Never miss an update

Womens GREY Ted Baker Eliena Loafers SUEDE GREY Womens SUEDE Flats 98a52b5

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Shoe Type: Flats
Brand: Ted Baker Main Colour: Greys
SKU: 2894720042 Colour: Grey
Gender: Womens Material: Greys
Product Name: Eliena Loafers Features: GREY SUEDE
Never miss an update

Womens GREY Ted Baker Eliena Loafers SUEDE GREY Womens SUEDE Flats 98a52b5 -

    Womens GREY Ted Baker Eliena Loafers SUEDE GREY Womens SUEDE Flats 98a52b5
    Womens GREY Ted Baker Eliena Loafers SUEDE GREY Womens SUEDE Flats 98a52b5
    MIU MIU women shoes Navy suede flat with crystal jeweled black grosgrain bowLADIES SHOES/FOOTWEAR - Naot Paris sandal mettallic size 42/11Men's/Women's LADIES SHOES/FOOTWEAR -Steplite sandal Stanford aqua elegant New products in 2018 Lightweight shoesKiton D35803 VINAP BLEU PRESTIGE BIANC Brogue Women's Multicolor AU , Womens Bronx Jaxstar Trainer BLACK MONO FlatsJustin Reece 4200 Womens Red Suede Leather Shoes Size , Brand New Lacoste Women Leather Casual Flats , Ladies Padders Dual Fitting Mary Janes - Lyric , LADIES SHOES/FOOTWEAR - Kiarflex Sandal Kadice gold multi , Womens Office Fallen Tassel Loafers BLACK SUEDE LEOPARD EFFECT FlatsSkechers Womens Sure Track Bernal Slip Resistant Leather Work ShoesRRP $850 Miu Miu Embroidered Velvet Smoking Slipper in Bordeaux size 40 , STUART WEITZMAN Guything tassel loafers - cashew Suede - size 3. - new in boxWomens Camper Runner Up Sellafix Black Lightweight Leather Low Shoes Size , LADIES SHOES/FOOTWEAR - Earthies high heel sandal Veria Too redTOD'S WOMEN'S LEATHER LOAFERS MOCCASINS NEW HEAVEN BLUE 026ESCADA Woman Shoes Size 7 1/2 BAC997 MBT shoes black leather patent leather women moccasinsWomens Camper Right Nina Brown Cola Flat Shoes Ballerina Shoes Size , GOLDENGOOSE superstar velvet multicoloured sneaker sz 37 , Pitillos shoes Spain Comfort Leather Slip ons 2401 , Gentlemen/Ladies Jil Sander Velvet Ballet Flats Queensland Year-end sale Don't worry when shopping , Dr. Martens 3 Eyelet Shoe Black Patent LN32 17 , Clarks Originals Womens ** X Natalie Oakwood ** DNew in box Free People Royale Brown Leather Flats , Gabor Women's Basic Boots, Black (17 Schwarz 17), 7.5 EUAs New - Dolce & Gabbana Majolica Flat Women Size 40 , New Womens Lauren By Ralph Lauren Black Farrel Leather Shoes Ballerina Slip On , Gentlemen/Ladies LADIES SHOES/FOOTWEAR - Arcopedico L19 olive Every item described is available modern Lightweight shoes ,
    Womens GREY Ted Baker Eliena Loafers SUEDE GREY Womens SUEDE Flats 98a52b5 ->Womens GREY Ted Baker Eliena Loafers SUEDE GREY Womens SUEDE Flats 98a52b5 -
    ASICS Gel-Classic Retro Running Sneaker - Choose SZ/color , NEW BARNEYS NEW YORK Faux Suede Over The Knee Tan Boots Size 10/Italy Made , FREEBIRD BY STEVEN HOBO HIPPY PIKES WESTERN RIDING LEATHER BOOTS NATURAL 7 NIB , Onitsuka Tiger - Mexico 66 Casual Shoe - White/Blue , Nike KD 4 QS Thunderstruck Retro IV Kevin Durant Art Of Champion Men AQ5103-100Shoes sneaker woman Premiata mod. Beautiful 3430 Coll. A/I 2018/19MERRELL WOMENS ENCORE Q2 BREEZE BLACK SIZE 7.5 , Salvatore Ferragamo Vintage Womens Golf Shoes 6 , BCBG Max Azria Nannis patent leather pump sz 6.5 $225 , Mark Lemp Classics Women's Logic Pump, Navy, Size 8.0 qPzpCalvin Klein Vable Ankle-Strap Square Toe Platform Sandals 863, Soft White, 11Y-0122120 New Yves Saint Laurent Metallic Hedi Slimane Sandals 6 36Mens Adidas Tubular Doom CNY Size 11.5 Chinese New Year High Tops , Adidas Consortium New York x HANON - Dark Storm CM7878 US 10 , ADIDAS NEO V-RACER MENS RUNNING SHOES F38508 NEW WITH BOX SNEAKERSNike Dunk SB mid moat brown size 12 white red premium black OG low SBB authentic , Salomon Men's Authentic LTR GTX Trail Running Shoe Magnet/Black/Quiet Shade 1...Man's/Woman's Danner Mens Duty Boot economic Price reduction Explosive good goodsDr.Martens Mens 1461 Navy Orleans WP 23775417 BootsAfter Midnight Men's Black/Gold Fancy Dress Slip On Loafers 8102 , Allen Edmonds Walden Men’s Black Calf-Grain Leather Penny Loafers 9.5 E (Wide)Cole Haan Men's Black Leather Tucker Venetian Loafers 3640 Sz 8.5 M , Womens ADIDAS COUNTRY OG W Halpin/White Textile Suede Trainers S32200Nike size 9 Burgundy black cherry blazer High Top rareScarpa Cosmo Women's 32550/352 Voyager Sole Suede Hiking Rock Climbing ShoesMan/Woman NEW REEBOK WOMENS FUSION FLEXWEAVE economic Stylish and fun Speed ​​refundCharles By Charles David Edie Women's Black Wedge Knee High Boots US Size 6 M , FREE PEOPLE Brown Tan Braided Leather Ankle Heel Boots Shoes NWOB 6.5 US / 37 EUMen's/Women's NEW FIORIFRANCESI WOMENS BOOTIE Not so expensive special function leading the fashion , Dr. Scholl's Shoes Women's Turning Boot, Grey Microfiber, 10 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens GREY Ted Baker Eliena Loafers SUEDE GREY Womens SUEDE Flats 98a52b5 -

    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.

    Womens GREY Ted Baker Eliena Loafers SUEDE GREY Womens SUEDE Flats 98a52b5 -

    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
    Womens GREY Ted Baker Eliena Loafers SUEDE GREY Womens SUEDE Flats 98a52b5