Never miss an update

Physician's Formula Formula Eye mogochinese-29978 Booster 2-in-1 Lash Boosting Boosting Formula Eyeliner + Serum, 2 8c19c29

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
UPC: 044386073654
Dimensions: L 6.6 x W 3.5 x H 1.8 inches EAN: 0044386073654
Label: PHY FORMULA Brand: Physicians Formula
ProductGroup: Beauty MPN: PPAX1427715
ISBN: Not Applicable Binding: Misc.
Style: Not Applicable Weight: 10 Hundredths Pounds
US Shoe Size (Women's): Pack of 2
Never miss an update

Physician's Formula Formula Eye mogochinese-29978 Booster 2-in-1 Lash Boosting Boosting Formula Eyeliner + Serum, 2 8c19c29 -

    Physician's Formula Formula Eye mogochinese-29978 Booster 2-in-1 Lash Boosting Boosting Formula Eyeliner + Serum, 2 8c19c29
    Physician's Formula Formula Eye mogochinese-29978 Booster 2-in-1 Lash Boosting Boosting Formula Eyeliner + Serum, 2 8c19c29
    David Tate Women's Cynthia Camel Nubuck 7 B(M) US , Jessica Simpson Women's Jinxxi Wedge Sandal, Ambra, 9.5 M USMen's/Women's NEW MOT-CLÈ WOMENS SANDALS sell Impeccable retail price , Bernie Mev Fresh Brighten Light Gold Womens Slip-On Size 37M , Skechers Performance Men's On The Go 400 Flip Flop - Choose SZ/ColorNine West Women's Gweniah Suede Dress Sandal Black 7 B(M) USBillabong Women's Untold Sun Flat Sandal Camel 7 B(M) USRachel Zoe Women's Raz Dress Sandal Black/Gold 7 B(M) USMerrell Women's Terran Lattice II Sandal, Black, 6 M US , Authentic OluKai Ho''opio Sandal Women's, Swellgreen/Swellgreen 20294 Size 8 USMan/Woman Isola Womens - Lora main category Lush design Pick up at the boutique , Badgley Mischka Women's Satine Flat Sandal, Ivory, 8 M USBERNARDO Womens MIAMI Nappa Black Thong Flip Flops Size US 5M (EC1041507)Steve Madden Women's Softey-P Slide Sandal, Grey, 8 M USMERRELL Womens TERRAN Slide Sandal White Size US 5 (044209-418938) , New Reef Voyage Sunset Caramel Women's Sandal Pick your SizeMen/Women NEW LORIBLU WOMENS SANDALS New varieties are launched Attractive fashion Fine wildTahari Women's TA-Ponder Heeled Sandal Black 7 B(M) USHush Puppies LEGATO Womens Legato Ankle-Strap Pump,Tan Leather,9.5 M USReef Womens Sandals Rover Catch | Comfort Flip Flops for Women with Soft Cush...Marc Fisher Women's Amina Sandal Black Mid Glitter 7 B(M) US , Grandco Womens Bahama Blue Style Sandal Thong , Jessica Simpson Women's Caralin Slide Sandal, Hot Shot Pink, 5.5 Medium US , Kenneth Cole REACTION Women's Great Gal Wedge Sandal Toffee 8 B(M) USMen's/Women's Splendid Women's Brett Sandal Louis, elaborate excellent Full range of specificationsBERNARDO Womens MIAMI WOVEN Black Thong Flip Flops Size US 5M (EC1041512) , Pleaser Womens Delight-608UV/C/NPP Platform Sandal,Clear/Neon Purple,11 M USThe Fix Women's Foley Tassel Slide Sandal Taupe 7 B(M) US , Maine Woods Womens Elana Black 8 B(M) US ,
    Physician's Formula Formula Eye mogochinese-29978 Booster 2-in-1 Lash Boosting Boosting Formula Eyeliner + Serum, 2 8c19c29 ->Physician's Formula Formula Eye mogochinese-29978 Booster 2-in-1 Lash Boosting Boosting Formula Eyeliner + Serum, 2 8c19c29 -
    Old Gringo Women's L956-3 Julie Vesuvio Chocolate Cowboy Boots , HOGAN women shoes Black leather Interactive Luxury sneakers HXW00N0J460GOCB999CAMPER Peu Circuit US 10M* 10.5M* Taupe Leather Ballet Flats Shoes , Ladies Clarks Casual Unstructured Shoes Un Haven Cove , crocs 200342 Womens Stretch Sole Skimmer W FlatUS/- Choose SZ/Color. , Caterpilar Brode ST Oxford Women's Steel Toe Shoes Work and Safety Sneakers Sue , Kardinale by Fernando Pensato Skull Women's Flats & Oxfords Size 9 Eur 39.5OPENING CEREMONY brown leather high heels mary janes sandals women buckle shoe 6Summer Womens Slip On Stripe Clear Med Heels Sandals Pumps Open Toe Beach Mules , Mr/Ms Seychelles Smooth Sailing Wedge Sz 8.5 Easy to clean surface The latest technology ExportBlack Party Foil Streamer Platform High Heels Ankle Strap Sandals Dancer Shoes , NIB RAG & BONE WYATT LEOPARD PRINT PONY HAIR BELTED SANDALS PUMPS 38.5 $595 , Men's/Women's Dolce Vita Cinda Heels-Snake Fine processing New design Popular tide shoesGentlemen/Ladies Dyeables Paisley - Color - Silver fashion Lush design cheap priceAG577 EDDY DANIELE shoes yellow textile swarovski crystals women sandalsNew Balance Men's Running Sneaker #M880RB6 Red/Black V6 Width- 2EVTG Nike Air Force 1 Low West Indies 2004 sz 10 , New Air Jordan 1 KO High OG AJKO Obsidian White Metallic Red Bronze Size 10.5Gentlemen/Ladies Jordan Retro 5 Stealth Size 10 service Selected materials Sales online storeSpira Classic Walker 2 Extra Wide Men's ShoesNike Air Jordan Phly Legend MCMLXXVIII White Varsity Red/Black/Cement Grey US 12Mens Fashion Metal Toe British style Leather slip on low heel party shoes whiteConverse John Varvatos Chuck Taylor Vintage Slip On Black 153903C size 10.5Mens Clarks Comfort Wing Tip Shoe 9½ 9.5 M Black Oxfords Flexible CushionedNWT $645 Maison Martin Margiela Men's Navy 3 Strap Leather Sneakers 8 AUTHENTIC , NEW Florsheim Comfortech Riva Loafers Mens Sz 11B Moc toe Shoes Burgundy 17088JCREW Ludlow Leather Penny Loafers Shoes $298 7.5 cigar brown , Mephisto Tim Mens Penny Loafer Size 9 Mock Toe New in Box , NIB WOMENS UNDER ARMOUR W SPEEDFORM FORTIS 2 TRAINING RUNNING SHOES SZ 6-10 , Dansko Women's Holland Sneaker in Black Suede - size US 7 - was $110
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Physician's Formula Formula Eye mogochinese-29978 Booster 2-in-1 Lash Boosting Boosting Formula Eyeliner + Serum, 2 8c19c29 -

    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.

    Physician's Formula Formula Eye mogochinese-29978 Booster 2-in-1 Lash Boosting Boosting Formula Eyeliner + Serum, 2 8c19c29 -

    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
    Physician's Formula Formula Eye mogochinese-29978 Booster 2-in-1 Lash Boosting Boosting Formula Eyeliner + Serum, 2 8c19c29