Never miss an update

Black 6" Pointed Stiletto Pointed Mule Shoes Heels Adult mogochinese-29994 Heels Women Ellie Halloween Sexy 7601bf7

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: Ellie
Width: Medium (B, M) Style: Pumps, Classics
US Shoe Size (Women's): Regular
Never miss an update

Black 6" Pointed Stiletto Pointed Mule Shoes Heels Adult mogochinese-29994 Heels Women Ellie Halloween Sexy 7601bf7 -

    Black 6" Pointed Stiletto Pointed Mule Shoes Heels Adult mogochinese-29994 Heels Women Ellie Halloween Sexy 7601bf7
    Black 6" Pointed Stiletto Pointed Mule Shoes Heels Adult mogochinese-29994 Heels Women Ellie Halloween Sexy 7601bf7
    Qupid Suede Peep Toe Striped Slingback Chunky Mule HeelAnne Klein 25017089 Womens Lesta Wedge Pump- Choose SZ/Color.Tory Burch Shoes Ballet Flats Eddie blue glitter 5.5 , Franco Sarto Women's Dianora Pump - Choose SZ/ColorSCHUTZ Women's Evelinna Heeled Sandal - Choose SZ/ColorGentleman/Lady Via Spiga-Taupe Suede-wood Platform&Heel-Peep Toe-Sz.38/8 excellent quality Win the praise of customers TRUE , Sexy Platform Stilettos Metal Lacing Pumps Ankle High Heels Shoes Adult WomenIndigo Rd. Women's Idessa Pump, Natural, 10 M USSeychelles Womens Trick Pump- Pick SZ/Color. , Report Footwear Lockhart Womens Purple Suede Leather Wedges , Winter Fashion Black Women Shoe High Heel Platform Sexy Night Club LBT , PINUP Retro Platform Closed ToeTie Front Cutout Sandals Shoes BETT19/BNMCPU , Pink 6" Pointed Stiletto Mule Shoes Heels Adult Women Ellie Halloween Sexy , Nine West Women's Rustic Fabric Heeled Sandals, Black/Black, 8 M US , Ivanka Trump Women's Kimo Platform Pump, Blue, 9 M US , Jessica Simpson Women's Lalaine Wedge Sandal - Choose SZ/Color , A2 by Aerosoles Womens Redwood Dress Pump- Pick SZ/Color.AK Anne Klein Sport Womens Curve Pump- Pick SZ/Color.Women Black High Heel Pump 8.5 Faux Leather Snakeskin Strap Sandal Dress Party , Clear 6" Pointed Stiletto Mule Shoes Heels Adult Women Ellie Halloween SexyFuntasma by Pleaser Womens Mary-Jane- Pick SZ/Color.Gentlemen/Ladies Nine West Women's Pindiviah Leather Sneaker Various styles comfortability Perfect processingLa Canadienne 8.5 M Black Ivy Shearling Slip-On Wedge Clog Mule Slide NIB $398Vaneli Womens Linek Pump 7(B)- Pick SZ/Color.Anne Klein Women's Tru Wedge Pump - Choose SZ/ColorWOMENS ANTHROPOLOGIE PLATFORM HEELS SHOES STUART WEITZMAN THEODORA & CALLUM 7 7MTaryn Rose Womens Dress Pump- Pick SZ/Color. , Silver 6" Heel W/multiple Straps Shoes Heels Adult Women Ellie Halloween Sexy , ARA Womens PREMA Red Patent Leather Round Toe Pumps Size US 6 ,
    Black 6>Black 6
    $350 NEW The North Face Womens Verto S4K GTX Boots Size 7 Grey Pink Snow ShoesShoes Skechers Originals 82 Shimmers 144 BURG Woman Memory Foam Burgundy , Steve Madden Brisk Stretch Ankle Booties, Navy, 6 US , Men/Women Wittner Ladies Shoes Beige Leather Heels Reliable quality Lush design Shopping promotionMan's/Woman's CUTIEPIE-01 PU Mint Tan Not so expensive Excellent performance TRUE , Nine West Women's Bonkers Canvas Flat - Choose SZ/ColorNIB Arcopedico Womens Blossom Splash Red BLK Ballet Flat Shoes 40 EU / 9 -9.5 US , Josef Seibel 'Caspian' Sneaker Medium Grey Leather Womens Size 7 / 37Biondini Heels Shoes Sandals Suede Royal Cobalt Blue Size 8 eu 39 All LeatherSTEPHANE KELIAN Black 100% Suede MaryJane Platform/Slingback - PRETTY - 3/US 5 , Anthropologie Jeffrey Campbell Ouverte Wedges Size 11 MSRP $ 178 , Sergio rossi Shoes 552926 BlackxMulticolor 35J Slides Womens Edie Open Toe Casual Slide Sandals, White Cracked, Size 8.0 9BuTTretorn Women's Nylite 2 Plus Leather Ankle-High Fashion SneakerAdidas Andrew Wiggins PE crazylight boost primeknit 2015 , Nike Air Pegasus A/T PRM 11 US Brown Men’s Running Shoes , Nike Mens Size 11 Zoom KD 9 All Triple Black Space Blackout Kevin Durant Out , Nike Air Force 1 MID SC (BG) Size 4.5 GS Jewel Red OG Linen Lime no Box BNike Air Jordan Retro 7 DMP pack size 8.5 , " Columbia " ~ Waterproof, Hiking / Winter / Snow Boots, Suede Leather, Brown, 9Harley Davidson Crossroads Hiker Steel Toe Men's US 9.5M Women's 11 NIBMen's/Women's Dunham Mens Windward Slip-On,Brown,10 B US Exquisite (middle) workmanship Modern and stylish fashion As of the latest model , Liberty Taupe/Chocolate Brown Leather Brogue Wingtip Round Toe Shoes Size 12 , Vans Sk8 Hi Del Pato MTE Blanc Polka Dots White Women's 8 Skate Shoes Boots New , Men/Women New Balance Women's 520v1 Sneaker Diverse new design Impeccable TRUENike Women's Dunk Sky Hi Womens Hidden Heel Wedges Shoes High Top SneakersFila Disruptor II Premium - Women's Black/Black/Black 5FM05013 , NIKE Womens Nike Air Zoom Strong 2 921335-001 BLACK/WHITE Womens Size 5Baffin Womens Shannon Snow Boot Black Size 8 M USAdrienne Vittadini Womens av pami Closed Toe Ankle Fashion, Black ks, Size 8.0 Y ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Black 6

    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.

    Black 6" Pointed Stiletto Pointed Mule Shoes Heels Adult mogochinese-29994 Heels Women Ellie Halloween Sexy 7601bf7 -

    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
    Black 6" Pointed Stiletto Pointed Mule Shoes Heels Adult mogochinese-29994 Heels Women Ellie Halloween Sexy 7601bf7