Never miss an update

$1455 New Manolo Blahnik White Satin jayhmarketing-18929 HOURISTRA White Crystal Jeweled Shoes Wedding Shoes 39 3e6ab4a

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
Modified Item: No
Width: Medium (B, M) Style: Strappy
Color: White Heel Height: High (3 in. and Up)
Brand: Manolo Blahnik Material: Satin
Never miss an update

$1455 New Manolo Blahnik White Satin jayhmarketing-18929 HOURISTRA White Crystal Jeweled Shoes Wedding Shoes 39 3e6ab4a -

    $1455 New Manolo Blahnik White Satin jayhmarketing-18929 HOURISTRA White Crystal Jeweled Shoes Wedding Shoes 39 3e6ab4a
    $1455 New Manolo Blahnik White Satin jayhmarketing-18929 HOURISTRA White Crystal Jeweled Shoes Wedding Shoes 39 3e6ab4a
    100% AUTH NEW WOMEN LOUBOUTIN DAFFODILE 160 LOUBI PRINT PUMP/HEEL US 7.5Valentino Garavani Rockstud Asymmetric 105mm Pump 41 MSRP: $925.00New Jimmy Choo Vermeil Mirror Glitter Ankle Strap Pumps Sandals Heel Shoes 40.5 , $1045 NEW MANOLO BLAHNIK Dorsay DELA Pearls JEWELED Black Satin Pumps Shoes 38.5Gentleman/Lady Saint Laurent 38.5 elegant Primary quality International big name , NWOB$2395 Brunello Cucinelli 100% Leather Sparkly Monili Strap Wedge Sandal 37/7New! Retail $976 Jimmy Choo Lyza Mink Trim Patent Leather Grey Pump (Size: 39EU) , sz 9 / 39.5 Christian Dior Pink Suede Round Toe Classic Clear Heel Pump Shoes , New Charlotte Olympia Sparkle Sandal, Size 36100% AUTH NEW WOMEN LOUBOUTIN DECOLLETE 554 85 NUDE PATENT PUMPS/HEELS US 6 , NWOB Giuseppe Zanotti Gray Suede Peep-Toe Crystal Platform Pumps Heels 35/5$845 New Manolo Blahnik KAKANGA Leather Sandals Blue White Shoes 36 37 38.5 41SAINT LAURENT YSL BLACK LEATHER MESH JANIS PLATFORM POINT TOE CLASSIC PUMPS 37 , NIB Christian Louboutin Decol Spa 100 Blue White Stripe Point Heel Pump Shoe 41NIB Christian Louboutin So Kate 120 Yellow Neon Patent Thin Heel Pump Shoe 38.5Gentlemen/Ladies jimmy choo Fine workmanship Settlement Price classic style , $910 Sergio Rossi black leather Ruffle Corset Pumps heels shoes 7.5 37.5 7$985 New Manolo Blahnik Grey Teal Green Black Suede Shoes BB Heels Pumps 36.5New CHRISTIAN LOUBOUTIN FLO 120 PATENT Leather Grey Peep Toe Pumps SHOES 35.5 36 , $2600 Roger Vivier Purple Jeweled Broach Sandal Hills Shoes Size 6.5 / 36,5 MSRP , sz 7.5 / 38 Christian Louboutin Tsarou Pom Red Suede Pointed Toe Ankle Pump Shoe100% AUTH NEW WOMEN LOUBOUTIN No PRIVE 120 CORK SLINGBACK HEELS/PUMPS US 10.5New sz 10 / 40 Jimmy Choo Abel Black Zebra Print Lame Classic Pump ShoesNew Manolo Blahnik BB 105 Grey Anthracite Metallic Patent Pumps Heels Shoes 41.5Gentlemen/Ladies Christian Louboutin Lady Peep Patent Leather Fashion pattern discount price Preferred boutique , Miu Miu Women's Suede Leather Brown Platform Sandals Shoes Sz 5.5 6NIB PRADA MIU MIU NUDE patent platforms heels shoes 39.5 US 9.5 -Dark NUDENIB Christian Louboutin JollyB 100 Pump size 36.5NIB Christian Louboutin SPA EPONGE Bow Pointy Toe Pump Shoe Navy White 38.5 /8.5 ,
    $1455 New Manolo Blahnik White Satin jayhmarketing-18929 HOURISTRA White Crystal Jeweled Shoes Wedding Shoes 39 3e6ab4a ->$1455 New Manolo Blahnik White Satin jayhmarketing-18929 HOURISTRA White Crystal Jeweled Shoes Wedding Shoes 39 3e6ab4a -
    GARETH PUGH New Woman Black Leather LOW PLAIN BLADE BOOTS Wedge Shoes Sz 41 itaNine West Women's Issa Suede Boot - Choose SZ/Color , Men/Women Ankle Boot Church's Nerina Easy to use New style cheap priceNew Silent D Winter Black Womens Shoes Casual Boots AnkleBirkenstock Madird Sandals Birko-Flor - red blue brown - regular or narrow , AGL 40 Atillio Giusti Leombruni Black Leather Cap Toe Ballet Flats Women's 9.5Arche Laius Metallic Black Smooth Leather Slip-On Flat Comfort Shoe 9 NewNIB Sergio Rossi Sr1 Suede Loafer Espadrille Flat Moccasin 39.5 Royal Cuir $495 , Gentleman/Lady Pollini Italian shoes size 37 Practical and economical Won highly appreciated and widely trusted at home and abroad Strong heat and heat resistanceMen's/Women's Pleaser TABOO-701UV superior high quality comfortable , NIB MIU MIU PRADA LEATHER SUEDE MORNING STARS TWO TONE PUMPS SANDALS 39 8.5 $495 , FLY London Women's Yasi682fly Wedge Pump - Choose SZ/Color , Fendi Tan Ankle Strap Heel Sandal size 40AQUAZZURA women shoes Black suede Powder Puff Slingback with pompon PWPMIDL0SUE , Crocs Unisex Citi Lane Canvas Clog Mule , New Balance ML574SYB 574 Olive Green Classic Sneaker GYVans Men Half Cab - Year Of The Monkey multi suede VN0UC8JA8MAN' S NIKE AIR MAX 97 TT PRM ART AJ3053-200 , NIB Eastland Lumber Up Moc Toe Boots (Black) RRP $230NIB $70 Converse Pro Blaze Hi Leather Drizzle / Pine 140758C US Mens 9.5Danner Men's Fort Lewis 10" Uniform Boot - Choose SZ/ColorGlobe Nepal Lyte Skate Shoes (11.5) Black / BlackJosef Seibel 9 to 9.5 Brown Men's ShoesVINTAGE BALLY BLACK LEATHER TASSELS DETAIL LOAFERS Sz 11D MADE IN SWITZERLANDRed Wing Men's Shoes - Steel Toed, Electrical Hazard - Size 8, SuedeMens Leather Formal Loafers Shoes Slip On Dress Metal Pointy Toe Wedding SzWomens New Balance Shoes Sneakers Trainers New Size 7 WL574MON 574J. Renee Women's Mataro Ankle Strap Stiletto Silver Dance Glitter FabricCLARKS ANKLE BOOTS Leather INGALLS PECOS 62744 Casual Career Black SIZE 7.5 M , ARIAT Heritage Western X Toe Cowgirl Boots size 9.5 B Brown FREE SHIPPING ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $1455 New Manolo Blahnik White Satin jayhmarketing-18929 HOURISTRA White Crystal Jeweled Shoes Wedding Shoes 39 3e6ab4a -

    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.

    $1455 New Manolo Blahnik White Satin jayhmarketing-18929 HOURISTRA White Crystal Jeweled Shoes Wedding Shoes 39 3e6ab4a -

    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
    $1455 New Manolo Blahnik White Satin jayhmarketing-18929 HOURISTRA White Crystal Jeweled Shoes Wedding Shoes 39 3e6ab4a