Never miss an update

Womens New High Heel Stiletto Pointed SY Toe Vogue New Rhinestone Pointed Slip On Shoes Chic SY 7816fe0

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: Unbranded
Material: Suede Style: Heel Shoes
Occasion: Casual Country/Region of Manufacture: China
Pattern: Solid Heel Height: High (3 in. and Up)
Width: Medium (B, M) Heel Type: Stiletto
Never miss an update

Womens New High Heel Stiletto Pointed SY Toe Vogue New Rhinestone Pointed Slip On Shoes Chic SY 7816fe0 -

    Womens New High Heel Stiletto Pointed SY Toe Vogue New Rhinestone Pointed Slip On Shoes Chic SY 7816fe0
    Womens New High Heel Stiletto Pointed SY Toe Vogue New Rhinestone Pointed Slip On Shoes Chic SY 7816fe0
    Bordello 5.75" Heel White Wide Width Platform Shoes Pumps 11 12 13 14 15 16 , Stilettos Pumps Gladiator Shoes Womens Open Toe Sandal High Heel A632 , Joe's Laney Pointed Toe Ankle Strap Pumps 019, Black, 5 US , Men's/Women's Pleaser SEDUCE-431 sell First grade in its class Fine wildNine West Women's Speakup Pony Pointed Toe Flat Natural Kenya Cheetah 7 M US , Calvin Klein Women's Jalana Pointed-Toe Shooties - Pumps Shadow Grey/Black 9.5 M , PLEASER DEL658/BPU/M Stripper Platform 6" Fetish Heels Cage D-Ring Strappy ShoesCynthia Vincent Potent Moclea Brown Leather Platform Sandals Wedges Womens 7.5 , Womens Velvet Mary Janes Vintage Shoes Rhinestone Block High Heel Pumps Fashion , PLEASER 7" Heel Blue Ombre Cutout UV Reactive Glitter Platform Shoes MOON-708MER , Sigerson Morrison Womens Beia Taupe Platform Sandals 6 Medium (B,M) BHFO 5219 , Plus Size Womans Open Toe Genuine Leather Strppy Hollow Stilettos Shoes New 16cmKatia Lombardo Shoes Size 38.5 8.5 Gold Metallic Ankle Strap Pumps Heels , $850 New C.N.C. Costume National Leather Shoes 39.5 9,5US with original box , Michael Antonio Kistnie Women Open Toe Synthetic Platform Heel Size 10Sexy Womens Fashion Suede Pointy Toe High Stiletto Heels Clubwear Pumps Shoes , L.A.M.B. Womens Dorthee Wedge Heels 7 Animal Print Leather Fur Pony Hair LeopardGentleman/Lady Fausta Black Leather Franco Sarto Pump fashion Let our goods go to the world Great choiceWomen 12cm Super High Heels Pointed Toe Slip On Sexy Club Shoes Prom Plus Size , Stuart Weitzman Womens Heels "Superbow" , Black, Size US 5 WGiuseppe Zanotti Vicini Black Beaded Kitten Heels Women's Size 38 , Peep Toe High Heel Stiletto Metallic Platform Shoes with Buckles Adult Womens , Fashion Womens Open Toe Ankle Strap High Stiletto Heel Flower Party Sandals ShoeArche shoes Sandals 36 made in France , GUESS Womens kenzie2 Open Toe Ankle Strap Classic Pumps, Blush Suede, Size 7.5 S , CHARLES JOURDAN Black Suede Leather T Strap Platform Pump Shoe Size 6.5 M$230 NIB MARCIANO GUESS ALIDA BLACK DRESS SHOES SIZE 6 7.5 HOT!!!Dolce & Gabbana "Sabbia" Beige & "Rosa" Pink Patent Leather Pumps SZ 39 , CHARLES JOURDAN Tan Taupe Leather Classic Heels Pumps 6 B Paris France Worn 1x! ,
    Womens New High Heel Stiletto Pointed SY Toe Vogue New Rhinestone Pointed Slip On Shoes Chic SY 7816fe0 ->Womens New High Heel Stiletto Pointed SY Toe Vogue New Rhinestone Pointed Slip On Shoes Chic SY 7816fe0 -
    Man/Woman NEW STEVE MADDEN WOMENS CREED main category Elegant style King of the crowdSam Edelman Johanna Over-the-Knee Boot-Women's size 7M BrownMen/Women FRYE Women's Engineer 12R Boot feature Orders are welcome value , adidas Alphabounce Beyond M Bounce Black White Men Running Shoes Sneakers AC8273Nine West 25016096 Womens ONLEE Leather Ballet Flat- Choose SZ/Color. , Aerosoles Drive Through Black Snake Round Toe Slip On Flat LoafersWomen Peep Toe High Stiletto Heel Over Knee Thigh Boots Sandals Hollow out sz , Famous Women Same Star Belt Sandals Zip Rhinestones Stage Show High Heels Shoes , Givenchy White Leather High Heel Pumps Shoe Size 35 1/2 US 5 ~ MINTY-Wedding , NICE Embroidery Velvet Mule Furry Slipper Heel Flip Flop Sandals ShoesMen's Adidas NMD R2 Casual Shoes Future Harvest Orange / White Sz 10.5 BY9915 , Reebok CrossFit Athlete Select Pack Sprint TR M45387 Size 7.5Nike Men's Air Max 1 Basketball Shoes , Nike Men's Air Zoom Spirimic Running shoes Size 7 to 13 us 881983 002 , Nike Air Max 90 Anniversary 2015 725235-300 Snake Dusty Cactus Infrared size 10adidas Prophere Shoes White Men D96727Nike SB X Supreme NYC Gato QS Black Spirit Teal AR9821-001 10.5 sprm , Men's VTG Nike ACG Brown Navy Blue Suede Trail Hiking Boots 2000 sz 8Johnston & Murphy Passport 4944 Saddle Leather Tassel Loafers Shoes Men's 10 M , Crocs Citilane Rka Slip-oncrocs Mens Roka Slip-On Flat- Choose SZ/Color. , Mens Genuine Leather work Moccasins Driving Oxfords Loafers Shoes Boat Loafer C8 , Cole Haan ZeroGrand Wingtip Oxford Suede Shoe Brandy Brown Ivory C25561 SZ 8.5 9NIB - BRADFORD EXCHANGE 'ALFRED DURANTE' Black/Gold SHOES - W 8.5Keen Rialto Sneaker - Men's Size 11 BlackADIDAS Cloudfoam QT Racer Running Women | Clear Onix/White/Clear Onix (AW4313) , Vionic Black Codie Leather Comfort Slip On Casual Sneaker Shoe 7 NewNEW ATTILIO GIUSTI LEOMBRUNI Ginger Quilted Leather High Top Sneaker 37/US 7 AGLMen's/Women's New Balance Women's MD800 Track Spike Aesthetic appearance comfortability a wide variety of goods , Bloomingdale's Women's Ainsley Knee High Leather Boots, Black 8.5M New , Ladies Brown / Green Bull-hide Leather Ariat Cowboy Boots sz:7.5 B (B)
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens New High Heel Stiletto Pointed SY Toe Vogue New Rhinestone Pointed Slip On Shoes Chic SY 7816fe0 -

    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.

    Womens New High Heel Stiletto Pointed SY Toe Vogue New Rhinestone Pointed Slip On Shoes Chic SY 7816fe0 -

    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
    Womens New High Heel Stiletto Pointed SY Toe Vogue New Rhinestone Pointed Slip On Shoes Chic SY 7816fe0