Never miss an update

Women 10.5 shoes boots Aus mogochinese-29960 leather model FARRAN Aus 2 to 10.5 051593e

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: 11sunshop
Style: Ankle Boots Material: Leather
Heel Type: Cuban Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Fastening: Zip and Curls Occasion: Casual
Manufacture: We make custom and we are unique on web Width: Medium (B, M)
Important: Send us your foot measurement Colour: Brown
AD: Thank you for reading the full announcement Pattern: Solid
Never miss an update

Women 10.5 shoes boots Aus mogochinese-29960 leather model FARRAN Aus 2 to 10.5 051593e -

    Women 10.5 shoes boots Aus mogochinese-29960 leather model FARRAN Aus 2 to 10.5 051593e
    Women 10.5 shoes boots Aus mogochinese-29960 leather model FARRAN Aus 2 to 10.5 051593e
    TOD'S WOMEN'S LEATHER ANKLE BOOTS BOOTIES NEW BLACK 2BADr Martens Doc 8-Hole 1460 Purple 11821500 The Original , Gentlemen/Ladies Ladies Rieker Mid Calf Boots 74382 Cheap Good market Tide shoes list , Womens Ladies New Rock Boots Sexy Goth Punk Heel Fashion Leather M.TR005-S1 , Pleaser Day & Night FANTASIA-2020 Blush Suede/ Gold Chrome () , Womens Ladies New Rock Boots Sexy Goth Punk Heel Fashion LeatherM.7984P-S1Avec Les Filles remi Womens Boots midnight navy kid suede 8.5 US / 6.5 UK , NEW Tory Burch knee high leather bootsWomen shoes boots leather model MICHELLE Aus 2 to 10.5 , Le Chameau Giverny Womens Cherry Synthetic Wellington Boots - 39 EU , Women boots leather model LAURA Aus 2 to10.5Clarks Ladies Warmlined Long Boots 'Orinoco Jazz' , Gentleman/Lady Pleaser FLAMINGO-3028 Online Shopping Online Speed ​​refund , New in Box Saint Laurent Leopard Pony Ankle Boot 492980Women boots leather model FADHIL Aus 2 to 10.5 , Women shoes boots leather model LOREN Aus 2 to 10.5 , NEW JEFFREY CAMPBELL OASIS RH Ankle Boot BlackNEW Tory Burch knee high calf leather bootsWomen's boots suede model PEARCY Aus 2 to 10.5 , Women shoes boots leather model CHADIE Aus 2 to 10.5 , Le Chameau Giverny Womens Green Rubber Wellington Boots - 41 EU18cm 10 keys Lockable Beginner Ballet Wedge Boot Hoof Heelless Fetish Light PinkWomen boots leather model ALIANA Aus 2 to 10.5 , Women boots leather model SARAH Aus 2 to 10.5 , Womens Office Kirby Smart Block Heel Knee Boots TAN LEATHER Boots , Women shoes boots leather model KEIKO Aus 2 to 10.5camel leather shoe BOOTS designer style slim heels white elastic sides uk5 bnibWomens Ladies New Rock Boots Sexy Goth Punk Heel Fashion LeatherM.7981-C1 , 18cm LOCKY Beginner Lockable Ballet Wedge Boots Hoof Heelless Fetish Pinup White ,
    Women 10.5 shoes boots Aus mogochinese-29960 leather model FARRAN Aus 2 to 10.5 051593e ->Women 10.5 shoes boots Aus mogochinese-29960 leather model FARRAN Aus 2 to 10.5 051593e -
    $1215 NIB RICK OWENS HEELED LEATHER ANKLE BOOTS Sz 37Reebok Rapid Response 6" Composite Toe Combat/Tactical Boots RB8694New Balance Fresh Foam Cruz V2 Knit Pink White Women Running Shoes WCRUZKC2B , Men/Women Pleaser ELECTRA-2023 Excellent craft a wide range of products Current shapeNew Cabello Comfort 4032 Womens Leather Sandals Made In Portugal , Jambu Women's Cheyenne Vegan Flat Powder Blue Tumbled Microbuck/Mesh Flats , YSL Yves Saint Laurent Paris 105 Rouge Studded Nose Pumps Shoes 40 10 $745 , Womens VIA SPIGA black leather ankle strap sandals sz. 9.5 NEW!NIKE ROSHE ONE FLYKNIT shoes for women, NEW & AUTHENTIC, US size 7.5 , Mr/Ms ara Women's Roksana 34413 Attractive and durable Win the praise of customers best seller , Men/Women PRADA Nero-Crystal embellished leather Sandals Sz40 Exquisite (middle) workmanship a variety of Clearance saleBrooks Ravenna 9 Size 10 M (B) Women's Running Shoes Navy Blue 1202691B452 , Mens Ankle Boots High Top Platform Basketball Sport Casual Shoes Korean Sneaker , Pre-owned Brooks Addiction Black Anthracite Men US-10.5 Extra Wide 4E Sneaker , nike womens zoom fit running trainers 704658 600 sneakers shoesNew Nike Zoom SD Royal Blue Volt Black Size 12.5 685134-413 Track & FieldNew Balance Mens M520v3 Running ShoeD US- Pick SZ/Color. , NEW NIB Louis Garneau LS-100 Men's Cycling Shoes Shoe Black Size 7.5 US, 41 EU , NEW BALANCE 1600 ELITE BARBERSHOP CM1600LT RARE DS 7.5Nike OBRA 2 Pro DF FG Men's Size U.S. 8 White/Mtlc Cool Grey New With BoxAir Jordan Retro 9 Anthracite Sz 11.5 DS , Nike x Hurley Air Max 90 'Phantom 4D' 502482-001 size 10.5 2011Nike Dunk Hi Supreme TZ LAF "Flom" - 378127 001Adidas Missy Elliott Remix Boots Hip Hop Lifestyle Gala Pink Limited Women 8 NEWSaucony Triumph ISO Blue-Gray/Purple Running Shoes Women's US 8 (Q2,6)Puma WMNS Disc Blaze Shine women lifestyle sneakers NEW aruba blue 362709-03Mephisto Women's Ilaria Toe Loop Sandal Black Patent Leather SandalsFILA DISRUPTOR II PINK / WHITE 043301 UK SIZES 4 - 8 , adidas S81259 Tubular Runner W Ladies in by Adidas- Choose SZ/Color.Womens Real Fur Winter Thicken Warm Knee Snow Boots Rhinestone High Shoes X07
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women 10.5 shoes boots Aus mogochinese-29960 leather model FARRAN Aus 2 to 10.5 051593e -

    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.

    Women 10.5 shoes boots Aus mogochinese-29960 leather model FARRAN Aus 2 to 10.5 051593e -

    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
    Women 10.5 shoes boots Aus mogochinese-29960 leather model FARRAN Aus 2 to 10.5 051593e