Never miss an update

New Django & & Juliette mogochinese-19334 "Handos" Booties Size: 5 Django   RRP $219.95 e26d4f0

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
Colour: Black with Indigo Flowers
Style: Booties Brand: Django & Juliette
Material: Leather
Never miss an update

New Django & & Juliette mogochinese-19334 "Handos" Booties Size: 5 Django   RRP $219.95 e26d4f0 -

    New Django & & Juliette mogochinese-19334 "Handos" Booties Size: 5 Django   RRP $219.95 e26d4f0
    New Django & & Juliette mogochinese-19334 "Handos" Booties Size: 5 Django   RRP $219.95 e26d4f0
    CLARKS Women's Dameo Swing Driving Style Loafer - Choose SZ/color , Superbe paire de Derbies Neuves, cuir Bleu foncé "Lacoste-Devanlay" - Taille 38 , Via Spiga Womens Black Leather Ankle Boots 7.5 M , Camper Bowie 400023 Vida Navy Womens Leather Chelsea Ankle Slip on BootsRyka Women's Glance Athletic Sandal - Choose SZ/colorChaps Women's Page, Tan, 7 B USNew Womens Pointy Toe Warm Winter Ankle Boots Snow Shoes Wedge Fur Lined Leather , Rockport Women's Finna Fur Waterproof Snow Boot, Black Leather Waterproof, 10 M , 2019 New Womens Pointy Toe Warm Winter Ankle Boots Snow Shoes Flats Fur Lined SZ , BCBGeneration Womens Cinder Leather Open Toe Ankle Fashion BootsLATEX RUBBER HIGH BOOTS SIZE 6-16 HEELS-5,5"- PRODUCER- POLAND FS1202 , Dolce Vita Women 6.5 Boots Black Leather Over The Knee Made Italy Thigh HighColumbia Women's Sierra Summette Shorty Winter Boot - Choose SZ/ColorWomens High Heel Pointed Toe Side Zip Rivet Slim Faux Suede ShoesSteve Madden Women's Myrakle Boot, Chestnut Suede, 6.5 M USNaturalizer Women's Jadis Extended Calf Boot,Black,6.5 N USEllie Shoes Women's 609-Viper Ankle Bootie, Black, 10 US/10 M US , Man's/Woman's Alegria"Kris" Boot- Evergreen- 35 M US We have won praise from our customers. Fast delivery General product , Bottes Cuissarde M par M cuir noir NEUVE Valeur 199E Pointures ,37,40 , Doc Martens Women’s Floral Boots Size 6 Air-Wair With Bouncing Soles , Steve Madden Womens Brown Leather Knee Boots 7.5 M , CLARKS "KALEA LYNN" WOMEN'S BLACK LEATHER BOOT, SIZE 10 & 12, 261 21284Steve Madden Womens norri Suede Almond Toe Over Knee Fashion BootsCall It Spring Women's Criviel Boot, Black Synthetic, 7.5 B US , Dr. Martens Women`s Drench Shower 1460 Hot Pink Waterproof US 5 , 2 Lips Too Women's Too Jan Boot, Black, 8.5 M US , Franco Sarto Women's Delancy Ankle Boot, Black, 10 Medium USNot Rated Women's Big Bear Ankle Bootie, Tan, 6.5 M USNEW Nila & Nila Italian Leather glittery sneakers shoes Sizes USA 9 ,
    New Django & & Juliette mogochinese-19334 >New Django & & Juliette mogochinese-19334
    FORMA BOOTS RACING MOTORRAD HORNET BLACK / WHITE SZ 38-48 TRACK RACE PROTECTIONS , NEW Sandler Memphis Brown Oily Nubuck BootMen's/Women's Fabulicious FLAIR-474 superior Preferred material Current shapeConverse One Star Ballet Flats Strap Gray Silver White Strap Rare Women Size 8Steve Madden Women's Rock Flat Sandal Rhinestones/Polyurethane Flats , Womens Real Leather Flats Slip on Loafers Fashion Slippers Shoes Chic Mules SizeGeorgia Boot Womens Gb00148 Leather Closed Toe OxfordsDonald J Pliner Womens Sneaker- Pick SZ/Color. , Finn Comfort Womens Nashville P Black Leather Mary Jane T-Strap Shoes Size 42 , Clarks Wave Route Slip On Casual Shoes - Women's Size 6 M, Black , Sexy Womens Clubwear High Heels Dancling Shoes Pointy Toe Stilettos Sandals , Gentlemen/Ladies Manolo Blahnik Bamus 39 Fine processing Trendy As of the latest model , Marc Fisher LTD ADALYNE Espadrille Wedge Sandals Taupe Multi Suede Size 7.5 , DOLCE & GABBANA Baroque Pumps Heels BELLUCCI Studded Flowers Black Gold 06862 , new $795 YSL Yves Saint Laurent Khan black/blue SNAKESKIN shoes 41 11 , Vince Women High Top Sneaker Size 8.5 Eur 39.5 Black Leather Patent SuedeJewel Badgley Mischka JW2145B Womens Lea II Pump- Choose SZ/Color. , Asics Gel-Kayano Round Toe Synthetic Sneakers Trainer Running Shoes sand tan 9.5 , Men's Nike Air Jordan Flywire 2012 Sneaker Michigan Wolverines Sz 12 Custom Shoe , VANS ERA HALF MOON RETRO V95 NAVY JAPAN EXCLUSIVE Size US 9 27 42.5 Billy’sUnder Armour Men's Valsetz RTS Side Zip Tactical Boot Black Size 13 , 2012 Nike Air Jordan IX 9 Retro DB DOERNBECHER WHITE GOLD BLACK 580892-170 DS 12 , Jordan XX8 28 SE Russell Westbrook OKC Camo PE Size 12.5 100% Authentic , Nike x Fragment Air Zoom All Court Red Size 10 411007-600Rieker-Antistress Men's Diego 21 Cap-Toe Oxford Toffee/Navy/ZimtROCKPORT DAILY RITUAL TASSEL MEN'S BURGUNDY LEATHER LOAFER, V82326 , Rottweiler Halloween-Running Shoes For Women And Kids-Free ShippingGentleman/Lady Ash Women's Cult Fashion Sneaker High quality and low overhead Modern and stylish fashion International big nameCeline Tassel Loafers White 36 Half 432 (28638 , Nocona Women's Westren Red Deer Tanned Boots Size 6 C Used Hard Cowgirl Jewelry ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Django & & Juliette mogochinese-19334

    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.

    New Django & & Juliette mogochinese-19334 "Handos" Booties Size: 5 Django   RRP $219.95 e26d4f0 -

    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
    New Django & & Juliette mogochinese-19334 "Handos" Booties Size: 5 Django   RRP $219.95 e26d4f0