Never miss an update

classic Heels Womens round toe Suede classic Hidden wedge Heels comfort Hidden knight Ankle boots 76584ea

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: Fashion - Ankle
US Shoe Size (Women's): 4/4.5/5/6/7/8/9 Width: Medium (B, M)
Country/Region of Manufacture: China Heel Type: Wedge
Fastening: Pull On Heel Height: High (3 in. and Up)
Never miss an update

classic Heels Womens round toe Suede classic Hidden wedge Heels comfort Hidden knight Ankle boots 76584ea -

    classic Heels Womens round toe Suede classic Hidden wedge Heels comfort Hidden knight Ankle boots 76584ea
    classic Heels Womens round toe Suede classic Hidden wedge Heels comfort Hidden knight Ankle boots 76584ea
    Blowfish Womens Sea Fabric Closed Toe Ankle Fashion Boots Grey Size 7.5 , Women's Embroidery Retro Pointy Toe Ankle Boots Shoes Winter Slip On Block HeelsWomens Knee High Boots Block Heels Buckle Round Toes Faux Leather Shoes FashionMinnetonka Moccasins Three Tier Brown Fringed Boots Womens Size 8 US.Aerosoles Womens Password Mid Calf Boot- Pick SZ/Color.Womens Winter Warm Snow Boots Platform Fur Thicken Lining Casual Shoes Mid CalfBowknot Womens Real Leather Boots Casual Knot Pointed Toe Chunky Elastic Shoes , GB35 Alley Wedge Rain Boots 628, Black, 8 US , 2017 Womens Gold Thread Pumps Stilettos High Heels Shoes Wedding Ankle Boots NewSteve Madden Womens Ed. Ankle Bootie- Pick SZ/Color.Nine West Women's Size 8 Kyra Black Patent Leather Ankle Boots BootieVINTAGE Bottines LILIAN Cuir et Daim Noir T 36 / 36,5 TBE , PLEASER Rainbow-1018UV6 Series 6" Heel Sexy Exotic Ankle-High BootZARA Womens Tan Beige Suede Over the Knee Boots Flat Riding Pull On Eur 40 US 9 , Hot Sexy Black PU Ellie 6" Thigh High Knee Boots Shoes Adult Women Halloween , Womens Winter Warm Fur High Wedge Heel Creepers Ankle Boots Shoes Faux Suede HotMUK LUKS Women's Reverse Patti Boot , Newly british students riding boots autumn suede platform high top sneakersFranco Sarto Boots Size 6.5 M Motor Black Leather Fashion Knee HighBoots High Heels Crystal Ankle Women Shoes booties ladies , Women Pointy Toe Leather Bowknot Stilettos High Heels Ankle Boots Sexy Nightclub , Tommy Hilfiger Women's Regin Snow Boot Burgundy Size 6.0New Men's Military Tactical Desert Combat Outdoor Army Shoes Ankle Hiking Boots , Women Stilettos Heels Platform Over Knee Thigh High Boots Stretchy Plus Sz ShoesMr/Ms CLARKS Women's Malvet Doris Every item described is available New products in 2018 Diversified new designAna Leather Suede Western Fringed Style Knee High Cowgirl Boots Sz 8-8.5Womens Mesh Zips Low Heel Pointy Toe Ladies Pumps Party Shoes Chic Ankle Boots , Women Square Toe High Heels Chunky Leather Side Zipper Ankle Boots Bt15 , Womens Size 9 Hippie Psychedelic Rubber Rain Boots Size 40 Euro ,
    classic Heels Womens round toe Suede classic Hidden wedge Heels comfort Hidden knight Ankle boots 76584ea ->classic Heels Womens round toe Suede classic Hidden wedge Heels comfort Hidden knight Ankle boots 76584ea -
    NIB $495 Via Spiga Ophira Over The Knee Suede Women's Boot Steel Gray Size 6.5 , Teva Women's W DE LA Vina Dos Tall Boot - Choose SZ/Color , Keds Powderpuff Womens Boots Brown 8 US / 6 UKVersace 19.69 V105 CALF MARRONE boots Women's Brown AUSTUART WEITZMAN AUTH $425 Women Calf Hair Leopard Print Flat Shoes Size 8.5MHaflinger Women's Sassy Flat, Silver/Grey, 40 EU/9 M US , Ariat Womens Unbridled Ava-W Ava SandalB- Choose SZ/Color.Bass Men / Unisex Black Formal Apron Toe Tassel Loafer - Size US 9ZARA Satin Tied Platform Espadrilles Jute shoes size / US 8Anne Klein 25022790 Womens Insists Leather Dress Pump- Choose SZ/Color. , Adidas Campus SE SLAMJAM Size 10.5 United Arrows Sons White Mens Shoe BB6449[BY4095] MEN'S ADIDAS ORIGINALS PRO MODEL VULC SHELL TOP HI WHITE BLACK 7.5-12 , ASICS GEL-PTG MT 1193A100.101 WHITE/PEACOAT (msrp: $100)Salomon Sense Pulse Men's Gentian Running Shoe 10.5M , HOKA ONE ONE CHALLENGER ATR 2 MEN SPORT GREY/CITRUS US 8 / / , New Balance MRL247SI D Grey Black Men Classic Running Shoes Sneakers MRL247SID , Nike Air Zoom Pegasus 34 TB 887009-100 White/Black Men's Running ShoesNike X Clot Inc Lunar Force 1 Fuse SP 717303-064 10 air 90 supreme , Ariat Workhog Waterproof Comp Toe Met Guard Work Men's Boots 8 D 10010892 Brown , Mental Pointy Toe Mens Leather Cuban Heels Shoes Print Hairdresser Shoes Punk , Allen Edmonds Men's SANFORD Dress Shoes Black Cap-Toe Leather Oxfords Brogue 11D , Retro Men British style real genuine leather Dress Formal Shoes pointy toe Boots , Florsheim Men's Paladino Double Monk Strap Dress Shoes Size 10D Dark Brown , Man/Woman NAOT Men's Fiord Mule bargain Preferred material Known for its beautiful qualityMen's/Women's Propet Women's TravelWalker II Navy Mesh Consumer first Win highly appreciated Clearance sale , Men's/Women's New Women's POWER DIET shoes white/blue Big clearance sale Fine art Very practical , NEW BALANCE 574 BLACK/INCENSE CASUAL WOMEN'S SELECT YOUR SIZE , Luxury Rebel Women's Taupe Leather Kara Camel Ankle Boots Shoe Size 10 M NEW , Riding Knee High Boots Womens Color Stitching Buckles Womens Pull On Roman ShoesNEW Caterpillar CAT Tall Black Leather Work Boots Wmns 9.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    classic Heels Womens round toe Suede classic Hidden wedge Heels comfort Hidden knight Ankle boots 76584ea -

    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.

    classic Heels Womens round toe Suede classic Hidden wedge Heels comfort Hidden knight Ankle boots 76584ea -

    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
    classic Heels Womens round toe Suede classic Hidden wedge Heels comfort Hidden knight Ankle boots 76584ea