Never miss an update

Elegant Womens Toes Peep Toes Shoes High Heels High Multi Color Patent Leather Stilettos Shoes e1476c3

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: Unbranded
Material: Patent Leather Style: Open Toe
Occasion: Casual Country/Region of Manufacture: China
Pattern: Solid Heel Height: High (3 in. to 4.5 in.)
Width: Medium (B, M) Heel Type: Stiletto
Never miss an update

Elegant Womens Toes Peep Toes Shoes High Heels High Multi Color Patent Leather Stilettos Shoes e1476c3 -

    Elegant Womens Toes Peep Toes Shoes High Heels High Multi Color Patent Leather Stilettos Shoes e1476c3
    Elegant Womens Toes Peep Toes Shoes High Heels High Multi Color Patent Leather Stilettos Shoes e1476c3
    New Shimmer Royal Blue Rhinestone Heels ABS By Allen Schwarz 8New Women Shiny Patent Leather High Heel Stiletto Open toe Party Shoes Plus Size , Ladies Rieker Low Heel Antistress Summer Shoes 43715 , Aldo Acigolla Khaki Green Slouch Heel Long Calf Suede Boots Size 6.5 Womens Used , Womens Roman Gladiator High Heel Stiletto Open Toe Ankle Sandals Boots Shoes ZipValerie Stevens Ringer Tan Satin With Rhinestone Heeled Sandal 9.5 FormalEUC Pedro Garcia TEAL Satin Pumps 40 9 , Stuart Weitzman Womens Bwana Sepia Mordore Heels Shoes 9.5 MED DISPLAY MODEL , Men's/Women's Tory Burch Platforms Special purchase Let our products go to the world Preferred boutique , NEW Vince Camuto SZ 8.5 Chic Rusty Brown Leather Peep Toe High Heels - Nordstrom , NWB Chinese Laundry Ladies Suede Pumps Royal/Cobalt Blue sz 10mNina Size 8.5 Silver Glitter And Stone Heels New Womens Shoes , Man's/Woman's Fabulicious LIP-155 Practical and economical Bright colors Excellent workmanship , Gentlemen/Ladies Christian Louboutin Rose Gold Sandals New Listing Win highly appreciated Reliable reputationNEW Earthies “Raynia” Taupe Khaki Leather Peep Toe Comfort Pump Heels SIZE: 10B , Men's/Women's Fabulicious LOVELY-417 flagship store online shop buy online , GIORGIO ARMANI Pewter Gray Satin and Sequin Pump size 9Naot Attitude Women's black leather Mary Jane pumps sz. 6 ( 37 )Calvin Kleinfridelle Lizard Pattern Shoes Cabernet ColorWomen's Open Toe High Strange Wedge Heels Platform Nightclub Party Sandals ShoesGentleman/Lady Bordello TEEZE-37 Clearance price new Sales online store , VanEli di notte Red Satin Open Toe Pumps, size 9 1/2MNEW BCBG MAXAZRIA Black Leather Pumps Platforms NWOB Sz 9 , Women 15cm High Stiletto Heel Peep Toe Shining Platform Party Pumps Sandal ShoesNEW Poetic Licence Force Of Beauty wedge Oxford shoes size 36.5 Navy Red , New Hot Sale Womens High Slim Heel Stiletto Hollow Out Rhinestone Sandals ShoesMan's/Woman's Funtasma CONTESSA-50 wholesale Order welcome Complete specificationsGentleman/Lady Rieker Ladies Slingback Shoes - 46778 Fashion pattern stable quality retail priceBrian Atwood Black Leather Platform Slingback Pumps Size 38 8
    Elegant Womens Toes Peep Toes Shoes High Heels High Multi Color Patent Leather Stilettos Shoes e1476c3 ->Elegant Womens Toes Peep Toes Shoes High Heels High Multi Color Patent Leather Stilettos Shoes e1476c3 -
    Vince Camuto 'Brunah' Boot - Size 9.5M / 39.5 - $239Womens 7 B Tony Lama Cassidy Brown Leather Turquoise Western Cowboy Boots, $270 , Nike Kyrie 3 EP Irving Black Silt Red Men Basketball Shoes Sneakers 852396-010 , Miu Miu Black Wedge Boots with Fur Trim- Size 36.5 , Ladies Clarks Cloud Steppers Slip On Mule Shoes - Sillian Free , Versace 19.69 B1993 VITELLO CUOIO boots Women's Brown AUMen's/Women's Donald Pliner Deane Leather Loafer Practical and economical Reliable performance Seasonal hot saleWomen Cole Haan Oxford Shoes Grey Flannel Leather Bow Shoes NEWSPLENDID NICKERIE Black Suede Designer Oxfords Comfort 7.0 M , Skechers Women's Ghenter Srelt Work Shoe - Choose SZ/ColorNWB Aquazzura Sunshine pompom-embellished suede ballet flats Size 36.5 US 6.5 , Odette e Odile Shoes 433806 BrownxMulticolor 24cmAna Roman 16314 Womens Premium Lightweight Leather Wedges/Shoes Made In SpainWomens Floral Blue Pointed Toes Sexy High Stilettos Heels Pumps Evening Shoes , Stuart Weitzman Vintage Marrakesh Black Satin Rhinestone Pump Size 9M RH10598# , Sbicca Women's Adette Dress Sandal - Choose SZ/Color , Teva Leather Convertible Sandals Men size 10.5 - Tan Color , Madden Girl Women's Cena Wedge Sandal - Choose SZ/ColorWomens Leather Split Toe Flats Sandals Pumps Leisure Shoe Vintage Korean Loafers , Brooks Heritage Regent City 1102051D880 Gry Retro Marathon Running Shoes Men's 7 , NIKE MAGISTAX PROXIMO IC DARK CITRON flyknit cr7 GREEN-BLACK SZ 10 718358-301538416-017 NIKE AIR MAX 95 PREMIUM (BLACK / WHITE) MEN SNEAKER , Kith x Asics Gel Lyte 5 'Volcano' sz11 w Kith Madison Volcano Jacket szLDISTRESSED COLE HAAN LEATHER ZIP UP BUCKLE STRAP ENGINEER BOSS BOOTS 11.5 DRoyal Elastics Avian 1803 Navy Blue White Men Shoes Sneakers Slip-On 03281-557Women's New Balance 530 ENCAP Running Training shoes size 6.5 US W530AAG rareAsics Tiger Women Gel-Lyte V black black H661L-9090 , **LATEST RELEASE** Nike Run Swift Womens Training Shoes (B) (010) , New Balance 999 Plastic Weave Medium Women's Shoes Size 8.5 , Vince Camuto Women’s Kessia Boot Tall Boots 10 Chocolate Suede Leather New Brown ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Elegant Womens Toes Peep Toes Shoes High Heels High Multi Color Patent Leather Stilettos Shoes e1476c3 -

    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.

    Elegant Womens Toes Peep Toes Shoes High Heels High Multi Color Patent Leather Stilettos Shoes e1476c3 -

    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
    Elegant Womens Toes Peep Toes Shoes High Heels High Multi Color Patent Leather Stilettos Shoes e1476c3