Never miss an update

Men/Women naturalizer Pleasant shoes Valerie Valerie Wedge Sandals, Dark Venom elegant Pleasant appearance Vintage tide shoes aa9a574

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: naturalizer
Fastening: Buckle Colour: Red
Heel Height: Med (1 3/4 to 2 3/4 in) MPN: Valerie
Pattern: Solid Style: Platforms & Wedges
Heel Type: Wedge Material: Leather
Shade: Brick Red
Never miss an update

Men/Women naturalizer Pleasant shoes Valerie Valerie Wedge Sandals, Dark Venom elegant Pleasant appearance Vintage tide shoes aa9a574 -

    Men/Women naturalizer Pleasant shoes Valerie Valerie Wedge Sandals, Dark Venom elegant Pleasant appearance Vintage tide shoes aa9a574
    Men/Women naturalizer Pleasant shoes Valerie Valerie Wedge Sandals, Dark Venom elegant Pleasant appearance Vintage tide shoes aa9a574
    NEW Costa velvet leather sandals in putty Women's by RIA Menorca , Man's/Woman's Wittner Ladies Shoes Tan Leather Sandals Promotion Let our products go to the world wonderful , FW13 ADIDAS MEN'S FLIP FLOPS WOMAN NR. 39 SEASIDE ​​POOL Q22756 RED RED , Gentleman/Lady Slides Different Sizes Available Adequate supply and timely delivery new Breathable shoes , Peter Sheppard grey/white suede sandals 40.5 NEW , Gentleman/Lady FitFlop Superlight Ringer Leather Black Sandals We have won praise from our customers. The highest quality material SimpleGentlemen/Ladies NEW Zazou Jungle Rose Gold Sandal Comfortable feeling Win the praise of customers buy onlineWINDSOR SMITH bennie tan sandals .. size 7.5 leather , Gentlemen/Ladies NEW Trent Nathan Bahamas Tan Sandal New Listing Sales Italy classic styleNEW Wide Steps Caddy Navy Nubuck Sandal , Mr/Ms NEW Siren Goddess Black Smooth Sandal Strong heat and wear resistance Let our products go to the world Easy life , NEW Nymph Sandals: Coral Red Women's by Banjarans Leather SandalsMan/Woman NEW Zazou Cora Black/Tan Sandal Black Excellent craft delicate At an affordable price , Mr/Ms NEW Siren Flame Tan Sandal fashion First quality Very good color , Man/Woman Lightfeet Grace White Sandals Queensland discount price German OutletsTommy Hilfiger Luvee Flat Ankle Strap Sandals, White, 8.5 USNEW Morell Avarcas sandals in putty Women's by RIA MenorcaMan/Woman Taos Nirvana Black Sandals Reasonable price Let our products go to the world Breathable shoesWomens Crocs Sloane Embellished Flip Black/BlackMan/Woman Ahnu Tilden V Women's Fine processing Beautiful appearance Seasonal hot sale , G by GUESS Romie Open Toe Casual Ankle Strap Sandals, WhiteNEW Womens METALLIC LEATHER WOVEN LOAFER SLIDE Footwear Shoes , Man's/Woman's Wittner Ladies Shoes Black Leather Sandals Louis, elaborate real unique , NEW Wide Steps Chase Black Glove Sandal , Man's/Woman's VIONIC SAMOA in Black, Navy Special purchase In short supply General productGuess Vannora Wedge Ankle Strap Wedge Heels, Light BeigeGentleman/Lady Merrell Around Town Buckle White Sandals Durable service Highly praised and appreciated by the consumer audience Fashion versatile shoesSplendid Ember Wedge T Strap Sandals, Black, 7.5 US , NEW Womens LEATHER EMBOSSED SLIDE Footwear Shoes
    Men/Women naturalizer Pleasant shoes Valerie Valerie Wedge Sandals, Dark Venom elegant Pleasant appearance Vintage tide shoes aa9a574 ->Men/Women naturalizer Pleasant shoes Valerie Valerie Wedge Sandals, Dark Venom elegant Pleasant appearance Vintage tide shoes aa9a574 -
    Pre-owned FRYE Women's Melissa Button Black Leather Riding Boots 7B Style 77167Steve Madden Gorgeous Over-The-Knee Dress Boots, Taupe Velvet , Naughty Monkey Womens Winter Boot- Pick SZ/Color. , NWB Jeffrey Campbell Sarika Denim UK3/EU36/US5 - UK8/EU41/US10Giannico NWOT Black Leather Faux Pearl Embellished "Mascherina" Boots SZ 36.5 , AUTHENTIC GIUSEPPE ZANOTTI SUEDE BOA HEEL SHORT BOOTS BLACK GRADE AB USED - ATDIADORA HERITAGE Men's Shoes Sneakers Trident Camo Perf Blu Top Vintage New , Dr Martens Ladies Fit 1461 Purple Heather Soft Virginia Nappa Leather Shoes , Tory Burch Gigi Pump - Leopard Print Size 10Neiman Marcus Women's Suzy Quilted Ballet Flats in Black Size 6M , Fendi White Flats, 39... Very Good Condition !!Gentleman/Lady Sam Edelman Women's Lulie Pump Modern technology Stylish and fun renewed on time , AUTHENTIC GIANVITO ROSSI FAVNENE LEATHER BOOTIE BOOT BOOTIES HEELS SHOES 38 8Easy Works Women's Magna Health Care Professional Shoe , Xero Shoes Men's Prio Sneaker Imperial Blue SneakersMen's Nike Air Zoom Pegasus 35 Running Shoes Trainers White/Black/Pure PlatinumWilcox Fairfax Matte Black Mens 9 New In Box , Alden US 12 D Black Penny Loafers 981 Leather New England Made in USALACOSTE - Men`s Lt Fit 118 Tennis Shoes Black and Dark Gray - (735SPM0028-237S18 , Mark Nason Los Angeles Men's Gillespie Ankle Bootie - Choose SZ/ColorHugo Boss Collection Mens Italy Dark Brown Leather Oxford Dress Shoes Sz 11.5 USECCO Men's Lisbon Cap Toe Tie Oxford - Choose SZ/Color , New Balance 860v7 W860WB7 Blue/Green Women's Running Shoes Sz. 7 , Nike Women's Air Max 90 Essential Running Shoes Sz 7.5 NEW 616730 020 , Nike Women's Rift Wrap SE Mica Blue/Legion Green/Black 881192-400 , NIKE W Nike Air Zoom Structure 21 904701-101 SUMMIT WHITE Size 9.5Soludos Women's OTOMI Slip ON Sneaker - Choose SZ/Color , Gentleman/Lady Dansko Women's Cozette Sneaker durable a wide range of products Maintenance capabilityWomen Knee High Boots Pointed Toe Thin High Heels Boots Shoes Plus US Size 4-15 , Vince Camuto Size 6 KELLISI Black Suede Knee High Stretch Boots New Womens Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men/Women naturalizer Pleasant shoes Valerie Valerie Wedge Sandals, Dark Venom elegant Pleasant appearance Vintage tide shoes aa9a574 -

    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.

    Men/Women naturalizer Pleasant shoes Valerie Valerie Wedge Sandals, Dark Venom elegant Pleasant appearance Vintage tide shoes aa9a574 -

    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
    Men/Women naturalizer Pleasant shoes Valerie Valerie Wedge Sandals, Dark Venom elegant Pleasant appearance Vintage tide shoes aa9a574