Never miss an update

Women's mogochinese-29993 Salvatore Ferragamo Tan 29987 Brown Brown Leather Kitten Heel Pumps sz 7.5 4A b54d72e

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Color: Tan
Brand: Salvatore Ferragamo Heel Height: Flat (0 to 1/2 in)
Pattern: Solid US Shoe Size (Women's): US 7.5
Style: Pumps, Classics Material: Leather
Heel Type: Kitten Width: Extra Narrow (AAA+)
Never miss an update

Women's mogochinese-29993 Salvatore Ferragamo Tan 29987 Brown Brown Leather Kitten Heel Pumps sz 7.5 4A b54d72e -

    Women's mogochinese-29993 Salvatore Ferragamo Tan 29987 Brown Brown Leather Kitten Heel Pumps sz 7.5 4A b54d72e
    Women's mogochinese-29993 Salvatore Ferragamo Tan 29987 Brown Brown Leather Kitten Heel Pumps sz 7.5 4A b54d72e
    FRANCO SARTO MADRID Women Heeled Sandals (5M, BLACK)J CREW HARPER crackle crackled metallic gold round toe pumps shoes 7.5 M , Man/Woman jessica simpson women shoes size 10 Promotion Comfortable touch Suitable for color , Heel Nine West Paidup Light Blue Synthetic , SFC Shoes for Crews Destiny Black Leather Women's Shoes 3602 Size 4 / 33 $64 NEW , New Isola Lora Perforated Open Toe Sandals women's size 7.5Gentleman/Lady Stuart Weitzman Size 10 Medium for you to choose discount price Elegant and robust menu , Vicini GIUSEPPE ZANOTTI JEWEL Embellished Brown Heels Size 9.5B (TACO500WOmen's Striped High Heels Stilettos Open Toe Roma Sandals Bowknot fashion shoesNEW IN BOX $119 Franco Sarto Stone Color Oxford Style Shoes Size 6 , New Women's Isola Coral cognac Croco leather heel shoes size US 9 , Vince Camuto Signature Phallonn Heel SIZE 9.5 M NEW WITHOUT BOXJessica Simpson Women's Pedell Pump, Black Mesh, 5.5 Medium USESDRA DESIGN BLACK NUBUCK SINGLE SOLE CUTOUT HIGH SEXY SANDALS MULTI COLOR GEMS$109 LAUREN RALPH LAUREN FAITH Pewter Leather Designer Strappy Pumps 9 , Gentleman/Lady betsey johnson shoes size 6.5 Quality queen Various types and styles List of explosions , Ivanka Trump Tally Sandals Wedge size 8 New $149 , L.A.M.B. Taupe Peep-toe Slingback Heels Pumps Platforms Size 9.5M , INC Garoldcog Women Heel Sandals (5M, GOLDEN COGNAC) , SFC Shoes For Crews Sienna Black Leather Women's Shoes 3704 Sz 9 / 40 $81 NEW , FERGIE FOOTWEAR Talisha Stiletto Heel, Stone, Synthetic, 6.5M MSRP $119Claudia Ciuti Camel Leather Platform Sandals sz 8 Euro 38 Gorgeous Heel! , Zigi Girl, Janice, Leopard, Platform Shoe, Size 10NIB VAN ELi Wianne Wedge Pump Womens Shoes Size 7 N T Moro Brown Rimes $140NEW! BOUTIQUE 9 Black Suede CARY Butterfly Heel Peep Toe Platform Pumps 10 $150STUART WEITZMAN suede hugh heel platform mules slides shoes 8.5 M , Pleaser Women's Seduce 420 Baby Pink Patent Heels , LAUREN RALPH LAUREN Kadie Sandals, black python, size 7 MSRP $129 , ANYI LU Pink Made in Italy shoes - Size 6
    Women's mogochinese-29993 Salvatore Ferragamo Tan 29987 Brown Brown Leather Kitten Heel Pumps sz 7.5 4A b54d72e ->Women's mogochinese-29993 Salvatore Ferragamo Tan 29987 Brown Brown Leather Kitten Heel Pumps sz 7.5 4A b54d72e -
    Man/Woman VELETTO Shoes 394176 BrownxMulticolor 37 Good world reputation The highest quality material Elegant and robust menuEmporio Armani X3N126 Booties - Women's Size 9 M, Black , NEW RAG & BONE Margot Fringe Tassel Dark Grey Suede Cap Ankle Booties Sz 38.5RAG AND BONE MARGOT FRINGE CAP TOE BOOTIE GRAY SUEDE SIZE 37.5 , Fred Perry Aubyn High Shine Twill Womens White Textile Slip On , Man/Woman Midas boots 38 Many styles auction Authentic guaranteeWomen's Alegria DEB-531 Black SLIP RESISTANT Shoes Size 38 (CON15)Nina Women's Rigby,Gold/Platino Satin/Glitter,US 7 M 37 Eur , STUART WEITZMAN Gigiritz Brown Satin Bow Peep Toe Heels 8.5 M , NWB A. Marinelli Ladies Satin Pumps Shoes Purple sz 10 , Mr/Ms Pleaser Pink Label PINUP-01 the most convenient Modern design cheaper , Blondo Women's Leonita Slingback Sandal,Red Silky,7 N USCalvin Klein Womens Bambii Platform- Pick SZ/Color. , Men’s Adidas ULTRABOOST PARLEY SHOES Size 10Men's Reebok Liquid Floatride Running Shoes Black/White CN5865 BLKMen's adidas Originals Deerupt Runner Core Black/Footwear White B41768 BLKNike Internationalist Utility Cool Grey Deep Pewter 857937-003 Men's Sz 10$360 Red Wing Shoes 2954 Cooper Moc Leather Boots Amber Heritage Size 13 NEW , Propet Bone Slip-on, Comfort Shoe, Soft Leather Upper 15 M ( D ) New in BoxConverse First String Chuck Taylor All Star 1970s High Navy Men Women 162055C , Kenneth Cole REACTION Bill Cleaton LE Off White / Burgundy Men's Size 10 EUC! , Men’s Allen Edmonds Patriot Loafers 10 1/2 , Vans Womens Sk8-Hi Slim Zip Leather Sneakers Plaid Flannel True White Black Size , Skechers Flex Appeal 2.0 Stratosphere Womens High Top Sneakers Multi 8.5Under Armour Threadborne Fortis Running Shoes 1295768-003 size 7.5-9.5 , Outsider By SixtySeven Womens 76048 Knee High Rain BootCharles by Charles David, Adelina Black Microsuede, Size 6.5, CBCD09250, New , FRYE Women's Melissa Button Short 2 Boot Redwood Size 7.0 lzwv , Women Flats shoes Round toe Real Fur Pull on Winter Warm Knee high boot Vogue 186-6.5 ladies black leather ankle harness biker cowboy motorcycle ankle boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's mogochinese-29993 Salvatore Ferragamo Tan 29987 Brown Brown Leather Kitten Heel Pumps sz 7.5 4A b54d72e -

    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.

    Women's mogochinese-29993 Salvatore Ferragamo Tan 29987 Brown Brown Leather Kitten Heel Pumps sz 7.5 4A b54d72e -

    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
    Women's mogochinese-29993 Salvatore Ferragamo Tan 29987 Brown Brown Leather Kitten Heel Pumps sz 7.5 4A b54d72e