Never miss an update

Bernie Mev Women's Comfi Stretch Mary mogochinese-7403 Jane Pops Stretch 7402 Nylon 786ddfc

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: Bernie Mev
Style: 567882_1775171 Color: Pops Stretch Nylon
Never miss an update

Bernie Mev Women's Comfi Stretch Mary mogochinese-7403 Jane Pops Stretch 7402 Nylon 786ddfc -

    Bernie Mev Women's Comfi Stretch Mary mogochinese-7403 Jane Pops Stretch 7402 Nylon 786ddfc
    Bernie Mev Women's Comfi Stretch Mary mogochinese-7403 Jane Pops Stretch 7402 Nylon 786ddfc
    Minnetonka Women's Margot Peep Toe Bootie Black Suede Ankle Boots , Jambu Women's JSport Graham Slip On Mule Navy Knit/Faux Kid Suede/Elastic MulesGentlemen/Ladies Nike Runallday 898464-001 economic Ranked first in its class Comfortable and natural , Pleaser Pink Label Women's Queen 04 Pump Red Patent PumpsTamaris Women's Livia Wedge Espadrille Navy Textile , Adidas Women's Equipment 10 Running Shoes (DB0374) Athletic Sneakers Trainers , OluKai Women's Kulapa Kai Flip Flop Papaya/Black SyntheticJessica Simpson Women's Erienne Strappy Sandal Black Microsuede Sandals , Life Stride Women's Seamless Strappy Heel Luxe Navy PU Heels , ALDO Rafa White Metal Toe Cap Sneakers - Size US 6.5/ , Pleaser Pink Label Women's Queen 04 Pump Cream Patent PumpsSoft Style Women's Dee Pump Bordeaux Synthetic Pumps , Reebok Women's Hayasu LTD Black/Oil Slick/Violet Dance Shoes BS5907 NEW!adidas climacool CM men running run shoes NEW light brown olive S80706 , Clarks Women's Breeze Sea Flip Flop Red Synthetic , Nine West Women's Zofee Block Heel Open Toe Shootie Natural Suede Open Toe ShoesSuperga 2790 Lamew White Womens Flatform TrainersSoft Style Women's Prema Sandal Black Synthetic SandalsNew Womens Reebok CLUB C 85 SO GREY / BLACK / WHITE BS7858 US W 5.5 - 11.0 TAKSE , Madeline Women's Winning Cut Out Sandal Bark Synthetic HeelsAnn Creek Women's Salina Fur Trim Wedge Boot Black , Nomad Women's Hurricane III Rain Boot Navy Waterproof , Fabulicious Women's Elegant 409 Ankle-Strap Sandal Black Patent/Black SandalsWOMEN'S SHOES SNEAKERS ADIDAS ORIGINALS SWIFT RUN W [CG4145] , Vince Camuto Women's Richelle Slingback Champagne Suede Buckle Fastening , adidas Originals WMNS EQT Support RF women lifestyle sneakers NEW BB2353 , Man's/Woman's Pleaser Women's Kiss 208R Clear/Rhinestones/Clear The color is very eye-catching discount price Clearance saleBernie Mev Women's Catwalk Sapphire Stretch NylonPleaser Pink Label Women's Queen 04 Pump Hot Pink Patent Pumps
    Bernie Mev Women's Comfi Stretch Mary mogochinese-7403 Jane Pops Stretch 7402 Nylon 786ddfc ->Bernie Mev Women's Comfi Stretch Mary mogochinese-7403 Jane Pops Stretch 7402 Nylon 786ddfc -
    Aquazzura 40 Blue Velvet Booties NEW SOLD OUT $855HOT! DONALD PLINER LISA BARCO 23 INCH OVER THE KNEE LEATHER BOOTS SIZE 8 SADDLECOLMAR MAN SNEAKER SHOES CASUAL FREE TIME SUEDE CODE CLASSIC 051Womens Leather Boots Super In Grey US 7 Hiking Walking Fashion , Gentleman/Lady A7EIJE Steiner Casual Ankle Boots, Black Fine workmanship discount price renewed on time , NIB Cole Haan Women's Zerogrand Stitchlite Oxford Shoes W10963 in Peach Blush , Nina Women's Cabell Slingback True Silver Metallic Synthetic SlingbacksMen's/Women's Boohoo Womens Cuffed 2 Part Heels We have won praise from our customers. Fast delivery Highly appreciated and widely trusted in and out , charlotte olympia Incy Priscilla Kids Size 32Demonia Dynamite-03 Platform Wedges - Gothic,Goth,Punk,Black,Buckle$1299 Dsquared Shoes Brown Real Leather Size US 9 IT 39 Save 8278DIOR Black Leather Gatsby Rhinestone Jewelry Boots Size 36Sandal Nine West Lynneah Slide Sandal Light Gold MetallicVANS Authentic Lite Rapidweld (Perf) Wind Chime UltraCush Men's Skate Shoes 8 , Rj'S Fuzzies Chestnut Sheepskin Suede Mocs Moccasins Indoor NonSkid Slippers 11M , Nike Cortez Basic Nylon Size 12.5 Shoes Black White Metallic Silver 819720-011 , Gentleman/Lady nike kyrie 1 Australia Various styles First batch of customers Current shapePUMA 19107001 Mens Tishatsu Runner Sneaker- Choose SZ/Color. , NEW Nike Hypervenom Phantom III 3 Pro DF FG Grey Orange Cleat SZ US 9 AH7275-081 , Diadora N9000MM - US Size 11.5 - VERY LIMITED UK RELEASE!!!!Nike Air Max 90 iD White Black Grey Infrared OG SZ 11.5 ( 653533-997 ) , THE BOOT NEW YORK ADAM DERRICK BROWN BOOTS SIZE-11.5 , Polo Ralph Lauren Men Leather Tartan Boots Size 8 Made in USA , Mens 10" waterproof insulated camo work boot. 10 DSkechers 65097 USA Mens Porter Vamen Slip-on Loafer- Choose SZ/Color.Nunn Bush 83890 78 Cameron Black Tumbled Men's Oxford Walking Shoes , Vans SK8 Hi Tops Black Blue Canvas Mens Womens High Top Trainers SizeNIKE Women's Tanjun Running Shoes size 11 Glacier Blue White , Nike SF Air Force 1 SE Prem Force Is Female Womens AJ0963-600 Wine Shoes Sz 7.5 , Newton Distance 7 Women Running Shoes Sports Training Athletics Triathlon Tennis
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Bernie Mev Women's Comfi Stretch Mary mogochinese-7403 Jane Pops Stretch 7402 Nylon 786ddfc -

    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.

    Bernie Mev Women's Comfi Stretch Mary mogochinese-7403 Jane Pops Stretch 7402 Nylon 786ddfc -

    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
    Bernie Mev Women's Comfi Stretch Mary mogochinese-7403 Jane Pops Stretch 7402 Nylon 786ddfc
    Athletic Shoes