Never miss an update

Nine West Marie Womens BHFO Marie Casual Shoes Perforated Round Toe Ballet Flats Shoes BHFO 4919 9295fbd

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: Nine West
Heel Height: Flat (0 to 1/2 in.) Style: Ballet Flats
Color: Black/Pewter Leather MPN: NWMARIE
Country/Region of Manufacture: China Width: Medium (B, M)
Material Composition: Leather/Man Made Material: Leather
Never miss an update

Nine West Marie Womens BHFO Marie Casual Shoes Perforated Round Toe Ballet Flats Shoes BHFO 4919 9295fbd -

    Nine West Marie Womens BHFO Marie Casual Shoes Perforated Round Toe Ballet Flats Shoes BHFO 4919 9295fbd
    Nine West Marie Womens BHFO Marie Casual Shoes Perforated Round Toe Ballet Flats Shoes BHFO 4919 9295fbd
    Clarks Leisa Lacole Sandals Leather Womens Slide Shoes Low HeelNaot Taupe Suede Criss Cross Strap Flats in Size 38/US 7-EUC RAREBernie Mev Women's Demure Slip-On Woven Flat Shoes Black Sizes 37-41Women's Skechers Slip on - Microburst-ONE UP - Black - New! , Dansko Womens Burgundy Wine Red, Mary Jane Clogs, Shoes Size US 6.5 - 7Miz Mooz Maria Women's Flats - Women's size 7.5/8 - BlackCole Haan Sz 6 Monroe Teal Suede Leather Penny Loafer Flats Slip On , NIB Vince Acker Slip-On Sneaker 8-10 $225Drew Womens Orthotic Shoes Size 10 W Black Patent Leather Mary Janes Croc Print , Munro American Womens Pink Leather Ballet Flats walking slip on Shoes Size 8.5 WNot Rated Women's Sand City Slip On Shoes Tan , Lacoste Marice BL 2 SPW White - Womens - Size 7 BNEW WOMEN REEF ROSE TX TAUPE PAINT PINK LAVENDER SLIP ON SNEAKERS ORIG RF0A39UFDansko Paola Black Etched Leather Flat Sandals Size 41 , NEW BORN B.O.C PAMELA PENNY LOAFERS SHOES WOMENS 6 SLIP ONS BROWN FREE SHIP , New Cole Haan Grand Crosscourt II 2 Womens Barley Suede Casual Sneakers - Size 9Women's Shoe Bernie Mev. Rigged Fly Woven Casual Slip On Flat Heather Grey *New* , Cobb Hill Womens Grey Slip On Flats Sneaker Perforated Casual Sport Shoe 10W , Patagonia Womens Activist Fleece Brown Moccasins Shoes 7M NEW Box $120!Vince Shearling Lined Verrell Slide Sneaker Size 10Mr/Ms Escada Red Leather Flats Loafers Moccasins Year-end special promotions Skilled manufacturing various kindsFranco Sarto Blanchette Suede Oxford Shoes - Women's Size 8M, Burgandy , Tory Burch Reva Zebra Animal Print Leather Pony Hair Ballet Flats Shoes Sz 5**ECCO Bluma Summer Ballerina Flats, Women's Size 9-9.5, Moon RockSalvatore Ferragamo classic logo black leather ballet flats size 7.5 BJeffrey Campbell Shoes 6.5 Barkley Punched Nubuck Suede Slip On Cap Toe LoaferManolo Blahnik Silver Leather Buckle Slingback Almond Toe Flats Size 7.5 , Vionic W/Orthaheel CHILL KENYA Supportive Suede Loafers BRICK SIZE 5 M NIB**French Sole Flats - Women's Size 10, Black ,
    Nine West Marie Womens BHFO Marie Casual Shoes Perforated Round Toe Ballet Flats Shoes BHFO 4919 9295fbd ->Nine West Marie Womens BHFO Marie Casual Shoes Perforated Round Toe Ballet Flats Shoes BHFO 4919 9295fbd -
    SUPPER SEXY!!! ACNE STUDIO RED /Burgundy SUEDE HI HEEL ANKLE BOOTS US 7K-PD1270 New Prada Knee High Black Heels Ladies Leather Boots Size 39.5 US 9.5STUART WEITZMAN Kneezie Black Stretch Suede Knee Boots Lowland 5050 Sz 12 NEWJeffery Campbell Size 8.5 Vionnet Pointy Toe Flat White Leather UpperNEW VALENTINO GARAVANI LADIES CAMU LEATHER ROCKSTUD SNEAKERS SHOES 37.5Jimmy Choo Champagne Beck Coarse Glitter Peep Toe Flat Shoes 10 1/2 BMax Mara Womens Shoes Tetured Leather Ankie Strap Heels Size 40/10 , MAUD FRIZON GOLD LEATHER SLING BACK SHOES WITH GOLD RHINESTONE BUCKLE, SIZE , Nine West Women's WALKOS Metallic Mule - Choose SZ/Color , Nike Men's Flex 2017 RN Black White Running ShoesLa Sportiva Men's Wildcat Turtle Running Shoe 9MNEW MENS ASICS GEL-CUMULUS 19 RUNNING/TRAINING SHOES - 9 / AUTHENTICNike Air Force 1 Low Retro QS Canvas Light Bone Sail AH1067-003Nike Air Zoom Pegasus 32 Solstice Black/Silver-Crystal 805938-001 Mens SIZE 7 , Nunn Bush Men's Galloway Chukka Boot Beige Suedesz 9.5 Nike Flyknit Trainer Pale Gray AH8396-001 NO-BOX - NSW Black WhiteNIKE AIR JORDAN 10 RETRO 30TH GYM RED SZ 10.5 "BULLS OVER BROADWAY" [705178-601] , Nike air Jordan 5 rétro Sport royal P40/7usLevis Men's Harrison Construction Tan Wheat Work Boots Suede Boot Camel Shoes 13Ecco Men 45 US Moc Toe Slip On Loafers Brown Leather , New Mens Cole Haan Pinch Tassel Black Loafer Shoes Size 9D , Calvin Klein Loki Loafers - Men's Size 8.5 M - Greyadidas NEO Cloudfoam Advantage Stripe Women's Shoes - White Rose Gold - Size 7.5NIKE PINK BLUE FREE 4.0 SHOES SIZE 6 DESIGNER LIMITED EDITION 100% AUTHENTIC , Gola Bullet Windsor Wine Coral Womens Suede Classic Low-top Sneakers Trainers , Pleaser Women's Indulge 2024 Black Stretch PatentW NIKE AIR ZOOM MARIAH FLYKNIT RACER size US 9 BLACK AA0521 001 , Women Zipper Pointy Toe Print Super Stilettos Suede European Clubwear Ankle Boot , Fashion Womens Over Knee Thigh Boots Faux Suede Block High Heels Nightclub Shoes , FLY London Women's Alar140fly Fashion Boot, Olive Grace, 36 M EU (5.5-6 US)
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nine West Marie Womens BHFO Marie Casual Shoes Perforated Round Toe Ballet Flats Shoes BHFO 4919 9295fbd -

    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.

    Nine West Marie Womens BHFO Marie Casual Shoes Perforated Round Toe Ballet Flats Shoes BHFO 4919 9295fbd -

    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
    Nine West Marie Womens BHFO Marie Casual Shoes Perforated Round Toe Ballet Flats Shoes BHFO 4919 9295fbd