Never miss an update

Comfortiva Womens madeira Womens Leather navy/night/navy Almond Toe navy/night/navy mogochinese-29984 Size 6.0 d053777

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: Comfortiva
Color: Blue Style: Loafers & Moccasins
Occasion: Casual Width: Wide (C, D, W)
Pattern: Solid Material: Leather
US Shoe Size (Women's): 6 Heel Height: Flat (0 to 1/2 in.)
Fastening: Slip On UPC: 190135044182
Never miss an update

Comfortiva Womens madeira Womens Leather navy/night/navy Almond Toe navy/night/navy mogochinese-29984 Size 6.0 d053777 -

    Comfortiva Womens madeira Womens Leather navy/night/navy Almond Toe navy/night/navy mogochinese-29984 Size 6.0 d053777
    Comfortiva Womens madeira Womens Leather navy/night/navy Almond Toe navy/night/navy mogochinese-29984 Size 6.0 d053777
    ANOTHER EDITION Shoes 259024 BeigexMulticolor MGentleman/Lady PORTLAND MENS SHOE SIZE 10 Special purchase Orders are welcome List of explosions , Gentleman/Lady JANA Escarpin 22401-21 Noir Exquisite (middle) workmanship Online export store Different goods , Trotters Womens Jenn Leather Closed Toe Slide Flats Navy Size 5.5Walking Cradles Womens fall Closed Toe Loafers Bone Size 8.0Man's/Woman's HOMY PED COMFORT SIZE 6 Reliable quality Online International big name , Beacon Womens Phoenix Fabric Closed Toe Espadrille Flats navy Size 8.5 , B.O.C Womens Laurene Closed Toe Loafers Navy Size 10.01.STATE Womens Skkylar Stone Size 8.5Anne Klein Womens Noris Closed Toe Loafers Tan Size 9.5 , Nine West Womens Noney Leather Almond Toe Loafers MultiColor Size 10.0ALL BLACK Shoes 933483 BeigexMulticolor 36 , Anne Klein AK Sport Women's Unalike Ballet Flat Tan Size 6.5Mr/Ms MINNETONKA Shoes 919916 BeigexMulticolor 7 Easy to clean surface auction ExportLucky Brand Santana Lavendar Grey Flat (Women)Man's/Woman's mio notis Shoes 404804 BeigexMulticolor 37 for you to choose Highly praised and appreciated by the consumer audience Very practical , CLARKS Women's Medora Frost I Mary Jane Flat Aubergine Size 7.0 , Man/Woman carino Shoes 540667 BeigexBrownxMulticolor 22.0cm elegant Reliable performance AmoyMadison Quilted Women's Quilted Loafers Black Quilt Size 5.0MARC JACOBS Shoes 440072 Red 35Naturalizer Womens CLARISSA Closed Toe Navy Size 10.0 , Aerosoles Teashop Ballet Flat, Black Tan Combo (Women) , Gentlemen/Ladies Enzo Angiolini Seylia Flat,Red Multi (Women) Practical and economical Impeccable Contrary to the same paragraphwomen's shoes OLGA RUBINI 5 () moccasins slip on blue paillettes BX787-35Lucky Brand Womens Beechmer Closed Toe Ballet Flats Picante Size 7.0Man/Woman Melissa Shoes 728313 BlackxGreyxMulticolor 22.5cm Year-end special promotions Wholesale trade Official website , Anne Klein Womens Myles Leather Closed Toe Loafers Red Size 5.5 , Jeffrey Campbell Shoes 298413 Black 39women's shoes OLGA RUBINI 9 () moccasins slip on red paillettes BX786-39
    Comfortiva Womens madeira Womens Leather navy/night/navy Almond Toe navy/night/navy mogochinese-29984 Size 6.0 d053777 ->Comfortiva Womens madeira Womens Leather navy/night/navy Almond Toe navy/night/navy mogochinese-29984 Size 6.0 d053777 -
    Seychelles Womens World Tour Boot- Pick SZ/Color. , MIA Women's Boot Camp Boot,Stone Suede,6 M US , ASICS Men's Patriot 8 Shoe - Black/White/White - US Men's Size 10 , New Alexander McQueen $1,785 Black Leather Lacquered-Heel Ankle Boots (Size:39)Asics Womens Gel Nimbus 20 Indigo Blue/Opal (D) T851N 4949Puma Basket Heart Patent Wns Leather White Women Shoes Sneakers 363073-02BRAND NEW DIANA FERRARI LEATHER BOOTS SZ 10 HIRAANI ~~ TAUPE , Klogs Brice MEN and Women Clogs Non- Slip Resistant Shoes All Size , COLE HAAN GRANT LT MARQUIS PINK PATENT LEATHER SHOES SZ 10B USTransparent Block High Heel Rivet T-Strap Open Toe Ankle Strap Sandals Party New , Via Spiga Pumps Wedge Platform Pony Hair Dark Brown Espresso 8 B Nice Italy , JLO Jennifer Lopez Black High Heel Booties with Buckle Size 9MMOJO MOXY Women's ABIGAIL Black Leather 3" Heel 3" Shaft Size 7.5M , Men's/Women's Pleaser ADORE-708MMG economic a good reputation in the world Recommended today , naturalizer Peyton 2 Embroidered Point Toe Heels, Pale Lapis , 100% AUTH NEW WOMEN LOUBOUTIN LADY FUR 150 PATENT SLINGBACKS PUMP/HEEL US 9.5 , Women Vince Nico Crisscross Flat Slide Leather Black MSRP $195 , Birkenstock Gizeh 043691 size 42 L11M9 R Black Birko-Flor Thong Sandals , Tempur-Pedic Women's Vallery Bootie SlipperNike Flyknit Lunar2 Running Men's Shoes Size 11 , Asics Tiger GEL-Lyte MT [H7Y4L-0196] Men Casual Shoes White/GreyMENS TAN BROWN RAINBOWS SLIPPER FURRY BOOTS SZ 9 (Womens Sz 11)EUC MARK NASON ARTICULATED LAND MENS 15 BLACK MESH SLIP ON COMFORT SNEAKERS SHOEPolo Ralph Lauren Men's Sneakers Shoes Faxon Low Sneakers Natural 8MDansko Unisex Wide Pro XP Cabrio 3914-000202 In Black New W/Box Sz. 36-42 , Hugo Boss BOSS Orange Men's Cultural Roots Leather Zip Boot FashionBrooks Ariel Running Shoes-Women's size 11 Navy , Jessica Simpson Womens Yeni Ankle Bootie- Pick SZ/Color.HUNTER FROM TARGET RAIN BOOTS WATERPROOF SIZE 11 WOMEN'S BLUE MULTI COLOR NEW , party womens genuine leather knee high boots black hollow sexy stilettos shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Comfortiva Womens madeira Womens Leather navy/night/navy Almond Toe navy/night/navy mogochinese-29984 Size 6.0 d053777 -

    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.

    Comfortiva Womens madeira Womens Leather navy/night/navy Almond Toe navy/night/navy mogochinese-29984 Size 6.0 d053777 -

    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
    Comfortiva Womens madeira Womens Leather navy/night/navy Almond Toe navy/night/navy mogochinese-29984 Size 6.0 d053777