Never miss an update

Steptronic Monterey Dress Casual EUR/9 Men Brown Sheepskin US Shoes Men Size 42 EUR/9 US f94cf5f

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Exceptional / Almost unused condition
Fastening: Slip ons Material: Sheepskin
Brand: Steptronic Color: Brown
Style: Loafers & Slip Ons Width: Medium (D, M)
US Shoe Size (Men's): 9 Occasion: Dress/Casual
Euro Size: EUR 42 Pattern: Solid
Never miss an update

Steptronic Monterey Dress Casual EUR/9 Men Brown Sheepskin US Shoes Men Size 42 EUR/9 US f94cf5f -

    Steptronic Monterey Dress Casual EUR/9 Men Brown Sheepskin US Shoes Men Size 42 EUR/9 US f94cf5f
    Steptronic Monterey Dress Casual EUR/9 Men Brown Sheepskin US Shoes Men Size 42 EUR/9 US f94cf5f
    Mens Stylish Pointy Toe Slip On Loafers Low Top Shoes Formal Wedding Dress ShoesMens Square Toe Leather Buckle Dress Formal Casual Shoes Slip On Loafer BusinessKenneth Cole Reaction Desert Wind Chukka Boot, Brown, Sz 9.5 , Wing Tip Crocodile Leather Men‘s Pointed Toe Wedding Formal Metal Shoes New ChicMens Cool Tassel Slip On Loafers England Leather Formal Dress Shoes Oxfords New , GH Bass Co Weejuns Cordovan Brown Leather Kiltie Tassel Loafer Mens 10.5 B ShoesJWN John Nordstrom Men's Cap Toe Oxford Dress Shoes 9.5 M Made in Italy $225 new , Hot Vogue Mens Pull On Wedding Party Pointy Toe Club Fashion Formal Shoes OxfordNEW Men's Oxfords Real Leather Crocodile Dress Formal Embossed Shoes Brown BlackBritish Vogue Mens White Pointy Metal Leather Formal Dress Stage Club Shoes Chic , Allen Edmonds Corporate Casuals leather Oxfords Mens 8.5Roberto Chillini 6600 Mens Black Hot Red Spectator Fashion 2 Tone Dress Shoes , JOHNSTON MURPHY USA Greenwich Burgundy Wingtip Oxford Shoe Men 10 E/C $279 , NEW Men Giorgio Venturi 5925 Classic Cap-Toe Oxfords Fashion Dress shoes 3 Color , Men's/Women's Ted Baker London Hontaar Sz 11.5 Elegant appearance Reliable performance King of the crowdVINTAGE CLASICOR WOVEN LEATHER LOAFERS MENS 8 M BLACK SLIP ON SHOES DRESSSalvatore Ferragamo Firenze Burgundy Oxford Italian Dress Shoes Men's Size 10Mens Retro Party Floral Metal Pointed Toe Leather Dress Low Top Shoes Fashion sz , England styel Men Genuine Leather Loafer Slip On Formal Dress Shoes Oxford ShoesBritish Leather Pointy Toe Men's Formal Dress Wedding Shoes Low Top Cuban Heels , Mens Black & Hot Red Croco-Look Dress Shoes Roberto Chillini 6613 size: 9.5 , 2017 Men's Low top Metal Pointed Toe Leather Rivet Slip On Formal Dress Shoes USMen's slip on Metal Pointed Toe Leather Wedding Dress Formal Shoes Gold Silver , Men Velvet Slippers Loafers Wedding Prom Dress Shoes Slip On Smoking Flats QL2 Color Mens Formal Business Flat Loafer Dress Tassel Leather Oxfords Shoes Chic , New Shiny Patent Business Mens Brogue Carved Hidden Wedge Dress Shoes Clubwear , COLE HAAN MEN'S MONTGOMERY PLAIN OXFORD (C20238) BLACK 9.5 MED & WIDE $150 , Formal Dress Mens Occident Hip-hop Rivet Fashion Slip On Stylish Loafers ShoesMens Red High Gloss Croc Look Dress Shoes Roberto Chillini 6548 size 10 14 15
    Steptronic Monterey Dress Casual EUR/9 Men Brown Sheepskin US Shoes Men Size 42 EUR/9 US f94cf5f ->Steptronic Monterey Dress Casual EUR/9 Men Brown Sheepskin US Shoes Men Size 42 EUR/9 US f94cf5f -
    Men's/Women's BLONDIE-3000 Black Pewter Chrome Queensland Beautiful appearance Selling new productsMr/Ms Adidas Gazelle BZ0026 Complete specification Cheaper than the price Valuable boutiqueHighlander Womens Countrywoman Wellingston Boots - Daisies, Size 8 , Justin Reece Real Leather Upper Contrast Collar Buckle Detail Riding BootTory Burch Fabric Upper Leather Lining & Soles Red White Navy Blue Flats Size 9ZARA Suede Leather Black micro Silver Studded Fringe Shoes sandals Euro 40ALLEEN 619991-001 Vaneli Womens Alleen Pump- Choose SZ/Color.NIB Anthropologie Vicenza black Raffia Floral Lined Ankle Strap Wedge Sandal 39Free People Womens amber Closed Toe Ankle Strap Clogs, Red, Size 8.5 , Christian Louboutin Black Leather Victoria 160mm Platform Pumps $1075 36,5Men's/Women's Prada Espadrille Aesthetic appearance Elegant and sturdy packaging Valuable boutiqueRetro Women's Embroidery Fashion Wedge Heel Sneakers Suede Floral Casual Shoes , Mr/Ms Adidas Adipower Barricade 8 Men's Shoes selling price Selected materials Modern and elegant , Men's 11.5 (45) Sneaker Freaker x Packer Asics Gel Lyte III Alvin Purple H42KK , Nike Zoom CUSTOM Hoopfest Shoes New 2013 Biggest 3on3 Basketball Tournament 14Nike 679083-018 Air Trainer Huarache Athletic Black Sneakers Men's US 11 , Georgia G6315 Hammer 6" Internal Metatarsal Met Guard Steel Toe EH Rate Boots 8M , Columbia Mens 1746101 Tobacco,Cinnamon Ankle Boots Size 10.5 (300517) , LOS ALTOS OSTRICH COWBOY BOOTS J-TOE 990307 BROWNAsics Onitsuka Tiger MEXICO 66 Yellow Black DL408 0490 Shoes Sneakers taichi z1 , Adidas NMD Runner PK Glitch Camo Black White Nomad s79478 -IN HAND-SHIPPING NOWLoake Men's Blue NICHOLSON loafers size 7NEW PUMA SABADELLA SUEDE BALLET FLATS WOMEN'S SHOES, CHZ SIZE & COLORNike Dunk Hi Women's Women Sneaker Basketball White Wolf Grey 899541 100 Size 5nike womens roshe LD-1000 trainers 819843 002 sneakers shoesadidas Originals Tubular Defiant Women's Black/Black/White S75249Nike Womens Air Max LD-Zero Running Trainers 896495 Sneakers Shoes 001 , Gentleman/Lady Naot Women's Allure for you to choose First batch of customers Cheap order , Womens Square Toe High Heel Over Knee Thigh Boots Stretchy Riding Long Boots 28Nine Seven Genuine Leather Womens Pointed Toe Flat Heel Comfortable Handmade ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Steptronic Monterey Dress Casual EUR/9 Men Brown Sheepskin US Shoes Men Size 42 EUR/9 US f94cf5f -

    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.

    Steptronic Monterey Dress Casual EUR/9 Men Brown Sheepskin US Shoes Men Size 42 EUR/9 US f94cf5f -

    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
    Steptronic Monterey Dress Casual EUR/9 Men Brown Sheepskin US Shoes Men Size 42 EUR/9 US f94cf5f
    Dress Shoes