Never miss an update

Lucky Brand Women Shoes Archh Metallic Dot Brand Dot Suede guptauniver-11514 Dress Flats Grout edcc2d1

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Material: Suede
Style: Flats Brand: Lucky Brand
US Shoe Size (Women's): 6M UPC: Does not apply
Never miss an update

Lucky Brand Women Shoes Archh Metallic Dot Brand Dot Suede guptauniver-11514 Dress Flats Grout edcc2d1 -

    Lucky Brand Women Shoes Archh Metallic Dot Brand Dot Suede guptauniver-11514 Dress Flats Grout edcc2d1
    Lucky Brand Women Shoes Archh Metallic Dot Brand Dot Suede guptauniver-11514 Dress Flats Grout edcc2d1
    Propet W3910 Women's Black Vista Walking Shoes 9.5 XX(4E) , Klogs Missy Women's Clogs Black Smooth Leather Display Model Shoes 9.5 W**Sigerson Morrison Viata Flats - Women's Size 7 B, Nude , Chaco Close Toe Walking Shoe Size 10W Comfort , Fergie Womens Nickel Leather Closed Toe Slide Flats , BOC - Women's - Margaret Clog. Brown, Chocolate Oiled. Size US 8 M/W , Alberto Gozzi EGO Flats Womens Plum Leather Slip On Shoes Italy 37.5 US 7 - 7.5 , Womens Leather Round Toes British Shoes Mary Janes Oxford Casual Brogues VogueCOMFORTVIEW PIXIE ANKLE STRAP PUMPS 1603042 BLACK 9MKlogs Reese Women's Slip On Leather Shoes Display Model Black/Lunar 8 MGentlemen/Ladies Firth Tassel Detail Leather Mule We have won praise from our customers. Orders are welcome Immediate deliveryKlogs Womens Leather Shoes Madrid White & Silver 9 M , WOMENS SOFTWALK S1111-200 TANNER BROWN SLIP ON SHOES US SIZE 8.5 N (B135) , Klogs Sandy Womens Clog Shoes Display Model Slate 9.5 W , Vince Camuto Elroy2 Penny Loafers-Women's size 8 M BrownMISSONI SZ 40 MULTI-COLOR FLATS, ZIG-ZAG DESIGN, NEWAnne Klein Daneen Womens Leather Loafers & MoccasinsKlogs Landry Women's Clog Shoes Display Model Slate 8 MVery Volatile Size 6 M Emerson Khaki Leather Oxfords New Womens Shoes , Klogs Alexi Clogs Leather Display Model Shoes Red 8 MKlogs Salma Women's Clogs Display Model Shoes Black KPR 7 WWomen's Dansko Black Patent Leather Professional Slip On Clog Nursing 37 EU / 6 , Sam Edelman Carrin 3 Natural Raffia Floral Embroidered Platform Espadrille Women , NEW CLARKS DAELYN VISTA BLACK LEATHER SHOES WOMENS 6.5 COMFORT SHOES FREE SHIP , Tory Burch Reva Bright Silver Powder Suede Ballet FlatsKlogs Martha Womens Clogs Shoes Display Model Leather Black 9.5 WLeisure Womens Platform Slip On Sneakers Beads Tassel Shoes Pumps Flats Loafers , Klogs Sondra Women's Clogs Display Model Shoes Black Smooth 11 MKlogs Audrey Women's Clog Shoes Display Model Brown Flower Tooled 6.5M, Euro 37 ,
    Lucky Brand Women Shoes Archh Metallic Dot Brand Dot Suede guptauniver-11514 Dress Flats Grout edcc2d1 ->Lucky Brand Women Shoes Archh Metallic Dot Brand Dot Suede guptauniver-11514 Dress Flats Grout edcc2d1 -
    WOMEN'S ARIAT ROUND UP RYDER IN SASSY BROWN WESTERN BOOTS 10017390 , ROCHAS Designer Black & Brown Suede Ankle Boots Winter Booties Size 40New Rock Women s M Neotr026 S1 Boots Black Size 3.5 , Dr Martens 2 Hole Daytona Lead Aztec Wave 16575060 Original DocGentleman/Lady NEW PAS DE ROUGE WOMENS LOAFER Practical and economical stable quality fine , Plus Size Womens Chic Lady High Heel Stiletto Pumps Platform Shoes Sexy Club , Ladies Spring Pointed Toe Bowknot Low Heels Retro Leather Pumps Preppy Shoes sz , Men/Women Jimmy Choo Floral Mini Heel Special purchase Sufficient supply Excellent functionValentine's Day Special-Norwegian Elkhound Print Running Shoes For Women-Free ShNike Air Force 1 Swoosh White Womens Size 5.5Y 314192-9941,200$ Loro Piana Beige Women's Sandal Size US 9 Made in ItalyAsics Men Shaw Runner gray/ dark grey H539L-1616Adult KEEN Shoes NWOT Size 8.5 Hiking Beach Water Sport Mens Work2011 Nike Air Max 360 BB Low (Mint/Green) - Size 10.5 , Creative Recreation Scotto Mens Fashion Sneakers Brown Black Teal 9 BootsNike Air Force 1 Mid Velvet Brown 905619-200 Men's Sz 10 , Nike Air Jordan 9 Retro IX AJ9 Black Men Shoes With Size US9.5 Box 302370-014 , Dan Post DP4533 Men Calohun EXOTIC OSTRICH Square Toe Western Leather Boot 9.5 DMen boots snake leather model SUSAN Us 2 to 12.5Men/Women MASSIMO-DUTTI-MEN-SS-2018-collection-BLUE-PLAITED-LEATHER-MONK-SNEAKERS-2108-022 Complete specification Various types and styles Excellent stretchingmens shoes BRIAN DALES 7 () elegant / oxford-shoes brown suede AD259-BSwear London Chaplin 1 Bold Multi Color Luxury Men's Shoes EU Size 43 Rare 2011 , Florsheim Imperial mens 9.5 D BLACK oxfords dress shoes ITALY , Santoni Italy Brown Leather Plain Toe Oxford Dress Shoe Size Men’s 10DAdidas Women's Rita Ora Superstar Up Two-Strap Shoes Size 10 us S82794 , Women's 9.5 New Balance Disney Haunted Mansion Vazee Pace v2 Running ShoesNIKE FREE RN 2017 WOMEN RUNNING OFF WHITE - HOT PUNCH - BLACK - CHLORINE NEW USCamper Women's Imar 20442 Fashion Sneaker - Choose SZ/ColorNINE WEST BLACK LEATHER & ELASTIC ABOVE THE KNEE BOOTS SZ 7.5 M RETAIL $199.00 , Ladies High Wedge Ankle Riding Boots Buckle Pointy Toe Suede Black Shoes Hot Sz ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Lucky Brand Women Shoes Archh Metallic Dot Brand Dot Suede guptauniver-11514 Dress Flats Grout edcc2d1 -

    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.

    Lucky Brand Women Shoes Archh Metallic Dot Brand Dot Suede guptauniver-11514 Dress Flats Grout edcc2d1 -

    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
    Lucky Brand Women Shoes Archh Metallic Dot Brand Dot Suede guptauniver-11514 Dress Flats Grout edcc2d1