Never miss an update

Unique Chic Men's Metal Decor Pointy Pointy freedigitals-294 Toe Leather Men's Groom Banquet Dance Shoes New 001b2c7

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
Material: Leather Style: Loafers @ Slip Ons
Width: Medium (D, M) Euro Size: 37-46
Never miss an update

Unique Chic Men's Metal Decor Pointy Pointy freedigitals-294 Toe Leather Men's Groom Banquet Dance Shoes New 001b2c7 -

    Unique Chic Men's Metal Decor Pointy Pointy freedigitals-294 Toe Leather Men's Groom Banquet Dance Shoes New 001b2c7
    Unique Chic Men's Metal Decor Pointy Pointy freedigitals-294 Toe Leather Men's Groom Banquet Dance Shoes New 001b2c7
    ROCKPORT M79575 - WEA ADV PLAIN TOE OX Size: - Color: , ALDO Men's Choecien Fashion Sneaker - Choose SZ/Color , Reebok Work Men's Centose RB1865Skechers for Work 77125W Mens Flex Advantage Bendon Wide Shoe- Choose SZ/Color. , Cole Haan Mens Carter Grand Plain Oxford Shoes Milkshake Suede 9.5 NEW IN BOX , Birkenstock Boston Super Grip- WHITE LEATHER- Size US 13- $150 , Converse By John Varvatos Men's CT HI Studded Leather SneakerALDO Men's Giling Fashion Sneaker - Choose SZ/Color , Johnson & Murphy brown Driving tassel leather dress loafers men's Shoes 9.5 W , SWIMS Breeze Leap Lazer Mens Size7 Grey loafers boat Water shoes MSRP $ 159.00Mens Slip On Winter Fur Loafers Metallic Real Leahter Round Toe Casual Shoes szGentleman/Lady Steve Madden Men's Devide Fashion Sneaker Consumer first Win highly appreciated Fashion versatile shoesOLUKAI MENS SHOES NOHEA MESH BLACK SIZE 10 , Fashion Men's Leather Snakeskin Cuba Block Heels Zip Work Ankle Boots Shoes sizeClarks Men's Triflow Form Grey Nubuck Sporty Casual Shoes 26125948NEW Cole Haan Men Size 11.5 M Black Loafer Tucker Venetian Slip On C03557 SR3 , Cole Haan Grand Evolution Wingtip C26311 Pumice Stone Suede Oxford Shoes MensTall Men Leather Loafer Moccasin 2.8" Height Increasing Elevator Shoe, GKC71 , Mens ECCO Welt 228472 Sneaker dark brown leather fashion sneakers sz. 46Nike SB Zoom Stefan Janoski Leather - Blue Recall/ White - 333824 415 DS SZ 9.5adidas Originals Men's Superstar Cbrown cbrown coppmt Size 12.5ORIGINAL PENGUIN ESPY CANVAS DARK BLUE us $90NEW adidas Tobacco White Mountaineering AQ3268 Mens Shoes Trainers Sneakers SALE , MERRELL BERNER MOC US 10.5 Men's Slip On Shoe Grey , Xtratuf Men's Sharkbyte Chocolate Size 8.5 Casual Dock Shoes , Frye Men's Gates Chukka Boots Sneakers Shoes Leather Stone Size 9Rockport World Tour 2 Strap Brown K51303 , SPERRY TOP SIDER MENS A/O 2-EYE SURPLUS NATURAL BLACK SIZE 8.5Skechers for Work Men's Watab Wide Shoe - Choose SZ/Color ,
    Unique Chic Men's Metal Decor Pointy Pointy freedigitals-294 Toe Leather Men's Groom Banquet Dance Shoes New 001b2c7 ->Unique Chic Men's Metal Decor Pointy Pointy freedigitals-294 Toe Leather Men's Groom Banquet Dance Shoes New 001b2c7 -
    New Balance Women's 900v3 Track Spike Running Shoe - Choose SZ/color , Frye Carson Harness Riding Boots-Women's size 8.5B BrownDan Post Women's Livie Short Boot Snip Toe - Dp3748Le Coq Sportif Courtstar Leather 1811220 Mens Retro Tennis Shoes Black Sneakers , Ladies Taurus Country Boots Label Holkham Country -WAcne Studios Brogues Size 39 Black Leather Buckle Zip Brand New With BoxTory Burch Flats Black Patent Leather Gold Logo Monogram Ballet Shoes Flats sz 8 , DANSKO WOMENS CLOGS PROFESSIONAL MULTI SCRIBBLE PATENT SIZE , New Sperry Top-Sider Huntley Black Leather Boot Zip Boat Shoe Womens Sz 8 9Cole Haan Womens Pinch Tassel Black Leather Loafers Size 8 B MSRP $300 , SPRING STEP HAMMOND-GRA - HAMMOND Size: - Color: , Trotters Womens Brown Woven Leather Loafers Dress Casual Comfort Low Shoes 7.5 NSTEVE MADDEN CARRSON PINK SUEDE ANKLE-STRAP DRESS SANDALS - SIZE 10 - NIBPleaser Women's Delight-600-35 SPU Ankle Boot,Silver Polyurethane Satin/Silver M , Aldo Womens morelina Fabric Pointed Toe Classic Pumps GreyMulti Size 8.5JOAN HELPERN Joan & David Silver Slingbacks 1998 Wedge Sz 9 M Fantastic Design! , Matisse Womens Gordy Leather Open Toe Ankle Fashion Boots Dusty Blue Size 8.0 , Etnies Skate Shoes - Barge LS - Skateboarding, Trainers, Skating, Footwear , Nike Jordan Eclipse Chukka Trophy Green Stone/Grove Size US 11 Men 898358 325Mens Nike Flyknit Trainer AH8396-004 Black/Anthracite Brand New Size 8.5 , Nike Air Jordan SPIZIKE Midnight Navy Blue 315371-406 Men's Size 9 , NWOBX Adidas Originals futurepacer Men's Sneaker Mens Running Shoes SZ 11 , Nine West Mens xena Closed Toe Slip On Shoes Grey fb Size 11.0Skechers Sport Mens Equalizer Mind Game Slip-On Loafer- Pick SZ/Color. , Gentlemen/Ladies Thomas Blunt Paddington 2 Leather Quality products Fast delivery Different styles and styles , Fashion Mens Pointed Toe Cuban Heels Buckle Slouch Slip on Formal Dress Shoes SZ , Nike Zoom All Out Women's Size 9 Low Running Shoes Runfast LightweightAndre Assous Women's Nice-2 Thong Sandal Black Elastic Comfort ShoesGentlemen/Ladies VICTORIAN-120BL Cheap real Authentic guarantee , New Katy Perry Shoes Booties The Honey Claw Black Faux Fur 3 Sizes 5.5 - 6.5 - 7
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Unique Chic Men's Metal Decor Pointy Pointy freedigitals-294 Toe Leather Men's Groom Banquet Dance Shoes New 001b2c7 -

    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.

    Unique Chic Men's Metal Decor Pointy Pointy freedigitals-294 Toe Leather Men's Groom Banquet Dance Shoes New 001b2c7 -

    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
    Unique Chic Men's Metal Decor Pointy Pointy freedigitals-294 Toe Leather Men's Groom Banquet Dance Shoes New 001b2c7
    Casual Shoes