Never miss an update

NIB Kork-Ease Margeret Sneaker Women's Perforated Fashion 10 Sneaker Margeret Leather BLACK Sz 10 160ed23

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
Modified Item: No
Material: Leather Style: Comfort
Color: Black US Shoe Size (Women's): 10
Brand: Kork-Ease UPC: 887110204074
Never miss an update

NIB Kork-Ease Margeret Sneaker Women's Perforated Fashion 10 Sneaker Margeret Leather BLACK Sz 10 160ed23 -

    NIB Kork-Ease Margeret Sneaker Women's Perforated Fashion 10 Sneaker Margeret Leather BLACK Sz 10 160ed23
    NIB Kork-Ease Margeret Sneaker Women's Perforated Fashion 10 Sneaker Margeret Leather BLACK Sz 10 160ed23
    Paul Mayer Attitudes Kitten Heels Sparkly Gems Mesh Sides Sz 9.5 B Made in SpainNWOB SAM EDELMAN Jemmie Peacock Embroidered Espadrille Sz 5 , Footprints Black Leather Slip Ons Womens Size 6 - 6.5 / 37Lacoste Womens Shoes LANCELLE SLIP ON SNEAKER NEW AuthenticCOBB HILL WOW-CH 226287 Pink / Multi-Color Fabric Flats Sz. 7 M , New Dr.MARTENS Women's EALING 2 Eye Toe Cap Shoe, Black/Green, 5 UK/7 US/38 EUVERO CUOIO, Clear+silver lines+black inserts, Shoes Size 37SAS Tripad Metro Women's Slip On Loafers Patent Leather Size 12 NEWWomens Cole Haan Pinch Grand Penny Loafers Gold Leather NEW , Vince Camuto Signature Halana Flat -Brand NewDonald J Pliner NWOB Women's Loafer Shoes Darsi Sport Size 7 1/2 MediumPrada Black Suede Square Toe Loafers Size 38.5 , New Sperry Top Sider Womens Koifish Etched Grape Wine Loafer Boat Shoes Sz 8 , NEW Marc Joseph Cypress Hill Pewter Anaconda Leather Loafers Flats size 6 / 36 , Sarah Flint Simone Flats Teal Suede Size 38 or 40ARRAY Womens Freedom Leather Square Toe Loafers, British Tan, Size 11.0Bloch London Womens Miriam Ballet Flat Cappuccino Embossed 38.5 US**Rockport- Total Motion Adelyn Ballet Flats, Women's Size 8 M, Black , Abeo 3540 Smart System Black Leather Slip-On Walking Comfort Shoes Women's 6.5AGL Italy Black Patent Cap Toe Dress Ballet Flats Women's EURO 38 (US 7.5)Dansko Black Leather Mules Clogs Women's Size 11.5 - 12 ; 42 EUR , Bernie Mev Women's Best Gem Fashion Sneaker - Choose SZ/Color , Skechers BOBS Women's B-Loved-Liquid Sparkle Flat - Choose SZ/ColorJessica Simpson Women's Madian Ballet Flat - Choose SZ/Color$228 NWT Diane von Furstenberg Cambridge Ballet Flat Leather Gold Size 7 , Tory Burch Black Patent Reva Flat Ballet Slip On Shoes Loafers Size 4 Worn 1x , Easy Spirit Women's Traveljewel Mule - Choose SZ/Color , New Vionic Womens Spark Tiegan Dark Grey Ballet Flats Size 9WOMENS CLARKS EVERLAY HEIDI 28265 SLIP ON LOAFERS ,
    NIB Kork-Ease Margeret Sneaker Women's Perforated Fashion 10 Sneaker Margeret Leather BLACK Sz 10 160ed23 ->NIB Kork-Ease Margeret Sneaker Women's Perforated Fashion 10 Sneaker Margeret Leather BLACK Sz 10 160ed23 -
    CORRAL LADIES DISTRESSED BROWN WHIP STITCHED & STUDDED SQ TOE COWGIRL BOOT C2918 , MIU MIU Brown Leather Pull On Heel High Ankle Boots SIZE: 40VANS SHOES ERA VINTAGE US SIZE FREE POST NEW MENS Shoes Vans Sneakers Vans EraGentlemen/Ladies Chaussure Hogan H357 Suede And Fabric Many styles Online export store Current shapeWOMEN SHOES VINTAGE RETRO BIKER LEATHER ANKLE BOOTS BROWN WINTER supersoft comfyAlexander Wang Vika Crocodile Leather Sandals in Dark Vine size 38/8 RRP A$775Rockport Women's Cobb Hill Adele - Choose SZ/ColorAdrienne Vittadini Women's Aronni Mary Jane Black Kidsuede Business ShoesTaos Virtue Gray Leather Mary Janes Women's 8.5New Vionic Piper Reptile Snake Loafers Tan Black sz 7.5 US/ 38.5 EUB.F.T. by Barefoot Tess 'Charlotte' black PU gold cap toe pump heel shoe 14 , BCBG Max Azria sleek black leather high heels size 8.5 38.5 , Prada Authentic Womens Shoes Size 39 9 Black Pumps Peep Toe Patent Leather HeelsMen's/Women's Rene Caovilla Embellished High Pump, 38 Various styles luxurious Popular tide shoes , Sergio Rossi Grey Eel Skin Round Toe Slide On Platforms Pumps Size 41 11NEW Jeffrey Campbell Harmony Heel Platform Shoes Heels Sandals Pewter Disco Sz 6Bohemia Ethnic Womens Open Toe Ankle Strap Wedge Heels Sequins Beach SlingbacksGentlemen/Ladies Franco Sarto Womens Taisley Customer first Lush design Valuable boutique , Womens Pointy Toe Stiletto Heels Mules Cow Leather Formal Party OL Slipper PumpsNike Lunar Chenchukka QS Men's Sneaker Boots Night 553553-020 SZ 8 (26 CM) , Men's Adidas Originals TUBULAR SHADOW Clear Brown / Clear Brow BB8820LEBRON XIII 13 LOW PREMIUM MEN SIZE 10.0 TEAM RED NEW BASKETBALL RARE AUTHENTIC , Clarks Cedar C Gore-Tex 26078910 Black Leather 174 Moc Chukka Boots Men's 8.5 , STEEL TOE SAFETY BOOTS Vintage Lehigh Brown Leather Buckle Mens US 13 EMens Formal Genuine Business Formal Dress Metal Texture Leather Toe Loafer Shoes , Acorn Men's Pack & Go Travel Slipper - Choose SZ/Color , New - Women's Lucky Brand Peep Toe Leather Booties Size 7 , Vintage Soft Synthetic Leather Chunky Heel Womens Ankle boots Casual Shoes Size , Ladies Bowknot Pointy Toe High Heel Stilettos Faux Suede Over Knee Party Boots , WHITE MOUNTAIN NWOB Brown Elastic Back Side Zip Buckle Accent Boot Sz 10 B4395 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB Kork-Ease Margeret Sneaker Women's Perforated Fashion 10 Sneaker Margeret Leather BLACK Sz 10 160ed23 -

    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.

    NIB Kork-Ease Margeret Sneaker Women's Perforated Fashion 10 Sneaker Margeret Leather BLACK Sz 10 160ed23 -

    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
    NIB Kork-Ease Margeret Sneaker Women's Perforated Fashion 10 Sneaker Margeret Leather BLACK Sz 10 160ed23