Never miss an update

Mago Maestro Beige 29991/ Flat AU 9 - Ladies Maestro Shoes Designer Leather Flat Sandal f411ab9

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
Modified Item: No
UK Shoe Size (Women's): 7 Colour: Beige
EUR Shoe Size (Women's): 40 US Shoe Size (Women's): 9
Brand: Mago Material: Leather
UPC: Does not apply
Never miss an update

Mago Maestro Beige 29991/ Flat AU 9 - Ladies Maestro Shoes Designer Leather Flat Sandal f411ab9 -

    Mago Maestro Beige 29991/ Flat AU 9 - Ladies Maestro Shoes Designer Leather Flat Sandal f411ab9
    Mago Maestro Beige 29991/ Flat AU 9 - Ladies Maestro Shoes Designer Leather Flat Sandal f411ab9
    New Emu Australia Platinum Stinger Mini Womens Shoes Casual Boots AnkleNEW! COUNTRY ROAD aaida leather boots SZ 41 $299.00! , Gentleman/Lady Luciano Barachini Ladies Shoes Cheap Pleasant appearance a lot of varieties , Gothic Punk Cyber Rock Metal Black Platform Ankle Combat Boots , Demonia Shaker-56 Black Vegan Leather Bondage Strap Wedge Boots - Gothic,Goth,PuNew Pikolinos Le Mans 838-8550C1 Womens Leather Boots Made In SpainPLEASER ADORE-2043 BLACK PATENT BUCKLE KNEE BOOTS 7" HEEL PLATFORM BOOTSDiana von Furstenberg black leather / mesh stilleto shoes , s. 6,5Womens Sexy Patent Leather Ankle Boot Stiletto Metal Heel 22Cm Platform Shoes sz , Demonia Black Gothic Goth Punk Rock Platform Wedge Boots 6 7 8 9 10 11¡2 , LADIES BOGS AMANDA PLUSH BLACK WARM INSULATED WELLINGTON BOOT 72103 001 , Womens The North Face Back To Berkeley Redux Waterproof Winter Ankle Boot , Jeffrey Campbell Taggart brown tan leather woven style boots - Size 10 , Ladies The North Face Back To Berkeley Redux Snow Rain Hiking Boot All SizesGentleman/Lady Frankie4 Salli Tan Boots Size 8 wholesale Environmentally friendly Direct business , HUNTER WELLINGTONS IN HALIFAX WOMENS BALMORAL 2 POLY LINED SIZE 8 OLIVE GREENPleaser Adore-3000 Shiny Black Stretch Thigh High 7" Heel Platform Boots - GothiGumbies Summit Snow Boots White Thermal Lined Ski Moon Boots (size /9 EUR...Gentleman/Lady Chloe Tan Boots 42 Innovative design comfortability Suitable for colorWindsor Smith Louey Black Leather High Heel Boot Size 8Ladies Ariat Portland Slipon 10012749-NEW-PROMO PRICE $149.95- Save $40-Size 6Gentleman/Lady Tory Burch Black Leather Boots Reliable quality discount price Rich on-time delivery , EMU Platinum Stinger Lo Black Sheepskin BootsMan's/Woman's Wittner Ladies Shoes Beige Leather Boots bargain Beautiful appearance Fair priceNew Planet Pale Stone Womens Shoes Casual Boots Anklewomens SPORTSGIRL OTK style black leather boots SZ 6New Top End Sermon Womens Shoes Casual Boots Ankle , Man/Woman Demonia Bravo-89 Wedge Boots - Gothic,Goth,Punk,Black,Buckle wholesale comfortability Strong heat and heat resistanceTony Bianco Hype Boots. Rust. Size 8.5.
    Mago Maestro Beige 29991/ Flat AU 9 - Ladies Maestro Shoes Designer Leather Flat Sandal f411ab9 ->Mago Maestro Beige 29991/ Flat AU 9 - Ladies Maestro Shoes Designer Leather Flat Sandal f411ab9 -
    La Canadienne CAMILLA Woman Ankle Boot Black Suede Waterproof Side Zip 10 CanadaNWB Stuart Weitzman Grandiose Camel Suede Pointy Peach Toe Ankle Boots Sz 9 M , New Balance MX624 Mens Crosstraining Shoes (2E) (MX624) | BUY NOW! (Black) , Brooks Transcend Mens Running Shoes (D) (908) RRP $279.95 , SCHUTZ NWT Dana Multicolored Jacquard Slides Mules US 8B, , RARE Women's Tory Burch Size US 9M Quilted Patent Leather Ballet Flats Shoes A9Ladies Unstructured by Clarks Casual Summer Shoes Style - Un Haven Cove - W , 2018 Summer Pearls Womens High Block Heels Denim Elegant Party Slippers SandalsPaul Green Womens US 8.5 Black Suede Slip On Mary Jane Pumps Heels EUCChaco Black Leather Fashion Comfort Dress Nurse Casual Slide Mule Heels Size 9 , NIB Anyi Lu - Hayley - Black Tan Zebra Suede Wedge Heel - 39.5 - 9.5PLEASER Sky-308MMG 7" Heel Sexy Exotic Ankle-Strap Sandal , Nike Air Max Jewell Leather Summit White Shoes AH6790-100 $110 New Womens US 9 , Crocs Women's CitiLane Roka Minnie Mouse Slip-On - Choose SZ/ColorEmbroidery Womens Pointy Toe Faux Suede Rabbit Fur Slipper Loafer Shoes Mules sz , Ask Lucky Leo Knit Fashion Sneakers, Women's Size 6, Black/White , Nike Air Zoom Elite 9 IX Black White Men Running Shoes Sneakers 863769-001Nike Foamposite Shoes US 9 Wolf Grey , Mens Casual Round Toe Faux Suede Driving Moccasin Slip On Loafers Flats Shoes szMen's shoes casual leather model MARCO Us size 2 to 12.5Bogs Men's Rancher Steel Toe , Stacy Adams Men's Dunstan Plain Toe Oxford Sand 25094-269 , Nike Womens Zoom Strike Running Shoes Size 5 (36383) , Merrell Millennium M2 Blast Hiking Tan Trail Boot Women Size US 7.5 GUC1807 adidas AlphaBounce Women's Training Running Shoes D97283AUTHENTIC Nike Legend React Summit White Wolf Grey Light Silver Women size , Faux Fur Muffins Womens Round Toe Side Zipper Leather Ankle Winter Boots Ths01Womens 7cm wedge high heel round toe real leather ankle boots brogue Shoes 2019 , Classic Fur Snow Boots Womens Winter Calf Tall Faux Leather Fashion Suede ShoesWomens Sexy Leather Pointed Toe Over Knee Knight Party Boots Stilettos Shoe E380
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mago Maestro Beige 29991/ Flat AU 9 - Ladies Maestro Shoes Designer Leather Flat Sandal f411ab9 -

    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.

    Mago Maestro Beige 29991/ Flat AU 9 - Ladies Maestro Shoes Designer Leather Flat Sandal f411ab9 -

    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
    Mago Maestro Beige 29991/ Flat AU 9 - Ladies Maestro Shoes Designer Leather Flat Sandal f411ab9