Never miss an update

Man's/Woman's Sperry Top-Sider Women's border Stella Keel Bootie Promotion Stella Promotion Moderate cost Human border da7fa7e

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: Sperry Top-Sider
Style: Ankle & Bootie
Never miss an update

Man's/Woman's Sperry Top-Sider Women's border Stella Keel Bootie Promotion Stella Promotion Moderate cost Human border da7fa7e -

    Man's/Woman's Sperry Top-Sider Women's border Stella Keel Bootie Promotion Stella Promotion Moderate cost Human border da7fa7e
    Man's/Woman's Sperry Top-Sider Women's border Stella Keel Bootie Promotion Stella Promotion Moderate cost Human border da7fa7e
    Men/Women Madden Girl Women's Jagg Fashion Boot durable Strong value TRUE , Man's/Woman's BEARPAW Women's Boshie Winter Boot New market Good market Known for its excellent qualityGuess Women's Nicolo Boot, Natural, 9.5 M USGentleman/Lady Vince Camuto Women's BRYNTA2 Ankle Boot Charming design Beautiful Non-slipMan's/Woman's Nine West Women's Interrupt Ankle Boot New product Affordable Great choiceMan's/Woman's NEW NR RAPISARDI WOMENS ANKLE BOOTS Reasonable price Online export store ExportINC International Concepts Imannie Women US 5.5 BlackGentleman/Lady Nine West Women's Fiffi Ankle Bootie Quality products discount price ExportAdtec Women's 9" Logger Brown Work Boot , Gentlemen/Ladies ECCO Women's Bella Chelsea Boot online sale the most economical Cheap order , Gentlemen/Ladies Vince Camuto Women's Drista Ankle Boot Various goods International choice Modern and elegant , Man's/Woman's Jessica Simpson Women's Grizella Fashion Boot durable International choice Easy life , Man/Woman Steve Madden Women's Emerge Harness Boot Moderate price a wide range of products have funPalladium Women's Pallabosse Chelsea L Chukka BootSteve Madden Women's Arriesw Wide Shaft Boot, Black Leather, 6 M USMen/Women Nine West Women's idelle Boot flagship store Beautiful appearance Reliable reputationAnne Klein Women's Lolly Leather Fashion BootMen/Women Nine West Women's Deliah Suede Boot Beautiful design Make full use of materials Elegant and stable packaging , Men's/Women's Aravon Women's Peggy-AR Boot High quality and low overhead new professional design , Azura by Spring Step Women's Apore Western Boot , Gentlemen/Ladies Blondo Women's Velvet Waterproof Riding Boot Economical and practical modern A balance between toughness and hardness , NEW JANET & JANET WOMENS ANKLE BOOTS , Men/Women Madden Girl Women's Kase Fashion Boot Practical and economical Low price King of the crowdMr/Ms Jessica Simpson Women's Carlin Boot Modern technology First batch of customers Excellent stretchingNEW LUCKY BRAND WOMENS PEMBE KNEE HIGH BOOT , International Concepts Women's Perry Boot (7, Putty)Chooka Women's Waterproof Mid-Height Printed Memory Foam Rain Boot , Man/Woman Jessica Simpson Caysy Tie Attractive and durable product quality Highly appreciated and widely trusted in and outGentleman/Lady Steve Madden Women's Novela Riding Boot Quality products fashionable TRUE
    Man's/Woman's Sperry Top-Sider Women's border Stella Keel Bootie Promotion Stella Promotion Moderate cost Human border da7fa7e ->Man's/Woman's Sperry Top-Sider Women's border Stella Keel Bootie Promotion Stella Promotion Moderate cost Human border da7fa7e -
    Santa Canada Marta Brown Winter Snow Boot Womens Size 7Laredo Womens Cross Point Stitch Western Cowboy Boot Leather Snip Toe Brown/Rust , ALAIA black leather triangular cut out zip bootie heels EU38 US8 UK5 , BALMAIN Black Suede Buckled Booties SZ 38 = Fits US SZ 7.5-8 - Pre-owned , Kippy Ki Yay by Old Gringo Acoma Tall Boot~ Black , Geox Men s Mattias Amphibiox High-Top, Brown Chestnutc6004 , 10 UKOpening Ceremony Black Patent Leather Ci Ci Fashion Sneakers Womens Size M , Ladies Waldlaufer 496301 Black Leather Double Strap Shoes , NEW DVF DIANE VON FUSTENBERG Tan Nude Leather Pumps Heels Sz 6.5 M , Man/Woman Dee Meta Tempesta Online Shopping Fine art Breathable shoes$1075 Valentino Women Suede High Heel 38.5 , NIB $785 MANOLO BLAHNIK Black-Metallic Mesh BB Point-Toe Pump Shoe 6.5 US/36.5EUHavaianas Women's Slim Crystal Glamour Navy Blue Thong SandalsMens Skechers Geo-Trek Sequencer 51563 CCBK #BR3 , Men's Basketball Sneakers Fashion Athletic Running Shoes High Top Dance Fashion , DC Shoes VILLAIN Mens Skateboarding ShoeD US- Choose SZ/Color.Men's Nike Lunarglide 9 Running Shoes - Black/Gray/White - NIB! , SAVE $$$ Mizuno Wave Equate 2 Mens Running Shoes (D) (01)Nike 857740-993 Running Shoes Free RN ID Black US10.5 UK10 EU44.7 Mint , M997CA New Balance Men's Lifestyle Classics M997 997 Color Spectrum Made in USAAdidas Yeezy Boost 350 v2 Butter Size 11.5HENDER SCHEME MIP 01 AIR FORCE 1 SIZE 5 UK8 US9yMen's Dan Post Boots Size 8 E DP26642 , Cole Haan Motogrand Loafers, Men's Size 9.5, BlackRockport Men’s Eureka Brown Leather Walking Shoes Size 8.5M D1003/ , Bio Fit Sierra ORTHOFEET RUNNING SHOE Hook & Loop WHITE Size 9.5 M , Women Nike In-Season TR 7 Black Training Running Shoe 909009-002 Size 9 NewNIKE AIR MAX 90 WOMEN BRAND NEW W/O BOX!!! , Nike Flex Experience Rn 6 Womens Style : 881805 Purple Earth Size 8 , Men's/Women's Puma Creeper Velvet - 364639 02 Modern technology Make full use of materials Diversified new design
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man's/Woman's Sperry Top-Sider Women's border Stella Keel Bootie Promotion Stella Promotion Moderate cost Human border da7fa7e -

    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.

    Man's/Woman's Sperry Top-Sider Women's border Stella Keel Bootie Promotion Stella Promotion Moderate cost Human border da7fa7e -

    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
    Man's/Woman's Sperry Top-Sider Women's border Stella Keel Bootie Promotion Stella Promotion Moderate cost Human border da7fa7e