Never miss an update

New Shoes Womens Glitter Velcro Shoes Fashion Casual Sneakers 815 7.5 Blue Purple Velcro Skechers e8045f8

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Pattern: Solid
Product Line: Skechers Street Color: Multi-Color
US Shoe Size (Women's): US 7.5 Brand: Skechers
Material: Leather Accents: Glitter
Width: Medium (B, M) Style: Fashion Sneakers
Type: Sneakers Heel Style: Platform
Features: Platform, Slip-on, Round Toe Heel Height: Flat (0 to 1/2 in.)
UPC: Does not apply
Never miss an update

New Shoes Womens Glitter Velcro Shoes Fashion Casual Sneakers 815 7.5 Blue Purple Velcro Skechers e8045f8 -

    New Shoes Womens Glitter Velcro Shoes Fashion Casual Sneakers 815 7.5 Blue Purple Velcro Skechers e8045f8
    New Shoes Womens Glitter Velcro Shoes Fashion Casual Sneakers 815 7.5 Blue Purple Velcro Skechers e8045f8
    Skechers Womens Flex Appeal 2.0 Bold Move Fabric Low Top, Charcoal, Size 6.0 , Steve Madden Levels High Top Fashion Sneakers, Black Studs, 6.5 USNew Balance WRZHLB1 Womens Running Shoes Size 6.5 , Taryn Rose Freddie Slip On Fashion Sneakers, Brown Multi, 5 USBandolino Women's Apela Wedge Slingback Pewter Metallic Nappa PU Hook and Loop , New FLY London Mabs Slip-On Platform Sneaker Hi Top Black Leather Size 40 US 10Adidas Superstar Decon Athletic Women's Shoes Size 9Women’s ASICS GT-2000 Running Shoes Sz 8Men's/Women's Creative Recreation Women's w Carda Sneaker Every item described is available Highly praised and appreciated by the consumer audience Non-slipPuma Fierce Rope Chandelier Training Women's Shoes SizeWomen's Hoka One One Clifton 4 Running Athletic Shoes Castle Rock Asphalt Sz 9.5Nike Roshe Two High Flyknit Water Repellent Sneaker Boot Sz 8 US [861708-002] , Mr/Ms Blue/Red Adequate supply and timely delivery Optimal price Excellent function , Vivobarefoot Primus Trail SG Womens - Black/Red NIBMINT Salomon Women's Crossamphibian Swift W Athletic Sandal Blue 10M , The Northface Ladies Walking /Trail Sneakers Size 8Brooks Addiction Walker Shoes - Women's Size 11B - White , Mizuno Women's Wave Inspire 13 Running Shoe, Grey/Yellow, 7 B US , L.A.M.B. Benzo Sneakers Shoes Black Metallic Women's 8.5 9 , Nike Lunar Charge Essential Womens size 6.5 , Pink Femme Power VANS Shoes Womens 9 Mens 7 HTF , La Sportiva Women's Bushido Trail Running Shoe, Fjord USA 7Le Village White Hi Top Women’s Sneakers Hand Made in Italy Size 39 EU (US 9) , Vans Cherry Checker Black/Gum Old Skool Checkered Shoes , Skechers women's Go Run forza running shoes performance Sizes 7.5 & 8 , Converse All Star Pink Marimekko Floral Canvas Sneakers Women 8.5 ShoeNEW HI-TEC Logan Mid WP WATERPROOF HIKING BOOTS shoes WOMENS size 8.5 NIBReebok R CROSSFIT SPEED TRAINING AR3079 SIZE 9 GRY/CLATE/BLU/YLW/BLKREEBOK CLASSIC HIGH TOP SNEAKERS VINTAGE RETRO 80s 90s WOMENS SIZE 10 ,
    New Shoes Womens Glitter Velcro Shoes Fashion Casual Sneakers 815 7.5 Blue Purple Velcro Skechers e8045f8 ->New Shoes Womens Glitter Velcro Shoes Fashion Casual Sneakers 815 7.5 Blue Purple Velcro Skechers e8045f8 -
    Womens Bed Stu Harness Leather Boots Motorcycle High Heel Brown 9 Mid Calf AnkleRoper Women's Shorty Fringe Boot, Brown, 10.5 M US , Saint Laurent women’s crystal-embellished suede ankle bootsNike Wmns Lunarcharge Essential Light Bone Women Running Shoe Sneaker 923620-003 , Gentleman/Lady Ladies Gabor Ankle Boots - 72.723 Excellent value International choice have funBalenciaga Women's High Top Fashion Sneakers Natural Black 40/ 9-9.5 $695CLARKS Women Ashland Pearl Oxford Shoes (5.5 B(M) US, Black Leather) , Aerosoles Brown Suede Pumps Role Reversal Booties Womens Size 8.5 M , Summer White Pinup Girl Spectator Heels by Via Spiga, size 9MLast One ! New IB Bandolino Pewter Yara Pump Wedge 10M , Stuart Weitzman Wedges Size 6M Bronze Jeweled Front Tie Ankle Strap (see note) , Donald J Pliner Monica Womens Taupe/Pewter Distress Leather Ankle Booties sz 6.5 , TORY BURCH Women's Viola Bow Pump Heel Satin/Velvet Navy/Blue Notte NIB $348LORO PIANA Italy DIVISE 40 / 10 Brown Suede Dress Heel Loafers Moccasin ShoesJimmy Choo Billie block Shoes Sz (39) 9 Retails $625Sexy Womens Rhinestone Rhinestone Sandals Shoes High Heel Buckle Zip Plus SZ NewEcco OffRoad Lite Coba Sandal - size 39AUTHENTIC HERMES NUDE CALF LEATHER SLINGBACK SANDALS SHOES HEEL EURO 36 , Paul Green Womens Melissa Brown Wedge Sandals Shoes 7 Medium (B,M) BHFO 6776Old Friend Women's Bootee Wide Moccasin Chestnut 8 W US , NWOB Under Armour Mens UA Tempo Sport Black Golf Shoes 1288576-001 Size 8HOKA ONE ONE MEN CLIFTON 4 BLUE / JASMINE GREEN SHOE US 9 / /3 /Nike Men's Air Assault Athletic / Casual Deadstock Sneakers 316421-041 Size: 13Newton Kismet II Men´s Running Sport Shoes Trainers Run nb blue M011916 WOW SALE , Nike Air Jordan 1 Retro High Promo Sample All Star Chameleon Size 9 2017' NewJOHN VARVATOS U.S.A STAR "BLEEKER' Side-Zip MEN RIDING BIKER COMBAT BOOTS 10.5English Laundry Men's Canning Oxford, Cognac, 9.5 M US , Exotic Shorthair Cat Christmas Print Running Shoes For Women-Free Shipping , Womens Pull On Sexy Over Knee Thigh Boots Stiletto High Heel Platform Party ShoeCUTE WOMENS CHACO BELYN BAA BROWN LEATHER WARM SHEARLING LINED WINTER BOOT SZ 9
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Shoes Womens Glitter Velcro Shoes Fashion Casual Sneakers 815 7.5 Blue Purple Velcro Skechers e8045f8 -

    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.

    New Shoes Womens Glitter Velcro Shoes Fashion Casual Sneakers 815 7.5 Blue Purple Velcro Skechers e8045f8 -

    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
    New Shoes Womens Glitter Velcro Shoes Fashion Casual Sneakers 815 7.5 Blue Purple Velcro Skechers e8045f8
    Athletic Shoes