Never miss an update

Man's tide/Woman's bcbg max Impeccable azria shoes 9 wholesale Impeccable Popular Popular tide shoes a6fa62d

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Features: Rhinestones Modified Item: No
Toe Style: Open Toe Model: Bcbg Maxazria
US Shoe Size (Women's): US 9 Heel Height: Very High Heel (4 1/2 in or More)
Heel Type: Slim Style: Party
Occasion: Evening & Party Material: Satin
Width: Medium (B, M) Color: Black
Never miss an update

Man's tide/Woman's bcbg max Impeccable azria shoes 9 wholesale Impeccable Popular Popular tide shoes a6fa62d -

    Man's tide/Woman's bcbg max Impeccable azria shoes 9 wholesale Impeccable Popular Popular tide shoes a6fa62d
    Man's tide/Woman's bcbg max Impeccable azria shoes 9 wholesale Impeccable Popular Popular tide shoes a6fa62d
    Donald J Pliner women's black Strappy Ankle Wrap Sandals Shoes Size 7 M , Pleaser SEXY22/R-B Womens Sexy22/R-B Dress Pump- Choose SZ/ Belle SIGERSON MORRISON 'August' black ankle strap leather heels Shoes 9 , WOMENS PRADA BLACK LEATHER PUMP SIZE 36.5 , Donald J Pliner Bataia Lattice Sandals Shoe Wedge Platforms $495 US6 80% Off HotNew In Box Designers Italian Hills Bi Di Foffo Pump Pip Toe Gray Hot , SCHUTZ Women's Evelinna, Black, 9 M USYves Saint Laurent Brown Suede Tassel Loafer Moccasin Heels Size 7.5/38 , Sexy " Brian Atwood " Black Suede Leather / Muted Light Gold Platform Heels 10 , NWB BCBGmaxzria Vero Cuoio Peyton Peep-Toe-Sling-Back Metal Heel Women's USA 10BPleaser Flamingo-808-2HGM Exotic Dancing 8" Heel Ankle Strap Platform Sandal. 6 , Prada Women Peep-toe Pumps /2 US 91/2 M Beige Patent Leather heels shoes , J Crew Black Round toe Silver glitter block heel Suede Pumps Womens size 12 NIBBELLES BOOTS LUXE NUBUCK COMPENSEES FABI T 36Corso Como 7.5 Black Joss Patent Leather Heels Orig $126 , Irregular Choice Slumber Party Peach Womens Hi Ankle Boots , Jessica Simpson Bethani Cork Platform Wedge Pumps Size 9.5M , FRATELLI ROSSETTI Mocassins Daim Vert Petits Talons T 40 TBE , new $468 Santini Mavardi Miami 'Lili' black suede ankle strap Shoes 39 9 - sexy , GIUSEPPE ZANOTTI CUMBER 105 SANDALC Open-toe pumps suede navy , PRADA Sz 37.5/US 7 Taupe/Cafe Matte Leather Platform Heels PumpsSam Edelman "Tillie" Strappy Leather Sandal with Cutout Heels sz US 8,5 NEW , BN Mairwen*Studded Tassel Loafer Dr Doc Martens Chunky Heels*Skingirl*Grunge*7 , new $645 RODO black jeweled flower evening heels shoes 37.5 US 7.5 , new $338 CYNTHIA VINCENT black peep-toe heels shoes 10 Italy , Salvatore Ferragamo Womens Shoe Size 7 AAA Black Speckled Slingback Pumps Heels , ZARA NEW WOMAN PATENT FINISH HIGH HEEL SHOES YELLOW 35-42 REF.6246/301 , NIB Cynthia Vincent MIMA Red Strappy Embossed Skin Ankle Strap Sandals Heels , $435 Coclico AMAZING KELLER WEDGE PLATFORM SUEDE SANDALS SZ 6 ,
    Man's tide/Woman's bcbg max Impeccable azria shoes 9 wholesale Impeccable Popular Popular tide shoes a6fa62d ->Man's tide/Woman's bcbg max Impeccable azria shoes 9 wholesale Impeccable Popular Popular tide shoes a6fa62d -
    Kenneth Cole REACTION Women's Fridah Fly 2 Ankle Bootie - Choose SZ/ColorFree People Carolina K Moccasin Size 6 NEW Leather MSRP: $160Gentlemen/Ladies NEW CATARINA MARTINS WOMENS ANKLE BOOTS excellent quality Clearance Fashion versatile shoesNine West Womens nicolah Suede Pointed Toe Knee High Fashion navy le Size 5.0New Vans Women's Womens Classic Slip On Checkerboard Shoe Rubber CanvasAuthentic Loriblu Suede Italian Designer Boots Black Sizes 6,9,11 , Lucky Brand Women's Rileigh Slide Washed Rose Suede/Leather SlidesSexy Women Super High Heel Platform Patent Leather Buckle Nightclub Dress Shoes , NEW Gentle Souls Womens 6.5 M Wine Red Suede More Rupert Slip-on Pump Shoe , Women Buckle strap Platform Block Heels Shoes Punk Gothic Lolita Rivet CreeperAnne Klein Women's Expert Fabric - Choose SZ/Color , Men's/Women's Dyeables Anette - Color - Gold Comfortable feeling Ranked first in its class Outstanding function , Sam Edelman Gene Womens Sandals Jeweled Detailing Naked Leather size 8.5 New , French Connection Womens Liesel Dress Sandal Peep Toe Brule Size 40 M USNike 749680 Mens Air Max Invigor Print Running Athletic Low Top Shoes SneakersAdidas Performance Mens Supernova ST m Running Shoe, Collegiate Medium Size 8 , REEBOK INSTAPUMP FURY SG V69989 SEASONAL GRAPHIC OPAL WHITE STEEL DS SIZE: 10Nike Free RN Motion Flyknit Black/White Men's Running Shoes Size 11New Balance Men's Fashion Sneakers Fresh Foam Lazr Sport Black Oxblood MLAZRMMAdidas Originals White Mountaineering Wm Campus 80S Mens Trainer Sneakers BA7516adidas White Mountaineering ZX FLUX PLUS WM AQ 3271 sneaker WHITE US 9Polo Ralph Lauren Conquest High III Black Leather Boots Size 10.5 , Allen Edmonds Carew Horse Bit Brown Loafers Shoes US Made Men's 9 1/2 AA NARROW , YUMA Florsheim Imperial Shell Cordovan Loafers 9.5 D , Nike Kaishi (654845-013) Running/ Cross Training Grey/White/Teal -Women's Sz 8.5 , Vionic Orthaheel ACTION CYPRESS Water-Resist Hiking Sneakers Blue Size 11 , Nike In Season Tr 6 Geometric Print Training Lt Wt Performance Running Shoes 8.5Mizuno Wave Rider 19 (W) [J1GD160301] Running Blue/PinkNew Womens Rhinestones Trim Over the Knee Boots Fashion Platform Stilettos Shoes , Flamingo 1021 Black Patent Open Toe Clear 7" High Heel Platform Ankle Boot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man's tide/Woman's bcbg max Impeccable azria shoes 9 wholesale Impeccable Popular Popular tide shoes a6fa62d -

    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 tide/Woman's bcbg max Impeccable azria shoes 9 wholesale Impeccable Popular Popular tide shoes a6fa62d -

    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 tide/Woman's bcbg max Impeccable azria shoes 9 wholesale Impeccable Popular Popular tide shoes a6fa62d