Never miss an update

Sexy Women Pointy Pull Boots On sanfrancisco-27894 Stilettos Shoes High Heel Over The Knee Boots Shoes Size b11cf29

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: Unbranded
Material: Leather Style: Ankle Boots
Occasion: Casual Country/Region of Manufacture: China
Pattern: Solid Heel Height: High (3 in. to 4.5 in.)
Width: Narrow (AA, N) Heel Type: Stiletto
Never miss an update

Sexy Women Pointy Pull Boots On sanfrancisco-27894 Stilettos Shoes High Heel Over The Knee Boots Shoes Size b11cf29 -

    Sexy Women Pointy Pull Boots On sanfrancisco-27894 Stilettos Shoes High Heel Over The Knee Boots Shoes Size b11cf29
    Sexy Women Pointy Pull Boots On sanfrancisco-27894 Stilettos Shoes High Heel Over The Knee Boots Shoes Size b11cf29
    Top Class Women's Cow Leather High Chunky Ankle Boots Round Toe Side Zip Shoes A , Women Real Leather Chunky Mid-high Heel Tassels Pointed Toe Ankle Boots Hot B48Womens Ankle Riding Boots Suede Knitted Stretch Pointed Toe Stilettos ShoesEurope Women Ankle Boots Suede Rabbit Fur Furry Zipper Stilettos Heel Chic ShoesNew Womens Faux Fur Round Toe Warm Hidden Heel Snow Ankle Boots Casual Shoes qlWomen's Sexy Shiny Bling Ankle Boots Clubwear Dress Club Cuban Heels Zip Shoes , Womens Cherity Strap Metal Decor High Block Heeled Ankel Boot Back Zipper Sweet , Sz35-43 Women's Nightclub Dance Over Knee High Boots Stilettos High Heel Shoes , womens stiletto high heel over the knee high boots pumps gladiator shoes sandals , Women Chic High Stilettos Heel Floral Pointy Toe Ankle Boots Flower Print Shoes , Causal Korean Womens Shoes Suede Fur Collar Block Heel Zip Ankle BootsNew Womens Zip Pointed Toe Buckles Rivets Stilettos High Heels Ankle Boots ShoesWomen Patent Leather Metal Chain Over Knee Stretch S9 Riding Boots Zip Shoes , Womens Pointed Toe Med Slim Heels Bow Knot Ankle Riding Boots Stilettos Shoe , Ladies Party Apricot Over Knee Stiletto Boot Stretchy Pointy Toe Shoe Pull on Q* , Women Faux Suede Pull On Block High Heel Pieced Knee High Boots Zipper Shoes NewWomens Pointed Toe Side Zip Patent Leather Stilettos Chelsea Party Ankle Boots , Womens Cow Real Leather Ankle Boots Shoes Fur Heels Chunky Pointed Toe Zipper , Womens Pointy Toe Mid Chunky Block Heel Faux Suede Ankle Boots Pull On Shoes hot , Womens Synthetic Leather Pointed Toe Pull On Flat Chelsea Ankle Boot Silver PumpWomens Nightclub Dance Over Knee High Boots Stilettos High Heel Shoes Lady Hot , Women High Heel Fashion-Knee High Pieced Denim Pointed Toe Zipped Boots Shoes Sz , Womens Ankle Boots Pointy Toe Back Zipper Shiny Patent Leather Formal Club ShoesWomens Warm Winter Ankle Boots Platform Punk Zip Suede Fur Bootie Shoes Casual , Women's Ankle Boots Block Cuban Heel Rhinestone Pointy Toe Side Zip Leather HotWomen Buckle Decor Riding Boots Back Zip Round Toe Mid Block Heel Leather Knight , Women Winter Long Thigh Black Brown Color New Design High Ankle BootsWomens stylish floral embroider ankle short Boots pull on Causal shoes low heel , Women Hidden Wedge Low Heel Suede Leather Over The Knee Thigh Knight Boots [email protected]@
    Sexy Women Pointy Pull Boots On sanfrancisco-27894 Stilettos Shoes High Heel Over The Knee Boots Shoes Size b11cf29 ->Sexy Women Pointy Pull Boots On sanfrancisco-27894 Stilettos Shoes High Heel Over The Knee Boots Shoes Size b11cf29 -
    LOUISIE ET CIE BLACK LEATHER KNEE HIGH SIZE 6.5 EQUESTRIAN STYLE RIDING BOOTSASICS Gel Lyte Sand Layer Size 11 US , Ladies Gabor Court Shoes The Style 31.264 -WLove Moschino Black Trainer JA1506 - New in Box , Handmade Women Princess White Floral Bridal Wedding High Heels Shoe LauL , Clarks Rosalyn Belle-K Womens Belle- Choose SZ/Color.Zara Women Slides With Beaded Pink Size 7.5 NWT , Vaneli Womens Darena Sandal 9(B)- Pick SZ/Color.Puma Suede Classic Natural Black Men Sz 7.5 - 11New Balance NB 420 REVLite Mens Lifestyle Sneakers Shoes Brown U420BRN Size , Nike Zoom Victory Track Pro Spikes Shoes Size 8 White/blk Rare Rupp Farah Racing , Nike Air Penny II 2 College Blue/White Men's Basketball Size 10 (333886-400) NewMizuno Wave Rider 19 White/Grey/Black Marathon Running Shoes 2016 J1GC160319 , Man's/Woman's Nike Air Jordan Spizikes. Size 14 Complete specification First grade in its class Diversified new design , Man/Woman Adidas Nmd King Push Cheap real Perfect processingNike Air Huarache SE Hurricanes Mens AT4254-102 Rainforest Mango Shoes Size 11 , Saucony Mens CohesionRunning Shoe 13US- Pick SZ/Color. , Nike Air Max 95 Premium QS Metallic Silver Bullet Red 918359 001 Men's Size 10.5 , BLACK 100% LATEX RUBBER BOOTS SIZE 6-16 HEEL-0' - PRODUCER POLAND , Chic New Hot Mens Alligator print Real Leather Ankle Boots Chelsea Boots shoesLaredo 7898: Men Lodi Taupe Leather Foot Cowboy Approved Broad Square Toe Boot , stylish Mens ankle short Boots studded Casual Flat Euro sports dance shoes Hot , men's shoes TRIVER FLIGHT 7 () loafers black suede BX562-40 , Slippers and clogs Moncler basile Men - Leather (101380007857) , Nike Free 5.0 V4 Women's Running Sneakers 6.5 (New) , Men's/Women's Nike Womens Kaishi Sneaker, 9, Black wholesale Lush design buy online , WOMEN'S SHOES SNEAKERS SAUCONY JAZZ ORIGINAL [S60368 32] , Men's/Women's New Balance Women's W880gb6 Complete specification range Impeccable Direct businessLadies fashion Hot pointy Toe ankle short Boots zip slim high heels Sexy shoes s , Women Retro Middle Motorcycle Boots Belt Buckle Round Toe Chunky Shoes Ycart
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sexy Women Pointy Pull Boots On sanfrancisco-27894 Stilettos Shoes High Heel Over The Knee Boots Shoes Size b11cf29 -

    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.

    Sexy Women Pointy Pull Boots On sanfrancisco-27894 Stilettos Shoes High Heel Over The Knee Boots Shoes Size b11cf29 -

    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
    Sexy Women Pointy Pull Boots On sanfrancisco-27894 Stilettos Shoes High Heel Over The Knee Boots Shoes Size b11cf29