Never miss an update

Tory burch shoes ballet platinum Reese Reese shoes flat tassel rose 29968 gold 6 3a91a08

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
Color: platinum
Style: ballett Brand: TORY BURCH
Width: Medium (B, M) Heel Height: Flat (0 to 1/2 in.)
MPN: Does Not Apply Material: Leather
Never miss an update

Tory burch shoes ballet platinum Reese Reese shoes flat tassel rose 29968 gold 6 3a91a08 -

    Tory burch shoes ballet platinum Reese Reese shoes flat tassel rose 29968 gold 6 3a91a08
    Tory burch shoes ballet platinum Reese Reese shoes flat tassel rose 29968 gold 6 3a91a08
    Men's/Women's Tahari Women's Dottie Shoe elegant Year-end sale Contrary to the same paragraphNine West Women's Helmer Leather Mule - Choose SZ/ColorPleaser DOMINA-434 Womens Domina-434 Pump- Choose SZ/Color. , Tabitha Simmons Navy Leather Women's High Heels Sandals Size US 7.5 M , Rockport Womens STO7H65 Dress Pump (B)- Pick SZ/Color.Pleaser ADO710LG/SG/M Womens Adore-710LG Sandal- Choose SZ/Color. , Pleaser Women's Kiss-294 Sandal - Choose SZ/ColorThe Fix Women's Jenkins Choked-up Pointed Toe MuleSummer Navy/Black8 B US , Stuart Weitzman Curvia Women's High Heel Pumps Black Bead Leather Size US 8 M , Nine West Women's Enchanting Leather Heeled Sandal - Choose SZ/ColorCamper Womens Myriam 46796 Dress Pump /- Pick SZ/Color. , Ivanka Trump ITCANDI Womens Candi Pump- Choose SZ/Color.Bed Stu Women's Onset Dark Scarlet Rustic Dress Sandal 6.5MGentlemen/Ladies VISCATA Barcelona FoscaTasselSuedeCamel EU39 Customer first Let our products go to the world Various latest designsNine West Women's Christie Leather, Navy, 8.5 M US , Nine West 25022787 Womens Elenta Suede Wedge Pump- Choose SZ/Color. , GIUSEPPE ZANOTTI SHOES black silver sandals HEELS 36 6 glitterCole Haan Women's Penelope II Wedge Sandal - Choose SZ/ColorLOEFFLER RANDALL Womens Elayna Ankle Tie High (Leather/Rhinestones) HeeledAquatalia Women's Quinby Wedge Pump, Black Combo, 6.5 M USBadgley Mischka Women's Storm Heeled Sandal - Choose SZ/Color , Nine West Women's Donnali Heeled Sandal - Choose SZ/Color , Ted Baker Women's Peyepa Sandal - Choose SZ/Color , LOEFFLER RANDALL Loeffler Randall Womens Sydnee (Suede) Pump- Pick SZ/Color.Stuart Weitzman Curvia Nice Blue Bead Leather Women's High Heels Pumps 10.5 M , Salvatore Ferragamo Womens Shoes Pumps Black Charade Nero Calf Size 10AAMan's/Woman's Pleaser Women's KISS-3010/B/M - Choose SZ/Color Diverse new design High-quality materials fine , ALDO Women's Claira Silver 37 B EU , NEW MAX MARA MAXMARA DINDA Black Reptile Embossed Leather Heels Shoes sz 35 US 5
    Tory burch shoes ballet platinum Reese Reese shoes flat tassel rose 29968 gold 6 3a91a08 ->Tory burch shoes ballet platinum Reese Reese shoes flat tassel rose 29968 gold 6 3a91a08 -
    VINCE CAMUTO FIVVY BLACK Leather Combat Dress Knee Boots, size 6Rocky HandHewn Square Toe Western Cowgirl Fucshia Pink Black RW018 Women's 7M , Demonia By Pleaser Women's Shaker-100 Boot,Black Polyurethane,8 M US , B-32 WOMEN Tory Burch Tall Riding Boots t Leather T Logo Sz 8 1/2 MRetro Womens Western Cowboy Tassel Fringe Low Block Heel Knee High Riding BootsTS35 Kiarah Block-Heel Dress Sandals, Pale Mauve, 5 US , BCBGeneration Garnet Slip On Slide Sandals, BlackMr/Ms Lucky Women's LK-FAWNN Fashion Boot Queensland Strong value Modern modeSteve Madden Womens EvanGel Fabric Closed Toe Loafers, floral, Size 9.0Gentleman/Lady Merrell Women's, Sandspur Delta Wrap Sandals Excellent value Beautiful Very good classification , Sperry Women's, Rosefish Slip on Boat Shoe , womens high heels stilettos ankle boots black solid color dress shoes sizes 5678 , Betsey Johnson Womens Adley Peep Toe Classic Pumps Black Size 6.5 XLQWLambskin Leather Suede Chunky Heels Pump Burgundy Black BrownLANVIN Womens Seafoam-Green Snakeskin Round-Toe Wedge High-Heel Pump Shoes 9/39 , Softwaves Ladies Slippers Slippers Slippers Felt Slippers Navy/BlueOff-White Vulc Low Top Sneaker 41 with extra from japan (4147WILD WEST BROWN GENUINE LIZARD COWBOY BOOT RODEO-SQUARE-TOE (EE+)Hey Dude Men's Chan Stretch Fleece Linen Shoes , Men Graffiti Round Toe Slip On Boat Shoes Dress Formal Business Wedding Shoes , Nike AIR MAX Tailwind Running Shoes Sneakers Grey Women's Sz 8 M 621226New! Womens New Balance 610 v5 Trail Running Sneakers Shoes - limited sizes , NIB ASICS Women's GEL Excite 4 Running Shoes T6E8N Size 11 Black/SilverAdidas Originals WMNS EQT Racing ADV 91-17 Fashion Sneakers Black BB2344 Sz OptsAsics GEL-Nimbus 20 [T850N-8585] Women Running Shoes Limelight/Safety YellowTahari Women’s (Sz 9.5) TA-Daria Boot, Black, $159 (3266P)Jack Rogers New Sadie Brown Womens Shoes Size 6 M Boots MSRP $148Women Boot 7 Embroider Leather Western Cowboy Cowgirl USA Exotic Vintage Tall 8 , PRE-Owned Vince Camuto Women's Ofra Slouch Dress Boots Juba Calf Black Size 10M , LADIES ARIAT RUSTLER DISTRESSED BROWN LEATHER W/TURQUOISE COWBOY BOOTS 8 B
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Tory burch shoes ballet platinum Reese Reese shoes flat tassel rose 29968 gold 6 3a91a08 -

    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.

    Tory burch shoes ballet platinum Reese Reese shoes flat tassel rose 29968 gold 6 3a91a08 -

    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
    Tory burch shoes ballet platinum Reese Reese shoes flat tassel rose 29968 gold 6 3a91a08