2018 2bb7a71 -
    Womens Vagabond Kenova Leather Black Winter Military Combat Calf Boot US 5.5-10 , $1800 VALENTINO ROCKSTUD TALL PULL ON FLAT RIDING BOOTS I LOVE SHOESSporto Womens Diana Leather Closed Toe Ankle Cold Weather BootsWmns Gel DS-Trainer, Size US 6.5 (B) WidthGentleman/Lady Moreschi Moccasin Good design Pleasant appearance Preferential priceTORY BURCH CECILY Women Embellished Espadrilles Size 8.5 Octagon Ballet PinkGentleman/Lady Women's 11 Cole Haan Brown Sandals Elegant and sturdy set meal Online Seasonal promotionWomen's COLE HAAN GIANA BLACK NAPPA shoes New With Box Sz 6.5 B , Fly London Yobe Women's Red Perforated Slip On Leather Platform Wedges New , Men's/Women's jimmy choo platform sandals size 37 fashion Stylish and fun SimpleVaneli Womens Stacey Pump 7(B)- Pick SZ/Color.Man's/Woman's Olukai Paniolo Size 11 fashion Environmentally friendly Outstanding function , Ellie Women's Enya-709 Red/Clear Plastic Platform SandalsPleaser DELIGHT601-10/R/C Womens Delight 601-10 Platform Sandal , ADIDAS F/22 PRIMEKNIT SZ 12 TRACE ORANGE CORE BLACK CRYSTAL WHITE CQ3027Adidas Men's PureBoost DPR Sz US 14 M Grey Mesh Running Sneakers $150.00adidas James Harden LS Lifestyle Boost Primeknit Shoes CG5106 Size 10.5 - NEW , NIKE AIR VAPORMAX FLYKNIT 899473-005 sneaker GRAY US 10.5 , Bugatti Men's Hook loop Shoes Low Real Leather Grey , Tin Haul Men's The Gambler Card Shuffle Sole Cowboy Boot Square Toe - , Nike MEN'S SB Zoom Dunk High Pro QS BRIAN ANDERSON ANTI HERO SIZE 10.5 BLACK GUM , Adidas Yee 700 Wave Runners Sz. 6. BNIB w/receiptONEMIX Women's Air Cushion Running Shoes Lightweight Walking Jogging Gym Outd...AUTHENTIC Nike Roshe Run One White Purple 599432 511 Women Running shoes size , Dansko Women's Shari Strappy Sandal Gold Nappa Leather , Golden Goose Deluxe Brand Gray Multicolor Suede "Francy" Sneakers SZ 36 , NIKE AIR MAX 90 ULTRA PLUSH ,,ATOMIC PINK' 844886 600 Wmn Sz 7 Limit EditionDUNION Women's Slip On Glamour Fashion Chunky Heel Ankle Boot$199 BCBG Max Azria Womens Lexy Canvas Zipper Boot Shoes,Dark Caramel,US 6.5J CREW Women's 8 Tall brown Italian Leather heel Riding Boots Made in Italy ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women Square Toe Shoes Shoes Ankle 8867 Kitten Heel Pull On Snakeskin Stiletto Ankle Boots 2018 2bb7a71 -

    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.

    Women Square Toe Shoes Shoes Ankle 8867 Kitten Heel Pull On Snakeskin Stiletto Ankle Boots 2018 2bb7a71 -

    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.


    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
    Women Square Toe Shoes Shoes Ankle 8867 Kitten Heel Pull On Snakeskin Stiletto Ankle Boots 2018 2bb7a71