Never miss an update

BZ399 FDF SHOES shoes white blue FDF blue 22608 leather suede men elegant EU 7bd3ae1

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
Main category: shoes
Gender: men Color: white
Style: elegant Color 2: blue
Brand: FDF SHOES Material: leather
MPN: Does not apply Material 2: suede
Never miss an update

BZ399 FDF SHOES shoes white blue FDF blue 22608 leather suede men elegant EU 7bd3ae1 -

    BZ399 FDF SHOES shoes white blue FDF blue 22608 leather suede men elegant EU 7bd3ae1
    BZ399 FDF SHOES shoes white blue FDF blue 22608 leather suede men elegant EU 7bd3ae1
    Cole Haan Pinch Penny Mens Dress Formal Loafer Burgundy Leather 11.5 D (B) , AD751 TOMAX shoes black patent leather men elegant , BZ417 GOLD BROTHERS shoes blue suede men elegantJOHNSTON MURPHY Mens Oxford Black Brown Leather XC4 Sheepskin Shoes 25-0135 8.5M , BZ394 FDF SHOES shoes blue suede men elegant , retro British mens dress shoes pointed toe wing tip leather carved brogues sizesFlorsheim Steinway Black Oxford Style Size 8.5 - NEWStacy Adams Raimondo Gray Cap Toe Oxford ShoesJOHNSTON & MURPHY OPTIMA SZ 12 D BLACK IN PRISTINE CONDITION CAPTOE MADE IN USA , PAOLO DI MARCO SPECTATOR SIZE 16 M BLACK/WHITE MADE IN ITALY IN GREAT CONDITION , Stacy Adams Men's Black Leather Wingtip Monk Strap Slip On Loafer Dress Shoes , Florsheim Men's Cortland Black Leather Dress Oxford 14051-001Florsheim Classico Wing Tip Leather Oxfords, Men's Size 9D, BlackMens Autumn Metal Pointed Toe Leather Slip On Dress Formal Nightclub ShoesEmbroidery Dress Business Chic Mens Genuine Leather Handmade Loafer Formal Shoes , Allen Edmonds Shoes 9 Saxon Black Leather Oxford Bicycle Toe , AH592 RUE 51 shoes blue suede men elegantKENNETH COLE NY Magic One Laser-Detail Loafer Leather Dress Shoe 13 Cognac BrownAsher Green Mens Black Patent Leather Gold Tip Tassel Tuxedo Slip-On: AG8451-000vtg Men's Bostonian Black Leather Classic Black Oxfords Dress Shoes sz 9 EEE/EMens Fashion Pointy Toe Plaids Pull On Formal Dress Block Business Wedding C2019$225 KENNETH COLE New York Men's CHANGE IT UP Brown WING-TIP DRESS SHOES - 11Prada 2-Eyelet Derby Dress Shoes Size 8 2E In Solid BlackHot Men Animal print embroidery Slip On Suede Party Shoes Chic New Dress Formal , Chic Men Leather Party Wedding Slip On Business Loafers Formal Gold Shoes Y145Stacy Adams Size 9 Wide Black Leather Wingtip Oxfords New Mens ShoesEn Francais CHARLES JOURDAN MONSIEUR Fine Suede Oxford Cap Toe SZ 12D , Bostonian BOLTON FREE Mens Black Leather Slip On Dress ShoesRoma classic shoes loafers elegant man leather shoes men 42 44 45 46
    BZ399 FDF SHOES shoes white blue FDF blue 22608 leather suede men elegant EU 7bd3ae1 ->BZ399 FDF SHOES shoes white blue FDF blue 22608 leather suede men elegant EU 7bd3ae1 -
    AHNU MONTARA LUXE WATERPROOF CORDUROY HIKING WOMEN'S ANKLE BOOTS SIZE US 7 NEW , Rockport Cobb Hill Women's Melissa Boot, Black, 7 W USBoulet Womens Size 9.5 Black Leather Motorcycle Harness Boots Biker Moto , Corral Women's Embroidery Tall Top Cowboy Western Boots Black Leather G1392Fergalicious Womens Paisley Closed Toe Ankle Fashion BootsConverse BO-160922C_BLACK_EGRET_GARNET sneaker Women's - colour Black AU , Pin Up Couture Bettie Yellow Ankle Strap Heel Size 8Men's/Women's Walking Cradles Womens bounce Closed Toe Customer first product quality List of explosions , Eastland Women's Roxanne Penny Loafer - Choose SZ/ColorMephisto Women's Laser Light Grey Bucksoft/Sand Boa/Nickel Perl CalfskinStuart Weitzman Geek Women's Adobe Aniline Patent Leather Loafer Sz 7.5 3203Chic Womens Pointy Toe Bowknot Rhinestones Chunky Block Heels Slip On Pump Shoes , Nine West Gerbera 10 M Silver Leather Strappy Open Toes Ankle Strap Sandals New , Sam Edelman Womens helaine Pointed Toe Ankle Wrap Classic Pumps, Black, Size 8.0BERNIE MEV Women's CINDY Black Slip-On Open-Toe Flat Sandals 40 EU / 9 US , Gibellieri 3297 Black Leather Suede Elegant Classics Heel Pumps 40 / US 10 , Manolo Blahnik pointed-toe patent leather PUMPS SHOES HEELS SIZE 38 US 8 , NAOT Mataka Ankle Strap SANDALS Ladies size 37 6 Black Patent Shoes New in BoxASICS GEL-Kayano 23 Running Shoe - Men's Size 7, Black/Onyx/Carbon , Nike Running Downshifter 7 Men's Athletic Running Shoes Size 10 NIBAdidas Originals Loop Racer Men's Causal Retro Fashion Gym Trainers GreyPuma Mens Size 7 Evotouch 3 FG Leather Soccer Cleats Black Safety YellowNike sz 9 Men's ACG TRAINERENDO MID Shoes NEW 616578 078 Orange RARE SampleNew Nike Mens Size 12 Air Force 1 AF1 Foamposite Pro Cup Shoes AJ3664 600 , Asics Onitsuka Tiger Mexico 66 SD [1183A036-100] Men Casual Shoes Cream/GreenNIKE ZOOM VAPOR AJ3 AIR JORDAN 3 "ROGER FEDERER" WHITE-GREY SZ 8.5 [709998-160]MERCANTINI FIORENTINI MENS BROWN LEATHER SLIP ONS LOAFERS 11 BRAZILSz 6 Steve Madden Women's GATOR Platform Sneaker Taupe Velvet NIB $89 GPM , KEEN Women's Elsa Chelsea Waterproof Boot Black Size 5.5JOE'S Black Leather Stretch Sides Solid Suede Over The Knee Boots Sz 9.5M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BZ399 FDF SHOES shoes white blue FDF blue 22608 leather suede men elegant EU 7bd3ae1 -

    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.

    BZ399 FDF SHOES shoes white blue FDF blue 22608 leather suede men elegant EU 7bd3ae1 -

    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
    BZ399 FDF SHOES shoes white blue FDF blue 22608 leather suede men elegant EU 7bd3ae1
    Dress Shoes