Never miss an update

Ellie High Boots Shoes Thigh High Silver Boots w/ w/ 12cm Heels e8691bd

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: Ellie Shoes
Color: Silver US Shoe Size (Women's): 10
Style: Stilettos
Never miss an update

Ellie High Boots Shoes Thigh High Silver Boots w/ w/ 12cm Heels e8691bd -

    Ellie High Boots Shoes Thigh High Silver Boots w/ w/ 12cm Heels e8691bd
    Ellie High Boots Shoes Thigh High Silver Boots w/ w/ 12cm Heels e8691bd
    Mr/Ms Klogs USA Women's Ashbury Boat Shoe online sale Latest styles comfortableGentlemen/Ladies BCBG GIRLS GREAT WEDGE SHOE SIZE-10 New Listing Low price Exquisite (processing) processingThalia Sodi Womens regalo Open Toe Ankle Strap Classic PumpsGIMMEL Pointed Toe Charcoal/Black Fabric Pumps (Women)Gentleman/Lady Heel Nine West Lastage Silver Fabric Customer first In short supply King of the crowd2017 women's high heel shoes female black pumps genuine leather strap work shoes , Heel Jessica Simpson Lalaine Black Soft Nappa Silk , Thalia Sodi Womens Telmaf Peep Toe SlingBack Platform Pumps , COLE HAAN GOLD LEATHER SNAKE PRINT PUMP SHOES - 3" HEELS - VARIOUS SIZES AVAIL. , Steve Madden Women's Capture Pump, Black, Size 6.5 zC8UMen's/Women's Pour La Victoire Red Heels Various goods Price reduction high quality productSöfft Sofft - Womens - Opal Tan Size 7.5 0crIDavid Tate Womens piper Closed Toe Classic PumpsNATURAL SOUL Women's Fanner Clog, Taupe, Size 6.0 , Lust For Life Triple Buckle Stilettos Super Lemon Ankle Strap Open Pointed Toe$259 Miss Sixty Shoes Blue Size US 6 IT 36 Save 7516Steve Madden Women's Primpy Dress Pump, Black Nubuck, Size 10.0 jrSSChinese Laundry Women's Jump To It Mule, Gold, Size 10.0Sam Edelman Women's Hazel Pump, Pink, Size 5.0 , JOAN BOYCE ENCRUSTE CHAMPAGNE GOLD RHINESTONE OPEN TOE SHOES SIZE 9 1/2M - NEW , JOAN BOYCE ENCRUSTE ROSE GOLD RHINESTONE OPE TOE SHOES SIZE 9 1/2 W - NEW , Metallic Rhinestone Embellished Transparent Ankle Strap Heel , FRANCO SARTO WOMEN'S PATTY PUMPS WILD RICE LEATHER HEEL SHOES 7.5M Org $89 , Fabulicious Women's VIC30/IVSA Boot size 7 , Giani Bernini Womens Lorenn Closed Toe Classic Pumps , POUR LA VICTOIRE CARLA DIAGONAL STRAP SANDAL , JACK RODGERS Classic Woven Design Black Leather Slide On Comfort Clogs Heel 8.5M , VANELi Womens madix Leather Closed Toe Wedge Pumps, Blue, Size 11.0Kenneth Cole New York Women's Wallice Slip Metallic Floral Mule, Multi, Size 7.5 ,
    Ellie High Boots Shoes Thigh High Silver Boots w/ w/ 12cm Heels e8691bd ->Ellie High Boots Shoes Thigh High Silver Boots w/ w/ 12cm Heels e8691bd -
    Hades Florence Upper Proteus Platform High Heel Calf BootsArche Women's Eolie Berry Purple Suede Leather Wedge Ankle Booties Size 37BIKE IT ROAD BOOTS / PULSE MIDI TOURER / UK8 / EUR42 / US9 BOTRDC42 , Nike Air Vapormax Fk Moc 2 / Acronym Mens Running Trainers Aq0996 Sneakers 007Latest Release- Asics Gel Nimbus 19 Womens Running Shoes (B) (4832) , WOMEN'S SKECHERS D'LITES SAFETY TOE WORK SHOES 76596 GRYNine West Women's JINEYA Pump, Black/Pewter Leather, Size 7.5 Z73Z , $275 LOVE MOSCHINO JA1603BC0XJE100A Black Gold Designer Platform Pumps 9 , Elegant Christian Louboutin Huguetta Quilted Back Belt Leather Heels 38 PigalleKork Ease Sz 9 Gracen Strappy Wedge Heel Sandal Blue Leathet , Gentlemen/Ladies Christian Louboutin Pigalle Follies 40 Beautiful color Reliable performance Suitable for colorNew Women's Skechers Relaxed Fit Power Play (12131) (C8)Men's/Women's ADIDAS CF Racer TR Black Customer first Environmentally friendly Brand feast , New Balance Women's Hanzo S Shoes Pink with BlackMens Nike Kwazi Hi Top White Trainers 844839 100Nike Match Classic Suede Sneakers Sz US 8 Men’s shoes nikelab jade max force airSZ 8.5 Cole Haan 2.0 Zerogrand Silver Black Laser Men's Wingtip Oxfords C24682 , Asics Tiger Gel-Lyte III 3 Future Pack Blue Red Mens Retro Sneakers H637Y-4242Nike PG 1 Blockbuster Mens 878627-002 Black Aqua Basketball Shoes Size 11.5 , AIR JORDAN 1 SPIZIKE 9.5 BLACK , DS JORDAN MELO M10 BHM AIR IX CP3 XIII CLASSIC SYRACUSE 1.5 STAR PE CAT II SZ 12 , NIKE SHOX GRAVITY "GRAND PURPLE" MEN SIZE 6.0 REENGINEERED TECHNOLOGY LIGHT , Air Jordan 5 Retro LS 2006 Black University Blue 314259 041 NWDS 2018Birkenstock Men's Shetland Clog Marvel Ironman Yellow Style 1006817, , NEIL M. Moc Toe Oxford. MILANO black extra wide sizes available mens shoesRARE NIKE WMNS AIR MAX 1 ND BLACK WHITE GUM BROWN 319986-038 ***SAMPLE SHOE***Women Stretchy Over Knee Thigh High Boots Block Heels Faux Suede Shoes Zip Zsell , Skechers DOYLINE Womens Gray/Pink 76574/GYPK STEEL TOE Work ShoesWomen Gladiator Rivets Splice Casual Flat Pull On Ankle Boots Fashion Shoes Size , Kork-Ease Mayten Booties Size 9.5 Ankle Boots Brown Pebbled Leather Side Zip ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ellie High Boots Shoes Thigh High Silver Boots w/ w/ 12cm Heels e8691bd -

    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.

    Ellie High Boots Shoes Thigh High Silver Boots w/ w/ 12cm Heels e8691bd -

    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
    Ellie High Boots Shoes Thigh High Silver Boots w/ w/ 12cm Heels e8691bd