Never miss an update

Glitter Pointy Dress Toes Crystal Block Hells Shoes Womens Womens Knee High Boots Party Dress Shoes 2404297

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
Pattern: Solid Style: Knee High Boots
Occasion: Casual Width: Medium (B, M)
Country/Region of Manufacture: China Heel Type: Block
Fastening: Zip Heel Height: High (3 in. and Up)
US Shoe Size (Women's): 7 Material: Synthetic
Never miss an update

Glitter Pointy Dress Toes Crystal Block Hells Shoes Womens Womens Knee High Boots Party Dress Shoes 2404297 -

    Glitter Pointy Dress Toes Crystal Block Hells Shoes Womens Womens Knee High Boots Party Dress Shoes 2404297
    Glitter Pointy Dress Toes Crystal Block Hells Shoes Womens Womens Knee High Boots Party Dress Shoes 2404297
    Alegria Women's Indi Premium Leather Demi Wedge Ankle Boots Black EUC NWOTNew Womens Sexy Leopard Platform High Heel Faux Suede Plus Size Zip Ankle Bootie01 Womens Ladies Knee High Boots Riding Knight Zip Round Toe Warm Black Shoes , Women Zip Block Heels Graffiti Ankle Boots Fashion Ladies Winter Leather ShoesCole Haan Winter Snow Cold Mid Calf Boot Western Brown Leather Wedge 11 BTEVA Womens De La Vina Delavina Brown Ankle Boots Waterproof Leather SZ 5.5Dr Martens Black Ankle Boots Sz 9 Suede Teresa Leather Air Sole Women’s2017 Chic New Womens Square Toe Zip High Block Heel Ankle Boots Shoes Metal HotFashion Women's Cuban Heels Rhinestone Chelsea Ankle Boots Punk Motorcycle ShoesNEW* Bearpaw LEA NEVERWET Black Suede Tall Pull On Boot 9MBoemos Ankle Boots Women 7 Metallic Flat Made In ITALY Brown Leather New W/tagsWomens Leather Over Knee High Boots 16cm Heel Nightclub Dancing Outdoor Shoes SZDr. Martens Women's Maelly Ankle Bootie, White, 5 UK/7 M USBritain Women Rivet High top Bee Ankle Boot Round Toe Low heel Shoes Winter RockNew Women Ankle Chelsea Boots Suede Block Heels Pointed Toe Rhinestones ShoesWomens Star Style High Heels Ankle Boots Side Zip Pointy Toe Clubwear Party ShoeKaren Millen Women's Fringe Suede Leather Brown Pointed Toe Boots Size 37.5 7.5$225 SAM EDELMAN KEEGAN FRINGE BELTED STRAPS PINK SUEDE BOOTS Women's Shoes 7.5 , Via Spiga Black Leather Harness Knee High Riding Boots Women's Size 11 M*KELSI DAGGER, BRONTE BIKER BOOTS, BROWN, WOMENS, US 6 M, EURO 36, NEW IN BOX , Skechers Womens Keepsakes-Freezing Temps faux fur Boot- Pick SZ/Color.Lexi Black Floral Studded Thigh High Pointy Toe High Heel Boots 7-11 , Bar III Womens Gatlin Suede Closed Toe Ankle Fashion Boots , Frye 'Billy' Harness Short Ankle Boots - Women's Size 5.5 BThe North Face Womens 8 Thinsulate Waterproof Winter Work Hiking Boots Defect , 2017 New Fall Chic Womens Round Toe High Block Heel Strappy Zip Ankle Boot Shoes , ANNE KLEIN WMN'S CALANTHA KNEE-HI BOOT DRK BRWN SUEDE US SZ LFT 9/RT 8 M MSMATCH , Man's/Woman's Steve Madden Women's Lover Western Boot Guarantee quality and quantity Primary quality a wide variety of goods , Riding Shoes Womens Chunky Heel Rivet Patent Leather Mid Calf Boots Rhinestone
    Glitter Pointy Dress Toes Crystal Block Hells Shoes Womens Womens Knee High Boots Party Dress Shoes 2404297 ->Glitter Pointy Dress Toes Crystal Block Hells Shoes Womens Womens Knee High Boots Party Dress Shoes 2404297 -
    Nike Vapor Red Metal Baseball Cleat Size 13 , CINZIA SOFT 35811 BLACK shoes ankle boot woman suede booties sneaker heelTommy Hilfiger Durham Ankle Booties 393, Medium Green, 10 US , Jimmy Choo Womens Flats 36.5 Brown Suede Slip On Pointed Toe Woven Leather BowNine West Women's Jackpot Light Natural Patent PumpsJOAN BOYCE ENCRUSTE ROSE GOLD RHINESTONE OPEN TOE SHOES SIZE 7 1/2W - NEWMen/Women Sam Edelman Women's Hazel Dress Pump quality Let our goods go to the world Known for its excellent qualityPaul Smith shoes bright blue patent leather platform Eu 37.5 US 7.5Jimmy Choo Women's Formal Wedges Size 38 (7.5) Black Satin With Rhinestones , Womens Summer Transparency Block Chunky Heels Sweet Casual Sandals Shoes LeatherNIB Christian Louboutin So Kate 120 Black Patent Leather Classic Heel Pump 35.5 , NEW Christian Louboutin Spikes Bikee Deck Black Sandal Platform Cataclou Size 40 , Aravon Women's Pc Three Strap Sandal - Choose SZ/ColorConverse Comme Des Garçone Sneakers Black Canvas Red Hearts Size 9 1/2 Woman , New Mens 12 Converse CT 2 HI Salsa Red Canvas Basketball Shoes 150145C $75 , K-Swiss Aero Lightweight Mesh Trainer Casual Sporty Gym Sneaker Shoe Black WhiteNEW NIKE AIR MAX 90 ESSENTIAL MEN'S RUNNING SHOES WHITE ARMORY BLUE 537384-133Nike Air Max 90 Essential 537384-427 Men's SneakersWolverine Men's Bonaventure 6 Inch Waterproof Stee - Choose SZ/colorCALTO Y41091 - 3.2 Inches Height Increase Elevator Dark Brown Moc-Toe Ankle BootNEW Donald Pliner Alondro Mens Penny Loafer Driving Mocs Shoes 11 Cognac $165Clarks Originals Trigenic Flex Men's Burgundy Suede Casual Shoes 26122569Cole Haan NEW Madison Plain Oxford II Mens Size 8.5 Black Leather Dress Shoes , Allen Edmonds Black "Lloyd" Wingtip Oxford Size 10E , NIKE AIR FORCE 1 LOW CANVAS PURPLE WHITE WOMENS Size 7.5 318636-511 , New Balance Womens 420 Blue Suede Sneakers Shoes 5.5 Medium (B,M) BHFO 9792 , Gentlemen/Ladies Charles Jourdan Platform Size 8 US Outstanding features Affordable Elegant and robust menu , Customized Dog Print Running Shoes For Women-Express Shipping- Designed By Brend , TOD'S Suede Brown Boots, 8.5, Made in ItalyWomens Fashion Slim Over Knee Boots Platform Block High Heels Mixed Color Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Glitter Pointy Dress Toes Crystal Block Hells Shoes Womens Womens Knee High Boots Party Dress Shoes 2404297 -

    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.

    Glitter Pointy Dress Toes Crystal Block Hells Shoes Womens Womens Knee High Boots Party Dress Shoes 2404297 -

    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
    Glitter Pointy Dress Toes Crystal Block Hells Shoes Womens Womens Knee High Boots Party Dress Shoes 2404297