Never miss an update

Donald Pliner Ankle Couture Leather Elastic Strapy Stack New Ankle Elastic Shoe New Sz 9.5 10 $250 a6fcece

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
Style: Stilettos
Color: White Fastening: Elastic
Occasion: Wear to Work, casual, event, club wear Heel Height: High (3 in. to 4.5 in.)
Brand: Donald J Pliner Material: Leather
Heel Type: Slim Width: Medium (B, M)
Never miss an update

Donald Pliner Ankle Couture Leather Elastic Strapy Stack New Ankle Elastic Shoe New Sz 9.5 10 $250 a6fcece -

    Donald Pliner Ankle Couture Leather Elastic Strapy Stack New Ankle Elastic Shoe New Sz 9.5 10 $250 a6fcece
    Donald Pliner Ankle Couture Leather Elastic Strapy Stack New Ankle Elastic Shoe New Sz 9.5 10 $250 a6fcece
    NEW! $139 TALBOTS Shadow Grey MOC CROC Leather Pumps Heels "Malania 3" 8.5AA , Jessica Simpson Womens Jamalee Gemstone Evening SandalsL'Artiste Chino by Spring Step Women's Camel Hand Painted Leather clog size 42 , ERIC MICHAEL Women's SERENA COMFY Platform Espadrille Black Suede Size 6.5NIB Australia Luxe Collective Dudley in Chestnut Hidden Wedge Shearling Boot 11 , Schutz Timon Mule Heels - Women's Size 8.5 B - Black , Stuart Weitzman Evening Heels Pumps Sz 5.5 Black Nylon Strappy Rhinestone FormalDr. Comfort Cathy Women's Classic Heels Black M-10.5 , CL by Chinese Laundry Women's Vast Ankle Bootie, Pebble Taupe Suede-Calf, 5.5 MCL by Chinese Laundry Women's NEVINE Ankle Boot, Pebble Taupe Suede, 9.5 M USSTUART WEITZMAN Size 8.5 VEVEY Snake Platform Slingback Heels Pumps Shoes 8 1/2 , Marc Jacobs Pump Heel Purple Size 6 Plum Suede Bow Peep ToeIrregular Choice Flick Flack Leather Leopard Print Court Pumps Heels Size 39 EUC , MARNI Metallic Pewter Leather & Brown T-Strap Mary Jane Heels Pumps 40 , BNIB OXFORD Garance Studded Open Toe High Wood Heel Boho Clog - Black Size 8-9New Rodolfo Valeri Black Patent Leather Made in Italy Shoes Size 40 US 10 , St John Black Suede Classic Chunky Pumps Shoes Basic Gold Detail 7.5 M , Womens Diane von Furstenberg Blue Satin Crossover Strap Sandals Size 7.5 MGentlemen/Ladies Club Monaco 40 Heels durability Let our products go to the world leading the fashion , Buffalo High Heel Court Shoes Platform in Size 40 Grey Classic Model 13 cm* Manolo Blahnik * Penny Loafer Women's Flat Heel Faux Snake Sz 39 8.5US MINT!New! Baldan Sand Metallic Leather Platform Pump , Gentlemen/Ladies Fendi Suede Sandals Size 36.5 Outstanding features product quality Cheap order , New! Henry Beguelin Black Woven Leather Ankle Strap SandalLanvin Black T-Strap Gold Tone Block Heel Pumps Size 10 , Manolo Blahnik Snake skin Slingback Pump Pointed Toe Brown 37 7 Slim Heel $635 , Amanda Gregory White Leather Banded Back Zippered Sandal W-Springolator , PLEASER Open Toe Ankle Boot Chrome Plated Rhinestone DELIGHT-1017RSF PewterNWB Alice And Olivia By Stacy Bendet Leopard Print Heels Size 9.5 ,
    Donald Pliner Ankle Couture Leather Elastic Strapy Stack New Ankle Elastic Shoe New Sz 9.5 10 $250 a6fcece ->Donald Pliner Ankle Couture Leather Elastic Strapy Stack New Ankle Elastic Shoe New Sz 9.5 10 $250 a6fcece -
    Christian Louboutin Rom 120 Fringe Purple Suede Platform Boots Euro 38URBAN CLASSICS HIGH TOP SHOES TRAINERS Skater 5F 36-47 , Nike Air Jordan Superfly 2017 Black Size 10 US Mens High Top ShoesShoes Igi&Co Classic High Heel Booties 68651 00 Woman Nabuk Dark Blue Made in It , Gentlemen/Ladies HOMY PED COMFORT SIZE 6 Modern technology Optimal price Great choiceGeox D MARIECLAIRE HIGH E Pumps Womens, Black, 6.5 UK , NEW Easy Steps Elope Pewter Heel Sandals Comfort Fit C-Fit , Demonia Dolly-50 Gothic Punk Mary Jane Style Platform Black PU Chunky Heels , Men's/Women's VICINI for Centro Pumps SIZE 40 Many varieties Brand Authentic guaranteeBettye Muller Women's Granee Dress Pump, Black, 9.5 M USHeel Jessica Simpson Rensa Vivid Orchid Rio Nubuck , Rockport Total Motion Womens Dress Pump- Choose SZ/Color. , VANS New Classic Slip-On Suede/Canvas Vault Men Size USA 10.5Nike Air Jordan 1 Fund Mens Leather Basketball Shoes Size 12 White Gray Cement2007 Air Jordan Aqua VIII 8 sz 11 retro 305381-041 playoffs 100% AUTHENTICMan/Woman GEL FLUX 4 NOIR GRIS BLANC Quality products product quality Elegant and solemnECCO CS14 Retro Sneaker Oxford Dynasty BambooAdidas Springblade Solyce Men's Shoes Running Sports Shoes Nanaya AF6801 New , NIKE FREE X METCON AMERICANA TRAINING SHOES [SIZE 12.5] GYM BLUE/WHT AQ0630-441 , Nike Mens Air Max 270 Medium Olive Black AH8050 201 Size 10.5 , Cole Haan Distressed Brown Leather Suede Ankle Boots Men's 14MADIDAS YEEZY BOOST 350 V2 COPPER SZ US11.5 BELUGA ZEBRA 700 BRED CREAM V1 BUTTER , Skechers Sport Zimsey Men's Slip On, Black, 52730BBK , Mens NIKE MERCURIAL VICTORY V SG Lilac Football Boots 651633 580 , Foot-Joy Loafer Shoes Brown 9 D (medium) , DS NIKE 2003 AIR DELTA FORCE LA PURPLE 11 MAX TRAINER 180 90 1 DUNK 95 WOVEN 97Man's/Woman's Lowa Men's Trekker Slate Waterproof Excellent value excellent Authentic guarantee , Women Wedged Sneakers Hidden High Heel Platform Athletic Shoes Geniune Leather , 01 New Fashion Womens Black Buckle Combat Hollow Motor Chic Shoes Ankle BootsLuxe Co. Womens Touche Wedge Almond Toe Mid-Calf Cold Weather Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Donald Pliner Ankle Couture Leather Elastic Strapy Stack New Ankle Elastic Shoe New Sz 9.5 10 $250 a6fcece -

    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.

    Donald Pliner Ankle Couture Leather Elastic Strapy Stack New Ankle Elastic Shoe New Sz 9.5 10 $250 a6fcece -

    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
    Donald Pliner Ankle Couture Leather Elastic Strapy Stack New Ankle Elastic Shoe New Sz 9.5 10 $250 a6fcece