Never miss an update

Women's Shoes Booties Blossom Eternity Eternity 71 Embellished Platform Ankle 29992 Booties Black*New* 835fd1f

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
Style: Platforms & Wedges
Width: Medium (B, M) Heel Height: High (3 in. and Up)
Color: Black Material: Textile
Brand: Blossom
Never miss an update

Women's Shoes Booties Blossom Eternity Eternity 71 Embellished Platform Ankle 29992 Booties Black*New* 835fd1f -

    Women's Shoes Booties Blossom Eternity Eternity 71 Embellished Platform Ankle 29992 Booties Black*New* 835fd1f
    Women's Shoes Booties Blossom Eternity Eternity 71 Embellished Platform Ankle 29992 Booties Black*New* 835fd1f
    Women 16cm Pointy Toe Patent Leather Sexy Nightclub Stiletto Shoes Ankle StrapNew Banana Republic Ivonne Gold Sparkle Women Classic High Heels SZ 7.5 , Women's Low Block Heel Pointy Toe Slip On Shoes Loafters Slingback Suede Sandals2017 New Chic Womens Square Toe Slip On Mid Cuban Heel Rivet Casual Loafers Shoe , Impo Womens Tasmine Closed Toe Ankle Strap Classic Pumps, Black, Size 8.5 , NEW WOMENS SACHA LONDON RED ANUSHKA HEELS SHOES SIZE 12M 12 MRunway Womens Pearls Pointed Toe Flats Heels Summer Sandals Ankle Strap Hot Sale , Caparros 6.5 M Donatella Black Satin Open Toe Heels New Womens Shoes , Womens Retro Tassels Pointy Toe Suede Chunky Heel Causal Shoes Oxfords Brogues YWomen's Sexy high Stiletto Heels Clear PVC pumps Shoes Transsparent Pointed ToeWomens Suede Pointed Toe Rhinestone Bowknot Shoes Mid Heels Party Wedding Sweet , Vince Camuto Snakeskin Shoes Bone & Brown Pumps Size 8B Open Toe Nice ConditionAerosoles 58426 Classic Dress Pumps 578, Grey, 6 USCL by Chinese Laundry Women's Dream Girl Wedge Sandal Nude Nubuck 8 B(M) US , Pin Up Couture CUTIEPIE-02 Platforms Red Patent Sexy Mary Jane Pump High Heels , Mr/Ms Bcbg Womens Heels 6.5 Reliable quality Medium cost Selling new productsFashion Sexy Womens Pointy Toes Slip On Nightclub Stilettos High Heels Pumps New , 2018 Womens Fashion Pointed Toe Real Leather Low Heels Slingback OL Korean NewNEW CLARKS WOMENS LIYA GAZE - WOMENS SANDALS - BLACK , NEW Enzo Angiolini Womens Black Evening Pumps - 9$160 MISS SIXTY TIANA Cuoio Brown Nubuck Designer Platform Pumps 10 , Women's Shiny Sequins High Stilettos Heels Pointy Toe Slip on Club Wedding PumpsCole Haan Shoes Oxford Saddle Stephanie Maria Sharapova Heels Comfort Sole 6.5 BWomen's Faux Leather Slingback Pointy Toe Stilettos Pumps OL Shoes 2Colors NewDEMONIA T-Strap Platform Creeper Side Cutout Piping Detail CREEPER-214 SilverWomens vogue Hidden Wedge Heel Slip On Mesh Platform Sport Shoes sports SneakersVogue Womens Kitten Heels Ankle Strappy Buckle Sliingback Pointy Toes New Shoes , Louise et Cie Quincy Women Open Toe Leather Brown multi Wedge Heel choose sizesPLEASER Sexy 5 1/4" High Heel Concealed Platform Cream Pump Shoes Large SIZES
    Women's Shoes Booties Blossom Eternity Eternity 71 Embellished Platform Ankle 29992 Booties Black*New* 835fd1f ->Women's Shoes Booties Blossom Eternity Eternity 71 Embellished Platform Ankle 29992 Booties Black*New* 835fd1f -
    Jimmy Choo Black Leather Embellished Moto Booties Womens Size M , Bogs Women's North Hampton Pompons Snow Boot, Plum/Multi, 6 M US , New STUART WEITZMAN Size 9 ELEVATED Black Suede OTK Block Heel Boots , Blundstone Chestnut High Leg Pull On Riggers Boot With Steel Cap 996 NEW IN BOX!Man/Woman Amblers FS103 Womens Safety Boots (FS3029) fashion High quality and economy Recommended todayBernie Mev Womens Sabrina Bronze Boot - 38 , Giorgio Armani Women's Two Tone Leather Shoes -Size 38 , Bronx Brown Leather Women's Shoes with 3 Inch Heel in Size 8.5 , Pleaser 6" black chrome ankle strap dancer sandalsCole Haan Shoes Shimmering Blue Wedges Heels Cap Toe Size 9 1/2 B , L&J - SIZE 7 - Women’s Ladies Genuine Patent Leather Blue Pumps Shoes Dark Blue , Aerosoles A2 Women's High Hat Dress Sandal , Man's/Woman's Funtasma VICTORIAN-03 Fine workmanship First batch of customers Caramel, gentleStuart Weitzman Clara Heels - Women's Size 8.5M BlackBirkenstock Arizona Soft Footbed Sandal Black Synthetic Leather Euro 36 , NEW MENS UNDER ARMOUR C1N LUX CAM NEWTON SNEAKERS 3000325 100-SHOES-SZ 10.5 , Men's/Women's VANS AUTHENTIC DISNEY SHOES VN0A38EMUK9 Aesthetic appearance real Exquisite (processing) processing , Puma Ignite Golf Shoes 188679-02 White/Gray Turbulence Mens NewNike Men Zoom All Out Low 2 II Running Shoes Black Grey AJ0035-003 US7-11 04' , Nike Zoom Force 1 ZF1 Snowboarding Boots 334841-007 Size 9 US Mens Black , Florsheim 13294-001 Mens Hamilton Chukka Boot D US- Choose SZ/Color.Maison Martin Margiela vintage suede side zip bootsStacy Adams Mens baldwin Buckle Casual Oxfords, Black, Size 13.0 QSgIDr Martens Burgundy Leather Shoes Casual Oxfords Padded Collar Mens 7 , Gentleman/Lady ARMISTICE Hero Club Rose Brillant Louis, elaborate Fast delivery Superb craftsmanshipFranco Sarto NEW Black Women's Size 5.5M Canary Leather Riding Boots $189- , PUMA Women's Basket Glitter Wn Platform - Choose SZ/color , Mudibear Women Boots High Heels Platform Shoes Zipper Plush Keep Warm Female Win , Naturalizer Womens Jelina Brown Riding Boots Shoes 7.5 Medium (B,M) BHFO 8907 , Black Silver Studs Cowboy Leather Western Ranch Rodeo Boots Embroidered ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Shoes Booties Blossom Eternity Eternity 71 Embellished Platform Ankle 29992 Booties Black*New* 835fd1f -

    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.

    Women's Shoes Booties Blossom Eternity Eternity 71 Embellished Platform Ankle 29992 Booties Black*New* 835fd1f -

    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
    Women's Shoes Booties Blossom Eternity Eternity 71 Embellished Platform Ankle 29992 Booties Black*New* 835fd1f