Never miss an update

PLEASER DEVIOUS PLEASER BALLET-2020 FEMME-2020 Sexy Boots 7-8" Knee High Sexy Boots size 5-15 57872f4

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
Color: Black Style: Fashion - Knee-High
Heel Height: High (3 in. and Up) Width: Medium (B, M)
Material: Pat & Leather
Never miss an update

PLEASER DEVIOUS PLEASER BALLET-2020 FEMME-2020 Sexy Boots 7-8" Knee High Sexy Boots size 5-15 57872f4 -

    PLEASER DEVIOUS PLEASER BALLET-2020 FEMME-2020 Sexy Boots 7-8" Knee High Sexy Boots size 5-15 57872f4
    PLEASER DEVIOUS PLEASER BALLET-2020 FEMME-2020 Sexy Boots 7-8" Knee High Sexy Boots size 5-15 57872f4
    FRYE Melissa Trapunto Black Riding Boots Sz 9 Knee HighBLACK OR RED LATEX RUBBER BALLET BOOTIES SIZE 10-16 HEELS-8,5'- PRODUCER POLANDNIB Anthropologie Joe's Jeans black Suede Knotted Cutout Back Zip Ankle Boots 10 , Delight 3028 Triple Buckle Thigh High Platform Torment Boot Black Sizes 6 - 14 , Madewell $225 The Darrin Boot 9.5 black ankle boots shoes leather e2320Sexy Strechy Over knee High Thigh boots Women Stilettos Pointy toe Boots PartyMan/Woman L.L.Bean Women's Leather Boots Customer first Strong value Exquisite workmanshipBottes en caoutchouc model 114970 Inello - Matter - ShoesFree People Easy Rider Ankle Boot by Silent D Black Size 38/8 $190Dansko Womens Delphina Ankle Bootie- Pick SZ/Color. , PLEASER ILLUSION-1015 6.5" Heel Studded Punk Rock Stripper Platform Ankle Boots , Vince Camuto Women's Kain Dress Pump - Choose SZ/colorVIA SPIGA NEW $275 SZ 10 M BROWN SUEDE PLATFORM ANKLE BOOTS HIGH HEEL BOOTIES , Bogs Women's North Hampton Solid Tall Black waterproof Boots 71781-001VINCE $410 Sansa Open Toe BOOTIES Ladies size 9 M Gray Leather Snake Shoes New , Steve Madden Nonstp Womens Bootie- Choose SZ/Color.El Dantes 39 Black Leather Platform Heels Studded Spain Boots Women's Size 8.5Russian Stylish Boots Unti Women's Natural Suede Sheepskin Very Warm ComfortableNice Womens Distressed Chocolate Puma Justin Bent Rail Boots, Size 8 B , Womens Vintage Leather Western Mid-Calf Boots Cowboy Motorcycle Buckle SHoes @SYFulinken 4 Color Sz 5-9 New Suede Leather Ankle Boots Casual Dress Womens Shoes , Jeffrey Campbell Brown Leather Lita Platform Ankle Boots New US 7.5 , Hound and craft USA cowboy cowgirl rain rubber boots Ann Royal Ladies BootsECCO Womens Shape15 Ankle Bootie- Pick SZ/Color. , Dr. Scholl's Shoes Women's Baxter Boot, Stucco, 6 M USHUNTER HUNTRESS BLACK TALL EXTENDED CALF WELLINGTON BOOT Sizes 7 - 11 Wide Welly , Womens Vagabond Amina Office Work Block Heel Patent Leather Ankle Boot US 5.5-10 , Women Leather Suede Pointed Toe Stretchy Over Knee Combat Boots Vintage Shoes , Tamaris 1-25539-29 Women Black Leather Knee High Boots ,
    AB507 D.A.T.E. (DATE) shoes gray textile leather men sneakersGuiseppe Zanotti Alabama Side Fringe Ankle Boots, Lepre, 10US/40EU DisplayNIKE WOMENS AF1 JESTER WHITE RED XX CASUAL SHOES 2018 **BEST SELLER , Cole Haan Women's Tali Mini Bow Sandal - Choose SZ/ColorNew $110 Womens Size 9 NINE WEST Suede Loafer Pumps Dress Shoes 3.5" Heels Black , LADIES RIEKER 43788 MID HEEL FLORAL DESIGN SMART BLUE LEATHER CASUAL COURT SHOESGIUSEPPE ZANOTTI MONRO BLACK SUEDE PLATFORM STILETTO PUMP SIZE 39 = NEW IN BOX =Women's Valentino Garavani Katia 9 OpenToe Black Suede Heels Size 9Men's/Women's Vince Camuto Jeneve Women's Sandals Black High security a wide range of products As of the latest model , Naturalizer Women's Adelle Platform Dress Sandal - Choose SZ/ColorAsics Gel-Nimbus 18 Running Shoes Silver / Titanium / Hot Pink US 7Converse Converse Size Mens 9 / Womens 10.5 CTAS Modern Hi Grey Leather Shoes , adidas Men's Duramo 9 Wide Running Shoe - Choose SZ/ColorNIKE ZOOM HYPERFLY TD MID MEN'S FOOTBALL CLEATS WHITE RED US 11 , Nike SB ACG Trainerendor "Olive" Size US 11Under Armour Threadborne SlingFlex Men's Downtown Green/White 5676330Asics Lethal Speed Flash IT Mens Lightweight Football Boots (9023) , Men's/Women's Rockport Men's Marshall Chukka Chukka Boot Charming design First quality Most practical , Chic Mens Metal Decor Paillette Pointy Toe Oxford Shoes Leather Dress Shoes , Florsheim Mens Shoes Salerno Moc Toe Oxford Cognac Leather size 10 12162 221 , Nike FI Impact 2 Golf Shoe Womens Size 9 White/Crimson 776093-102 MSRP $170 NEWSkechers Sport Women's Microburst Mamba Fashion Sneaker - Choose SZ/ColorNike Lunar Force 1 Waterproof Duckboot Women's Shoes, AA0283 200 Size 10 NEWEastland Women's Roxanne Penny Loafer Brick Leather LoafersNew Balance WL574APG B Light Grey & Pink & Orange Classic Lifestyle Shoes NBAerosoles Women's Air Cushion - Choose SZ/ColorNew Balance Women's NBCycle WX09 Indoor Cycling Shoe Black/Thunder/White , adidas Performance Women's Pureboost X ATR Running Shoe - Choose SZ/Color , Dr. Scholl's Women's Julian Ankle Bootie Black 6 M US , Vintage Serena Women's US 7 Black Leather Pull On fold over Boots Italy ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017

    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 DEVIOUS PLEASER BALLET-2020 FEMME-2020 Sexy Boots 7-8" Knee High Sexy Boots size 5-15 57872f4 -

    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 DEVIOUS PLEASER BALLET-2020 FEMME-2020 Sexy Boots 7-8" Knee High Sexy Boots size 5-15 57872f4