Never miss an update

Pleaser AMU14/B Womens Amu14 SZ/Color./B dress Pleaser dress Sandal- Choose SZ/Color. c1bf2ec

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
UPC: 0885487763576
Style: Elegant Brand: Pleaser
US Shoe Size (Women's): Multiple Variations Model: AMU14/B
Size Type: Regular MPN: AMU14/B
Material Type: Patent Leather
Never miss an update

Pleaser AMU14/B Womens Amu14 SZ/Color./B dress Pleaser dress Sandal- Choose SZ/Color. c1bf2ec -

    Pleaser AMU14/B Womens Amu14 SZ/Color./B dress Pleaser dress Sandal- Choose SZ/Color. c1bf2ec
    Pleaser AMU14/B Womens Amu14 SZ/Color./B dress Pleaser dress Sandal- Choose SZ/Color. c1bf2ec
    T.U.K. Velvet Studded Starlet Heel Womens Platform Pump- Choose SZ/Color. , Van Dal Wedged Shoe Label Florida II -WJoan & David Women's Arant Light Grey Suede 9 MMan's/Woman's Ladies Clarks Court Shoes Dinah Keer Elegant appearance Known for its good quality Outstanding stylePelle Moda Women's Nolan-Pt Dress Pump, Black, 6 M US , Badgley Mischka Women's Hollow Heeled Sandal, Platino, 6.5 M US , Gentleman/Lady Steve Madden Men's Havin Oxford Fashion pattern High quality and economy Contrary to the same paragraph , Nine West 25023184 Womens Betty Peep Toe Mule- Choose SZ/Color. , Nine West Womens Notatall Fabric Dress Pump- Pick SZ/Color.Gentlemen/Ladies Ladies Gabor Court Shoes 31.264 -W selling price Elegant and sturdy packaging Very good color , Bella Vita Women's Petra Wedge Pump, Black/Stretch, 8 2W US , Trotters Women's Gidget, Navy, 9.5 N USTrotters Women's DEA Dress Pump, Navy Quilted, 7.5 N US , Nine West Womens Leonda Leather Slip-on Loafer- Pick SZ/Color.Clarks indigo by Womens Pump- Pick SZ/Color. , Man's/Woman's Ladies Remonte Sandals D1050-W wholesale a good reputation in the world Export , Amalfi by Rangoni Women's Palma Mary Jane Pump, Black, 9.5 M US , SCHUTZ Women's Daniella, Black, 6 M USNine West Womens Xeena Synthetic Dress Pump- Pick SZ/Color.Sol Sana Women's Whitney Heel Dress Pump, Black Suede, 38 EU/8 M USUS Shoe Size Women Wide Width Wedge Ankle Strap Mary Jane Dress Heel Pump BlackMen's/Women's Naturalizer Women's Betina 2 Pump superior Excellent performance Lightweight shoes , Fly London Yazu Women's Perforated Leather Slingback Peep Toe Platform Heels NewMen's/Women's Pleaser DOL50 Womens Dolly-50- Choose SZ/Color. wholesale Reliable performance Vintage tide shoesPleaser AMU13/B Womens Amuse-13 Sandal- Choose SZ/Color.Pleaser SEXY19/R Womens Sexy19/R Dress Sandal- Choose SZ/Color. , Pleaser AMU10/BPU Womens Amuse-10 Sandal 1- Choose SZ/Color.Pleaser DOMINA-420 Womens Domina-420 Pump- Choose SZ/Color. , CL by Chinese Laundry Women's Whizz Dress Sandal - Choose SZ/Color ,
    Pleaser AMU14/B Womens Amu14 SZ/Color./B dress Pleaser dress Sandal- Choose SZ/Color. c1bf2ec ->Pleaser AMU14/B Womens Amu14 SZ/Color./B dress Pleaser dress Sandal- Choose SZ/Color. c1bf2ec -
    SAM EDELMAN Olencia Grey Suede Leather Knee High Boots Sz 7.5 NEW , Women's Leather Pointed Toe Ankle Riding Boots High Heels Stilettos Plus Size , Rag & Bone Oliver Black Leather BootsNike Air Max Motion Racer Sequoia Green White Men Running Shoes 916771-300 , Asics Tiger GEL-Lyte III [H7L3L-9096] Men Casual Shoes Black/Glacier Grey , New Balance MX624WN Mens X-Training Shoes (2E)NIB Tory Burch Melinda Riding Boots Charcoal Black Flannel 7.5 M , Trespass Gwendolyn Women's Multisport Outdoor Boots US 9 REF Da116* , Black Glitter High Heel T-Strap Round Toe Pump Womens Platform Shoes Pink LabelWomen's Shoes Clarks Un Plaza Strap Caged Open Toe Wedge 33264 Grey *New*Castaner Spain $330 Euro 41 Womens Platform Sandals Shoe SZ 10.5 M Navy Ivory , Nike Kobe Bryant 9 EM Low Hyper Cobalt Size 15 shoes 646701-414 kb24 Rare , SCHMOOVE Men's Cup Mid Cut Orange / White High Top Sneakers Shoes US 11 / 44 NEWPuma Drift Cell Meio Metallic Croc Men's Sz 10 - 183486 01 -Black Mens Black Vogue Ankle Boot High Top Shoes Zipper Hidden Heel Pointed Toe , New Bruno Magli Westy Leather Sneakers Shoes Size US 8 M Italy Zegna $329Adidas Performance Men's X 15.2 FG/AG Soccer Cleat - Choose SZ/ColorKenneth Cole New York Mens Driving Force Slip On Loafer ShoesCall It Spring Men's Etalewet Slip-on Loafer, Beige, 8 D USAllen Edmonds "PARK AVENUE" Oxfords 11 B Black (674) , Women's Nike Air Huarache Run SE Running Shoes 859429-007 , Klogs Women's Naples Clog Black Oiled LeatherAltra Womens Lone Peak 3.0 Neoshell Mid Shoes A2653MID-2 Gray/Purple Size 7 , Adidas Ultra Boost Womens BB6497 Ash Pearl Clear Orange Primeknit Shoes Size 8.5Altra Womens Lone Peak 3.0 Neoshell Mid Shoes A2653MID-2 Gray/Purple Size 7 , H by Halston Black Leather Chelsea Style Sasha Riding Boot 7.5 W NewLIFESTRIDE Women's Sikora Wide Calf Medium Man-made Riding Rain Boots (Black) , roper tall lsdies boots nwt snd bix size 8Womens Over Knee Thigh Boots Pointy Toe High Heels Pull On Party New Shoes 34-43Vince Camuto Melaya Over the Knee Boot Gray Suede Sz 9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Pleaser AMU14/B Womens Amu14 SZ/Color./B dress Pleaser dress Sandal- Choose SZ/Color. c1bf2ec -

    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.

    Pleaser AMU14/B Womens Amu14 SZ/Color./B dress Pleaser dress Sandal- Choose SZ/Color. c1bf2ec -

    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
    Pleaser AMU14/B Womens Amu14 SZ/Color./B dress Pleaser dress Sandal- Choose SZ/Color. c1bf2ec