Never miss an update

Mr/Ms Castaner King price Shoes 952967 Blue 38 Best-selling worldwide 4053 King of quantity At an affordable price 14008b6

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Item which is beautiful without damage and a dirt being outstanding, or is not damage and a dirt
Brand: Unbranded Style: Espadrilles
US Shoe Size (Women's): 7.5 Color: Blue
UPC: Does not apply
Never miss an update

Mr/Ms Castaner King price Shoes 952967 Blue 38 Best-selling worldwide 4053 King of quantity At an affordable price 14008b6 -

    Mr/Ms Castaner King price Shoes 952967 Blue 38 Best-selling worldwide 4053 King of quantity At an affordable price 14008b6
    Mr/Ms Castaner King price Shoes 952967 Blue 38 Best-selling worldwide 4053 King of quantity At an affordable price 14008b6
    Men's/Women's MINNETONKA Shoes 181666 Brown 6 Reputation first Won highly appreciated and widely trusted at home and abroad Famous store , Walking Cradles Womens flick Closed Toe Ballet Flats, Black Microtouch, Size 6.5Nightmare Before Christmas Jack Skellington LADIES Classic High Top Canvas Shoes , Mr/Ms MOHI... Shoes 285140 Black 36 Elegant appearance New in stock Vintage tide shoesBlack Gold - Moroccan Slip-On - Canadian SellerWalking Cradles Womens flick Closed Toe Slide Flats , Foot Petals Womens CAMI Closed Toe Ballet FlatsEasy Street Womens Campus Leather Closed Toe , CLARKS Women's Everlay Heidi Slip-on Loafer, Aubergine Leather, Size 7.5Nu by Neo Vidoretta Punta Espadrille - SilverRare MOCASSINS DERBY ROUGE PARABOOT T 38 PFT ETAT A ACH IMM FP RED MOND RELA , Trotters Womens sizzle Suede Square Toe Loafers, Black Suede, Size 5.5Nine West Women's Beachinit Synthetic Ballet FlatAuthentic French Espadrilles Hand-made White & Gold Canvas Shoes , Giani Bernini Womens ODEYSA Closed Toe Slide Flats , Marc Joseph New York Womens Tribeca Leather Closed Toe LoafersLucky Brand Womens fantine Closed Toe Oxfords, Black, Size 7.5Franco Sarto Womens Valera Closed Toe Loafers , Enzo Angiolini Womens libelle Closed Toe LoafersNine West Womens Anastagia Pointed Toe Ankle Strap Mary Jane FlatsWomens Valen stud point flats-PRETTY SMALL SIZE-US3/EU33/KR215 , Men's/Women's Calzanor Shoes 833359 GreyxMulticolor 36 Fashion pattern Known for its good quality unique , Dr. Scholl's Shoes Women's Leader Ballet FlatCole Haan Women's Ella Grand 2gore Slip-On Loafer , Gentleman/Lady Cristian Firenze Shoes 103994 Beige 36 Clearance price online shop Human border , Propét Womens Olivia Leather Closed Toe Ankle Strap Oxfords, Black, Size 10.5Walking Cradles Women's Teri Flat, Black Leather, Size 6.0KOREAN K-POP TV Mnet PRODUCE48 AISLEAD SKYBLUE Sneakers for Women , BALLERINES BCBG MAXAZRIA MA-EMLYN GOLD MIRROR METALLIC EN CUIR P 37
    Mr/Ms Castaner King price Shoes 952967 Blue 38 Best-selling worldwide 4053 King of quantity At an affordable price 14008b6 ->Mr/Ms Castaner King price Shoes 952967 Blue 38 Best-selling worldwide 4053 King of quantity At an affordable price 14008b6 -
    Bed Stu Tess Tall Riding Boot - Black Glaze Size 8 , New Stuart Weitzman Demiswoon Wedge Tall Boots Stretch Bootie 10Authentic Fabi Leather Italian Designer Shoes Blue New 6,8,9,10,11 , [bargain] Brooks Cascadia 9 Womens Trail Running Shoes (B) (872) | RRP $240.00 , Men/Women Red Wing Womens Boots 8inch Easy to clean surface New style Very good colorMan/Woman DJANGO JULIETTE TWINZIP BLACK Modern technology Let our products go to the world Valuable boutiqueMan/Woman LADIES CLARKS SANDAL TRI CHLOE Rich design First batch of customers Various , NEW $365 Rachel Comey Patent Branson Loafers White Beige Creamsicle Sz 38 7.5 , Nice SPERRY Open Toe Brown Espadrille Wedge w/Woven Leather Strap & Lacing 9MNEW ZARA WOODEN WEDGE SANDALS SHOES GENUINE LEATHER MADE N SPAIN 37 KELLY ORANGEGentlemen/Ladies SKY-309TTG Queensland Environmentally friendly comfortableNew Jungla 5545 Womens Leather Ankle Boots Made In Spain , Nina Thea - LS Black Luster SA (Satin) 9 1/2 M New in Box 2" Kitten HeelsStuart Weitzman Womens Black Gold Snake Print Evening Heels 6.5 B Made ItalyPINKO WOMAN GLADIATOR SANDAL SHOES HIGH HEELS SUEDE CODE 1P20RP.Y2CQ NICHEL , KEEN Womens Whisper-W Gray Sport Sandals Size 7.5 (3973) , Converse Women'S Chuck Taylor All Star Shoreline Low Top SneakerWomens Arche pink leather strappy thong sandals sz. 41NEW MENS BROOKS PR Sprint 3 RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOESVans X Marvel Sk8 Hi Deadpool Men's Size 9 Shoes Sneakers Limited Edition RedDanner Mens Crafter Wellington Work Boot D US- Pick SZ/Color. , Georgia Carbo-Tec Composite Toe Work Wellington G001 , SANUK MEN CHIBA BROWN SIDEWALK LOAFER SURFER SHOE US 10 / /Castleby Men's Brown Leather Loafers Slip Ons Casual Shoes 9.5D Made In SpainAdidas Womens Copper Size 11 Stan Smith Boost Shoes Women's , Women's New Balance Size 10 501 Classic Black Gray Sneakers WZ501POJ NEW , New Balance Women's 580 Molten Metal Sneakers Shoes WRT580JA Suede Medium (B, M)Women Converse CT All Star Lux Mid Metallic/Pink Hidden Platform Wedge Size 8 , Nike Women's Air Max 1 Ultra Moire Summit White/Cl Grey/Mtllc Slver/Wht RunningNew Under Armour Women's Lightning 2 Running Shoes - Size 5 - Black
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mr/Ms Castaner King price Shoes 952967 Blue 38 Best-selling worldwide 4053 King of quantity At an affordable price 14008b6 -

    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.

    Mr/Ms Castaner King price Shoes 952967 Blue 38 Best-selling worldwide 4053 King of quantity At an affordable price 14008b6 -

    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
    Mr/Ms Castaner King price Shoes 952967 Blue 38 Best-selling worldwide 4053 King of quantity At an affordable price 14008b6