Never miss an update

Pleaser KISS-3010 Boots Black Platforms mogochinese-18736 Exotic Dancing Black Patent Thigh High Boots 46dbe28

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: Pleaser
Material: Synthetic Style: Thigh High Boots
Pattern: Wet look, Shiny Width: Medium (B, M)
Occasion: Clubwear, Casual Color: Black Pat/Black
Fastening: Zip Heel Type: Stiletto
Style Name: KISS-3010 Heel Height: High (3 in. and Up)
Never miss an update

Pleaser KISS-3010 Boots Black Platforms mogochinese-18736 Exotic Dancing Black Patent Thigh High Boots 46dbe28 -

    Pleaser KISS-3010 Boots Black Platforms mogochinese-18736 Exotic Dancing Black Patent Thigh High Boots 46dbe28
    Pleaser KISS-3010 Boots Black Platforms mogochinese-18736 Exotic Dancing Black Patent Thigh High Boots 46dbe28
    Men's/Women's SLAY-205 High quality and cheap Beautiful Global salesGentlemen/Ladies Stunning Super sexy Stilleto Black Boots Adequate supply and timely delivery Orders are welcome Global sales , Man/Woman NEW SPAZIOMODA WOMENS BOOTS Queensland New products in 2018 Sales online storeWomen's Frye Campus Brown Tall Boots Size 6.5 M Made In USANWT TOMMY HILFIGER SOFFIA BLACK MULTI SUEDE WOOL ANKLE BOOTIES SHOES SZ 7.5 , ESCADA Black Boots Size 37 Made in Italy , Nine West 25030245 Womens Knowone Fabric Knee High Boot 6 M- Choose SZ/Color.Europe Women Stripe Ankle Boots High Stilettos Sexy Pointy Toe Rivets Shoes ChicWomens Real Suede Leather Tassle Rivet Stylish Ankle Boots Pull On Block HeelStylish Women Denim Canvas Stilettos High Heel Platform Over The Knee High BootsDemonia Camel-203 chunky heel platform purple holographic ankle boots women 6-12Lucky Brand Womens rainns Closed Toe Mid-Calf Fashion Boots , STEVEN by Steve Madden Women's Farren Mule - Choose SZ/colorSheridan MiaTall LeatherKnee High Bootin Black6/36New in Box $255Luxe ChicNine West Womens Galician Knee High Motorcycle Boot Shoes, Black, US 6Ana Lublin Shoes Women Boots Black 82702 moda1 SALE , Women Mid Calf Boot Pointy Toe Printed High Heels Real Leather Fashion Zip Shoes , Skechers 48634 Womens DLites Winter Boot- Choose SZ/Color. , Retro Womens Embroider Chunky Heels Side Zipper Riding Knee High Boots Shoes , New Women's Round Toe Mid-Calf Boots Sexy Rock Stage Sequins Winter Shoes sizeSteve Madden Women's Jaydun Fashion Boots Black Nubuck Leather Size 8.5 M$298 Frye Phillip Harness Western Motorcycle Ankle Leather Boots StyleBiker Womens Zip Chic Pointed Toe Stilettos Heel Shoes Evening Party Ankle BootsPLEASER ADORE-2018 Platforms Exotic Dancing Knee High BootsTory Burch Suede Ankle Boot,Bootie,Wedge Heel,Sade,Black Logo Trim,9.5,New, $395 , PUMA Women's Rebel Mid WNS Speckles Sneaker - Choose SZ/colorJessica Simpson Lessy Over-The-Knee Pull On Boots, Dark Multi, 7.5 USDr. Martens Women's Shorditch Gunmetal Fashion BootMen/Women SEDUCE-3063 Many styles the most economical Full range of specifications ,
    Pleaser KISS-3010 Boots Black Platforms mogochinese-18736 Exotic Dancing Black Patent Thigh High Boots 46dbe28 ->Pleaser KISS-3010 Boots Black Platforms mogochinese-18736 Exotic Dancing Black Patent Thigh High Boots 46dbe28 -
    FRYE Women's Madeline Short Smoke Grey Leather Suede Boots Sz 10Miss Rodeo USA Acme cowgirl boots western Boots Sea snake pattern new old stockYSL YVES SAINT LAURENT Black Leather Tall Knee High Heel Boots W/Ties 8.5US 39 , NIKE HYPERDUNK SUPREME 2008 AUSTRALIA PE MEN'S US12 333373-131 , PRADA MENS MOCCASINS LOAFERS SIZE 10.5 MADE IN ITALY EXCELLENT CONDITION , Mizuno - Men's Wave Inspire 14 Wide (2E) - Silver/Directoire BlueClassy Black RoubiB (Melbourne) Womens Shoes Size 39Lambskin Leather Suede Chunky Heels Pump Burgundy Black Brown , Womens Clarks Un Structured Slip On Shoes Un Loop , Beverly Feldman black velvet pink poodle flats 6 , Skechers Women's Patina Cuffed Ankle Boot , New! ALDO Geo Cut Out Open Toe Sandal in Black Size: 37 EUR, 7 US , Occident Women's Front Zip Ankle Boots Block High Heel Patent Leather Shoes H412ara Women's Ophelia 45441 Black Leather Heels , $869 Sz.9.5/39.5 PRADA Patent Leather Peep Toe Cork Wedge Platform Coral ShoesWomen's Sz 37 Pikolinos Brown Woven Closed Toe Small Heel Ankle buckle SandalsNike Zoom LJ 4 Strike Men's Long Jump Spikes Black Green Size 11.5 [415339 035]Reebok Men's Thermal Vibe Leather Basketball Shoes SIZES! COLORS! NIB NEW Black , Nike Flyknit Lunar 3 Running & Training Men's/Mesh/Blue(698181-405)Size:US 11MENS INOV8 X-CLAW 275 MEN'S TRAIL RUNNING/SNEAKERS/ATHLETIC/RUNNERS SHOES , Miracle Tread 908 Men US 9.5 EEE Black Boot Blemish 17850 , Adidas Yeezy Boost 350 V2 Beluga 1.0 Size 11 (Pre-owned but barley worn) , NIB $3650 KITON Brown Leather Double-Buckle Monk Strap Ankle Boots US 9.5 ShoesDKNY Leather White Fashion Sneakers Size 10Mizuno Sports Style GV87 1987 Black White Men Retro Shoes Sneakers D1GA17-0609 , 2016 Nike Lab Tiempo Vetta black 840482 001 - mens 102005 DS NEW NIKE AIR MAX 95 GREY PINK WOMEN 9 MEN 7.5 SEAN WOTHERSPOON 9.5 8.5 7 , NORTH FACE Heatseeker Insulated Fleece Tall High-Rise Winter Boots Sz 10 WomenCarlos by Carlos Santana Cara Casual Riding Boots 189, Black, 7.5 US / 37.5 EU , Corset Style Inside Zip Peep Toe Ankle Boots Adult Women Two Tone Black Red PU
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Pleaser KISS-3010 Boots Black Platforms mogochinese-18736 Exotic Dancing Black Patent Thigh High Boots 46dbe28 -

    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.

    Pleaser KISS-3010 Boots Black Platforms mogochinese-18736 Exotic Dancing Black Patent Thigh High Boots 46dbe28 -

    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
    Pleaser KISS-3010 Boots Black Platforms mogochinese-18736 Exotic Dancing Black Patent Thigh High Boots 46dbe28