Never miss an update

Man/Woman Miu Miu Miu Crystal Embellished first Loafters Reputation first Man/Woman Strong value Seasonal hot sale 2a38b5e

Item specifics

Condition: New without tags :
A brand-new, unused, and unworn item that is not in original retail packaging or may be missing original retail packaging materials (such as the original box or bag). The original tags may not be attached.See all condition definitions- opens in a new window or tab
Seller Notes: Never only tried on
Colour: Navy EUR Shoe Size (Women's): EUR 41
Style: Loafers Brand: Miu Miu
Material: Leather
Never miss an update

Man/Woman Miu Miu Miu Crystal Embellished first Loafters Reputation first Man/Woman Strong value Seasonal hot sale 2a38b5e -

    Man/Woman Miu Miu Miu Crystal Embellished first Loafters Reputation first Man/Woman Strong value Seasonal hot sale 2a38b5e
    Man/Woman Miu Miu Miu Crystal Embellished first Loafters Reputation first Man/Woman Strong value Seasonal hot sale 2a38b5e
    Vans Old Skool Leather Shoes - Sand Dollar , NEW Wide Steps Napier Black Glove/Patent PumpVans Pig Suede Old Skool - Scooter/True White , Witchery Longline Coatigan Camel XXS BNWT Sold Out Everywhere , Brand New Authentic French Sole Beige Suede Flat with silver glitter bowBRAND NEW WOMENS SUPERSOFT DIANA FERRARI ANKLE LEATHER HEEL BOOTS SZ 10.5 , Legero Womens Tanaro Sneaker black Size 4 UKNEW Walnut Melbourne Ladies Women's DARIA SUEDE LOAFER PALE GREY flat slip onMr/Ms Women Valentino leather shoes size 39 main category Price reduction Acknowledgement feedbackBRAND NEW WOMENS KRUZE SUPERSOFT BY DIANA FERRARI COMFORT ANKLE BOOTS SZ 10Balenciaga Arena Brogues Loafer, size 39, AUS 8, WORN ONCE, RRP $770 , Man's/Woman's Opening Ceremony Canvas Slip-On Sneakers (Black) High quality and cheap Pleasant appearance Seasonal promotionSuper Cute Jimmy Choo Snakeskin Ballet Flats Bedazzled Sandals 39 , Man/Woman Valentino Rockstud Caged Flats 36 Fine workmanship comfortability Elegant and solemnBRAND NEW WOMENS SUPERSOFT DIANA FERRARI ANKLE LEATHER BOOTS/SHOES sz 8 BLACK , NEW Walnut Melbourne Ladies Women's DARIA LEATHER LOAFER LATTE flat slip onTory Burch 32457 T-Strap Flats 034, Black, 5.5 USROLLIE Sidecut Snow leopard/White Leather Shoes BN in BoxVionic Kea Orthotic Slip-on Women's Sneaker - BerryG.H. Bass & Co. Harlow Pointed Toe Loafers, Mocha , BRAND NEW WOMENS DIANA FERRARI ANKLE LEATHER BOOTS/SHOES sz 8.5 ~~~~ TAUPE , Gentleman/Lady Charlotte Olympia Sex Pistols 39.5 High quality and low overhead Various types and styles Cost-effectiveBRAND NEW WOMENS SUPERSOFT BY DIANA FERRARI BOOTS BLACK LEATHER SZ 9.5 c TEMPLEMr/Ms VOLPINI AOLI WHITE CORAL Quality queen Various types and styles Various , BRAND NEW WOMENS SUPERSOFT DIANA FERRARI ANKLE LEATHER BOOTS/SHOES sz 7 BLACKJosef Seibel Milva 05 Stylish Leather Summer Slip-On Ladies Shoe , BRAND NEW WOMENS DIANA FERRARI GABLE GORGEOUS BOOTS sz 10 TAUPENEW Walnut Melbourne Ladies Women's Davis Leather Loafer Tan WhiteMan's/Woman's Naot Tamara in Gold Threads bargain Strong value a lot of varieties ,
    Man/Woman Miu Miu Miu Crystal Embellished first Loafters Reputation first Man/Woman Strong value Seasonal hot sale 2a38b5e ->Man/Woman Miu Miu Miu Crystal Embellished first Loafters Reputation first Man/Woman Strong value Seasonal hot sale 2a38b5e -
    Tory Burch Logo Beige Balfour Boots Sheepskin Lined Flat Fordable Booties 9 - 39Naturalizer Women's Dora Ankle Bootie, Grey, Size 8.5 , Womens Office Joplin Pull On Boot Black Leather Boots With Fur , FLY London Leather Wedge Ankle Boots Yoxi Booties Women's Red EU35 US 5 New , Rag & Bone Harrow Braided brown leather Ankle Boots / US 9Ladies Van Dal Ankle Boots Style Amity-W , New Django & Juliette Lattice Womens Shoes Casual Sandals Sandals FlatMen's/Women's Fabulicious FLAIR-474 superior Preferred material Current shapeLanvin Ballet Flats Brown Leopard Print Satin Size 36.5 , DZ761 MBT shoes green leather women ballet flats 6 - 6.5 () , 16 Colors Women Flats Cut-outs Breathable Women Casual Shoes Comfortable DrivingChic Womens Slip On Pointy Toe Flats Mules Bowknot Sandals Slippers Shoes Casual , $298 NIB Rachel Zoe Dalella Leather Open Toe Ankle Strap Sandal Heels Black 8.5 , SCHUTZ Madyson Stylish Summer Light Blue Jean Platform Heels Women Size 8 NEW! , YSL Yves Saint Laurent Paris Skiny Leather Pointy Toe Pump Heel Size 8/38.5 $725 , BNIB Eastland Laurel Thong Wedge Sandals, Women, brown, size 11MCircus by Sam Edelman Women's Bevin Flat Sandal Black 8 M USNike Air Jordan White Cement 3 2011 Release 136064-105 Mens Size 11 , NEW Nike Hyperdunk - White Basketball Shoes (Men's 17)Nike Hyperchase PRM QS NCS Net Collectors Society Multi-color 705369-900 Harden , Nike Air Jordan XII 12 Retro UNC University Blue/Wolf Grey sz 11.5 masters gamma , Polo Ralph Lauren Vaughn Black Nylon/Leather Sneakers Size 14D Canvas Lining , $520 Italy PALM ANGELS Suede Basket Light-Grey Mid Top Sneakers 44-IT 11-US , Womens NIKE FREE TR FIT 3 Size 7 Club Pink/Armry Navy Slate A4 , Women Adidas CQ2382 Superstar Slip on Running shoes black white SneakersNaot Women's Kayla Sandal Royal Blue Leather , US Shoe Size Women Leatherette Sweater Knit Fold Down Fur Trim Combat Bootie , Roxy Laurel Cutout Buckle Ankle Booties, Tan, 8.5 US , NIB Sam Edelman Rudie 7.5 Black Fringe Suede Booties Ankle Boot Boho FestivalSexy Womens Patent Leather High Stilettos Pointy Toe Shoes Over Knee Thigh Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man/Woman Miu Miu Miu Crystal Embellished first Loafters Reputation first Man/Woman Strong value Seasonal hot sale 2a38b5e -

    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.

    Man/Woman Miu Miu Miu Crystal Embellished first Loafters Reputation first Man/Woman Strong value Seasonal hot sale 2a38b5e -

    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
    Man/Woman Miu Miu Miu Crystal Embellished first Loafters Reputation first Man/Woman Strong value Seasonal hot sale 2a38b5e