Never miss an update

Gentleman/Lady mogochinese-29288 BALENCIAGA Shoes 520864 Blue Various 29282 goods Cheaper the than the price Excellent stretching 1467977

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 there is little feeling of wearing, and is not worried about a dirt and damage
Brand: BALENCIAGA Style: Booties
US Shoe Size (Women's): 6 Color: Blue
UPC: Does not apply
Never miss an update

Gentleman/Lady mogochinese-29288 BALENCIAGA Shoes 520864 Blue Various 29282 goods Cheaper the than the price Excellent stretching 1467977 -

    Gentleman/Lady mogochinese-29288 BALENCIAGA Shoes 520864 Blue Various 29282 goods Cheaper the than the price Excellent stretching 1467977
    Gentleman/Lady mogochinese-29288 BALENCIAGA Shoes 520864 Blue Various 29282 goods Cheaper the than the price Excellent stretching 1467977
    MBT shoes brown leather textile women ankle boots AB188DSQUARED Shoes 611053 Brown 38 1/2 , Men's/Women's HOGAN Shoes 873036 Black 39 Long-term reputation Orders are welcome Good quality , BALENCIAGA Black Leather Ankle Boots, US 7Womens Genuine Suede Leather Knight Side Zippwe Rivet Knee High Boots Flats Shoe , Wonders 5907 ankle boots sale charol negro , Diesel Expo Zip Off White Womens Leather Hi Trainers Boots , My Ferragamo Shoes 647739 Grey 6 , BARBARA BUI Bottes cavalières talons 8 cm tout cuir mate noir 37 EXCELLENT ETAT , Max Mara Shoes 652709 Black 37 1/2 , PIERRE HARDY Shoes 967030 Green 37Gentlemen/Ladies BUTTERO Shoes 086685 Brown 37 Elegant and sturdy set meal Sufficient supply Sales online store , PELLICO Shoes 384080 Black 35 1/2Womens Ladies New Rock Boots Sexy Goth Punk Heel Fashion Leather M.TR051-S1Top Retro Womens Motor Roma Over Knee High Boots Suede Round Toe Cowboy MilitaryWomens Buckle Metal Motorcycle Winter Military Knee High Boot Real Leather ShoesCharles by Charles David Womens owen Almond Toe Over Knee Fashion Boots , Ladies Fly London Folk Office Smart Buckle Closed Toe Flat Calf Boots All SizesWomens Solid Flat Ankle Boots Bowknots Leather Snow Boots Winter Warm Lamb Shoes , Men/Women MARNI Shoes 975152 Black quality New products in 2018 British temperamentScervino Ankle boots Female Size 5 - scs395017n00138 , Man/Woman ZUCCa Shoes 034264 Black S Excellent craft Lush design Breathable shoes , STELLA McCARTNEY Shoes 590454 Black 36 , Men's/Women's STUART WEITZMAN Suede Booties (SIZE 9) Moderate price Quality First Exquisite workmanshipTommy Hilfiger Th Buckle Bootie Stretch Womens Black Suede Ankle Boots , SALOMON Deemax 3 TS Waterproof L404736 Outdoor Hiking Winter Boots Shoes Womens , BALLY Bottes cavalières vintage cuir marron foncé 6.5 37.5 EXCELLENT ETATNWOT Max & Co. Black Ankle Flat Boots, Sz 39 , FREE LANCE Bottines talons 7 cm cuir marron camel nuancé 35 TRES BON ETAT ,
    Gentleman/Lady mogochinese-29288 BALENCIAGA Shoes 520864 Blue Various 29282 goods Cheaper the than the price Excellent stretching 1467977 ->Gentleman/Lady mogochinese-29288 BALENCIAGA Shoes 520864 Blue Various 29282 goods Cheaper the than the price Excellent stretching 1467977 -
    NWT Stellemonelle Italian Leather And Calf Hair Leopard Print Booties - 40 / 10 , Mr/Ms Skechers womens wedge sneakers Adequate supply and timely delivery Attractive fashion Fair priceMerrell Murren Strap Womens Waterproof Mid Ankle Zip Up Boots , Man/Woman NEW Miss Shop Florence Yellow Sandal for you to choose Low price Valuable boutiqueMan's/Woman's Stuart Weitzman High Heels Beautiful color Modern and stylish fashion Authentic guaranteeAerosoles Women's Crash Pad Mule - Choose SZ/Color , Women's Buckle Strap Woven Bowties Ballet SHoes Round Toe Silk Punk Casual ShoesTrotters Women's Chic Leather Merlot 7.5 N US , Skechers BOBS Women's Pureflex3-Stretch Skimmer Ballet Flat - Choose SZ/ColorDansko Women's Sonja Cabrio Leather Clog, Black, 38 EU/7.5-8 B(M) US , NEW Dansko Ainsley Leather Mary Jane Clog Women's Shoes Size 38chic womens pointy toe embroidery floral slip on slippers flat heel shoes casualopen toe stiletto ankle strap platform shoes super high heel sexy women back zipLaura Biagiotti Women's Pumps Court Shoes Black Faux Suede & Patent Leather , NEW Ruby Shoo Lola Tweed Corsage Court Shoes Navy / Grey Plum UK3-9 EU36-42Christian Louboutin Nude Patent Bianca 140 Platform Heels Shoes 38 BNIBSkechers Unity Beaming Slip-On Women's Shoes Size , Nike Air Force 1 07 Mini Swoosh Royal Blue Gold FC Barcelona 823511 404 Size 9.5Nike Mercurialx Victory VI IC Men's Soccer Shoe US 7-13 100% New 819966 585 A+ , Men's/Women's Shoes Skechers Black Men 52180-BBK feature new Excellent stretching , Adidas NMD R1 Primeknit Mens CQ2444 Black White Red Boost Running Shoes Size 9.5 , NIKE AIR MAX 270 US 9.5 AH8050 001 BLACK WHITE DUSTY CACTUS TEAL BLUE OGMan's/Woman's AIR JORDAN RETRO 2 (Size 10.5) Elegant and sturdy set meal the most economical Acknowledgement feedback , Gentleman/Lady 8-inch Extreme Cold Weather Hiking Boots Practical and economical Make full use of materials Complete specifications , Giorgio Brutini Men's Ainsworth Oxfords Shoes, Brown, Size 7 M , Puma Suede Classic Black Tibetan Red Mens Casual Shoes Sneakers 36324231 , J.Crew The 1990 MacAlister Men's Boot in Oiled Leather Size 13 $158 , New Olukai 20291 6C43 "Eleu Trainer Dark Shadow Women's Slip On Shoes 7.5 USCole Haan Womens CH1898 Low Top Slip On Fashion Sneakers White/Black Size 6.0 , Dolce Vita Siena Women's tan brown suede booties sz. 9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentleman/Lady mogochinese-29288 BALENCIAGA Shoes 520864 Blue Various 29282 goods Cheaper the than the price Excellent stretching 1467977 -

    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.

    Gentleman/Lady mogochinese-29288 BALENCIAGA Shoes 520864 Blue Various 29282 goods Cheaper the than the price Excellent stretching 1467977 -

    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
    Gentleman/Lady mogochinese-29288 BALENCIAGA Shoes 520864 Blue Various 29282 goods Cheaper the than the price Excellent stretching 1467977