Never miss an update

Womens Leather Open Toe Mules Slippers Super High Wedge Wedge 2093 Leather Platform Clubwear Shoes eb4f0a8

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
Heel Type: Wedge Style: Platforms @ Wedges
Material: Synthetic Country/Region of Manufacture: China
Occasion: Clubwear Fastening: Slip On
Pattern: Solid Heel Height: High (3 in. and Up)
Width: Medium (B, M)
Never miss an update

Womens Leather Open Toe Mules Slippers Super High Wedge Wedge 2093 Leather Platform Clubwear Shoes eb4f0a8 -

    Womens Leather Open Toe Mules Slippers Super High Wedge Wedge 2093 Leather Platform Clubwear Shoes eb4f0a8
    Womens Leather Open Toe Mules Slippers Super High Wedge Wedge 2093 Leather Platform Clubwear Shoes eb4f0a8
    Women Pearls Rhinestone Suede Leather Strappy Gladiator Sandals Party Pumps Boot , Womens Bohemia Rhinestone Ankle Strap Beach Sandals Flats Flip Flop Thongs ShoesHot 4y Women's RHINESTONES Strap Flip Flop Strap Flat Beach Sandals Shoes US4-14Bohemia sandals girls womens bowknot flip flops shoes flat heel beach slingbacks , Women's Retro Flat Sandals Summer Spring Autumn Round Toe Leather Slip On Casual , british ladies open toe ankle strappy irregular heel sandals casual shoes summerWomens Thicken Sole Open Toe Buckle Strap Creepers Roman Sandals Shoes HOT D775 , Womens Pointy Toe Mules Mid Kitten Heels Slides Sandals Shoes Suede SlippersLadies Sandals Slingbacks Pointy toe Buckle Tassels Chunky Low Heel Shoes Vogue , womens hot bandage tassel hollow out stilettos flip flops sandals shoes Roman SZ , Womens Leisure Thong Sandal Chic Shoes Leather Roman Gladiator Flip-flop New Sz , Womens Open Toe Furry Kitten Chunky Heel Sandals Pearl Summer Stylish Pink 4-9Block heels Women's shoes Multi-Color Sandals Gladiator Casuals shoes new , White Mountain Womens Dharma Open Toe Casual Platform Sandals , New Women Embroidered Mules Leather Pointy Toe Sandals Slip On Wedge Heels ShoesHigh Heels Women's new shoes Block heels Slingbacks Strappy Gladiator SandalsSexy Womens Floral High Block Heels Open Toe Strappy Party Sandals Pumps Shoes>> , Womens Satin Rhinestones Pointed Toe Silk Mules Slippers Flats Sandals Shoes XYW , Women High Block Heel Open Toe Ankle Strap Tassel Fringe Sandals Shoes Size , Womens Back Zip Sexy Open Toe Sandals High Heel Shoes Hollow Out Strappy Mules , Gentleman/Lady Isola - Womens - Holli High grade Latest styles King of the crowd , ARRAY Womens bailey Open Toe Casual Platform Sandals , Propét Womens breexe Open Toe Casual Sport SandalsWomens Sexy Butterfly Ankle Strap Buckle Stilettos High Heels Shoes HOT Party , Gladiators Women Diamonds Thongs Strappy Knee High Sandal Flats Boots Flip FlopsWomens Casual Flat Flip Flops Rhinestone Slippers Sandals Shining Beach Shoes sz , Alfani Womens Karlii Open Toe Casual Platform SandalsCh Women High Stiletto Heel Shoe Peep f Toe Party Buckle Sandal Party Hollow NewWomen Peep toe Block Chunky Med Sequins Slingback Slip on Handmade Sandals Shoes ,
    Womens Leather Open Toe Mules Slippers Super High Wedge Wedge 2093 Leather Platform Clubwear Shoes eb4f0a8 ->Womens Leather Open Toe Mules Slippers Super High Wedge Wedge 2093 Leather Platform Clubwear Shoes eb4f0a8 -
    $368 MARCIANO GUESS CARELLE RUNWAY BOOT DRESS SHOES BROWN SIZE 6 9 , Cotswold Mens Avening Brogue Chukka Boots (FS4824)Wild West Women's Snip Toe Shark Cowboy Western Boots Different ColorsAuthentic Prada Sneakers Size 36.5 Dark SilverMan/Woman Ladies Gabor Boots 72866-W Crazy price, Birmingham special function Acknowledgement feedbackGentleman/Lady BETTIE-23 PU Black High-quality New design Fashion versatile shoesNEW Country Road Charcoal Grey Abela Sneaker Flats Shoes Size 41 RRP $159 BNIBMan/Woman Romika Mokassetta 279 Mule-Size 7 Rich design online shop Speed ​​refund , New Nine West Lucy Lou Wedge Pump women's shoes size 6.5 , LAURA AMAT Navy Blue Textured Loafer Heels,Goldtone Ring Decor Womens US 9/40-53 , Man/Woman Prada 37 Pumps Packaging diversity Quality and quantity guaranteed Seasonal hot sale , Isabelle 173r Beige Black Perforated Leather Heel Round Toe Pumps 41 / US 11 , Fendi Red Platforms Size 8 Original Price1,150.00 NOW $200.00L.A.M.B. Waren Printed Calf Hair Open Toe Strappy Heel Sandal Size 9.5Jil Sander New Black Pointy Toe Leather Pump (Size: 39EU/8US)Men's/Women's Jambu Women's Cybill Wedge Sandal Elegant shape low cost Fine wildadidas Adizero Finesse Running Shoe - Choose SZ/Color , NIKE AIR ZOOM PEGASUS 34 BLACK DARK GREY ANTHRACITE 880555 003 FLYMESH SIZE 13 , 2008 Nike Air Jordan PHLY LEGEND FLY USA OLYMPIC BASKETBALL WHITE BLUE RED DS 12 , NIKE ZOOM VAPOR AJ3 ROGER FEDERER Sz 6-11 BLACK WHITE CEMENT GREY 709998-010Man/Woman Frye Mens Casual Shoes Size US8 Packaging diversity Beautiful appearance Beautiful and charmingCole Haan Classic Grand Cap Toe Oxford Shoe Men Black Size 12 C24097 , Women Leather Round toe Low Heel Fashion Athletics Casual Shoes Sneakers Pull on , Man's/Woman's Drew Women's Daisy Modern technology Primary quality Preferred boutique , NEW Nike Blazer Low SD AA3962-005 Womens Shoes Trainers Sneakers SALEKensie Evanna Suede Cutout Booties, Women's, Black - Size 6.5M , Womens Bowknot Round Toe Flats Low Heel Pull On Shoes Knitted Stretchy Boots newHavaianas Women's Galochas Low Metallic Rain BootsAubergine Metallic34 BR/5.5...Costume National Women's Ankle Boot - Purple - Size 10 (M) - Italian LeatherRetro Womens Mid-Heels Platform Occident Winter High Top Ankle Boots Chic Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Leather Open Toe Mules Slippers Super High Wedge Wedge 2093 Leather Platform Clubwear Shoes eb4f0a8 -

    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 Leather Open Toe Mules Slippers Super High Wedge Wedge 2093 Leather Platform Clubwear Shoes eb4f0a8 -

    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 Leather Open Toe Mules Slippers Super High Wedge Wedge 2093 Leather Platform Clubwear Shoes eb4f0a8