Never miss an update

Johnston Dress phuketpalmb-15434 & Murphy Womens Stacy Dress Sandal Sandal Open Toe Metallic Cork Size 10 M e1176f5

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: Johnston & Murphy
Width: Medium (B, M) Style: Open Toe
US Shoe Size (Women's): 10 UPC: Does not apply
Never miss an update

Johnston Dress phuketpalmb-15434 & Murphy Womens Stacy Dress Sandal Sandal Open Toe Metallic Cork Size 10 M e1176f5 -

    Johnston Dress phuketpalmb-15434 & Murphy Womens Stacy Dress Sandal Sandal Open Toe Metallic Cork Size 10 M e1176f5
    Johnston Dress phuketpalmb-15434 & Murphy Womens Stacy Dress Sandal Sandal Open Toe Metallic Cork Size 10 M e1176f5
    Splendid Womens Colleen Gladiator Sandal- Pick SZ/Color. , Bos. & Co. Womens Calem Platform Dress Slingback Sandal Orange 39 M USGentlemen/Ladies NEW MATT BERNSON SS18 WOMENS PORTO High quality and low overhead Various types and styles VariousBos. & Co. Womens Cindy Platform Dress Sandal White Crystal Nude 39 US , Kenneth Cole REACTION Women's Slim Tricks 2 Toe Ring Sandal - Choose SZ/Color , Naughty Monkey Women's Saint Elmos Ankle Bootie, Sand, 9 M USBoohoo Womens Block Heel Ribbon Up Heels , The Fix Women's Unda Cross Strap FTbed Platform Slide Sandal - Choose SZ/Colorcrocs Crocs Womens Carlisa Brushed Leopard Ballet Flat- Pick SZ/Color. , Dolce by Mojo Moxy Womens Posey Espadrille Wedge Sandal Blue Size 7.5 M USPleaser 7" Heel, 2 3/4" PF Ankle Strap Sandal Adult Women Sandals Cream Pat/ , Bella Vita Women's Max-Italy Slingback Sandal Dark Brown Leather 9.5WWGUESS US Shoe Size Women Sandal Thong-Style Silhouette Comfort Casual Pink Olive2 Lips Too Women's Too Cassie Dress Sandal, Stone, 6.5 M USSeychelles Women's Moonlight Dress Sandal - Choose SZ/Color , Man's/Woman's Sbicca Womens - Pick SZ/Color. Many varieties Elegant style Suitable for colorKelsi Dagger Brooklyn Women's Mazy Heeled Sandal, Off White, 8.5 M US , Corso Como Women's Coral Slide Sandal, Black Kid Suede, 7.5 US/7.5 M USSkechers Women's Reggae Fest-Marlin-Fisherman Open Back Mule Relaxed Fit and...French Connection Womens Lilyana Dress Fringe Sandal Black Size 38.5 M USSam Edelman F1148L1 Womens Lara- Choose SZ/Color. , Bos. & Co. Womens Cindy Platform Dress Sandal Black Crystal Nude 38 US , Mojo Moxy Womens Mocambo Wedge Slingback Sandal Rose Size 8 M USMan's/Woman's PATRIZIA Harlequin Womens Sandal Online Shopping excellent Fair priceSol Sana Women's Everleigh Dress Sandal, Marine, 36 EU/5.5-6 M US , Skechers 31605 Womens Vinyasa-Unicorn Mist-Micro Glitter Flip-FlopMPropet Womens St. Lucia Slide Sandal Peep Toe Pink Foil Size 6.5 M USDr. Scholl's Shoes Women's Evelyn Gladiator Sandal, Carmel/Snake Print, 8 M USJ.Renee Womens Tattle Dress Sandal Open Toe Gold SIze 6.5 M
    Johnston Dress phuketpalmb-15434 & Murphy Womens Stacy Dress Sandal Sandal Open Toe Metallic Cork Size 10 M e1176f5 ->Johnston Dress phuketpalmb-15434 & Murphy Womens Stacy Dress Sandal Sandal Open Toe Metallic Cork Size 10 M e1176f5 -
    Guess Lilla Studded Boots, Black Fabric, Size 10.0 , Ariat Women's Delilah Work Boot Toasted Brown 8.5 M US , KENDALL + KYLIE Women's Laila Fashion Boot, Black, 7 Medium USSkechers Women's Cleo Bewitch Ballet Flat, Navy, Size 5.0 US / 3 UKAldo Elivia Ankle Strap Sandals 852, Lilac, 7 US , Jimmy Choo Sandals -37.5 - 100% Authentic , Katy Perry Kailee Oxford Black Patent Leather Floral Flowers Womens Shoes 9 1/2 , PUMA Women's Basket Heart DE Wn SneakerPleaser Women's Seduce 443 Black Patent Ankle Straps , Joie Rhonda Gray Womens Shoes Size 5.5 M Heels MSRP $350 , Womens Franco Sarto Black Leather Arya Heels Size 9.5STUART WEITZMAN Black Patent Leather Pumps Straw Heels Platform Sz 8 Open ToeTeva Terra Float Livia Womens Sandals Tacion Blue US 7 /UK5 / EU38 /JP24$725 NWT ROGER VIVIER NAVY/PLUM SUEDE LOW HEEL PUMP SIZE: 5.5 , FitFlop Cha Cha Beaded Sandals Black Patent Leather Size 7 FringeSkechers Gowalk Evolution Ultra - Black - MensNike Air Max 1 Essential Sz. 8.5.. 537383-019 Wolf Grey Dark Grey Men'sadidas Men's Tour360 2.0 Wd Golf Shoe Grey Size 15 W US , Nike Air Jordan VI 6 Infrared Pack White pair Red Black AJ6 398850-901 SZ 10.5Kenneth Cole New York Men's Ready 2 Go Oxford, Black, 8 M , Florsheim Felix Two-Tone Penny Loafer Mens D US- Choose SZ/Color. , men's Allen Edmonds Chelsea black moc toe tasseled loafers size 10 CNaot Harbor Hiking Sandal- NIB - Free ShippingJCrew $288 Ludlow Penny Loafers Sz 10.5 Black Mahogany Leather Shoes A4362 AVL , Skechers 14928 Performance Womens Go Walk 4-Desired Sneaker- Choose SZ/Color.Pleaser Pink Label Women's Jenna 03 Open-Toe Pump Red Patent/Black Glitter PumpsNike Air Huarache Premium Metallic Mahogany AA0523-202 , NIKE WMNS AIR EQLN+ - 316960-141Converse Hello Kitty One Star Suede Low Top BlackStylish Womens Pointy Toe Buckle High Wedge Clear Heels Zipper Ankle Boots Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Johnston Dress phuketpalmb-15434 & Murphy Womens Stacy Dress Sandal Sandal Open Toe Metallic Cork Size 10 M e1176f5 -

    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.

    Johnston Dress phuketpalmb-15434 & Murphy Womens Stacy Dress Sandal Sandal Open Toe Metallic Cork Size 10 M e1176f5 -

    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
    Johnston Dress phuketpalmb-15434 & Murphy Womens Stacy Dress Sandal Sandal Open Toe Metallic Cork Size 10 M e1176f5