Never miss an update

Firts Love new By Penny Royal Loves Kenny Loves Royal Blue Pumps Size 6.5 new 1fb20c1

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Penny Loves Kenny
US Shoe Size (Women's): 6.5 Style: Fashion - Ankle
Color: Blue UPC: Does not apply
Never miss an update

Firts Love new By Penny Royal Loves Kenny Loves Royal Blue Pumps Size 6.5 new 1fb20c1 -

    Firts Love new By Penny Royal Loves Kenny Loves Royal Blue Pumps Size 6.5 new 1fb20c1
    Firts Love new By Penny Royal Loves Kenny Loves Royal Blue Pumps Size 6.5 new 1fb20c1
    Carlos by Carlos Santana Womens Jade Fabric Peep Toe Ankle Fashion BootsGentleman/Lady Qupid Pointy Toe Chelsea Ankle Boots Special purchase excellent German Outlets , Men's/Women's Lucky Brand Kalie Boot High quality and cheap the most economical retail price , Crocs Women's Sarah W Wedge Sandal - Choose SZ/color , Gentleman/Lady Fashion Punk Cosplay Boots Woman Shoes Reputation first Won highly appreciated and widely trusted at home and abroad Brand feast , WOMAN'S COLE HAAN BROWN LEATHER FASHION ANKLE BOOTS SZ 5 1/2 GOOD USED COND , STEVEN by Steve Madden Women's Keats Sneaker - Choose SZ/colorBuckled Stitchwork Zipper Trim Riding Knee High Boots , Propet Women's Lumi Ankle Zip Snow BootQupid Buckled Strap Riding Knee High Boots , Rocket Dog Women's Marila Francois Pu/Wilderness F - Choose SZ/color , Rocket Dog Women's Bayer Webbing/Smooth Pu Withstr - Choose SZ/colorSkechers BOBS Women's B-Loved - Fame Time Ankle Bo - Choose SZ/colorBoot Blowfish Afia SHR Black Old Ranger PUGentleman/Lady White Mountain 'DAYTONA' Women's Bootie quality High quality and economy Preferential priceSkechers BOBS Women's Bobs Squad-Alpha Gal Sneaker - Choose SZ/colorSkechers Sport Women's Breathe Easy Nice N Cool Sn - Choose SZ/colorQupid Womens Milia-111X Closed Toe Over Knee Fashion BootsQupid Peep Toe Geo Cutout Chunky Heeled BootiesMan's/Woman's Billabong Women's Take A Walk Boot High-quality Strong value Modern and elegant , Muffin Sequins Pointed Toe Platform Casual Pull On Women's Ankle Bootes Zhou8 , New Dolce Vita Larabey Brown Ankle Boots Zip Sides Women's Size 8 M * , Skechers BOBS Women's Squad - Glossy Fashion Sneak - Choose SZ/colorSkechers Women's Prima-Star and Lightning Sneaker - Choose SZ/color , Mr/Ms Ansley Tall Suede Boot Online Shopping Skilled manufacturing Fashion versatile shoes , Rocket Dog Women's Jaz Boxed in Pu Pointed Toe Fla - Choose SZ/colorNew MARC FISHER WOMENS OLYMPIA women's high boots size 8 , Carlos by Carlos Santana Womens Cara Fabric Closed Toe Mid-Calf Fashion BootsNew CARLOS by Carlos Santana Knee-high Candace Riding boots size 6.5 ,
    Firts Love new By Penny Royal Loves Kenny Loves Royal Blue Pumps Size 6.5 new 1fb20c1 ->Firts Love new By Penny Royal Loves Kenny Loves Royal Blue Pumps Size 6.5 new 1fb20c1 -
    Hunter Women's Original Snow Boot Navy and Black Cold Weather Boot NEW Size 10Lambretta Fleet Bordo Leather Mens Formal Brogue Casual ShoesBAILOUR Men's Formal And Casual Wedding Blue Velvet Shoes Luxury Handmade , Harriet Cocco Suede Franco Sarto Platform FlatAE372 JIMMY CHOO shoes silver textile glitter women slip on , Jessica Simpson Women's Cirrus Dress Pump, Nude, 6 M US , New fashion Womens leisure Block Heels Round Toe Slip on Genuine leather Shoes , Karen Millen Navy Satin Pump with Embellishment 41/10.5-11 $225 , Elise Black Fabric Suede Nine West Pump , Women's GEOX Brown Leather Wedge Ankle Strap Sandals US 6-6.5SKECHERS 40970 Skechers Womens Reggae-Luau Sandal /Black 9- Choose SZ/Color. , VANS Sk8 Hi Reissue (Stitch Checkers) Blue Mirage Men's Skate Shoes SIZE 11 , New Men ASICS GEL-Noosa TRI 10 WET GRIP T530N/9030 Running Shoes Size 15. , Saucony Men's Echelon 6 Running Shoe, Navy Citron, 10.5 M US , Man/Woman Caterpillar Men's Wagner Casual Shoe Outstanding features Make full use of materials Easy lifeJordan Rising High Men Basketball Shoes SIZE 11 Air Blue White 768931-423 , NIKE KYRIE 4 ID BLACK-GOLD SZ 9 [AR3867-991] , ADIDAS MEN’S PREDATOR TANGO 18+ TR SOCCER TRAINER’S CM7685 BLACK SOLAR RED SZ 12Nike Air Force 270 Black Court Purple Teal Grey AH6772-005 Mens sz 8-13 , NIKE AIR MAX 97 / PLUS AH8144-001 TUNE UP BLACK ANTHRACITE WHITE DS SIZE: 11JUSTIN ROPER MENS COWBOY BOOTS 3133 SIZE 9.5 D BLACK LEATHER EUC! , New Redback UBBK Mens Work Easy Escape Station Boots Black Non Steel Toe UK Size , Cole Haan Jay Grand Wing Oxford - Men's Size 9.5 M, British Tan , Womens Running Trainers Reebok ZPump Fusion 2.0 SPDR Sports Training ShoesNew Adidas Tubular Defiant Womens sneaker all sizes pink , Nike Tanjun Premium Womens 917537-200 Mink Brown Red Running Shoes Size 8.5 , NIB Bucco Kasadiey Knee High Tall Shaft Boots Heel Women's Sz 8.5 M Brown $120 , Sexy Womens Pointy Toe Shiny Patent Leather Zip High Heel Knee High Boots ShoesWomen's Winter New Keep Warm Fur Trim Hidden Heel Platform Rhinestone Snow Boots , NEW!!TORY BURCH Two Tone Ankle Leather Booties - Size 11 M- $259-(J7) ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Firts Love new By Penny Royal Loves Kenny Loves Royal Blue Pumps Size 6.5 new 1fb20c1 -

    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.

    Firts Love new By Penny Royal Loves Kenny Loves Royal Blue Pumps Size 6.5 new 1fb20c1 -

    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
    Firts Love new By Penny Royal Loves Kenny Loves Royal Blue Pumps Size 6.5 new 1fb20c1