Never miss an update

Women Breathable High Wedge Heel Sport Shoes Sneakers albatrossmusica-26777 Leather Sneakers Leather Ankle Boots Oxford 8492d35

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
Brand: Unbranded
Color: Black,White,Pink US Shoe Size (Women's): 4.5 5 5.5 6 6.5 7 7.5 8 8.5 9
Heel Type: Wedge Style: Fashion Sneakers
Pattern: Platform Wedges Width: Medium (B, M)
Fastening: Pull On Material: Cow Leather
Heel Detail: Total 10 cm,Platform 3.5 cm Heel Height: High (3 in. and Up)
Never miss an update

Women Breathable High Wedge Heel Sport Shoes Sneakers albatrossmusica-26777 Leather Sneakers Leather Ankle Boots Oxford 8492d35 -

    Women Breathable High Wedge Heel Sport Shoes Sneakers albatrossmusica-26777 Leather Sneakers Leather Ankle Boots Oxford 8492d35
    Women Breathable High Wedge Heel Sport Shoes Sneakers albatrossmusica-26777 Leather Sneakers Leather Ankle Boots Oxford 8492d35
    Custom Fashion And Comfortable Women Boots Grateful Dead Martin Boots For Girl , Women's NIKE Flex 2015 RN Training Running Shoes 709021 601English Shepherd Print Running Shoes For Women- Free Shipping , Women Metallic Leather Platform Wedge High Heel Fashion Sneaker Oxford shoesWomen Sequin Fashion Sneaker Sport Athletic Trainer Board Street Party Club ShoeNew Balance WL574EXB B Purple Yellow Blue Women Running Shoes Sneakers WL574EXBB , Custom Comfortable And Fashion Women Skull On Flaming Boots Martin BootsNike Women's Toki Silp on Sneakers - Size 8.5 US, White2018 Women's Wedged Mid Heels Pointy Toe Leather Floral Embroidery Sneakers Size , NIKE Free RN Women's NWT BOX W/O LID Running Shoes US 7 / RRP $180 , Skechers Appeal 2.0 Bright Eyed Women Trainers 12619 in Black & Charcoal , Custom Fashion And Comfortable Women Boots Harry Potter Martin Boots For GirlNike WMNS Air Vapor Advantage womens tennis sneakers NEW night silver purple , Cute White Chihuahua Print Running Shoes For Women- Free ShippingReebok Astrofoam Astroride Run Grey Silver Women Running Shoes BD2210Valentine's Day Special Siberian Husky Dog Print Running Shoes For Women- Free S , New NIKE WMNS PRIMO COURT CANVAS WHITE / BLACK 631635-102 US W 6 - 7.5 TAKSE , Women Real Suede Sneaker Wedge Heel Board Sport Party Chic High Top Fashion Shoe , NIKE AIR MAX THEA ULTRA FLYKNIT UK5.5 US8 EU39 BLACK IVORY PURPLE 881175 006 , Converse All Star Dainty Oxford Womens Classic Canvas Shoes Trainers , Reebok Fury Adapt Triple Black Women Running Casual Shoes Sneakers BD2408 , Fashion And Comfortable Custom Alice in Wonderland Women Boots Martin Boots , NIKE W AIR MAX 1 ULTRA PLUSH SIZE UK5/US7.5/CM24.5/EUR38.5 844882-002 , Nike Lunar Sculpt Purple Smoke/Hyper Violet Women's 818062-500Wmns Nike Lunarglide 8 Womens Running Shoes Lunarlon Cushion Sneakers Pick 1 , Women Fashion 2018 Athletic Korea Hip-hop Breathable High Top Shoes Buckle 2019 , NIKE AIR MAX THEA ULTRA FLYKNIT UK7 US9.5 EU41 DARK RAISIN WHITE 881175 006 , Lacoste Marice 317 1 CAW Slip Ons Women Trainers in Navy Blue & White 734CAW0040Converse Chuck Taylor All Star Ox Midnight Navy Garnet Womens Canvas Trainers ,
    Women Breathable High Wedge Heel Sport Shoes Sneakers albatrossmusica-26777 Leather Sneakers Leather Ankle Boots Oxford 8492d35 ->Women Breathable High Wedge Heel Sport Shoes Sneakers albatrossmusica-26777 Leather Sneakers Leather Ankle Boots Oxford 8492d35 -
    JEFFREY CAMPBELL CLASH GREEN ANKLE BOOT SIZE 6.5 , Gentlemen/Ladies Nike Air Max Day Zero Practical and economical Stylish and charming A balance between toughness and hardnessBCBGeneration Parade Platform Pumps, Black White, 9 US / 39 EU Displaywomen's shoes JANET SPORT 10 () slip on white leather suede strass BT423-40 , Drew Women's Sahara Black Leather Comfort ShoesNIB Christian Louboutin Corazon Smoking Flat Loafer Shoe Velvet Black 36.5 - 6J Crew Vega Peforated sandals 9.5 Apricot MistGorgeous Christian Louboutin Peep Toe Shoes with Bows. Size 39/U.S. Size 7.5 , Nine West Pruce Ankle Strap Sandals, Black Leather, 5 US , Birkenstock Madrid Birko-Flor Graceful Pearl White Sandals Narrow Width 940153Womens Fashion Pointy Toe Low Heel Slipper Genuine Leather Sandals Occident size , Reebok Shoes Sneaker Size 12 Tan brown preowned , AUTHENTIC ASICS TIGER ULT RACER DL301 5610 , Men's New Nike Lebron 13 XIII Low PRM Team Red AH8289 600 Size 10Nike Air Diamond Turf Gym Red White Deion Sanders Shoes 309434-600 Size 8.5 RAREMichael Jordan Olympic Boxing Shoes- Size 7.5 US Men's/ 9.5 Women's2013 Wtaps x Vans Slip-On White/Blue/Red12 30cm Deadstock , NIKE LEBRON JAMES XI NEW SIZE 11.5 CTK CHRIST THE KING HOME WHITE GOLD CRIMSON , WILD WEST CHERRY FULL QUILL OSTRICH COWBOY BOOT RANCH-WIDE SQUARE-TOE (EE+) , MEN SHOES BROWN LEITHER GEORGE'S SIZE 9 , ECCO Men's 632514 Edinburgh Bike Toe Black Leather Tie Oxford , Exotic Shorthair Cat Christmas Print Running Shoes For Women-Free ShippingNEW BALANCE Womens '620 Street Beat' Grey Green Sneakers Sz 5.5-10.5 B NEW! , WMNS NIKE AIR FORCE 1 UPSTEP WARRIOR N7 WHITE-BLACK SZ 7 [873308-103] WITH BOXNike Air Zoom Elite 9 Running Shoe - Women's Black/White-Cool Grey Size 8 , $225 New Womens Nike Roshe Two Flyknit Hi Leather Boots Size 6 Blue 861708 400Rachel Zoe Bjornz White Soft Leather Women’s High Top Ankle Sneakers Size 9 M , Billabong Women's Wild Wavez Gladiator Sandal - Choose SZ/ColorMen/Women Skechers Women's Upgrades Elegant shape comfortability Breathable shoes , Camper Boot, New, Size 36 ‘Beetle’ Sheepskin Lined K400096-001 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women Breathable High Wedge Heel Sport Shoes Sneakers albatrossmusica-26777 Leather Sneakers Leather Ankle Boots Oxford 8492d35 -

    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.

    Women Breathable High Wedge Heel Sport Shoes Sneakers albatrossmusica-26777 Leather Sneakers Leather Ankle Boots Oxford 8492d35 -

    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
    Women Breathable High Wedge Heel Sport Shoes Sneakers albatrossmusica-26777 Leather Sneakers Leather Ankle Boots Oxford 8492d35
    Athletic Shoes