Never miss an update

Ladies Rieker 29898 Slip On Shoes Shoes - Rieker 51953 7a95c39

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
Upper Material: 100% Leather
Style: Ballerinas Brand: Rieker
Sole: Synthetic
Never miss an update

Ladies Rieker 29898 Slip On Shoes Shoes - Rieker 51953 7a95c39 -

    Ladies Rieker 29898 Slip On Shoes Shoes - Rieker 51953 7a95c39
    Ladies Rieker 29898 Slip On Shoes Shoes - Rieker 51953 7a95c39
    Office Ladies Black Retro Tassel Loafers , Ladies Unstructured by Clarks Flat Shoes Un TractWomens Office Lucky Espadrilles NUDE LEATHER BLACK TOE CAP Flats , CARVELA KURT GEIGER JACKSON FLAT SLIP ON TRAINERS FLATS SZ 7.5UK RRPWomens Butterfly Twists Maya Navy Slip On Flat Espadrilles Shoes UK SizeLadies Rieker Casual Slip On Shoes - '53765' , Clarks Cheyn Web Ladies Black Leather Shoes 'D' Fit (R42A) (Kett) , Men's/Women's Ladies Remonte Shoes R1901 Practical and economical online shop Elegant and solemnLadies Clarks Lattice Front Smart Shoes Ordell Tessa , Mr/Ms Ladies Gabor Court Shoe - 25.432 durable Clearance Outstanding styleLADIES SHOES/FOOTWEAR - Neckermann Scuff N2618 tan , Ladies Clarks Casual Flat Shoes 'Autumn Stone' , Men/Women Adrianna Papell Women's Pam Slip-On Loafer Quality queen Clearance cheaperGentleman/Lady LADIES SHOES/FOOTWEAR -Cherry Lana black sandal Outstanding features excellent have funGentlemen/Ladies CLARKS SILLIAN PAZ LADIES CASUAL Wear resistant Lush design Known for its excellent quality , Gentlemen/Ladies Tommy Hilfiger Women's Jouston Oxford Practical and economical Online Fashion versatile shoes , Versace 19.69 E08 FIORI NEVE ballerina shoes Women's Multicolor AUButterfly Twists Adrienne Flat Ballerina Womens Pumps Shoes Slip On Brogue StyleLadies Rieker Casual Slip On Pumps '45551-12' , Womens Butterfly Twists Maya Silver Glitter Flat Espadrilles Shoes UK Size , Ana Lublin Shoes Women Moccasins Brown 82858 moda1 ORIGINALThe Flexx Womens/Ladies Rise A Smile Trina Slip On Pumps (FS4380)BIRKENSTOCK HIGH MEMPHIS NAVY BLUE Womens Narrow Fit Casual Shoes S 3 EULadies Rieker Flat Casual Loafer Shoe 40085 , Ladies Skechers Casual Shoes EZ Flex 2 'Fascination'LADIES SHOES/FOOTWEAR - SOA Sandal Deli bone , Man/Woman Ladies Remonte Shoes - R3431 Special purchase Ranked first in its class Elegant and robust menuMan's/Woman's LADIES CLARKS SHOES MEDORA GALE Easy to clean surface high quality Excellent functionLADIES CLARKS TUMBLED LEATHER SHOE AVALIABLE IN BROWN & BLACK EVIANNA BOA D FIT
    Ladies Rieker 29898 Slip On Shoes Shoes - Rieker 51953 7a95c39 ->Ladies Rieker 29898 Slip On Shoes Shoes - Rieker 51953 7a95c39 -
    Versace 19.69 C13 VELOUR MILITARE boots Women's Dark Grey USCharlotte Olympia Brown Black Alba Booties Size 35.5 $815 NEW In Box , Men's/Women's WOMEN FLATS WHITE HOUSE BLACK MARKET Selling King of quantity Popular recommendationSkechers Sport Women's Just Relax Fashion SneakerSanita Womens Professional Black Leather Clogs Shoes Flower Heart Sz 39 US 8-8.5 , AK Anne Klein Women's Dagney Slip-On Loafer,Dark Brown,6.5 M US , $195 BCBG BCBGMaxAzria Womens Divinia Open Toe Dress Shoe, Black, US 8 , Men's/Women's calvin klein Velvet Open Toe sandals High quality and low overhead Beautiful appearance King of the crowdMANOLO BLAHNIK $575 Tan & Brown Patent Leather Heels Slingbacks 39 , Christian Lacroix chic and classy black and ivory pumps Sz EURO 37 (US 7) , WHITE MOUNTAIN (GEMMY GLADIATOR SANDAL) WOMENS SIZE 9.5 BRAND NEW! , PUMA Women's Fierce Evoknit Wn Sneaker - Choose SZ/Color , Men's/Women's PUMA Mens Valor Sneaker- Select SZ/Color. Durable service excellent Strong heat and heat resistance , Nike SB Zoom Blazer Low Lemon Wash Summit White 864347-700NEW Nike Hyperdunk 2017 Low (897663-100) White Black-Pure Platinum Men's Size 18Mens Nike Air Reax TR 9 Sneakers New, Black Gray 807184-002 sku AANike Hypervenom Zoom PhantomX III Pro IC Men Football Soccer Shoes AJ3804-107 , DS NIKE 2016 AIR TRAINER 1 TEAM ORANGE 10.5 SUPER BOWL NFL SC BO MAX 91 90 1 , Nike Air Max LTD 3 TXT Black White Anthracite Gum Denim Canvas 746379-001 Sz 7.5 , Chippewa for J.Crew Plain Toe Leather Boots 7.5 $268 brown shoes work ankle swagKenneth Cole Unlisted Men's Crown It Fashion Sneaker , Dr. Martens Pascal WL Women's Trail Leisure Boots Leather 23317002 Sz6-9 LPropet Women's Washable Walker Walking Shoe, SR Black Suede, 7.5 W USVince Varin Sneaker - Women's Shoes - Red/White - Size 8.5MGentleman/Lady Philippe model sneakers durable Sales Italy Different styles and styles , Wolverine Women's Fletcher Low Work Shoe, Black/Blue, 8 M USHoka One One Womens Tor Ultra Hi WP Shoes 1008335 Blue Jewel/Medieval Blue 6.5Women Pointy Toe Sexy Stilettos suede Rivet Buckle Strap Knee High Knight BootsB-124 Wome's Hunter Tall Original Adjustable Black Glossy Boots Sz 6 US , Steve Madden Women's Kimmi Harness Boot, Black, 8 M US …
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ladies Rieker 29898 Slip On Shoes Shoes - Rieker 51953 7a95c39 -

    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.

    Ladies Rieker 29898 Slip On Shoes Shoes - Rieker 51953 7a95c39 -

    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
    Ladies Rieker 29898 Slip On Shoes Shoes - Rieker 51953 7a95c39