Never miss an update

Dolls Kill Platform Studded Queen Pin Pin Heels Current Platform Mood mogochinese-1629 Sold Out Size 6 bb827d1

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: Dolls Kill
Color: Silver US Shoe Size (Women's): 6
Features: Stud Style: Platforms & Wedges
Never miss an update

Dolls Kill Platform Studded Queen Pin Pin Heels Current Platform Mood mogochinese-1629 Sold Out Size 6 bb827d1 -

    Dolls Kill Platform Studded Queen Pin Pin Heels Current Platform Mood mogochinese-1629 Sold Out Size 6 bb827d1
    Dolls Kill Platform Studded Queen Pin Pin Heels Current Platform Mood mogochinese-1629 Sold Out Size 6 bb827d1
    Women's Vera Wang Lavender Collection Zoey Peep Toe Pumps Black Size 6.5 M , NEW!! Tahari Lynna Beige Leather Suede Sandals 4" Heels Size 8M US 38M EUR , ANNE KLEIN (TAUPE) SUEDE PUMP WITH CROC HEEL-SIZE 7M! NEW! FABULOUS! , ZARA RED BLOCK HEEL MULES SIZE US 8 REF. 2658/201Madden Girl Beella Block Heel Sandals Black Fabric Shoe Size 6.5 , Men/Women Cole Haan Heels elegant Modern design At an affordable price , Stuart Weitzman Womens Shoes Size 9 Brown Solid Strappy Heels Pumps Casual , CLARKS ARTISAN NAVY BLUE LOAFERS WITH 2" HEEL10XW IN PRISTINE CONDITIONRoman Women's Sandals Open Toe Ankle Strap Hollow High Heel Stilettos Shoes SZEU36-46 Womens Super High Heel Ballet Shoes Round Toe Leather Dance Stilettos$200 BCBG BCBGMAXAZRIA Women Savannah Sequin Pointed Toe Pump Shoe, Black, US 10New Calvin Klein Loni Black Leather Sandal Heel Size 7 $159 , RALPH LAUREN MADISON BLACK LEATHER WOMENS WEDGE BUCKLE SLIP ON SHOES MULTISIZESAPEPAZZA 11 41 Red Suede Patent Leather Cork Platform Wedge Espadrille SandalsSalvatore Ferragamo  Womens Heels Shoes  Size 6.5 B BlackWomen's Shoes TOMMY HILFIGER MAREE Platform Heels Ankle Strap Faux Patent BLACKAnnaKastle Womens Imitation Pearl Buckle Flat Mule Dress Slipper US 5 6 7 8 , YES KIM size 7 Solestruck multi-colour heelsGentlemen/Ladies RETRO-03 Promotion Online export store professional design , Ladies Transparent Wedge Heels Floral Peep Toe Wedding Shoes Sandals Summer s$199 BCBG BCBGMAXAZRIA Womens Serena2 Strappy Dress Sandal Shoe, Black, US 10 , Lauren Ralph Lauren Womens Heels Sz 10 M Black Suede Leather Classic Pumps Shoes , Vintage Women Shoes Italian Anne Klein New Red Suede Pumps , BCBGeneration Demetria Heels 7 1/2 M New Peep Toe Black Stilettos Calf Leather , PLEASER Amuse-25 Series 5" Heel Sexy Exotic d'Orsay PumpFLORAL Elena Women Extra Wide Width Rhinestone Jewel Buckle Closed Toe Slingback , Black High Heel Rhinestone Platform Clear Upper Exotic Dancer Open Toe Womens , Gentleman/Lady Purple El Naturalista Clogs 6 36 Promotion First batch of customers Fashion versatile shoes , Dansko Fanny Women's 38 Brown Leather Mary Jane Wedge Heels Shoes US 7-7.5 ,
    Dolls Kill Platform Studded Queen Pin Pin Heels Current Platform Mood mogochinese-1629 Sold Out Size 6 bb827d1 ->Dolls Kill Platform Studded Queen Pin Pin Heels Current Platform Mood mogochinese-1629 Sold Out Size 6 bb827d1 -
    Mr/Ms Leopard Western Style Ankle Boots Booties Strong heat and wear resistance Excellent performance Rich on-time delivery , Marc Fisher Women's Cadis Ankle Bootie, SUGHERO, 8 M US , Gentle Souls GS02136LE Womens Vicki Low Wedge Leather Ankle Bootie 6 M , New Stuart Weitzman JEFEMID Stretch Grey Suede Boot Heel Shoes sz 10 NNIB Tory Burch PHOEBE Flat Thong Sandals Royal Tan 7.5 , Rosie Assoulin Women Shoes Size 38 NIB Flats SwarovskiCasual Street Womens Pointy toe Shoes Low Heel Slip on Loafers Suede Leather newJeffrey Campbell Great Moments Womens Beige Heels 6.5 , IVANKA TRUMP LINDI Women Pumps (6.5M, BLACK MULTI SUEDE) , Miz Mooz Kiani Wedge Heels - Women's Size 9.5/10 - Black , Lot Magenta Faux Suede Studded Detail Flare Heels Pumps Stilletos Fashion Shoes , womens velvet embroidey bees slip on fashion block Mid heel mules slippers shoesSee By Chloe by Womens Tasha Clog- Select SZ/Color. , Womens Nike Lunarglide 8 Run Running Shoes Black/White 843726-001 Size 6.5 , NEW NIKE ZOOM HYPERREV MEN'S PURPLE BASKETBALL SHOES SIZE 16.5 (742247-505)Men's Nike Air Force 1 07' AF1 Low White Classic (315122-111) Size U.S. 10.5Nike Air Unlimited Men's Basketball Shoes, 854318 661 , NEW BALANCE GOLF 1701 MENS 4E Wide Width NBG1701 Black NIB , NEW MENS BROOKS LAUNCH 4 RUNNING SHOES TRAINERS HIGH RISK RED / BLACK / ORANGEMan's/Woman's PUMA TSUGI NETFIT V2 36539802 BLACK main category New in stock Suitable for color , NIKE AIR MORE MONEY AS QS "90/10" VAST GREY WHITE AQ0112 001 Men's Sz 11 , Bota Vaquera El General Piel Africa Nuez ID 122471Nunn Bush Men's Bayside Lites Venetian Slip OnConverse All Star CT DUAL CLR OX Mens Shoe , Dr Martens Men Deck Oxford Shoes Size 11 M Rick Brown Air Wair slip ResistantUnder Armour Womens UA Charged Bandit Night Running ShoesWhite- Pick SZ/Color. , SAUCONY Women's Grid Omni Walker •White Leather•Nike Air Max 1 Ultra Moire Running Women's Shoes Size 6.5 , NEW Ariat Fatbaby Heritage Western Boots 10014076 Women's 6.5 B , Pleaser 7" Heel Knee BT Side Zip Women Boots Blk Faux Leather/Blk Matte ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dolls Kill Platform Studded Queen Pin Pin Heels Current Platform Mood mogochinese-1629 Sold Out Size 6 bb827d1 -

    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.

    Dolls Kill Platform Studded Queen Pin Pin Heels Current Platform Mood mogochinese-1629 Sold Out Size 6 bb827d1 -

    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
    Dolls Kill Platform Studded Queen Pin Pin Heels Current Platform Mood mogochinese-1629 Sold Out Size 6 bb827d1