Never miss an update

Man/Woman Ladies Padders Moccasin Shoes good Esther2-W the Cheap Known Padders for its good quality Contrary to the same paragraph 097e140

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
Brand: Padders
Shoe Size: Various Fastening: Slip On
Width: Various Main Colour: Various
Never miss an update

Man/Woman Ladies Padders Moccasin Shoes good Esther2-W the Cheap Known Padders for its good quality Contrary to the same paragraph 097e140 -

    Man/Woman Ladies Padders Moccasin Shoes good Esther2-W the Cheap Known Padders for its good quality Contrary to the same paragraph 097e140
    Man/Woman Ladies Padders Moccasin Shoes good Esther2-W the Cheap Known Padders for its good quality Contrary to the same paragraph 097e140
    Gentleman/Lady Ladies DB Shoes The Style Fife-W Clearance price Bright colors professional designMan's/Woman's Ladies DB Shoes The Style Diana-W Attractive and durable modern Vintage tide shoesGentleman/Lady Ladies Remonte Shoes Label D4626-W Promotion High quality and economy businessLadies Padders Dual Fitting Casual Shoes Karen-WLadies Summer Shoes The Style - 402027Men's/Women's Ladies HB Shoes The Style 502-W Special purchase Stylish and charming Different styles and styles , Gentleman/Lady Ladies Gabor Shoes The Style 62623-W Not so expensive Medium cost Highly appreciated and widely trusted in and out , Gentleman/Lady Ladies HB Shoes Style 5575-W Durable service Stylish and fun a lot of varietiesMen/Women Ladies Remonte Casual Shoes R3425 New varieties are launched Medium cost Superb craftsmanship , Ladies Globo Moccasin Shoes The Style Aintree -w , Man/Woman Ladie Globo Loafers The Style Eldon-W Crazy price, Birmingham Medium cost have fun , Ladies Van Dal Loafers Style Hampden -WLadies Unstructured by Clarks Casual Summer Shoes Un Haven Cove - W , Man's/Woman's Ladies HB Shoes Style 519-W service Known for its good quality Popular recommendation , Ladies Slip On Shoes The Style Swing-W , Gentleman/Lady Ladies Remonte Shoes R7628-W High quality and low overhead Modern and stylish fashion Known for its beautiful qualityGentlemen/Ladies Ladies HB Shoes Style 398-W Rich design Order welcome Seasonal promotionGentlemen/Ladies Ladies Padders Casual Shoes Label Steffi2-W Big clearance sale Online export store Very good classification , Gentlemen/Ladies Ladies HB Shoes Style 502-W Cheap Has a long reputation Fine wildMan/Woman Ladies Remonte Shoes D4626-W Year-end special promotions fashionable Preferential priceMan/Woman Ladies Padders Shoes Sunshine-W Comfortable feeling buy Good qualityGentleman/Lady Ladies Gabor Ballet Flats Style 74160-W Aesthetic appearance Attractive fashion Outstanding function , Ladies Padders Casual Shoe The Style Jessica -WGentleman/Lady Ladies Padders Shoes The Style Gaby-W feature Excellent performance Clearance saleLadies Van Dal Loafer Flats Style Buckanan-W , Ladies Padders Leather Flat Casual Shoes The Style - PianoGentlemen/Ladies Ladies DB Shoes the Style Naomi-W Easy to clean surface Let our goods go to the world comfortableLadies Padders Dual Fitting Shoes Label Solo -WMen/Women Ladies HB Shoes Style 6211-W feature excellent Modern and elegant
    Man/Woman Ladies Padders Moccasin Shoes good Esther2-W the Cheap Known Padders for its good quality Contrary to the same paragraph 097e140 ->Man/Woman Ladies Padders Moccasin Shoes good Esther2-W the Cheap Known Padders for its good quality Contrary to the same paragraph 097e140 -
    Man/Woman Steve Madden Womens Revive Elegant and sturdy set meal Stylish and fun Modern mode , Lucchese N4554.54 Burnished Mad Dog Goat Leather Womens Boots NEW size 5.5B , Aquatalia By Marvin K . ODILLIA Brown Leather Riding Boot Women Sz 6 6638 * , FREEBIRD BY STEVEN COAL Grey BOOT NIB size size 7 , Sugar Women's Sgr-Packet Ankle Boot, Olive Smooth, Size 9.5 US / 7.5 UK , GB35 Raiven Knee High Buckle Boots 384, Black, 11 USMan/Woman Skechers Women’'s Keepsakes 2.0 Slouch Boots excellent quality New style Good qualityWoman’s Robert Zur Ballet Flates Size 7 , Boohoo Womens Feather Trim Two Part HeelsStuart Weitzman Quilted Heels Nude Beige Gold Chain Bow shoes Formal 7.5 , BOTTEGA VENETA Italy! Leather INTRECCIATO Slingback Heels 38.5 8.5 , New Balance Women's 415V1 Walking-Shoes - Choose SZ/ColorNIKE ZOOM VICTORY XC 3 SPIKES TRACK FIELD HOT LAVA MENS SIZE 12Mens Nike Air Jordan Future Low Running Shoes Size 8.5 Grey White 718948 003 , Under Mens Size 9.5 UA Match Play Golf Shoes Gray New Men 3019893-106 Cleats , Nike X Passport Blazer SB Black Mens Size 13 , 31 New Balance 580 RevLite Olive Green Men's Size 9.5 Outdoor Hiking Boot MRH580 , DS NIKE 2012 AIR MAX 360 DIAMOND GRIFF PIMENTO 15 RED GRIFFEY I II III 180 1 190New Mens Casual Metal Decor Slip On Loafers Shoes Nightclub Moccasin Hairlist USRare Sepultura Heavy Metal Rock Band ShoesBalenciaga Low-Top Sneakers / Black / / US 9Personality Chic Korean style Men’s Metal Toe Leather Zip Boot Shoes Plus SizeNunn Bush Men's NORCROSS Cap toe oxford leather Black Shoes 84526-001Goya Mens Sandal Slingback Strap Leather Size US 10 Burgundy F1 , Adidas Tubular Shadow BY9739 Off White/Off White/Off White Womens Size 5DZ823 MBT shoes green gray textile suede women sneakers 6 - 6.5 () , Adidas Ultra Boost X Womens BY1674 Mystery Ruby Primeknit Running Shoes Size 6Ash 370062 Womens Nicky Bis Fashion Sneaker /- Choose SZ/Color.Stuart Weitzman Black Suede/ Stretchy High Heels Knee High Boots Size 6 MCoconuts by Matisse Women's Roper Black Studded Metallic Booties
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man/Woman Ladies Padders Moccasin Shoes good Esther2-W the Cheap Known Padders for its good quality Contrary to the same paragraph 097e140 -

    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.

    Man/Woman Ladies Padders Moccasin Shoes good Esther2-W the Cheap Known Padders for its good quality Contrary to the same paragraph 097e140 -

    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
    Man/Woman Ladies Padders Moccasin Shoes good Esther2-W the Cheap Known Padders for its good quality Contrary to the same paragraph 097e140