Never miss an update

Gentlemen/Ladies Trotters Women's varieties Dea Slingback Pump,Black W/Black,9 W of sell Cheaper than the price a lot of varieties dd3b564

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
UPC: 696229880761
Weight: 1.55 lbs EAN: 0696229880761
Dimensions: L 12.44 x W 6.61 x H 4.02 inches Brand: Trotters
NumberOfItems: 1 MPN: T7001-007
ProductGroup: Shoes Binding: Apparel
ISBN: Not Applicable ClothingSize: 9 W
US Shoe Size (Women's): 9 W US Color: Black/Black
Style: Not Applicable Department: womens
Never miss an update

Gentlemen/Ladies Trotters Women's varieties Dea Slingback Pump,Black W/Black,9 W of sell Cheaper than the price a lot of varieties dd3b564 -

    Gentlemen/Ladies Trotters Women's varieties Dea Slingback Pump,Black W/Black,9 W of sell Cheaper than the price a lot of varieties dd3b564
    Gentlemen/Ladies Trotters Women's varieties Dea Slingback Pump,Black W/Black,9 W of sell Cheaper than the price a lot of varieties dd3b564
    Fashion Womens Evening Less Platform No-Heels Side Zip Wedge Bootie Shoes ClubPenny Loves Kenny Women's Frier Treaded Boot , Refined BRUNO MAGLI White Calf Pumps w Navy Side-Stitching Pattern 5B , Vivienne Westwood Anglomania Melissa Three Straps Elevated Blue US 5LACK PU HIGH BOOTS SIZE 6-16 HEELS-8,1"- 20CM PRODUCER BOLINGIER POLAND 1471 , NIB Anthropologie Bernardo purple Satin Pearl Crystal Ankle Strap Heel Sandals 7 , NIB Steve Madden Women's Sweaterr Boot in Cognac LeatherZARA COBALT BLUE HIGH HEEL STRAPPY SANDALS UK SIZE:3,4,5,7 EU: 36,37,38C0 NWOB TED BAKER LONDON Neevo 4 Nude Patent Leather Heel Dress Pumps Sz 40 $185 , GUESS GLENISAN BROWN LEOPARD PRINT COW HAIR+RED PEEP TOE SLING BACK SHOES SZ-8New Sigerson Morrison Womens Black Ankle Strap Heels Size 7Salvatore Ferragamo Pumps Shoe 8 1/2 B Taupe w/ Patent Toe Low Heel 8.5 MediumIsola Black Leather Strappy Heels Women's Size 8.5 Falmouth Chunky HeelsEric Michael Peru Women’s Navy Suede Leather Comfort Heels US 9 Shoes A657PLEASER Ankle Strap Sandals Rhinestone Cutout Platform MOON-708DMCH Turquoise , L.A.M.B. Women Shoes Leather Woven Green High Heels Peep Toe Shoes Size 10 M , HIGHEST HEEL Sexy Open Toe Rhinestone Platform Pump Spiked Upper FOXY-101 Gold , Sexy Women Party Clubwear High Heel Stiletto 22cm Patent Leather Fashion Shoes , Kendall + Kylie New Logan Silver Womens Shoes Size 10 M Boots MSRP $190 , Clarks Shoes Stacked Heels Pumps Narrative Black Womens Size 7 M , Vivienne Westwood Anglomania Melissa Lady Dragon X Heels Pink Red Lips US 6Gentleman/Lady Pleaser Pink Label JENNA-09 Elegant shape Won highly appreciated and widely trusted at home and abroad Speed ​​refundFLY London Main736Fly Ankle Booties Petrol/Black Nevada/Sebta Women’s Size 41 EU , Donald Pliner Couture Tortoise Patent Leather Mesh Elastic Slide Shoe $225 NIBWomen's Salvatore Ferragamo Shoes Black Suede Embossed Low Heel 7B Med ItalianBettie Page Lucy Shoes - Blue Retro Rockabilly Pin Up Vintage Inspired Heels , New Lady High Heels Pumps Platform Shoes Round Toe White Stiletto Shoes Hot Sale , TONY BIANCO rrp $219.95 Size 6 Black Open Toe High Block Heel Leather Sandals , Hispanitas Berlin Maya Mekong pumps sale hv74859
    Gentlemen/Ladies Trotters Women's varieties Dea Slingback Pump,Black W/Black,9 W of sell Cheaper than the price a lot of varieties dd3b564 ->Gentlemen/Ladies Trotters Women's varieties Dea Slingback Pump,Black W/Black,9 W of sell Cheaper than the price a lot of varieties dd3b564 -
    NYLO WOMENS Distressed Brown Italian Leather Zip Ankle Boots EU38/8M MSRP $256 , Salomon Women's XA Pro 3D CS Waterproof W Trail Ru - Choose SZ/color , Corral Women's Western Cowgirl Tan Embroidery Boots L5392Women's NWOB FRYE Billy Harness Short Western Boots Burgundy Multi Sz 7.5B $425 , Party Womens Platform Slingback Ankle Strap Open Toe Sandals High Heels BuckleLANVIN WHITE LEATHER ROUNDED TOE SZ 38.5 / 8.5 BALLET FLATS SHOES PEARL DETAILJ. Crew Retail ANKLE STRAP POINTED TOE FLATS Navy Blue White Stripe Bow Shoes 10 , SANUK Sanuk Womens Donna Crochet Loafer /- Choose SZ/Color. , Adrianna Papell Aneva Metallic Peep Toe Booties, Women's Size 7.5M, Gunmetal NEWRachel Roy Black Platform Exotic High Heels Size 9.5M Purple soles Textured , New spring/summer women's fashion temperament Sexy bowknot high-heeled shoesWomen's Leather Strappy Pointed Toe Stilettos Pumps Nightclub High Heels Shoes , New in Box B Brian Atwood Blaise Leather Sandals Studded Color Bone size 8 , MaxStudio "Ionia" white satin hi-heel ankle strap sandal - Size 11, 5.5" heelMen/Women Pleaser SKY-301UVG Moderate price Primary quality British temperament , Cole Haan Bethany Leather Pump Snake Print Multi Color Sz 6 B 5736 , anne klein arika reptile espadrille sandal gold 7.5 7 1/2 MMen's/Women's NAOT Black Slide Sandal 38 service Modern design Official website , Nike Men's Dart 12 Running Shoe Size 8NIKE LAB TIEMPO VETTA MIDNIGHT NAVY BLUE "ROGER FEDERER" SZ 9.5 or 10 840482-400Jordan 3 Bundle Powderblue And White Cement Size 8Hugo Boss Men's Athen Lea Fashion Laminated Black Sneaker Shoes Sz. 13Invicta Womens BLU Quartz Gold-Tone and Silicone Casual Watch, Color:OrangeJCREW Collins Tortoise Loafers Shoes $238 6 black brown e5046 , Womens 9.0 (Mens 7.5) Vans Old Skool White Sherpa Faux Fur VN0A38G1Q0WNEW BALANCE W860YG3 WOMEN'S GREY/GREEN RUNNING SHOES SZ 5(2A) NARROW $114.00adidas Originals CQ2021 Adidas Womens Swift Run W- Choose SZ/Color.Adidas Originals Superstar 80's Snakeskin S81327 Women's US 9 NEW , sweet womens bowknot fur warm hidden heel ankle boots round toe faux suede shoesMilwaukee Leather Women's Block Heel Harness Ankle Boot - Medium Toe - MBL9432 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentlemen/Ladies Trotters Women's varieties Dea Slingback Pump,Black W/Black,9 W of sell Cheaper than the price a lot of varieties dd3b564 -

    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.

    Gentlemen/Ladies Trotters Women's varieties Dea Slingback Pump,Black W/Black,9 W of sell Cheaper than the price a lot of varieties dd3b564 -

    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
    Gentlemen/Ladies Trotters Women's varieties Dea Slingback Pump,Black W/Black,9 W of sell Cheaper than the price a lot of varieties dd3b564