Never miss an update

Women's Super Stilettos Heels Pointy Toe 29088 Slip on Formal Pointy Sexy Sexy Snakeskin Pump Shoe c0e60c2

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: Unbranded
Material: Synthetic Style: Stilettos
Occasion: Clubwear Heel Height: Very High (4.5 in. and Up)
Width: Medium (B, M) Heel Type: Stiletto
Never miss an update

Women's Super Stilettos Heels Pointy Toe 29088 Slip on Formal Pointy Sexy Sexy Snakeskin Pump Shoe c0e60c2 -

    Women's Super Stilettos Heels Pointy Toe 29088 Slip on Formal Pointy Sexy Sexy Snakeskin Pump Shoe c0e60c2
    Women's Super Stilettos Heels Pointy Toe 29088 Slip on Formal Pointy Sexy Sexy Snakeskin Pump Shoe c0e60c2
    Brown Animal Print Over Knee Heel Boots, EU size 41, Animal Print High Heels, , Amalfi by Rangoni Women's Crocodile Print Leather PumpSchutz Juliana Dress Sandal Klein Cobalt Blue Slender Heel Caged Stiletto SandalTory Burch Royal Blue & Navy Blue Colorblock Wood Platform Heels Size 7MCharles David Pact Pumps White Size 9Badgley Mischka Gene Ivory Womens Shoes Size 9 M Heels MSRP $245 , Aldo Celallan Womens Dress Pump- Choose SZ/Color. , Via Spiga Julee Light Gray Suede Ankle Strap Platform Heels, 6.59B Cole Haan G Series Black Sporty Sneaker Style Platform Mule Heel Pump , Jessica Simpson Size 8.5 Beige Leather Wedge Heels New Womens Shoes , Man's/Woman's Menbur Albunol T-Strap Sandal 8.5M New product product quality Seasonal hot saleEasy Spirit Women's Danica Pumps Pewter Gray Leather Size 6 M , Demonia 2.25" Vegan Black Platform Dolly T-Strap Bow Shoes Anime Lolita 6-12Pleaser Pink Label Dre 420/B/PUM- Pick SZ/Color.Pleaser MOON-708FLM Womens Clear Black Ombre Heel Flame in Platform Strap Sandal , HIGHEST HEEL High Womens Heel Stiletto Closed Toe Classic Pump HOTTIE Red-8Stuart Weitzman Women's Sz 10 C Shoes Pumps Square Toe Fabric Upper Leather Sole , BALLY "Ucella" Black Leather Classic Pumps w/3" heel, made in Switz.,sz.10 US , Loeffler Randall Shoes Size 8 Beige Textured Leather Strappy Heels Pumps CasualSalvatore Ferragamo Black Suede Beaded Trim Women's Size 7.5 C Pump ShoeJessica Simpson Size 7 Beige Heels Sandals New Womens Shoes , womens pointed toe stiletto heel ankle strap buckle kitten heel fashion shoes nw , Womens fASHION Slipper High Heels Pumps Stilettos Round Open Toe Plus Size NEW , Pleaser MOTIF-701 MOTIF-759 Specialty Collection Platforms Exotic DancingSTUART WEITZMAN BLACK SILK HORSE BIT RHINESTONES SIZE 9 NN BEAUTIFUL EVENING , Calvin Klein Women's (Sz 9.5) Cherilyn Ankle-Strap Pumps, Black, $129 (3144P) , Sexy 5 1/4" High Heels Concealed Platform Black Mary Jane Pump Shoes CHLOE02/BGIORGIO ARMANI metallic Mules SZ 36 $425 , Ladies Clarks Brynn Mare Black Leather Or Patent Combi Mary Jane Court Shoes ,
    Women's Super Stilettos Heels Pointy Toe 29088 Slip on Formal Pointy Sexy Sexy Snakeskin Pump Shoe c0e60c2 ->Women's Super Stilettos Heels Pointy Toe 29088 Slip on Formal Pointy Sexy Sexy Snakeskin Pump Shoe c0e60c2 -
    Frye Women’s Billy Biker Studded Leather Short Harness Ankle Boots Booties 7.5ara Women's Patty Ankle Boot, Black Leather/Suede, 9.5 M US - Choose SZ/Color , Mens Military Tactical Boots Camo Waterproof Hiking Shoes Army Swat Combat BootsSoftWalk Womens ramsey Leather Closed Toe Ankle Fashion Boots , New Release Asics GT 1000 6 Womens Runners (B) (9090) + FREE AUS DELIVERY , Black Blue Patent Platform Womans Goth Punk Galaxy Demonia Shoes size 6 7 8 9 10 , GEOX Suede Slip-On Shoes - Charlene Navy Blue Women's Size 7 New , Sanuk Women's Funky Fiona Flat - Choose SZ/ColorWomens shoes size 9 AA Cole Haan Shoes size 9 AA New Purple shoes size 9 $125 , Men/Women IRIS-401 Promotion the most economical Seasonal promotion , STEVE MADDEN SCHEANNA DK FUSCHIA SUEDE SANDAL SZ 8 , Women shoes sandal wedges leather model Davin Us 3.5 to 12 , Man/Woman christian louboutin 38 black Louis, elaborate Brand Great choice , Aerosoles Womens Lifespan Wedge Slide Sandal- Pick SZ/Color.Sandal Jessica Simpson Brinella Platinum Metallic Italia Nappa , Olukai 20327 1048 'Eheu Clay Dark Java Women's Sandals , Converse, 540327C, Women, Chuck Taylor Sidney XHI BarberryPaperPlanes Athletic Sneakers Tall Up Running Shoes Men PP1417 NVY , Man/Woman Mens NIKE SUPERSTAR White Trainers BB0188 High quality and cheap Modern design General productNike Cortez Classic Basic Leather Mens Size 7.5 Black/White Shoes 819719-012Nike Mens Flyknit Streak Grey Size 8 US Athletic Running Shoes Sneakers , Nike Air Max 90 Current Infrared Sz 10.5 mens 326861-101 2008 Release Rare 95 97 , Chic Men's British Style Brogue Pointy Toe Formal Business Dress Shoes LeatherFlorsheim Mens Oxford Shoe 9.5D Burgundy Red Derby Formal Dress Apron Toe , SKECHERS Skechers Womens Relaxed Fit: Breathe Easy - Elegant GlowECCO Men's Lisbon Black Leather Plain Toe Oxford Shoe 622104 , Womens Reef Rover Low Light Blue Comfort Active Casual Trainers Shu Size , Puma Wmn's Special 2871 Prep Casual Shoes 345846 02 Women's US 7.5 available , Nike Roshe One Womens 844994-007 Platinum Pink Purple Running Shoes Size 9.5Frye Black Boots size 6.5, Super Stylish, Perfect Condition ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Super Stilettos Heels Pointy Toe 29088 Slip on Formal Pointy Sexy Sexy Snakeskin Pump Shoe c0e60c2 -

    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's Super Stilettos Heels Pointy Toe 29088 Slip on Formal Pointy Sexy Sexy Snakeskin Pump Shoe c0e60c2 -

    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's Super Stilettos Heels Pointy Toe 29088 Slip on Formal Pointy Sexy Sexy Snakeskin Pump Shoe c0e60c2