Never miss an update

Paul Green On Women's Metallic Slip On Leather Flats Leather Sz Paul 3.5 b15721b

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Paul Green
Style: Flats US Shoe Size (Women's): 3.5UK
Fastening: Slip On Color: Metallic
Heel Height: Flat (0 to 1/2 in.) Material: Leather
UPC: Does not apply
Never miss an update

Paul Green On Women's Metallic Slip On Leather Flats Leather Sz Paul 3.5 b15721b -

    Paul Green On Women's Metallic Slip On Leather Flats Leather Sz Paul 3.5 b15721b
    Paul Green On Women's Metallic Slip On Leather Flats Leather Sz Paul 3.5 b15721b
    Think Julia Women's Leather Clog Shoes Size , 100%Authentic Tory Burch Ballet Flats Sz 7Klogs Naples Mens - Womens Clogs White Smooth - 13 WideKlogs Austin Womens - Clogs Flower Tool - 7.5 Medium , STUART WEITZMAN FRISKY CRACKLED NATURAL KID PENNY BALLET FLATS METALLIC SIZE 7 , Attilio Giusti Leombruni Women's Slip On Leather Black Flats Sz 38.5Pikolinos Jerez Slip On Shoes In Blue Leather, Wm Sz 40Klogs Austin Womens - Clogs Brown Flower Tool - 5 MediumKlogs Naples Mens - Womens Clogs Black Oiled - 12 MediumDiego Bellini 4914 Multi Color Fabric Leather Bow Slip-On Loafers 39.5 / US 9.5Klogs Austin Womens - Clogs Flower Tool - 7.5 WideTOD'S Dark Brown Patent Leather Loafers Rubber Platform Pebble Soles Sz 36Jeffrey Campbell Daniel White Patent Silver Studded Loafer Pointed Slide MuleKlogs Naples Mens - Womens Clogs Black Smooth - 13 Wide , Dansko Debra Houndstooth Womens Grey Suede Slip On Loafers Euro Sz 36 1089 , Portafleur Cipria Suede Stuart Weitzman Ballet FlatDansko Professional Embroidered Pro Taupe Milled Nubuck - US 12 - was $135Klogs Austin Womens - Clogs Flower Tool - 11 MediumAvec Moderation Brand New Shoes - Size 38.5/ 8Sperry Top-Sider Gold Cup A/O 2-Eye Blue Womens Shoes 10 M Flats MSRP $159.95Klogs Austin Womens - Clogs Taupe Suede Tapestry - 8 MediumStuart Weitzman New $350 Rascal Crocodile Bit Driving Loafers Womens Size 8.5 M , Attilio Giusti Leombruni Mismatching Womens Leather Black Flat Sz 37.5L 37R 1300 , Vintage 9.5 AA~Salvatore Ferragamo Red "C Logo design" Dress Shoe Excellent CondDromedaris Women's Audrey Slip-On Gold US Size 7.0-7.5 (Eu 38.0)Luca Grossi 022 Grey / Silver Leather Peep-Toe Buckle Shoes 41 / US 11Klogs Naples Mens - Womens Clogs Black Oiled - 14 Wide , Tory Burch embossed snake dark grayReva Flats Size 9M (sh10000Men's/Women's Mayan Roots Women's Metallic Leather Flats Guarantee quality and quantity comfortability International big name
    Paul Green On Women's Metallic Slip On Leather Flats Leather Sz Paul 3.5 b15721b ->Paul Green On Women's Metallic Slip On Leather Flats Leather Sz Paul 3.5 b15721b -
    Fenty Puma By Rihanna Booties, 38.5 BNWTNew Balance Numeric 505 Men's Sneakers [US 7] nm505cls Shoes Leather NEW , Converse Chuck Taylor All Star Low 70s 1970 OX Beige Parchment Men Shoes 162062CNEW BALANCE MENS ARISHI V1 TEMPEST BLACK VIVID COBALT 4E SHOES **FREE POST AUSTMan's/Woman's Ladies Rieker Shoes Style - 41385 Online Shopping Preferred material Beautiful and charmingMAX & CO. Shoes 397817 Blue 36 , Blue And White Print Floral Womens Rhinestone Slip On Flat Heels Charm Shoes NewSanuk Women's Yoga Dawn TX Sandal - Choose SZ/ColorSCHOLL WOMEN'S HOUSE SLIPPERS SPIKEY 2 GREY/FUCHSIAGibellieri 29f Orange Leather Open Toe Slide Heel Sandals 39 / US 9 , Tory Burch miller vintage vechetta tan leather logo sandal nibWomen's Spenco Supreme Slide Slipper Raspberry Suede Sandals SKUVTG 1998 Nike Total Air Pillar vintage Size 11.5 Michigan 173142-471 max blueReebok Men's Trailgrip RS 5.0 GTX Black/Grey Gore-Tex Shoes BS5425 NEW!Nike Sweet Classic Year of the Dragon 509503 100 White Purple Leather Mens 8 US , NEW Men's Nike Air Max 1 Shoes Size: 9MENS NIKE KD 8 *749375 - 002* (KEVIN DURANT) "EASTER" SIZE 10 *NIB*Nike React Element 87 "Sail" - AQ1090 100 , New Clarks Originals Mens Palisade Ankle Waterproof Boots Shoes Black 13M , Rocky Fort Hood Zipper Waterproof Duty BootRED WING Waterproof Electrical Hazard Leather Work Boots Sz 9 B NOS , Gentlemen/Ladies adidas Performance Voloomix XJ Slide Sandal We have won praise from our customers. Fast delivery A balance between toughness and hardness , ADIDAS Tubular 'New Year OG' Size 9 , Women's NIKE Flex Trainer 5 Running Shoes 724858-001 Sz: 9.5 (0091206536199) , New Balance WR993BK B Medium Women Made In USA Classic Sneaker Msrp $140Nike WMNS Air Max 90 [325213-801] Women Casual Shoes Max Orange/GreyAdidas Ultra Boost X Womens BY1674 Mystery Ruby Primeknit Running Shoes Size 9 , Miz Mooz Trina Black Leather Kitten Heel Women's Shoes Size 7 M NEWWomens CLARKS grey leather ankle boots sz. 6 M NEW! , Gentleman/Lady Franco Sarto Women's Aberdale Best-selling worldwide modern Fashion dynamic
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Paul Green On Women's Metallic Slip On Leather Flats Leather Sz Paul 3.5 b15721b -

    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.

    Paul Green On Women's Metallic Slip On Leather Flats Leather Sz Paul 3.5 b15721b -

    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
    Paul Green On Women's Metallic Slip On Leather Flats Leather Sz Paul 3.5 b15721b