Never miss an update

Kork-Ease - Womens 29967 - - Nero Brown 7 B(M) B(M) US 7f91cd8

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
EAN: Does not apply
Color: Brown MPN: 1228402
Size: 7 B(M) US Brand: Kork-Ease
Style: Brown UPC: Does not apply
US Shoe Size (Women's): 7 B(M) US
Never miss an update

Kork-Ease - Womens 29967 - - Nero Brown 7 B(M) B(M) US 7f91cd8 -

    Kork-Ease - Womens 29967 - - Nero Brown 7 B(M) B(M) US 7f91cd8
    Kork-Ease - Womens 29967 - - Nero Brown 7 B(M) B(M) US 7f91cd8
    FLY London Women's Yala Wedge Pump Black 37 EU/6.5-7 M USMan's/Woman's Ivanka Trump Women's Katiely Pump Attractive and durable Environmentally friendly high quality product , Roberto Cavalli Grey Silver Caged Suede Floral Platform Heel Sz39/9~RTL$1375Sofft - Womens - Berit Black 10 M US , Men's/Women's NEW HOGAN WOMENS PUMP excellent quality online shop Don't worry when shopping , Kenneth Cole New York Women's Eryn Low Heel Square Toe Dress PumpGentle Souls Women's Lisa Low Wedge Peep Toe Elastic Strap Pump , Man/Woman Sam Edelman Women's Junie Pump wholesale Sales Italy Current shapeMr/Ms SCHUTZ Women's laurine Dress Sandal Promotion Fast delivery valueGentlemen/Ladies SCHUTZ Women's Saasha Lee Dress Sandal Clearance price a good reputation in the world Suitable for color , El Naturalista Women's N5320 Pleasant Black/Aqua Pump - Choose SZ/ColorECCO Footwear Womens Touch 50 Buckle Dress PumpGentlemen/Ladies Cole Haan Women's Juliana Pump Excellent value excellent a lot of varieties , Men/Women Dansko Women's Vanda Ankle Bootie Complete specification a wide range of products Different styles and styles , Pour La Victoire Women's Helena Mule - Choose SZ/Color , Gianvito Rossi Pink Patent Leather Sling Back Almond Toe Pumps 37/7RTL$725Imagine Vince Camuto Vince Camuto Women's Im-Ossie Dress PumpMr/Ms Nina Women's Rumina Dress Pump Year-end special promotions Selected materials Suitable for colorImagine Vince Camuto Women's Im-OVA Dress Pump , Imagine Vince Camuto Women's Olivier Dress PumpPour La Victoire Women's Daria Mule - Choose SZ/ColorMan/Woman ECCO Women's Rhodes Dress Pump Outstanding features First batch of customers comfortable , Pour La Victoire Women's Zandra Mule - Choose SZ/Color , Man/Woman Ted Baker Women's Kawaap Pump Special purchase online shop Explosive good goodsMr/Ms Naturalizer Women's Whitney Dress Pump Outstanding features Trendy Known for its beautiful quality , Men's/Women's Paul Green Womens Sienna Heel Cheap Carefully selected materials Famous storeGentleman/Lady SCHUTZ Women's Miranda Heeled Sandal Various styles luxurious Beautiful and charming , Schutz Women's Kelebek Pump - Choose SZ/ColorIrregular Choice Hazel Corntree Women's Toadstool And Fairy Heel Court Shoes New
    Kork-Ease - Womens 29967 - - Nero Brown 7 B(M) B(M) US 7f91cd8 ->Kork-Ease - Womens 29967 - - Nero Brown 7 B(M) B(M) US 7f91cd8 -
    PRADA Black Leather double-wrap strap high heel ankle boots size 38 , NATURALIZER SHOES DINKA BOOTS BLACK SUEDE 8.5 M NWBNew Balance Classics 500 Sneaker GM500SMB Men's Shoes Sneakers Leisure NewTommy Hilfiger Yesia Criss Cross Espadrilles Sandals, Blue Multi TextureGUESS Women's Sandals Strappy sandals Toe post Beige , Keen Presidio II Bossa Nova | Plaza TaupeSanuk Womens Pair O Sail Boat Shoe- Pick SZ/Color.ECCO brown Leather Image buckled Wedge Mary Jane Loafers Women's SZ 9-9.5 / 40NEW ELIE TAHARI BLACK & METALLIC KENDRA PUMP PEEP TOE SHOES SZ 41 , Summer Sandals Thin High Heels Shoes Open ToeNWT J. Crew Women's Buckled Gladiator Sandals - Metallic Blush - Size 7.5NIB Nike Jordan Men's Ultra Fly 2 Black/anthracite Red Basketball Shoe size 10NIKE KD Zoom Kevin Durant Crimson Red Washington DC USA Size 10Keen Men's Targhee II Mid Shoes - Shitake / Brindle - 8 , Nike Flex 2016 RN Training Men's Shoes Black/Metallic Silver 830369 006NIKE KYRIE IRVING 1 "USA INDEPENDENCE DAY"..MEN 7 or WOMEN 8.5.. SHIPS FAST! , NIKE ZOOM FLY BLUE FOX/BLACK-BRIGHT CRIMSON SIZE MEN'S 8 [880848-400]Stanley Romeo Pull On Work Shoes Mens Size 8 Brown - NEWAdidas Originals Eqt Support 93/17 BB1234 Men Size US 4 NEW 100% AuthenticMan's/Woman's Ariat H2O Bruin Workhog Outstanding features delicate professional design , Cole Haan C24690 Mens Boothbay Slip-on Loafer- Choose SZ/Color.ECCO Helsinki Men Brown Leather Loafer Apron Toe Formal Dress Comfort Shoes 12M , PUMA Platform Elemental Women's Casual Sneaker Grey Size 7.5 *NEW , Nike Women's Flex Experience RN 7 Running Shoes 908996 001 Black WhiteNIKE CLASSIC CORTEZ PREM WHITE/VARSITY RED SIZE WOMEN'S 10 [905614-100]NEW Nike Air Max Thea Ultra SE 881118-001 Womens Shoes Trainers Sneakers SALEAUTH PRADA SNEAKERS SHOES 3E5892 WHITE NYLON + SAFFIANO US 10Naturalizer Hitch Black Womens Shoes Size 9.5 M Boots MSRP $119 , Donald J Pliner brown Western Couture Collection Boots Womens Size 8M Beautiful!Columbia Women's Sierra Summette Shorty Winter Boo - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Kork-Ease - Womens 29967 - - Nero Brown 7 B(M) B(M) US 7f91cd8 -

    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.

    Kork-Ease - Womens 29967 - - Nero Brown 7 B(M) B(M) US 7f91cd8 -

    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
    Kork-Ease - Womens 29967 - - Nero Brown 7 B(M) B(M) US 7f91cd8