Never miss an update

Boutique 9 Yozebra 9 Womens 22634 Ballet Shoes, Flats Shoes, Size US 6.5 f3c74e4

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: Boutique 9
Heel Height: Flat (0 to 1/2 in.) Style: Ballet Flats
Color: Black US Shoe Size (Women's): 6.5
UPC: 730221163443
Never miss an update

Boutique 9 Yozebra 9 Womens 22634 Ballet Shoes, Flats Shoes, Size US 6.5 f3c74e4 -

    Boutique 9 Yozebra 9 Womens 22634 Ballet Shoes, Flats Shoes, Size US 6.5 f3c74e4
    Boutique 9 Yozebra 9 Womens 22634 Ballet Shoes, Flats Shoes, Size US 6.5 f3c74e4
    SESTO MEUCCI HADOL WOMENS METALLIC BROWN LIZARD EMBOSSED LEATHER CLOGS 8 NEW , Ecote Urban Outfitters Women's Black Leather Slip On Ballet Flats US Size 9 , LaPlume, Raleigh Red Combo, Size 38 (7.5), Flat SandalsCole Haan W04930 Womens Jagger Wing Oxford NIB NEW$170 EILEEN FISHER MAP Fin Snake Leather Designer Comfort Driving Flats 5.5J/SLIDES Womens 'Annabelle' Burgundy Velvet Bow Sneakers Sz 6.5 - 230698Frye Quincy Red Leather Boat Shoes Women's Size 8 MSAS Free Time Size 5 W Brown Women'sVANELI RANON TURQUOISE PRINT LOAFERS 7 1/2 N IN BOXMan's/Woman's COLE HAAN WOVEN WOMEN SHOES 7.5AA Guarantee quality and quantity Online export store Different styles and stylesCacey Black Leather Me Too Flat Mary Janes , WORN ONCE 8 M SAS SIMPLIFY ANTQ BURGUNDY SHOE WOMENS LOAFERECCO Women's Abelone Stretch Loafer Marine 36EU/6 , LaPlume, Raleigh Red Combo, Size 37 (US;7), Flat Sandals$135 ENZO ANGIOLINI CHRISTAZ Black White Leather Designer Pointed Toe Flats 6 , RALPH LAUREN Sz 8.5 B Brown Tassel Tie Flat Loafers/Low Heel Made ItalyAravon Women's Black Leather Shoes Size 8 D Made in BrazilPORTLANDIA WOMEN'S ASTORIA CLOG CHOCOLATE LEATHER EUR SZ 40 US SIZE 8.5-9 MEDIUM , OSCAR DE LA RENTA Gray Embossed Suede Grosgrain Leather Trim Flats 40.5 10.5 , Cole Haan Camel Brown Orange Beaded Suede Split Clog Shoe Womens 9 B.A8 , J/SLIDES Womens 'Annabelle' Pale Blue Velvet Bow Sneakers Sz 8.5 - 230687SESTO MEUCCI HADOL WOMENS METALLIC BROWN LIZARD EMBOSSED LEATHER CLOGS 8.5 NEWLANE BRYANT BLACK Slip-On Shoes SZ 9W WIDE NEW , Clarks Artisan Shoes Brown Leather Slip-on Buckle Mules Clogs Shoes Size 8M , NEW NIB Donald J Pliner JAVEN Bronze Caviar Sparkle Beaded Ballet Skimmer 9 $168NWT Calvin Klein Real Cow Fur Leather Loafers 8NEAR MINT ! 10 M SAS PENNY-J CHESTNUT EXOTIC VAMP LEATHER SHOE WOMENS LOAFERKelsi Dagger Brooklyn Womens Flats Size 6.5M Black Leather Arch Mules New $125VANELi Womens Agneta Closed Toe Mules, Taupe Miniliz, Size 6.5 ,
    Boutique 9 Yozebra 9 Womens 22634 Ballet Shoes, Flats Shoes, Size US 6.5 f3c74e4 ->Boutique 9 Yozebra 9 Womens 22634 Ballet Shoes, Flats Shoes, Size US 6.5 f3c74e4 -
    CLARKS Women's Malia Skylar Riding Boot, Rich Brown Leather, 8.5 M US , NIB Born Women's Aneto Leather Boots in BrownACERBIS 0017719.290.046 Boots X-MOVE 2.0 Grigio/Yellow T.46 , Magnum Stealth Force 8 Inch CT/CP (37741) / Mens Boots (FS1432)Giesswein 520549012-272 Mimi Slippers Size 40 , AUTHENTIC CHRISTIAN LOUBOUTIN BIANCA PATENT HEEL PUMPS BLACK GRADE AB USED-AT , Gentlemen/Ladies Aerosoles Women's Lovely Slip-On Loafer Promotion At a lower price comfortable , NEW Sandler Universe Navy Velvet Ankle Boots Womens Shoes , Trotters Women's Lauren Brown Suede/Patent Leather Slip-on Shoes , Roma Gladiator Womens Open Toe Stilettos High Heels Fashion Sandals Hollow OUt 8 , IMAGINE VINCE CAMUTO - DEVIN2 SOFT GOLD METALLIC HEEL SZ 7, RETAIL $160 , Nine West Women's Lailah Suede Heeled Sandal , Yellow Box Belmac Womens Wedge Sandal M- Select SZ/Color. , NEW Polo Ralph Lauren Hanford or Halford Athletic Sneakers Shoes FINAL CLEARANCE , PUMA Trinomic XT-2 x FRAY-ID x atmos Size 5.5 RARE , Belvedere Navy Suede & Caiman ankle Boot "Modena"Star Boots M9221 Size 9.5 EE Extra Wide Python Back Cut BROWN OILY NAPPA SHAFT , Mens Chocolate Brown Leather Dress Classic Rodeo Cowboy Western BootsTHOROGOOD SPORT OXFORD STATIC DISSAPATIVE CT WORK SHOES 804-4035 - ALL SIZES , NIKE W AIR FORCE 1 AF1 UPSTEP SE 844877 600 6-8.5 , Dr. Martens Jorge II Dark Brown Sandal, - Choose SZ/Color , ASH Vanessa Buckled White Mesh High Top Sneaker Size 36 US 6 , New Vans Slip On Platform Chex Skate Shoe Black White Checkerboard 1.5" Platform , Nike Odyssey React Arctic Pink/Barely Rose Womens RN Running 2018 ALL NEWNEW Matisse Britain Women,s Leather Boots 7M Britain Brown (S111)NWT $695 Salvatore Ferragamo Pixy Fur plum Sneaker/Hi top 35 (US Size 5 M–Medium , Nike Metcon 4 Womens 924593-006 Light Pumice Vast Grey Training Shoes Size 8Women's 8 B M Tony Lama Francita Cross Square Toe TC1002L Western Cowboy Boots , Caterpillar Women's Matilda Leather Chelsea Boot Ankle - Choose SZ/ColorDANSKO WOMEN'S QUILTED LEATHER AND SHEARLING CASSIDY BOOT SIZE 39/ US 8.5-9M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Boutique 9 Yozebra 9 Womens 22634 Ballet Shoes, Flats Shoes, Size US 6.5 f3c74e4 -

    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.

    Boutique 9 Yozebra 9 Womens 22634 Ballet Shoes, Flats Shoes, Size US 6.5 f3c74e4 -

    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
    Boutique 9 Yozebra 9 Womens 22634 Ballet Shoes, Flats Shoes, Size US 6.5 f3c74e4