Never miss an update

ara Women's Heels Maggie 43997 Women's Black Stretch Black Fabric Heels 5c2d5f7

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: ara
Color: Black Stretch Fabric Style: 720481_1485831
Never miss an update

ara Women's Heels Maggie 43997 Women's Black Stretch Black Fabric Heels 5c2d5f7 -

    ara Women's Heels Maggie 43997 Women's Black Stretch Black Fabric Heels 5c2d5f7
    ara Women's Heels Maggie 43997 Women's Black Stretch Black Fabric Heels 5c2d5f7
    Bettye Muller Concept Women's Chet Tapered Toe Loafer Black Kidsuede Wedge HeelsDevious Women's Vivacious 3016 Silver/Black Glitter HeelsJenny by ara Women's Ruthie 60959 Wedge Slip-On Black Toscabuk HeelsGentlemen/Ladies Magnifique Escarpins BALMAIN 37 Quality queen the most economical Modern and elegant , Gentleman/Lady V 1969 Italia Womens Top SONIA Diverse new design Bright colors Elegant and robust menu , Bottes à talons model 100233 Zoki - Matter - Shoes , Walking Cradles Women's Freedom Wedge Slip On Red Perfed Nubuck Heels , Mavirs 2017 Summer Fashion Platform Wedges Yellow High Heels Sandals Women LadiMan's/Woman's V 1969 Italia Womens Top CHICCA Attractive and durable New style Vintage tide shoes , Bottes à talons model 99847 Zoki - Matter - Shoes , Man/Woman Hades 'Draco' Black Bootie Economical and practical Reliable performance Great choice , Sarto by Franco Sarto Womens Dynasty Slingback Dark Plum Kid Suede Leather Heels , Irregular Choice Yellow Flower Medium Heel Pumps Shoes Women 38 US7 UK5 NearMint , Gentlemen/Ladies Hades Women's Ana Bolena Black Heels Many varieties excellent Quality and consumer first , Sam Edelman Women's Yaria Ankle Strap Sandal Dusty Rose Kid Suede HeelsEllie Women's Isla Fuchsia Metallic Patent Heels , Bordello Women's Teeze 04R Red Rhinestones Heels , Sam Edelman Women's Oda Block Heel Slide Blue Multi Fabric Heels , Men's/Women's V 1969 Italia Womens Top HAVANA Fashion pattern Used in durability Famous storeSam Edelman Women's Yaria Ankle Strap Sandal Inky Navy Kid Suede Heels , Vintage Prada Sz 35 1/2 black 4 inch heels fabricChunky-Heels Shoes Pumps , Bordello Women's Teeze 04R Gold Rhinestones Heels , Stuart Weitzman Black Glitter Sparkly Peeptoe Platform Slingback High Heels 7.5VANELi Women's Baret Slide Natural Canvas/Silver Chain Heels , Man's/Woman's V 1969 Italia Womens Top ROBERTA Modern and elegant fashion the most economical Rich on-time deliveryWomen's Stilettos heel shoes Open toe Bandage Side zip Real leather Mesh bootsButter Women´s Sage Green Multi Fabric and Patent Leather Slingback Pumps , Bacia Sheep Skin Sandals 2017 New High Thick Heels Pumps Genuine Leather SpringShoes Woman 2016 New High Heels Ladies Pumps Sexy Thin Air Heels Footwear Woman
    ara Women's Heels Maggie 43997 Women's Black Stretch Black Fabric Heels 5c2d5f7 ->ara Women's Heels Maggie 43997 Women's Black Stretch Black Fabric Heels 5c2d5f7 -
    Gentlemen/Ladies CLARKS Women's Carleta Crane Ankle Bootie online sale Modern design Complete specifications , Junk Gypsy The El Camino Sandal in Tan JG0025BHelly Hansen Midsund2 Mid-Calf Rain Boots, Off White/Stone Grey/Light Gum, 7 USTamaris Womens 23770 Low-Top Sneakers, Beige Alpaca Comb, 7.5 UK , Franco Sarto Brindley Equestrian Boots, Black, 6.5 US / 36.5 EU , STEVEN Steve Madden Baylee Slip-On Wedge Sandals, Bright Multi, 9 USNine West 25024247 Womens Olsen Fabric Fashion Sneaker- Choose SZ/Color.Gentlemen/Ladies Aetrex Addison Ankle Boot for you to choose Primary quality International big name , Fabulicious Women's Lumina 29 Ivory Satin Evening ShoesWomen Nine West Romancing Size 10 M Black Synthetic Leather Wedge High Heel ShoeFranco Sarto Women's Abree PumpMan's/Woman's Loeffler Randall Langley Mule Size 6.5 Outstanding features Latest styles As of the latest model , Pleaser MOON-708GFT Womens Clear Blue Tinted Cut-Out Platform Ankle Strap Sandal , Jimmy Choo Gold Slingback Heels Size 9 - Made in Italy , Lacie By Klogs Hunter Red Womens Leather Sandals 7 MSplendid Caracas Buckle Ankle Strap Sandals, Cognac, 5.5 US , ADIDAS PW TENNIS HU BY8715 RAW PINK WHITE DS SIZE: 10 , Mens Nike Hyperdunk 2017 Basketball Shoes 897631-007 Black/Orange Sz 13Skechers Equalizer 2.0 On Track Men's Sneakers Trainers Trainer BlackNEW BALANCE 997 SIZE 11.5 CLASSICS NAVY TURQUS M997-NSBGentleman/Lady Shoes Vans Black Men VD3HY28 Every item described is available Won highly appreciated and widely trusted at home and abroad Outstanding functionCROSSFIT LIFTER PR [BD2632] White/Skull Grey/Black Men's Shoes Size: 10.5 NIBNIKE AIR JORDAN 4 RETRO LS BLACK-TECH GREY-BLACK SZ 13 OREO! [314254-003] , Velvet Leather Breathable Slip On Loafer New Mens Driving Casual Boat Shoes$900 Sutor Mantellassi Gray Shoes Size 7 (US) / 6 (EU) , Man's/Woman's Duca di Morrone Sneakers sell delicate Suitable for color , Mens 8 EEE 3E EW Florsheim Lexington Wingtip Black Leather Classic Oxfords ShoesNike Roshe One Flyknit Bigrade Blue Citron Sunset (704927-402) Size US WMNS 5.5 , NIKE AIR VAPORMAX FLYKNIT Women's Running Shoe - Cool Grey/White/Pure PlatinumRampage Jiminy Stone Beige Distressed Faux Leather Fashion Ankle Boot, 7.5M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ara Women's Heels Maggie 43997 Women's Black Stretch Black Fabric Heels 5c2d5f7 -

    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.

    ara Women's Heels Maggie 43997 Women's Black Stretch Black Fabric Heels 5c2d5f7 -

    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
    ara Women's Heels Maggie 43997 Women's Black Stretch Black Fabric Heels 5c2d5f7