Never miss an update

Mt. Emey 9301-C Women's 9301-C Comfort Black Comfort Shoes Shoes c70ec55

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: Mt. Emey
Color: Black Style: 238822_510782
Never miss an update

Mt. Emey 9301-C Women's 9301-C Comfort Black Comfort Shoes Shoes c70ec55 -

    Mt. Emey 9301-C Women's 9301-C Comfort Black Comfort Shoes Shoes c70ec55
    Mt. Emey 9301-C Women's 9301-C Comfort Black Comfort Shoes Shoes c70ec55
    Drew Women's Rose Mary Jane White Floral Snake Slip-Resistant (Non-Skid)Aravon Women's Francesca 2 Black Leather Comfort ShoesApex Women's Essence Eliza Striped Oxford Black Leather/Suede Oxfords , Cape Clogs Women's Herringbone Champagne Sandal Champagne Comfort Shoes , Gentle Souls Women's Lily Moon Black Suede Ankle StrapsClarks Women's Un.Loop Navy Leather Comfort Shoes , Finn Comfort 82568 Ventura Longbeach Black Womens Sandals , ara Women's Gada 41859 Black Croco Business Shoes , Apex Women's Ambulator Biomechanical Mary Jane Brown Nubuck Comfort ShoesOrthofeet Women's Chattanooga Grey Mesh/Red Suede Mary Janes , Drew Women's Rose Mary Jane Black Full Grain Leather Slip-Resistant (Non-Skid) , ara Women's Rumor 37034 Taupe Luxury Pearl Comfort Shoes , Alegria by PG Lite Women's Keli Pro Clog Esher Leather Comfort ShoesHelle Comfort Women's Tulin Black Cobra Print Comfort Shoesara Women's Page 40935 Black Stretch Fabric Comfort Shoes , ara Women's Peony 35111 Black Calf/Stretch Comfort Shoes , Answer 2 Women's 447 Black Comfort Shoes , Helle Comfort Women's Tula Gold Multi Comfort Shoes , Drew Women's Parade II White Calf Comfort Shoes , ara Women's Mallorca 35472 Cuoio Calf Slingbacksara Women's Blaine 48426 Black Nubuck SneakersApex Women's Ambulator Conform Double Strap Black Smooth Leather Comfort ShoesTroentorp Bastad Clogs Women's Audubon Cola Slip-Resistant (Non-Skid) , Man's/Woman's Mt. Emey Women's 608 Black Oxfords Consumer first high quality valueDrew Women's Rose Mary Jane Black Croc Patent Slip-Resistant (Non-Skid)Drew Women's Parade II Bone Calf Comfort Shoes , Drew Women's Tulip Brown Print Walking Shoes , Answer 2 Women's 445 Black Comfort Shoes , Birkenstock Women's London Oiled Leather Habana Oiled Leather Clogs
    Mt. Emey 9301-C Women's 9301-C Comfort Black Comfort Shoes Shoes c70ec55 ->Mt. Emey 9301-C Women's 9301-C Comfort Black Comfort Shoes Shoes c70ec55 -
    Men's/Women's Fly London Stif Black Womens Boots Complete specification range King of quantity Superb craftsmanshipMAISON MARTIN MARGIELA split toe black leather platform wedge tabi boots 40 NEWDirk Bikkembergs BKE107959 White Leather Hightop Sneakers Shoes Mens Size 41 NIBWomens Fly London Meli Rug Leather Cowboy Low Heel Western Ankle Boots76483 WOMEN'S WORK: REVV AIR S R - REVOLUTION NON-SLIP SOLE E/H SAFE BLACK , Jessica Simpson JS-DALASIA Womens Dalasia Oxford- Choose SZ/Color.Stuart Weitzman Size 9 M Becon Leopard Leather Peep Toe Heels New Womens Shoes , L.A.M.B. Ilane Coral Snakeskin Leather Peep Toe Platform Pumps Size 8NIB Authentic Sergio Rossi Black Suede Platform Pumps Stingray Heel 36 6 $750 , Nine West Womens Qwigley Leather Dress Sandal- Pick SZ/Color.Free People Womens Emmy Brown Suede Wooden Heels Platform Size 36 EUROPE/6 US , Bill Blass Womens sabrina Pointed Toe Casual Slide Sandals Vanilla Size 8.5Gentleman/Lady Trask Womens Naomi flagship store comfortability A balance between toughness and hardnessNike Incursion Mid SE Men's Sneaker Shoes Black/Black 916764-003NIKE AIR FORCE 1 AF1 BLACK RED A03154-001 MENS SHOES Size 12 , Vans Trainers Summer shoe blau Authentic Decon P. Suede , DS 2008 NIKE AIR JORDAN 16 XVI COLLEZIONE Countdown Pack CDP 322723-061 sz 12 , Adidas consortium Kith Tubular Doom PK Ronnie Feig Size 10.5 DS , Men/Women BALLY Brown Suede Oxfords 8 1/2 New product a good reputation in the world Popular recommendation , Dino Monti Black Leather Loafers Size 9 , Skechers Breathe Easy Meadows Slip-On Women's Shoes Size 8.5PUMA WOMENS ATHLETIC SHOES BLACK SIZE 7 TRAINING SHOES OUTDOOR SPORTS SHOES NEWAlice + Olivia piper pink/gold Jacquard slip ons women's size 11 mSTEVEN by Steve Madden Hilda Slip On Fashion Sneakers 915, Grey, 6.5 US , Women’s Hunter Tall Boots Pale Olive Gloss US Size 7M Great!Women's Tony Lama Style 1974 Black Western Cowboy Boots size 7 leatherLauren Ralph Lauren MESA Boots 8B $179.00 BROWNMan's/Woman's Volatile Womens Wilkes Riding Boots Louis, elaborate Fast delivery Modern and elegant , Ivanka Trump Women's Freeda2 Over The Knee Boot, Black, 8 Medium US , Pink Black Platforms 90s Creepers Skater Sneaker Boots Demonia size 7 8 9 10 11 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mt. Emey 9301-C Women's 9301-C Comfort Black Comfort Shoes Shoes c70ec55 -

    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.

    Mt. Emey 9301-C Women's 9301-C Comfort Black Comfort Shoes Shoes c70ec55 -

    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
    Mt. Emey 9301-C Women's 9301-C Comfort Black Comfort Shoes Shoes c70ec55
    Comfort Shoes