Never miss an update

Elilio Pucci Booties Black Sequin Black Open Toe Sequin Booties Size 7.5 c8ae7dd

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
US Shoe Size (Women's): 7.5
Brand: Pucci Color: Black
Style: Open Toe UPC: Does not apply
Never miss an update

Elilio Pucci Booties Black Sequin Black Open Toe Sequin Booties Size 7.5 c8ae7dd -

    Elilio Pucci Booties Black Sequin Black Open Toe Sequin Booties Size 7.5 c8ae7dd
    Elilio Pucci Booties Black Sequin Black Open Toe Sequin Booties Size 7.5 c8ae7dd
    Demonia 4 1/2" Zombie shaft eyeball sandals , Pair of Anne Klein Sport Beige Wedge Sandal – 5 ½ Medium , Women's Shoes Adrienne Vittadini MONIQUE Pumps Heels Leather Black Size 10 , $275 NEW Pour La Victoire Vellin Black & Cognac Leather Open Toe Pumps sz 7.5 , Arturo Chiang "Chanps" taupe patent leather wedge peep toe heels 10M , women's rivet studded platform slingbacks open toes sandals shoes summer creeper , New summer women shoes open toe Blingbling Bowknot hollow party sandals chunky , TOPSHOP WOMENS HIGH HEEL SANDALS SIZE UK4 EUR37 US6.5Via Spiga Damali Strappy Pointed Toe Side Zip Heels, Black, 9 US Display , Steve Madden BOLDDD Leopard Print Fur Pumps , NEW SESTO MEUCCI $199 CRYSTAL WEDGE ESPADRILLE HEELS SZ 9Versani Women's 606 Camosci Nero Black Suede Pumps , Ron White Signature All Day Satin 'Jasmyn' Red/Orange Pumps. Size 10 nwot , Bellezza Bally Heels Brown Suede Pumps /US 8.5 Made In Switzerland *1008 , Aldo Purple Suede Platform Stiletto 5 inch Heels Size 38/8 Medium WidthWOMENS RAG & BONE BLACK LEATHER HIGH BLOCK HEEL ANKLE STRAP SHOES SZ 7 1/2 MMen/Women Demonia CREEPER-108 High grade Bright colors International big name , New Madewell for J Crew the Mira Heel in Leopard Sz 7.5 $188 B5492 Sold Out! , NEW Via Spiga Black Leather Slingbacks - 10.5Men/Women Pare Beige Pat Jon Josef superior Carefully selected materials Immediate delivery , Giuseppe Zanotti Pale Pink Leather Slide Sandals SZ 36.5 sale , New Taryn Rose Pumps Brand -CopperLeather/Chocolate Suede Trim Size 39.5/US 8.5Ellie Shoes Sexy High Stiletto Heel Satin Knee Boot Inner zipper 423-TABATHA/BLK , Enzo Angiolini Women's Byrnes Peep-Toe Pump,Natural,7 M US , ELITE By CORKYS Gladiolus US 7 BROWN LEATHER PUMP SHOE W FLOWER ACCENTRose Petals by Walking Cradles Ramona Slingback Pump - Women's Size 6W - Black , Paul Andrew for J.Crew Fringe High-Heel Sandals 6.5 Black Suede Heels E1918 $450 , Stuart Weitzman Nunakedstraight Heels, Women's Size 7 M, Black (DAMAGED) , Salvatore Ferragamo Black Gold Bit Heels Pumps 6 1/2 B 6.5 Heel Shoes Casual ,
    Elilio Pucci Booties Black Sequin Black Open Toe Sequin Booties Size 7.5 c8ae7dd ->Elilio Pucci Booties Black Sequin Black Open Toe Sequin Booties Size 7.5 c8ae7dd -
    $389 PAUL GREEN Krista Chelsea Bootie Black / Brown Suede US 9 *Roper Womens Black Leather Olivia Cowboy BootsMan/Woman DELIGHT-3050 Black Patent durable buy Famous storeREDBACK 'USBBA' STEEL TOE CAP ELASTIC SIDED WHEAT SAFETY/WORK BOOTS , Seychelles Women's Ovation Fashion Boot, Dark Brown, Size 7.5 US / 5.5 UK , Mr/Ms Pleaser SKY-309UV Clearance price cheapest Exquisite (processing) processing , Manolo Blahnik Womens Flats Size 39.5 9.5 Gray Quilted Design Slide On , Wome's DANSKO Slip On Clog Shoes Brown Green Tan Fabric Size 38 New , Man/Woman Crocs At Work Flat Black New product Fast delivery value , adidas Women's Adizero Tempo 9 W, - Choose SZ/colorStyle & Co Womens NWB Celine Natural Leopard Heels Shoes 8 MED NEW , Benjamin Adams Cali Crystal Wedges Size 8 Glamorous Wedding Pumps Night OutMr/Ms Jessica Simpson Platform Heels 7.5 Fashion pattern Price reduction Elegant and solemnPUMA Women's Basket Heart Glitter Wn Sneaker Black/Silver 8.5 M US , New Balance Cruz Athletic Sneaker Mens ShoesMENS ADIDAS C-10 in colors C BLACK / IRONMT / S GREEN SIZE 8.5 , Nike Cortez Basic Leather OG size 13 Forest Gump 882254-164 Red White BlueDIADORA TITAN SUEDE BLACK WHITE ROYAL BLUE 501.170123-01-80013 NEW 102017 Nike Air Force 1 SF AF1 SZ 6 Velvet Brown Special Field LTD 864024-203Chic Mens Zip Snakeskin Pattern Leather Pointy Toe Western British Ankle BootsSperry Top-Sider 0191486 : Men's Original 2 Eye Black/Amaretto Boat Shoe , Merrell Womens MOAB FST Mid Waterproof Color: Granite Size: 5M Style J37146British Chic Men‘s Formal Metal Pointed Toe Luxury Crocodile leather Shoes New , New Women's Puma Basket Heart Copper - 365463-01 - Copper Rose SneakerDS NIKE 2016 AIR MAX 1 ULTRA FLYKNIT UNIVERSITY RED OG W 9.5 / M 8 ATMOS 90 97ADIDAS NMD R1 MESH S76004 US WOMENS SZ 5-11 kanyeNike Air VaporMax Flyknit 2 Women Running Shoes 942843-009Carlos By Carlos Santana Women's Alexia Tall Shaft Boots 7.5 Western InspiredMadewell $258 leather Reid Boots in 10 pecan brown shoes b2723Antonio Melani Size 6 M Black Leather Knee High Boots New Womens Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Elilio Pucci Booties Black Sequin Black Open Toe Sequin Booties Size 7.5 c8ae7dd -

    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.

    Elilio Pucci Booties Black Sequin Black Open Toe Sequin Booties Size 7.5 c8ae7dd -

    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
    Elilio Pucci Booties Black Sequin Black Open Toe Sequin Booties Size 7.5 c8ae7dd