Never miss an update

PLEASER Sexy Hidden 29991 Slingback Platform Peep Sandal Toe Slingback Sandal Bow PINUP-10 Cream Black 24d62ea

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
Ebay Color: Beiges
Platform: Approximately 0.75" Width: Medium( B, M)
Shoe Size Range: 9-16 Ebay Shade: Cream
Style: Sandals Heel Height: 4 Inch Heel
Sub Style: Slingbacks Material: Synthetic
Weight: 1.9000 Occasion: Formal,Wear to Work,Wedding & Prom
Brand: Pleaser Pink Label Fastening: Buckle
Ebay Heel Height: High (3 in. and Up) Pattern: Solid
Never miss an update

PLEASER Sexy Hidden 29991 Slingback Platform Peep Sandal Toe Slingback Sandal Bow PINUP-10 Cream Black 24d62ea -

    PLEASER Sexy Hidden 29991 Slingback Platform Peep Sandal Toe Slingback Sandal Bow PINUP-10 Cream Black 24d62ea
    PLEASER Sexy Hidden 29991 Slingback Platform Peep Sandal Toe Slingback Sandal Bow PINUP-10 Cream Black 24d62ea
    Fashion Metal Pointy Toe Womens Shoes Stiletto Ankle Strap Sexy 16cm High Heels , Salvatore Ferragamo Low Heel Slip On Shoes size 7.5 AAAA Bronze Leather NickyWOMENS Salvatore Ferragamo Black Patent Pump Sz 7B QLT1 Y18 , Fabulicious LOLITA-02 05 06 08 09Platform Peep Toe d'Orsay PumpWomens sz 8 Report Signature Designer GALA GOLD Leopard Platform Pump MSRP $210FLAMINGO-809T 8" SEXY FROSTED BOTTOM ANKLE STRAP POLE DANCE PLATFORM SANDAL , Rare Jeffrey Campbell Kavala Black White Patent Leather Platform Sandals 7 6.5Stuart Weitzman Low Heel Pumps Size 7.5 N Brown With Bow Wear To Work , Lucky Brand Black Strappy 3”Wedges 10W Leather NWOTSalvatore Ferragamo Women's sz 8.5 Brown Leather Textured Boutique Wedge HeelsPrada Brown Suede 38, 7.5 Heels. Metal Basket Weave Heel. Made In Italy , Gentleman/Lady FLAMINGO-808MG Easy to clean surface Let our goods go to the world professional designBruno Magli High heel Shoes Size 9 B Womens Black Leather Pumps $235 Milan , MOT-CLe 5964i Black Suede / Patent / Gold Buckle Heels Pumps 36 / US 6 , Man's/Woman's BETTIE-23 service Quality and quantity guaranteed British temperamentLadies Grace Pointed Toe Spetail Heels Low Top Suede Shoes Casual Shoes Pumps , Women Patent Leather Pointy Toe Glitter Bowknot High Heel Slingbacks Pumps ShoesKenneth Cole Womens Bon-Net SN Formal Dress Pump Shoe, Black/White, US 6BCBGeneration TRICKY 9 M Black Clear Trim Pump Half D'Orsay Pointed Stiletto New , Womens Irregular Choice Ascot Glitter Evening Court Shoe Bow High Heel US 5.5-11 , PIN UP Sexy Retro Platform 4 1/2" High Heel Slingback Black Shoes w/ HeartEasy Spirit Womens Carmela Leather Closed Toe Classic PumpsA NICE PUMA WEDGE SNEAKERS - SIZE 6’5 , Man/Woman CAMEL-101 durable new Modern modePleaser XTREME-809 Exotic Dancing Platform Ankle Strap SandalVogue Women's Patent Leather Shoes Pointed Toe Buckle Strap High Heel Shoes NEW , Man/Woman MOON-708UV Online Shopping high quality Non-slip , womens stiletto sandals cut out buckle back zip ankle strap high heels shoes new , Nine West Margot 8 Red Multi Print Pattern Fabric Classic Pump Pointed New w Box
    PLEASER Sexy Hidden 29991 Slingback Platform Peep Sandal Toe Slingback Sandal Bow PINUP-10 Cream Black 24d62ea ->PLEASER Sexy Hidden 29991 Slingback Platform Peep Sandal Toe Slingback Sandal Bow PINUP-10 Cream Black 24d62ea -
    NIB COLE HAAN TALI LUXE SUEDE KNEE TALL WEDGE BOOTS (8.5) (RETAIL: $360) , Miista Yolanda Elastic Mid Heel Ankle Boots. RRP . Various Sizes & Colours. , Reebok Print Run Dist [CN0428] Women Running Shoes Grey/Desert Dust-PinkKlogs Footwear Mission Women's Slip-Resistant Clogs Northern Light US Sizes , Moxie Trades Women's Lotus Black Leather/Suede Slip-Resistant (Non-Skid) , New in Box Tod's Ladies Black Leather Ballerina Shoe AOS320 , Womens Crystal Rhinestones Bowknot Pointed Toe Flats Shoes Pumps Slip On Loafers , BCBGeneration Laddies Women's Black Leather Pull On Ankle Booties US Size 8.5 B , GUESS Ara Studded Fringe Peep Toe Mule Pumps 759, Medium Brown, 6 US Display , Nine West Women's Hollison Suede Dress Pump, Navy, 7.5 M US , STRETCH LACK WHITE - BALLET FETISCH HIGHS BOOTS SIZE 9-16 HEELS-8,4"-- POLANDSTEVE MADDEN Womens 'Caliopi' Silver Ankle Strap Sandals Sz 9 M - 232030 , Men’s Air Jordan 2012 Lite Ev Shoes Photo Blue White Black 535859 407 Size 8.5 , Nike Vapor X 12 Club Sneaker - Men's Size 9 Black/Orange , MIZUNO Wave Prophecy 4 Mens Running Shoes Size US 14 Black Yellow Euro 48.5 EUCNike Air Zoom Pegasus 35 Men's Running Shoe - Thunder Grey/Crimson , NIKE MERCURIAL SUPERFLY V FG 831940 585 DS $300 Mens Sz 8 Wmns 9.5 Nib , Adidas Originals Men's Stan Smith Shoes Size 12 us S82254 LAST PAIR , NIKE AIR JORDAN FUTURE BOOTS MEN'S SIZE 9.5 GREEN/BONE WATER PROOF 854554-300 , HOT Fashion Mens Pointy Toe Buckles Mid Calf Boot Leather Pleated Western Cowboy , NIB Converse Pro Leather 76 Mid Suede Yellow / Egret / Egret 155339C US Mens 10men's shoes D.A.T.E. (date) 8,5 () sneakers black suede leather AB506-DGiorgio Brutini NYNE Mens Black/Yellow 176681-4 Slip On Dress Shoes , MENS CLARKS WALLABEE Black Leather Shoes Work Casual Comfortable Shoes BootsHarpelunde 2018 Woven Rope Buckle Velvet Shoes Black Slip On Formal Loafers , ASICS DYNAFLYTE T75TQ 1939 SPORT PINK AQUARIUM VIBRANT WOMEN SHOES SIZE 8.5Adidas by Stella McCartney Ultra Boost CG3684 Apricot Rose NEW 100% AuthenticSteve Madden New Georgeous Gray Womens Shoes Size 11 M Boots MSRP $129.99Punk Goth Womens Black Suede Leather Ankle Boots Flats Front Zip Creepers Shoes* , Aerosoles Women's Incognito Boot - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PLEASER Sexy Hidden 29991 Slingback Platform Peep Sandal Toe Slingback Sandal Bow PINUP-10 Cream Black 24d62ea -

    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.

    PLEASER Sexy Hidden 29991 Slingback Platform Peep Sandal Toe Slingback Sandal Bow PINUP-10 Cream Black 24d62ea -

    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
    PLEASER Sexy Hidden 29991 Slingback Platform Peep Sandal Toe Slingback Sandal Bow PINUP-10 Cream Black 24d62ea