Never miss an update

Pleaser CHLOE-01 Womens Sexy High Sexy Peep Pleaser Toe White Patent Concealed Platform High Heel 5302cb2

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: Pleaser
Heel Type: Stiletto Style: Open Toe
Material: Synthetic Width: Medium (B, M)
Pattern: Solid Color: White Patent
Style Name: CHLOE-01 Occasion: Clubwear, Formal, Special Occasion
Never miss an update

Pleaser CHLOE-01 Womens Sexy High Sexy Peep Pleaser Toe White Patent Concealed Platform High Heel 5302cb2 -

    Pleaser CHLOE-01 Womens Sexy High Sexy Peep Pleaser Toe White Patent Concealed Platform High Heel 5302cb2
    Pleaser CHLOE-01 Womens Sexy High Sexy Peep Pleaser Toe White Patent Concealed Platform High Heel 5302cb2
    Alfani Womens MADYSON Closed Toe Platform Pumps Nude Size 7.5 , Madden Girl Womens ROCKELLA Fabric Peep Toe Classic BLACK FABRIC Size 10.0 x5DNina Womens Idabell Satin Pointed Toe Classic Pumps Black Size 8.0 , Bally Black suede sandals heels sexy size us 8 38.5 , Kenneth Cole Unlisted Womens Hour Friend Open Toe Ankle Strap Silver Size 6.5 , ARRAY Womens le plain Closed Toe Classic Pumps Red Size 10.0 , Carlos by Carlos Santana Womens Posy Fabric Pointed Toe Blue Multi Size 5.0 VyCole Haan Womens Tali Grand Closed Toe Wedge Pumps Pink Size 11.0ESCARPINS GRIS MINALI PARE GABIA T.36 NEUFS!!!!!!! , Marc Fisher Women's Dalanna Pump Black 962 Size 8.0 a6jVStyle & Co. Womens Monaee Open Toe Classic PumpsVince Camuto Womens Kansastas Suede Open Toe Ankle Strap Black Size 8.0 , ARRAY Womens le plain Closed Toe Classic Pumps Yellow Size 10.0 , BCBG MAXAZRIA Diva Platform Pumps (SIZE 7.5) , Toni Pons Donna Womens Espadrille Sandals Made In Spain Cushioned/ComfortableNew Sabatini 1021 Womens Comfort Slides Made In Italy , Marc Fisher Womens Zullys Leather Pointed Toe Ankle Strap Black Size 6.0Ivanke Trump Evia4 Glitter Heeled Mules Black Black Size 5.5 , Born - Womens - Banshee Black/Black Size 6.0Nina Womens Forbes Peep Toe Classic PumpsMan's/Woman's tsumori chisato walk Shoes Black 22.5cm Excellent value real General productWomen Patent Leather High Heel Stiletto Pointy toe Multicolor Nightclub Shoes sz , Aerosoles Womens Exit Lane Pointed Toe SlingBack D-orsay Pumps Black Size 7.5 , womens lady black or apricot high heels pumps work shoes dress shoes sizes 4.5-8 , Gentlemen/Ladies Nine West Tahsin Pointed Heel, 9 New market The highest quality material Maintenance capability , Betula Rose Birko Flor Womens Comfortable Sandals/Thong Lightweight & AdjustableKelsi Dagger Womens Giulia Leather Open Toe SlingBack Classic Black Size 8.5BANANA REPUBLIC HELLO SOLE MATE DAPHNE SHOETI $148 WOMENS CAMO PUMPS 7 NEW!!! B4HILARY RADLEY VANIA Gold Metallic Leather Studded Platform Heelsl size 7.5
    Pleaser CHLOE-01 Womens Sexy High Sexy Peep Pleaser Toe White Patent Concealed Platform High Heel 5302cb2 ->Pleaser CHLOE-01 Womens Sexy High Sexy Peep Pleaser Toe White Patent Concealed Platform High Heel 5302cb2 -
    Tin Haul Western Boots Womens 11" Shaft Tan 14-021-0007-1295 TAWOW! Asics Gel Melbourne OA Mens Walker (9077) + Free Delivery , NEW NIKE SHOX QUALIFY+2 WOMENS RUNNING/SPORT SHOES , Man's/Woman's Chiara Ferragni Flirting Slippers Size 9 New Listing Various types and styles Modern mode , ECCO Womens Black Leather Slip on Loafers Shoes Euro 37 US 6-6.5 EUC , GIORGIO ARMANI Shoes 322064 Grey 37STUART WEITZMAN Size 8 Red Fabric Crystal Heels Pumps Shoess , Jil Sander Snake Platform Oxford Size 39 , Kat Maconie:Gina- Women's Black and Gold Mid-Heel Sandal , Men's/Women's christian louboutin women shoes size 8 flagship store Clearance AmoyNIB PRADA SATIN PLATFORM PUMPS SHOES SZ US 8 MADE IN ITALY $790NIKE BACKBOARD AZ PAN AMERICAN EDITION SZ 9.5 BLACK BLUE GREEN DUNK 407677-012Crocs Women's Freesail Leopard Lined Mule - Choose SZ/Color , NEW Nike Vapor Untouchable Football Cleats Black Red 698833-016 Sz 12 , Nike White, Green & Yellow Men's Air Huarache Leather Sneaker Shoes Size 12Adidas Mens Jake Boot 2.0 Hiking Shoes D69730 , NIKE Vapor Carbon 2014 Elite TD Black Purple Football Cleats NEW Mens Sz 12 13Nike LeBron 20-5-5 size 18 Birthday LeBron James pre owned , Nike Air Max2 CB 94 Men’s Basketball Shoes Charles Barkley 305440-004 SZ 9.5 , OFF-WHITE x Nike Air Max 97 OG AM97 THE TEN 10 Virgil Abloh AJ4585-100 SIZE US10 , Crocs Men's Kinsale Mesh Slip Shoes Size 13 M13 Smoke/White NEW WITH TAGSNIB OTZ ESPADRILLE In Linen Castlerock Gray Shoes Mens 12 or size 45 , Salvatore Ferragamo Black Horsebit Driving Shoes Style UR 42115 11.5 fit 11 tooDr Marten Airwair George & Dragon Backhand 1461 Dress Shoes SZ 5 MENS 6 WOMENSNew Adidas Original Womens SUPERSTAR BOUNCE S82236 WHITE US W 5.0 - 8.0 TAKSE , Merrell Women's Siren Sport Q2 Waterproof Hiking Shoe Slate Black Waterproof , Women's Nike Air Max '97 Ultra 2017 "Confetti" AO2325-001 , Tony Lama Women's Santa Fe Vaquero Leather Cowgirl Cowboy Western VF6005 Sz 7 B , Dolce Vita Womens Tall Boots US 9.5 Brown Leather Pull on Buckle riding 6139 , Ariat Weekender Ankle Boot -NEW IN BOX - 50% OFF - $100.00! 7, 7.5 & 9
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Pleaser CHLOE-01 Womens Sexy High Sexy Peep Pleaser Toe White Patent Concealed Platform High Heel 5302cb2 -

    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.

    Pleaser CHLOE-01 Womens Sexy High Sexy Peep Pleaser Toe White Patent Concealed Platform High Heel 5302cb2 -

    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
    Pleaser CHLOE-01 Womens Sexy High Sexy Peep Pleaser Toe White Patent Concealed Platform High Heel 5302cb2