Never miss an update

Womens Irregular Choice Flat Travi mogochinese-19743 Black Brown Flat Dog Irregular Glitter Flat Shoes Size 9edbcf4

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Irregular Choice
Main Colour: Blacks ean: Does Not Apply
PlatformHeight: Flatcm Exact Colour: Black Brown
ProductCode: SSID19352 Exact Heel Height: Flat
Style: Ballerinas Fastening: Slip On
upc: Does Not Apply Heel Height: High Heel (3-4.5 in.)
Upper Material: Manmade Inner Material: Textile
Never miss an update

Womens Irregular Choice Flat Travi mogochinese-19743 Black Brown Flat Dog Irregular Glitter Flat Shoes Size 9edbcf4 -

    Womens Irregular Choice Flat Travi mogochinese-19743 Black Brown Flat Dog Irregular Glitter Flat Shoes Size 9edbcf4
    Womens Irregular Choice Flat Travi mogochinese-19743 Black Brown Flat Dog Irregular Glitter Flat Shoes Size 9edbcf4
    JSport by Jambu Sideline Encore Sport Flats 580, Charcoal/Pink, 9 US / 40 EUJeffrey Cambell Cinda Ballet Flat, Black, 6 M DisplayBetsey Johnson Crosbey Pointed Toe Scalloped Ballet Flats, Silver, 11 US , Aerosoles Know It All Two Tone Ballet Flats, Black, 7 US , Clarks Patty Tayna Slide Clogs, Dark Tan, 6.5 W US , Lacoste tamora slip on shoes sizeLADIES SHOES/FOOTWEAR -Cherry Tumba mettalic multi sandalAnne Klein Vergil Front Buckle Slip on Loafer Flats, Black, 8.5 US , Enzo Angiolini Carolin Pointed Toe Ballet Flats, Black/White, 8.5 US*SALE* 30% OFF Skin Footwear Ladies Hyde Leather Shoes- Black Croc , Kanyon Florence ladies brown casual leather boat/deck shoe sizes 3-7UKMan's/Woman's Ladies Gabor Loafers - 56.404 Modern technology modern Official websiteGentlemen/Ladies Step on Air Santo Gold Loafer elegant High-quality materials General product , BCBGeneration Sabrina Flat Mules 425, Rose Gold, 11 US / 41.5 EU , New Clarks Womens ENCONA DAY STYLISH FUCHSIA SUEDE MULTI , s.Oliver 24210, Womens Espadrilles, Beige Champagner 404, 6 EUDr. Scholls Elegant Slip-on Loafers 050, Copper Brown, 10 US / 40 EUG.H. Bass & Co. Wynn Mules 176, Black/White, 6.5 USNine West Womens Gaines Leather Pump, Off White, 7.5 UKNine West Women's Florent Pump, MultiColor, Size 7.5 US / 5.5 UKFranco Sarto Zahara Flat Loafers 196, Black, 9.5 US , Circus by Sam Edelman Leni4 Moccasins, Black Multi, 9.5 M US Display , Diana Ferrrari - Supersoft - BELINA - Size 10CLARKS Womens gracelin lea Closed Toe Mules, Navy Leather, Size 10.0 US / 8 UK , G.H. Bass & Co. Wynn Mules 173, Black, 7 US / 38 EU , Birkenstock Mayari BF Ladies Sandals in Amber Yellow and Magenta Haze RegularEasy Spirit Womens Yughe Round Toe Ballet Flats , Nine West Anastagia Cross Strap Pointed Toe Flats 982, Black, 6 USSteve Madden Gallery Stiletto Heel Shoes Womens Blue Ladies Fashion Footwear
    Womens Irregular Choice Flat Travi mogochinese-19743 Black Brown Flat Dog Irregular Glitter Flat Shoes Size 9edbcf4 ->Womens Irregular Choice Flat Travi mogochinese-19743 Black Brown Flat Dog Irregular Glitter Flat Shoes Size 9edbcf4 -
    Code West Womens Cowboy Boots Black Leather Python Snakeskin Sz 6 ML 026-41-SS OLD GRINGO MONARCA 12" BRASS / MILITARY GREEN COWGIRL BOOTS , "GIA"BY VERALI IN SMOOTH GREY TUMBLE MID BLOCK HEEL LATEST PULL ON ANKE BOOTSHaflinger Unisex Slippers Shoes Flair SMILY BLACK , Gentleman/Lady Pleaser Day & Night DELUXE-636 Online Shopping Latest styles List of explosionsSwedish Clogs Black With Red Trim Size 39 EUAPEX PETALS Leather Womens Shoes color Black Size 7 XW Slip-Resistant Soles. , Bates 00742 Women's High Gloss DuraShocks Oxford Black Size 9.5 NSpenco Siesta canvas Slides sizz 9 MNWOB Cole Haan Shoes Pumps Womens Gold Strappy Pointed Toe Slingback Heels 10 B , Nina Original Women's Francie Dress Pump, Black, Size 6.5 QA7a , Alex Marie Women Size 6.5 & 7 M Lauryn Jeweled Black Suede Shoe Heel Sandal , Men/Women Demonia CREEPER-214 High quality and low overhead discount price Diversified new design , ZARA NEW SS 2017 FEATHERS SLIDES YELLOW REF. 1664/201DC Shoes Men's Pure Skateboarding Sneakers Shoes , NIKE LEBRON XIII LOW BASKETBALL SHOE TEAM RED MEN SIZE 12 LEBRON JAMES , Nike Zoom All Out Low SZ 8.5 Black Dark Grey Anthracite 878670-001 , Adidas Originals NMD_R1 STLT Primeknit [CQ2390] Men Casual Shoes White/Grey-PinkAllen Edmonds black Polo oxfords size 11 BRalph Lauren Purple Label Crockett & Jones Suede Ruddington Chelsea Boots New , Santoni Mens Gold Suede Boot ITALIAN MADE Leather 100% Authentic USA Seller , Asolo Mens Fugitive GTX Hiking Boots 0M3440 Wool/Black Size 12/Wide , Klogs Shark Men's Durable Comfort Clogs - Usa Made Smoke - 8 Wide , Derby Goodyear STANDFORD by PETER FLEMING Tout Cuir Marron / FR 40,5 TBE , Skechers Size 7.5 Black Grey Go Step Lite New Womens Shoes , women's shoes MBT 4 / 4,5 () sneakers fuchsia textile dynamic BT20-35 , Womens Ladies Ankle Boots Side Zip Block Platform buckle rhinestone Metal Shoes , Ziera 38.5 new RRP $269 brown leather ankle Boots box excellentMr/Ms Colorful Studded Booties Special purchase King of quantity Elegant and stable packagingThe Fix Women's Joelle Cowboy Style Ankle Boot, Black, 7.5 B US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Irregular Choice Flat Travi mogochinese-19743 Black Brown Flat Dog Irregular Glitter Flat Shoes Size 9edbcf4 -

    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.

    Womens Irregular Choice Flat Travi mogochinese-19743 Black Brown Flat Dog Irregular Glitter Flat Shoes Size 9edbcf4 -

    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
    Womens Irregular Choice Flat Travi mogochinese-19743 Black Brown Flat Dog Irregular Glitter Flat Shoes Size 9edbcf4