Never miss an update

Kork-Ease Black Brown Berit Leather Peep-Toe Shoe Wedge mogochinese-29657 Heel Berit Shoe 9 New 5b056c1

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: Kork-Ease
US Shoe Size (Women's): 9 Style: Platforms & Wedges
Pattern: Solid Color: Black
UPC: 887110275272 ISBN: Does not apply
EAN: Does not apply
Never miss an update

Kork-Ease Black Brown Berit Leather Peep-Toe Shoe Wedge mogochinese-29657 Heel Berit Shoe 9 New 5b056c1 -

    Kork-Ease Black Brown Berit Leather Peep-Toe Shoe Wedge mogochinese-29657 Heel Berit Shoe 9 New 5b056c1
    Kork-Ease Black Brown Berit Leather Peep-Toe Shoe Wedge mogochinese-29657 Heel Berit Shoe 9 New 5b056c1
    STUNNNING IVORY / TAN MANOLO BLAHNIK ANKLE STRAP HIGH HEELS SIZE /2Tory Burch Women's Blue Raleigh Brook Leather Pump Heel Shoes Sz 9 M New $295.00 , Fendi Size 37.5 7 Metallic Gold Pink Red Purple Leather High Heel Sandals Shoes , Man's/Woman's Marni Shoes We have won praise from our customers. New products in 2018 Superb craftsmanship , PRADA NUDE SATIN PLATFORM PUMPS SZ 39Robert Clergerie Moots Black Suede Women’s Boots Size 40 US 9.5 M , Women's Hades Vera Platform Sandal Brown Punk SteampunkChloe ‘Mike’ bow heel pumps nude blush pink 38.5 , New Jeffrey Campbell Dusk Spiked Silver Black Size Open Toe with Box , Men's/Women's Valentino Rockstud Cage Sandal 35 the most convenient Won highly appreciated and widely trusted at home and abroad Seasonal promotionNEW - MARCIANO rrp $395.00 Women's Shoes Size 8 Open Toe Stiletto High Heels , Fly London Women's Yala Perf Khaki Peep Toe Wedge Sandals Sizes 36-41NWOT - Sven Black Leather Clogs - Size 37 - Fall / Winter - Manufact of No. 6Diesel Black Gold ALLIE-ZI Womens Ankle Black Leather Bootie US-7 Italy $455.00 , RACHEL COMEY "LYELL" WEDGE SLIDES orp $440 Worn ONCE , New in Box Badgley Mischka 7.5 Wedding Ivory Satin Mareva Block 2 Inch Heels NIBGentlemen/Ladies Wittner Women's Garla Pumps In Flesh Consumer first luxurious Elegant and solemnC0 BOTTEGA VENETA Black Suede Angled Flame Cutout Pump Heels Shoes Sz 37.5 $730 , Stuart Weitzman TWOTASSELS leather Open Toe Slip on flats sandals SZ US 8 NEW!Men's/Women's Barbara Bui heels, size 38 New market Ranked first in its class Outstanding functionWomens Irregular Choice Icely Festive White Silver Heeled Court Shoes Shu SizeGentlemen/Ladies Wittner Women's Whitby Pumps In Ochre service High quality and economy businessWomens Salvatore Ferragamo Heels Shoes Size 7 C Brown Lizard Bow Beautiful!!Christian Dior Black Glitter Peep Toe Platform Heels 38 , Martin Margiela (Sz.37) Tan Leather Skirt-Back Skirted Peeptoe 4" Heels ShoesLKNW Auth. ALAIA Red Cream Platform Peep-Toe Ankle Strap Heel Sandal Shoes 40Womens Irregular Choice Barnacle Betty Pink Multi High Heel Shoes Shu Size , Christian Louboutin (37) Beige Cork Miss Boxe Wedge Round-Toe Heels Shoes Pumps , Céline Gray Espadrille 80mm Chloe Wedge Sandals Size 38 (US 8) ,
    Kork-Ease Black Brown Berit Leather Peep-Toe Shoe Wedge mogochinese-29657 Heel Berit Shoe 9 New 5b056c1 ->Kork-Ease Black Brown Berit Leather Peep-Toe Shoe Wedge mogochinese-29657 Heel Berit Shoe 9 New 5b056c1 -
    NIB MARC FISHER 'Escape' Over The Knee WIDE CALF Medium Brown Suede Boots 8M , Nike Tanjun Racer 921669 301 Mens Running Shoes Khaki Black Sneakers TrainersLadies Rieker 41399 Blue Leather Casual Mary Jane Bar Shoes , Ladies Clarks Moccasin Style Shoes Dameo Swing. , Hogan HXW2290N69055Y0L007 Décolleté Shoes Women's Grey AU , Grace by Miss Sixty Rendy Court Shoes High Heels Sandals Wedge 37 , Gianvito Rossi Brown Suede Almond Toe Monk Strap Shoes IT37/US7~RTL$895 , Womens Pointed Toe Patent Leather Stilettos High Heels Lips Shoes Pumps Printing , Chic Womens Pointy Toe Slip On Multi Color Fur Peals Loafers Block Heel Shoes SzL.A.M.B. Sandals Carter Black and Green Translucent Heel 8.5 MYSL Yves Saint Laurent Suede Leather Platform Pumps, Tan. Size 37 , VERSACE Metallic Soft Gold Strappy Sandal Heel Ankle Strap 39Munro Women's Black Jenna Mary Jane Wedge Pumps 5691 Size 8N , Summer Women Sandals Leather Flat Beach Flip Flop Comfortable Ladies Boho Shoes , $675 NEW Oscar de la Renta Beaded Tassel CICI Leopard Slippers Flat SHOES 36 , Vans SK8-Hi (Canvas) Grape Leaf NIB Size US Men's 8.5 VN0A38GEMHNNEW Nike Lunar Hyperquickness Mens Basketball Shoes 16.5 Midnight Navy MSRP$120NIKE ZOOM KOBE VENOMENON IV 4 GREEN ABYSS SEA SPRAY GLACIER ICE 635578-301 8.5Nike AIR FLIGHTPOSITE AO9378-300 LEGION GREEN/BLACK sz 9.5-11.5 , Men's Nike LeBron 15 Low Basketball Shoes Black/Thunder Grey AO1755 004 , Mens Suede Leather Pointed Toe Buckles Carved Pull On Ankle Boots 3Colors ShoesRide Lasso Boa Boots, Men's Size 11, Olive , DISTRESSED VINTAGE MADE IN USA RED WING BROWN LEATHER ENGINEER BOSS BOOTS 14 DRalph Lauren RRL Bowery Made In England English Tan Leather Ankle Boots , Puma Fierce Kurim - Beige - WomensHoka One One Vanquish 2 Women's Grey/Poppy Red Running Shoes 5M , NIKE AIR MAX THEA LOTC QS Size 38,5 (7,5US)Nike Air Max 270 Flyknit Womens AH6803-301 Igloo Emerald Running Shoes Size 7.5Danner Women's Adrika Waterproof Hiker Boot Plum Suede Waterproof , Women's Sports Stripes Multi-color Knit Platform High Heels Over Knee Thigh Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Kork-Ease Black Brown Berit Leather Peep-Toe Shoe Wedge mogochinese-29657 Heel Berit Shoe 9 New 5b056c1 -

    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.

    Kork-Ease Black Brown Berit Leather Peep-Toe Shoe Wedge mogochinese-29657 Heel Berit Shoe 9 New 5b056c1 -

    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
    Kork-Ease Black Brown Berit Leather Peep-Toe Shoe Wedge mogochinese-29657 Heel Berit Shoe 9 New 5b056c1