Never miss an update

men's () shoes OSSIANI 6 () 6 elegant blue suede BX307 BX307 3c4f872

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
Color: Blue US Shoe Size (Men's): 6
Material: Suede Style: Elegant
Euro Size: 39 UPC: Does not apply
Never miss an update

men's () shoes OSSIANI 6 () 6 elegant blue suede BX307 BX307 3c4f872 -

    men's () shoes OSSIANI 6 () 6 elegant blue suede BX307 BX307 3c4f872
    men's () shoes OSSIANI 6 () 6 elegant blue suede BX307 BX307 3c4f872
    Vintage B. ALTMAN & CO. Black leather Tassel Slip On Dress Loafer mens US 9 D , Bragano by Cole Haan Brown Loafer 7.5 , G H Bass Kilted Tasseled Slip On Loafers - Sz 9 DTO BOOT NEW YORK Adam Derrick Men's Black Leather Oxfords Sz 11.5 Made in Italy , Johnston & Murphy Leather Oxfords, Brown Size 11M, Made in Brazil. free shippingmen's shoes TRIVER FLIGHT 7 () loafers brown suede BX560-40 , NEW Stuart McGuire Spring StepMens US 9.5 Burgundy Leather Oxford ShoesALLEN EDMONDS Men's "Manchester" Wingtip Tassel Loafers Shoes - Size 9 D , Mens JOHN W. NORDSTROM black leather oxfords shoes sz. 11.5 Mmen's shoes K852 & SON 9 () elegant brown leather BX607-42New Fashion Men's Serpentine Pointed Toe Formal Dress Loafers Hairstylist ShoesAllen Edmonds Maxfield Cognac Brown Tassels Leather Men's US 8 1/2 DECCO Size 9 Black Oxford Mens Dress ShoesCole Haan Tassel Loafers Shoes Sz 15 C Black Leather Worn 2-3x YGI L7 , 2019 Men's Black Leather Dress Shoes Wedding Party Shoes Metal Toe Slip On HotNEW Rockport Men Shoes Casual Oxfords K59861 Hargus PREMIUM LEATHER SHOESJohnston & Murphy Men's Square Toe Dress Shoes Size 11 M Brown 206480 NiceStacy Adams Galindo Plain Toe Slip On - CognacJCrew Unisex 1990 MacAliste Suede Tan Derby Shoes MEN 11.5 Made in Italy - NEWmen's shoes OSSIANI 7 () elegant black leather BX306-40Giorgio Brutini 809531 Private Collection (10M) Men's Leather Shoe Black +BONUS , NIB NEW Type Z "PASTE" Men's PREMIUM LEATHER SLIP ON LOAFERS SHOES BLACKBX516 CESARE MAURIZI shoes gray leather men elegantMen Leather Red Wedding Shoes Metal Pointy Toe Floral Dress Formal Loafers M246New Mens Brown Tan Formal Wedding Smart Dress Italian Leather Shoes UK Size 6 8NEW Lumiani International Collection Joey oxford LEATHER PREMIUM SHOES , Cole Haan Men's Black Leather Dress Loafer Shoe C02691XD11 Sz 11 1/2 D Pre-Owned , MEN'S CLARK'S BLACK LEATHER SLIP ON SHOE ASTON TOPGenuine British Military Black Leather Service Shoes Toe Caps SIZE 6L - NEW ,
    men's () shoes OSSIANI 6 () 6 elegant blue suede BX307 BX307 3c4f872 ->men's () shoes OSSIANI 6 () 6 elegant blue suede BX307 BX307 3c4f872 -
    Women Chic Mid Calf Boot Leather Winter Warm Lined Cuffed Creeper Platform ShoesPleaser DELIGHT-1018FN Womens Del1018fn/b-Nw/b Ankle Bootie- Choose SZ/Color. , Frye Women's Greene High Back Zip Shearling Sneakers Black 5.5 M , Altra Footwear Women's Lone Peak 4.0 Mid RSM Trail Running Shoe , Donald J Pliner Size 8.5 Black Womens Hudson Chelsea Boot Leather Ankle Boo $278UN ARLYN LADIES UNSTRUCTURED CLARKS LOW HEEL RUCHED ZIP LEATHER ANKLE BOOTSRockport Women's Total Motion Abelle Slipon Oxford - Choose SZ/ColorVince Camuto Kipper Embellished Suede Sandals Natural Women Sz 8 M 2301Man/Woman RIALTO Women's Alexia T-Strap Flat durable stable quality Various , Haflinger Women's Cr Future Grey Flat - Choose SZ/ColorNEW/RARE Converse Star Plyr Ev Mid - White/Red 8 Men's 121436Puma Future Cat Super LT Men’s Size 13 Shoes Black /red Sneakers (s) , MENS ADIDAS ADIZERO CRAZY LIGHT 2 in colors GREEN / BLGOME / FOREST SIZE 10.5 , Men's Propet Marv Strap MCA003L Brown Size 13M , Fiesso Men Blue Leather Multicolor Metallic Floral Gold Cap Toe Trendy ShoeCole Haan C26644 Mens Ross Dustin Wing Ox Oxford- Choose SZ/Color. , England Fashion Mens Shiny Glitter Metal Pointy Toe Loafers Dress Club Shoes , Allbirds Tree Lounger Shoes Charcoal Women's Size 8, Brand new in box , Vans Old Skool Gum Bumper Black White Men's 6.5 Women's 8 Skate Shoes New , Christian Louboutin Sandals Wedges unused product red goods 22.03.1 PHILLIP LIM CALFSKIN LEATHER SLINGBACK SANDAL SNAKE PRINT 11.5 US 44 EUAdidas Originals Women's TUBLAR DEFIANT W Shoes Unity Pink S75902 a , Nike Air Max Plus Tn Mercurial SE BG GS Black Orange Silver Juniors AR0005 001NIKE WOMEN AIR HUARACHE RUN ULTRA SHOE OFF WHITE US5.5-8.5 03'Circus by Sam Edelman Women's Sabrina Sneaker - Choose SZ/ColorAdidas AH2112 Women Adizero Defiant Bounce Tennis shoes red white sneakers , Trotters Women's Sizzle Signature Flat Navy Printed Goat LeatherJustin Gypsy square toe Boots women's size: 6B L9975 discontinued , STEVE MADDEN FRENCHEY CAGED BOOTIES STONE LEATHER ANKLE BOOTS SHOES 8Women's Stiletto High Heel Over Knee High Boots Sequins Leather Stylish Shoes P9
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    men's () shoes OSSIANI 6 () 6 elegant blue suede BX307 BX307 3c4f872 -

    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.

    men's () shoes OSSIANI 6 () 6 elegant blue suede BX307 BX307 3c4f872 -

    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
    men's () shoes OSSIANI 6 () 6 elegant blue suede BX307 BX307 3c4f872
    Dress Shoes