Never miss an update

Fulinken Vintage Vintage Leather like SLIP-ON 15974 Square Toe Womens Square Ballet Flats Shoes 86ca91e

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: Fulinken
Material: Faux Leather Style: Ballet Flats
Heel Height: Flat (0 to 1/2 in.) US Shoe Size (Women's): 5, 6, 6.5, 7.5, 8.5, 9, 9.5
Occasion: Casual Width: Medium (B, M)
Pattern: Solid
Never miss an update

Fulinken Vintage Vintage Leather like SLIP-ON 15974 Square Toe Womens Square Ballet Flats Shoes 86ca91e -

    Fulinken Vintage Vintage Leather like SLIP-ON 15974 Square Toe Womens Square Ballet Flats Shoes 86ca91e
    Fulinken Vintage Vintage Leather like SLIP-ON 15974 Square Toe Womens Square Ballet Flats Shoes 86ca91e
    PORTSIDE Dinard 7080 Genuine Leather Women's Deck Shoes *Sz 5(USA) 37(EUR) 4(UK)Trotters Womens sizzle Suede Square Toe Loafers , Womens Pumps Pointed Toe Leather Metal Decor Crepper Slip On Patent Leather ShoeWomen Fashion Real Mink Fur Sequins Slip On Flat Casual Loafers Shoes Size , New WOMENS size 8 GREY SUEDE LEATHER SHOES-LOAFER-MOCCASIN-ARTEZA INLAY-GUM SOLE , LADIES SHOES/FOOTWEAR - Flyflot Q7NO2 black clogSEMLER Bronze Leather Slip-on Walking Shoes Size US7 /2 H EUCRetro Womens Flat Brogue Metal Decor Round Toe Slip On Shoes Casual Loaferds Hot , ax687 EDDY DANIELE shoes orange leather strass women ballet flatsBowknots Round Toe Slip On Block Low Heel Casual Pumps Loafers Women Shoes Ths01Man/Woman Aravon comfort leather shoes Consumer first excellent Caramel, gentleFashion Womens Round Toe Rhinestone Flower Rivet Spike Slip On Loadfers Shoes SzNEW Womens Party Shoes Tassel Leather Flats Slippers Fringe Sandals Sequins Gold , Women Rhinestone Pointy Toe Platform Flat Heel Slip On Loafer Casual Shoes SizeBallerines Merlet Noir Et Blanc T. 37 Et 39 , Hot Women Flats Ankle Sandals Boots Roman Flip Flops Thong Tassel Beach Shoes szStylish Loafer Women's Pointy Toe Slip On Pearl Suede Black Falts Shoes US 4.5-8 , Genuine Leather Womens Round Toe Slip On Loafers Mules Sandals Moccasins SzLADIES SHOES/FOOTWEAR -CABELLO SHOE NAVY SIZE 39/8 , Women Suede Leather Flat Heel Bowknot Casual Shoes ballet Pointed Toe shoesNew Euro Women's Loafers Comfort Real Leather Casual Slip On Fashion Pumps ShoesWomens Casual Casual Pointed Toe Flats Oxfords Sandals Low Heels Shoes FashionWomen Flats Open Toe Winter Buckle Warm Casual Slippers Mules Fur Indoor Shoes_hWomens Casual Slip On Loafers Patent Leather Black Shoes Tassels Pumps Sizes 678womens square toes wedge high heel platform creepers oxford shoes chic new shoes , New Women's Flats Slip on Shallow Mouth Suede Round Toe Bowknot Fashion Shoes szNaturalizer Womens jaye Leather Closed Toe Ballet FlatsSquare Toe Womens Suede Leather Metal Pearls Rabbit Fur Lined Oxfords Shoes SzWomens Plaid Gommino Casual Loafers Square Toe Flats Slip On Moccasins New Shoes ,
    Fulinken Vintage Vintage Leather like SLIP-ON 15974 Square Toe Womens Square Ballet Flats Shoes 86ca91e ->Fulinken Vintage Vintage Leather like SLIP-ON 15974 Square Toe Womens Square Ballet Flats Shoes 86ca91e -
    guidi CREAM offset wedge Boots it37 usa 6 NEW $2380new $1275 JIMMY CHOO 'Maja' stone grey natural suede open-toe ankle BOOTS 36 6 , Gentleman/Lady Ariat Women's Broadway Fashion Boot durability product quality Great choiceGentlemen/Ladies Hogan Interactive Perforated quality Low price International big nameGIUSEPPE ZANOTTI Sandal SZ 38 Black Leather Rainbow Crystal Flat ShoesNew Django & Juliette Revoke Tan Womens Shoes Dress Sandals HeeledRockport Cobb Hill Women's Adrina Dress Pump, Black, 7 M USTory Burch "Eddie" Logo Bow Black Leather Ballet Flats sz 9 Euro 39 , Men's/Women's Andrew Charles Womens Ballerina Orange SONIA Clever and practical high quality Recommended today , Women Ankle T-Strap Slingbacks Sandals Open Toe Stilettos Party Shoes Big Size , BORDELLO Sexy Heel Hidden Platform Pumps Teeze-12 , BeautiFeel Women's Zhuri Sneaker, Black Suede/Nude mesh, 360 M EU (5 US) , GIUSEPPE ZANOTTI TAZ CRYSTAL EMBELLISHED LEAD COLOR SANDALS US10/ EU40Nike Jordan Formula 23 trainers sneakers 881465 406 eu 42 us 8.5 NEW+BOX. , Man's/Woman's TECHNO-854UV Packaging diversity King of quantity negotiationPuma Turin Mesh Trainers Mens Black/White Athletic Sneakers ShoesNIKE LUNARGLIDE 8 DBSIDE MEN SIZE 10.0 LEGION GREEN NEW COMFORTABLE LIGHT WEIGHTNIKE AIR JORDAN SPIZIKE iD GREY-HOT PINK-WHITE SZ 8 [605237-992]Nautilus Men's Blue Athletic Work Shoes - STEEL Toe - N1731 ALL SIZES *** , Skechers Mens Relaxed Fit-Moogen-Holder Sneaker- Select SZ/Color.Andrew Charles 8187 SOFTY AVION 270 Loafers Men's Blue US , Propet TravelFit Prestige - Black - Womens , [190393-03] New Women's PUMA Fierce Bleached Training Sneakers - Oatmeal KhakiPleaser Women's Classique 20 Pump Navy Blue Glittery Lamé FabricPuma Suede Classic Glitz Womens 367048-01 Aquifer Blue Pearl Shoes Size 6.5New Balance Womens 890v4 Running Course Shoes in Pink RibbonWomens Nike NSW Gaiter Boot Size 5 (AA0528 700) No BoxAdidas Ultra Boost X Womens BY1674 Mystery Ruby Primeknit Running Shoes Size 8Ariat New West Collection Black Deer Tan Super Soft Western Cowboy Boots 6.5 NWTDemonia Suede-Rabbit Fur Trimmed Knee Boots Camel-311
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fulinken Vintage Vintage Leather like SLIP-ON 15974 Square Toe Womens Square Ballet Flats Shoes 86ca91e -

    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.

    Fulinken Vintage Vintage Leather like SLIP-ON 15974 Square Toe Womens Square Ballet Flats Shoes 86ca91e -

    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
    Fulinken Vintage Vintage Leather like SLIP-ON 15974 Square Toe Womens Square Ballet Flats Shoes 86ca91e