Never miss an update

Sz35-43 Women's Patent Leather Platform Buckle Boots Buckle High Heel Patent Women's Stilettos Shoes 39d9279

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: Unbranded
Heel Height: High (3 in. and Up) Style: Boots
Country/Region of Manufacture: China Width: Medium (B, M)
Never miss an update

Sz35-43 Women's Patent Leather Platform Buckle Boots Buckle High Heel Patent Women's Stilettos Shoes 39d9279 -

    Sz35-43 Women's Patent Leather Platform Buckle Boots Buckle High Heel Patent Women's Stilettos Shoes 39d9279
    Sz35-43 Women's Patent Leather Platform Buckle Boots Buckle High Heel Patent Women's Stilettos Shoes 39d9279
    New Stylish Stretchy Womens Pointed Toe Thick High Heel Mid Calf Boots ShoesWomens Round Toe Snake Genuine Leather Winter Fashion Knee High Boots Zip Shoes , Womens leather punk Black Round Toe Zip Rivet motor Knee High Boot Casual ShoesWomen Pointy Toe Zip High Block Heel Tassel Mid Culf Boots Real Suede Fashion , AJ302 CARMENS shoes dark brown suede leather women bootsPunk Womens Cow Leather Fashion Pointy Toe Low Heel Multi Buckle Zip Ankle Boots , Punk Womens Square Toe Over Knee Boots Zip Leatehr Block Heels Riding Shoes SIZEWomen Pointy Toe Zip High Stiletto Heel Over Knne Boot Shoe Leather Party NewFashion Womens Suede Over Knee Thigh Boots Block High Heels New Nightclub ShoesWomens Suede Dress Shoes Side Zip Ankle Boots Dating Shoes Side Zip Round Toe SZ , Clubwear Women's Queen Pointy Toe Stiletto High Heel Zip Over Knee Thigh Boots CWomens Fashion Punk Buckle Strap Chukka Round Toe Block Mid Heels Leather Boots , British Style Stretchy Womens Ankle Boots Thick Heel High Heel Classic Shoes , Women's Warm Fur Ankle Boots Suede Zip Winter Snow Block Heels Shoes , Sexy Womens Side Zip Pointed Toe Stilettos High Heel Knee High Boots Shoes PlusChic Womens Stiletto High Heel ANkle Boots Pointy Toe Floral Embroidery Shoes US , Chic Womens Suede/Leather Over Knee High Thigh Boots Tassel Low Block Heel ShoesWomen Over Knee High Boot Shiny Silver Side Zip High Stiletto Heel Party ClubFashion rivet high block heels womens ankle boots side zippers Winter warm shoes , 2017 Women's Flats Thongs retro Hollow out Sandals Ankle Boots Casual shoes SizeWomens Suede Ankle Boot Riding Leather Slip On Mid-Calf Pointed Toe Casual Shoes , Women Suede Stilettos Low Heels Ankle Boots Zip Winter Fashion Pointy Toe ShoesWomens Nightclub Thigh Boots Mirror patent leather High Heel Over The Knee BootsWomens Embroidery Belt Buckle Stilettos High Heel Ankle Boots Shoes Pointed SexyVelvet Womens Back Zip Ankle Boots Square Toe Black High Heel Occident Shoes HWomenVelvet Suede Over The Knee High Boots Stiletto Winter High Heels Pointy Toewomen over the knee thigh boots high platform stiletto side zipper high heel sz , Women Ethic Pointy Toes Floral Ankle Boots Suede Shoes Side Zip Plus Size 4-10.5Women's Genuine Leather Ankle Boots Square Toe Chunky Heel Oxfords Punk Shoes
    Sz35-43 Women's Patent Leather Platform Buckle Boots Buckle High Heel Patent Women's Stilettos Shoes 39d9279 ->Sz35-43 Women's Patent Leather Platform Buckle Boots Buckle High Heel Patent Women's Stilettos Shoes 39d9279 -
    Alberto Fermani Chiara Slouchy Suede Ankle Boot Size 9.5 , womens pointy toe tassel chunky heel mid suede ankle boots casual shoes 13 , New in Box Women's FRYE Regina Heel Bootie Grey MSRP $258.00 , AUTH $1195 YSL Saint Laurent Women Black Leather Heel Boot 38 , MENS SALOMON QUEST PRIME GTX MEN'S RUNNING/SNEAKER/TRAINING/WALKING SHOES , Nike Epic React Flyknit GS Grey White Kid Youth Women Running Shoes 943311-002 , Womens Vagabond Amina Work Brogue Formal Office Flat Casual Smart ShoesGentlemen/Ladies Ladies Summer Padders Shoes - Sunshine Good design Reliable performance Various latest designsWomens High Heel Stiletto Sequins Leather Party Wedding Shoes Pointy toe Pull onRhinestone Sweet Womens Patent Leather Shoes Ladies Mary Janes Low Heel Pumps OLVince Women's Sophie Espadrille Wedges Black 1231 Sz 9M , Nine West Women's Fault Synthetic Dress Pump - Choose SZ/Color , NIB JIMMY CHOO PATENT POOL CALAIS SHOES SLIDES 37.5Bella Vita Clementine Laser Cut Sneakers 381, Saddle, 7.5 USVANS Bedford (Palm Camo) Grey/White Black OTW Men's Skate Shoes , NIB MENS PUMA FERRARI SF FUTURE CAT KART WHITE MOTORSPORT F1 RACING SNEAKER SHOE , NIKE AIR HUARACHE RUN DRIFT PREMIUM PRM AH7335 102 WHITE/GREY/RUSH ORANGE/BLACK , Wacoal Women's Perfect Primer Contour Bra - Choose SZ/Color , Nike Air Jordan 11 XI Retro COOL GREY sz10 DS 2010 xi , Merrell Chill Black Leather Shearling Lined Loafers Clogs Men's Shoe Size 9.5Reebok Zoku Runner Ultraknit 'Multicolour' Unisex New (Size 9US) Air Gel pump tn , DS NIKE 2010 AIR MAX MAXIM 1 OMEGA LIME 10 ATMOS SAFARI PATTA SUPREME CAMO 90 95 , Summer open toes slingbacks roman sandals shoes flats men's leather beach casual , New J. Crew Woman's New Balance® for J.Crew 791 leather court shoe In PinkCESARE PACIOTTI women shoes sz 5 Europe 38.5 black leather S7155 , Scott Womens T2 Kinabalu 2.0 Shoes 235896 Green/Red Size 8 , Teva Arrowood Lux WP Black Olive Leather Shoes Womens Size 7 *NIB* , Man/Woman New Balance WL574KSB Sheen Pack Black Big clearance sale International choice Full range of specificationsNike WMNS Air Max 1 Cut Out PRM [644398-001] NSW Running Wolf Grey/White , Sexy Womens Leather Studs Nightclub WEAR High Block Heel Ankle Boots Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sz35-43 Women's Patent Leather Platform Buckle Boots Buckle High Heel Patent Women's Stilettos Shoes 39d9279 -

    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.

    Sz35-43 Women's Patent Leather Platform Buckle Boots Buckle High Heel Patent Women's Stilettos Shoes 39d9279 -

    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
    Sz35-43 Women's Patent Leather Platform Buckle Boots Buckle High Heel Patent Women's Stilettos Shoes 39d9279