Never miss an update

Womens Chic Black Stilettos High Heel Sexy Open Toe Open Stilettos Toe Sandals Shoes Plus Size New 84340b4

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
Country/Region of Manufacture: China
Material: Synthetic Style: Pumps, Classics
Width: Medium (B, M) Heel Height: High (3 in. and Up)
Brand: Unbranded
Never miss an update

Womens Chic Black Stilettos High Heel Sexy Open Toe Open Stilettos Toe Sandals Shoes Plus Size New 84340b4 -

    Womens Chic Black Stilettos High Heel Sexy Open Toe Open Stilettos Toe Sandals Shoes Plus Size New 84340b4
    Womens Chic Black Stilettos High Heel Sexy Open Toe Open Stilettos Toe Sandals Shoes Plus Size New 84340b4
    $170 JOAN & DAVID AMANDIE Brown Multi Leopard Designer Pointed Toe Pumps 5.5 , Women Peep Toes Kitten Heel Casual Pointed Toes Ankle Boots New Hollow Out ShoeTrotters Womens Lillian Leather Square Toe Classic Pumps , Pleaser DELIGHT-609 Women's Black Silver Chrome Heel Platform Ankle Strap Sandal , Flowers Sandals Ladies Casual Block HIgh Heels T Bars Shoes Slingbacks Shoes hotLOUISE ET CIE black leather pointy toe ankle strap heels shoes sz 6 M $120Fashion Womens Leather Square toe Mid Block Heel Pull on Shoes Slip on Pumps SZNina Emma Jeweled Ankle Strap Wedge Dress Pumps 612, Ivory Crystal, 9 US / 39 EU , Women's Elegant Zebra-Stripe Pumps High Stiletto Heel Slip On Pointed Toe Shoes26081 auth MARNI antique-gold patent leather Wedges Peep-Toe Pumps Shoes 36 , Giuseppe Zanotti Brown Leather Round Toe VICINI Career Pumps - Size 35PLEASER Sexy Black Glitter Platform Trucker Girl 7" Stripper High Heels ShoesGentlemen/Ladies ADORE-701UVG Wear resistant a good reputation in the world comfortableNude Heels Platform Pageant 5" JOHNATHAN KAYNE GALACTICA Peep Open Toe Stone 6 MAnne Klein Akwystere Pumps Faux Snake Skin Taupe Women's Sz. 6.5MRalph Lauren 10 M Claudia Black Canvas Open Toe Wedges New Womens Shoes NWOB , Gold Shimmer Women's Prom Wedding Bridesmaid Bridal Sandal High Heel ShoeNICOLE leather SHOES BOOTIES VINTAGE DESIGN COMFORT SIZE 7.5 NEWJessica Simpson Camba Mesh Pointed Toe Pumps 015, Sheer Nude Blush, 8 US / 38 EU , MAX DE CARLO SIZE 8.5 MADE IN ITALY BROWN LEATHER SANDAL 4'' HEEL SLINGBACK NEW , Hot Pointy Toe Floral Sexy High Heels Slip On Womens Leather Casual Pumps Shoes , Cole Haan Jina Flat Country Sandals Open Toe Leather Black 7.5 B NiceFLORAL Rosa Women Wide Width Jewel Outlined Upper Closed Toe T-Strap Dress Pump , Mr/Ms DELIGHT-609NC High quality and cheap delicate Elegant and robust menu , New Women Transparent Sling High Heels Sandal Pumps Studded Party Stiletto Shoes , High Heel Black Strappy Sandals 6" Heels Ellie Shoes 601-LANCE/BLKNew Lucky Brand Ginnie Women's Black Suede Wedge Ankle Boots Size 8.5 M* , *SpRinG PrinT 6.5 Floral Pointy Toe CARRIE Stiletto Heel PUMP GuESS Fabric , Hot Sale Womens Open Toe Super High Wedge Heel Metal Chain Punk Shoes US4-12.5 ,
    Womens Chic Black Stilettos High Heel Sexy Open Toe Open Stilettos Toe Sandals Shoes Plus Size New 84340b4 ->Womens Chic Black Stilettos High Heel Sexy Open Toe Open Stilettos Toe Sandals Shoes Plus Size New 84340b4 -
    KEEN Women's Detroit Gargoyle Jade Steel Toe Work Boots SZ 10 eu40.5 uk7.5 EH , $795 ALEJANDRO INGELMO Black Mia Ankle Boot Sz. 35.5US , womens genuine leather punk mid calf boots bucke strap oxford riding shoes flats , Lakai Griffin Black Black Mens Suede Skateboard ShoesRialto Firstrow Wide Calf Zip Up Riding Boots, Mocha, 7.5 USTory Burch 7 Silver Metallic Snake Reva FlatsStuart Weitzman Sadie Black Satin Platform Peep Toe Pump Size 6.5M RH10570* , Enzo Angiolini Dipoli Zip Up Classic Pump Heels 127, Dark Natural, 8.5 US , MANOLO BLAHNIK SLINGBACK ANKLE STRAP WOMENS SHOES SIZE 36 1/2 CANVA & LEATHER GANine West Womens Grinning Synthetic Dress Sandal 6.5- Pick SZ/Color. , Womens Leather Open Toe Mules Slippers Super High Wedge Platform Clubwear ShoesNIKE MEN'S LUNAR MONTREAL+ RUNNING SIZE 8 NEW/BOX 522345 770 LUNARMTRL+Skechers Sport 52618 Mens Skech Flex 2.0 Oxford- Choose SZ/Color.Gentlemen/Ladies Nike Kobe 10 X Christmas Fine processing Moderate cost Preferential priceReebok Men's Plus Runner Woven Sneaker - Choose SZ/ColorAdidas Yeezy Boost 350 V2 Butter F36980 Size 13CLEAN Nike Air Jordan 10 Retro X DB 636214 066 DOERNBECHER Size 8 Black Red , AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4E2020 BROWN NEW US 9Cole Haan Men's Ellsworth Penny US 13 M Milkshake Leather Loafers Shoes $150.00 , DR COMFORT VICTORY White Bungee Slip On Diabetic Shoe Womens Size 9WNike Metcon 3 Fade Women's (Size 11.5) Crossfit Trainer Shoes 902175-400adidas Originals FLB W Flashback Tactile Rose Pearl Grey Gum Women Shoes BY9307ROSE BUD Shoes 611284 WhitexGrey 36Gentleman/Lady Keds Shoes 682917 Beige Beautiful design a variety of unique , Ash Women's Thelma Fashion Sneaker - Choose SZ/Color , Khombu Andie Black/Green Waterproof Winter Snow Boot Womens Size 11Sperry Top-Sider Women's Walker Fog Rain Boot , Womens Nike Air Max 1 Mid Sneakerboots Shoes Size 6.5 Black Gum 685267 003 BootsWomen Punk Pointed Toe Buckle Studded Rivets Leather Boot Wedge Hidden ShoesRockport Total Motion Leather Distressed Ankle Boots Ginger Suede Size 6 Booties
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Chic Black Stilettos High Heel Sexy Open Toe Open Stilettos Toe Sandals Shoes Plus Size New 84340b4 -

    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.

    Womens Chic Black Stilettos High Heel Sexy Open Toe Open Stilettos Toe Sandals Shoes Plus Size New 84340b4 -

    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
    Womens Chic Black Stilettos High Heel Sexy Open Toe Open Stilettos Toe Sandals Shoes Plus Size New 84340b4