Never miss an update

Jimmy Choo BNWT Brand mogochinese-29032 Never Pixie High Heels - 100% AUTHENTIC - Brand New Never Worn! ab3f85b

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
Colour: Black Mirror
Material: Leather Brand: Jimmy Choo
Size: 38 Heel Height: Very High (4.5 in. and Up)
Never miss an update

Jimmy Choo BNWT Brand mogochinese-29032 Never Pixie High Heels - 100% AUTHENTIC - Brand New Never Worn! ab3f85b -

    Jimmy Choo BNWT Brand mogochinese-29032 Never Pixie High Heels - 100% AUTHENTIC - Brand New Never Worn! ab3f85b
    Jimmy Choo BNWT Brand mogochinese-29032 Never Pixie High Heels - 100% AUTHENTIC - Brand New Never Worn! ab3f85b
    Escarpins chaussures Boots BALENCIAGA frange cuir rose - T. 39 , CHRISTIAN LOUBOUTIN PATENT YELLOW 'FIFI' SPIKES PUMPS, 40, $1250DOLCE & GABBANA Velvet Crystals Slingback Pumps Heels BELLUCCI Shoes 06215**SAINT LAURENT** Black Patent Leather YSL Opyum 85mm Pointed Logo Pumps HeelsNEW $1800 DOLCE & GABBANA Shoes White Canvas Leather Crystal Pumps EU37.5 / US7 , RARE NWT CHRISTIAN LOUBOUTIN Daffodile Strass 160 Burma Veau Velours Size 37,5TOM FORD BLACK & GOLD SANDALS (size US 8.5) , Christian Louboutin Lady Peep 150 Sling Patent Platform Open Toe 38,5 945$ NIBNew Versace black patent leather transparent heel mules , Authentic Andrea Cancellieri Shoes High Heels Gorgeous Black with Red Rose 37Louboutin : Escarpins Fifi Nude 85 mm T35, US5 UK2LAURENCE DACADE Halistair Black Sandal - New in BoxNew in Box Prada Ladies Black & Leopard Shoe 1D723HDesigner Dolce & Gabbana Peach Leather Size 36.5 IT Women's ShoesMan's/Woman's Manolo Blahnik durable auction high quality productChristian Louboutin Prorata 90 Black Kid Leather EU38 UK5 US7-7.5 , Celeb Christian Louboutin Banana Christian Louboutin Pigalle 120 Plato Black Spikes Pumps Heels EU Sz 37.5 US 7.5Men's/Women's Sandales Tribute Saint-Laurent Cuir Noir Clearance price Let our products go to the world Official website , Men's/Women's Christian Louboutin crocodile leather shoes Online Shopping special promotion Clearance saleAuthentic Louboutin Very Prive Peep Toe Stilettos Shoes - RRP new $1,195Amazing Jimmy Choo Black Studded Sandals - 37NEW $940 DOLCE & GABBANA Shoes Ankle Boots Stretch Open Toe Stilettos EU39.5/US9CHRISTIAN LOUBOUTIN Tchikaboum silver spike black leather caged pumps EU37 US7 , Brand New Christian Louboutin Black Delcozep Pump Sz 36 , Louboutin : Ravissant escarpins Simple Pump 70 mm T36.5 new US6.5, UK3.5NEW $840 DOLCE & GABBANA Shoes Green Gold Patent Leather Heels Pumps EU39/US8.5BNIB GUIDI FULL GRAIN CALF LEATHER PANELLED HEEL BOOTS 2004 ,312T, 40, 1181$DOLCE & GABBANA Studded Glitter Jeweled Mary Jane Pumps Shoes COCO Silver 06834 ,
    Jimmy Choo BNWT Brand mogochinese-29032 Never Pixie High Heels - 100% AUTHENTIC - Brand New Never Worn! ab3f85b ->Jimmy Choo BNWT Brand mogochinese-29032 Never Pixie High Heels - 100% AUTHENTIC - Brand New Never Worn! ab3f85b -
    Aerosoles A2 by Women's My Way Boot Black 8 M US , Frye 8 B Melissa Button Tall Brown Suede Riding Women's Pull On Western Display , Brooks Ghost 6 Mens Runner (D) (292) + Free Aus DeliveryMan's/Woman's Skechers Men's Studio Comfort Slip-On Shoe Guarantee quality and quantity Bright colors Shopping promotion , Men/Women Steel Cap Joggers Beautiful color Impeccable Tide shoes listCLARKS Women's Medora Jem Slip-On Loafer - Choose SZ/Colorbritish men tassels decor slip on dress formal loafers leather shoes Party NewTSUBO Noma women's city shoes boots leather US 6.5 (rrp:) , Boemos 8850 Women's Loafers Slip On Fashion Leather Shoes BurgundySPRING STEP TENDER-C - Tender Size: - Color: , Betsey Johnson Blue Ivory Satin Heels w/ Beaded Floral (Emma) _ Size 8 M , Beige Suede High Heels Ankle Strap Wrapped Platform Stiletto Womens Sandals Shoe , Theodora Callum Shoes Womens - Lobiarritz Design Wedge - Colour Green Size 40.5BCBG Max Azria Arcade Wedge Sandals Platform Leather Croc Mushroom 9.5 M $325Women's MANOLO BLAHNIK Black Kitten Slim Heels Size 38 EuroSkechers Women's Double Up Diamond Dancer Slip On Sneaker1808 adidas X 16.3 Men's AG Soccer Cleats Football Shoes BB5661 , Nike Stefan Janoski Max PRM (Tour Yellow/ Black-Green Pulse)Puma XS850 Wilderness Men Shoes Black 357478-01 , Nike free haven 3.0 mens size 8 shoesREEBOK ZIG SQUARED RUSH MENS COMFORT RUNNING SHOES BLACK GREY RED WHITE M49191 , Irish Setter Men's Vaprtrek 8" 400 Gram Hunting Boot Realtree Xtra CamouflageCalvin Klein Merek Loafers Slip Ons Moccasin Men's/Suede/Dark Gray/Size:US 9New Balance Womens (W890SG2) RevLite (Silver / Teal) 890 RUNNING Sz 6 , 1808 adidas EDGE LUX Women's Sneakers Sports Shoes BB8208Adidas Superstar Slipon W Womens CQ2381 White,White,CBLACK Womens Size 9.5 , BP Trott Bootie - Grey - Sz 12 MFashion Women's Pointy Toe Stilettos High Heels Shoes Sequins Ankle Boots sizeLadies Low Cuban Heel Round Toe Plus Size Shoes Ripped Denim Zip Over Knee BootsRound Toe Womens Over Knee Long Boots Bowknot Platform Stiletto High Heel Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Jimmy Choo BNWT Brand mogochinese-29032 Never Pixie High Heels - 100% AUTHENTIC - Brand New Never Worn! ab3f85b -

    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.

    Jimmy Choo BNWT Brand mogochinese-29032 Never Pixie High Heels - 100% AUTHENTIC - Brand New Never Worn! ab3f85b -

    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
    Jimmy Choo BNWT Brand mogochinese-29032 Never Pixie High Heels - 100% AUTHENTIC - Brand New Never Worn! ab3f85b