Never miss an update

Men's/Women's is available Prada Gray Suede Heels described Every item described is available Clearance various kinds 06c019e

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Country/Region of Manufacture: Italy
US Shoe Size (Women's): 6.5 Brand: PRADA
Color: Gray Material: Suede
Style: Pumps, Classics Heel Height: High (3 in. and Up)
Never miss an update

Men's/Women's is available Prada Gray Suede Heels described Every item described is available Clearance various kinds 06c019e -

    Men's/Women's is available Prada Gray Suede Heels described Every item described is available Clearance various kinds 06c019e
    Men's/Women's is available Prada Gray Suede Heels described Every item described is available Clearance various kinds 06c019e
    Women's shoes pumps suede model CLARISSE by HGilliane Design Us 3.5 to 12 , MOT-CLe 6447 Black Grey Leather Sparkly Wedge Platform Pumps 38 / US 8Badgley Mischka Clarissa D'orsey open toe pump heel sandals shoes Black 7 M NEW , SEXY~! $580 LUCIANO PADOVAN Beige Leather Mules Kitten Slides Shoes ITALY 37 7M , Brian Atwood Pepper Cappucino Nude Ankle Strap Sandals Dangling Fringe Tassels , Salvatore Ferragamo Varina Sho Made in Italy shoes US 6 Italian , $845 Valentino Women Leather High Heel 38.5 , Taryn Rose Womens Tamara Soft Patent Pump- Select SZ/Color. , Miu Miu Calzature Donna Vernice Glamour Upc: 8033586406227 Nero + Antracite$745 NEW Charlotte Olympia Miriam Beige Bow Linen Chunky Heel Platform 40 10 9.5Derek Lam Brooklyn Wedged Sandal - Size 7.5 (retail 598) , Man/Woman Prada Calzature Donna black wedges Cheap product quality Valuable boutiqueSTUNNING AUT $1300 BLACK YSL YVES SAINT LAURENT TRIBUTE SHOES, HEELS 41/10 , MANOLO BLAHNIK Black Satin High Heel Jeweled Pearl Strappy Pump Sandal 9.5-39.5 , NEW! LAURENCE DECADE Paris Cocoon701 Beige Pavone Gold Pump, Size 40 (9) , Ralph Lauren Collection RRL Size 9.5 NEW Purple Label Brown Leather Shoes HeelsWashington Ginza High Heel Boots Women's Size 26 EUC Ribbon From Japan , Sergio Rossi Patent Leather Miladys Platform Heel Pumps size 39 New $895 Women's , Trippen Choral wedge shoe black leather bootie size 38 us 7.5 $459Man/Woman Saint Lauren Pink Mirror Paris Heels New varieties are launched a good reputation in the world renewed on timeMARNI LEATHER SANDALS WITH WOODEN HEELS Sz 35.5 , Gianmarco Lorenzi Brown Leather High Wedge Heel Sandals Open Toe Platform US 8MANOLO BLAHNIK Yellow Suede High Heel Strappy Scalloped Sandal Pump Shoe 10-40THEYSKENS' THEORY Two-tone leather shoes wedges platforms $465 Size 36 NWBGentlemen/Ladies Chloe Golden-Bronze Nappa Fringe Flats Adequate supply and timely delivery Skilled manufacturing VariousJimmy Choo Cosmic Elaphe Snakeskin Platform Pumps / Nude / RRP: .00 , Gianvitto Rossi Silver 37 Us 7 Leather Shoes Pumps 100% AuthenticNIB MIU MIU PRADA NUDE BLUSH PATENT LEATHER PEEP TOE PLATFORM PUMPS 40 9 $600 , AUTH YSL Saint Laurent Women Leather Pumps Shoes 38
    Men's/Women's is available Prada Gray Suede Heels described Every item described is available Clearance various kinds 06c019e ->Men's/Women's is available Prada Gray Suede Heels described Every item described is available Clearance various kinds 06c019e -
    Gentlemen/Ladies Franco Sarto Women's Jubilee Ankle Boot High security product quality Explosive good goods , Womens Size 7.5 Frye Ray Western Shootie / Black Leather Boots / BootiesNIB YSL Yves Saint Laurent TRIBUTE 105 Ankle Fur Suede Zip Booties Shoes 37 , Isabelle 509r Black Quilted Stretch Leather Zip-Up Knee High Boots 36 / US 6Womens Blowfish Sill Ankle Boots WHISKY LONESTAR BootsNEW EARTH HERA WOMENS COMFORTABLE LEATHER ANKLE STRAP LOW WEDGE SANDALS , Authentic TORY BURCH Ballet Flats Green Flower with Gold Emblem Size7.5 , CUTE Women's $450 Stubbs and Wootton Yellow Velvet "FAMILLE" Slipper Loafer Shoe , Brown Leather Embellished Strappy PELLE MODA Slides, Size 6.5 M, 3 1/2 in HeelsWomen's, Manolo Blahnik, Gold Strap Sandal Pump, Size 38.5Stuart Weitzman Women Patent Leather Brown Heel Loafer Slip Tassel Dress Shoe 7MStuart Weitzman Patent Leather Oxford Pump Size: 6 US , VERA WANG Womens Dark Pink Shimmer Open Toe Pumps Sz 6 M , L.K. Bennett IRENE Black Patent Leather Point Toe Court Bow Pump Shoes 36.5 - 6 , Skechers Women's Reggae-Haystack Toe Ring Sandal - Choose SZ/Color , FitFlop B30-068 Womens Banda Crystal Snake Toe Post SandalM- Choose SZ/Color. , LUNAR FORCE 1 “YEAR OF THE HORSE” 2014 ITEM NUMBER 3090-115 , NIKE ACRONYM Air Presto Mid Lab Bamboo Sz XS Vapormax Air Force One Off WhiteAtmos x Nike Air Max 95 Animal Pack DLX Size 10 AQ0929-200 Pony RedMen's Shoes Ankle Desert Boots MOMA 22806-CC Bufalo Leather Dark Brown Made ITMen Chic Loafer Bee Embroidery Slip on Leather Driving Casual Board Street ShoesMen Bostonian Komo Stock 26025941 Black Leather 100% Authentic Brand New , Vintage Herman Survivor Hunting Moc Toe Leather Work Field Boots Mens 9 Womens , New Balance 928V2 Walking White Leather Hook & Loop WW928HW2 Shoes Womens 10.5Dr. Scholl's Women's Madi Chevron Fashion Sneaker - Choose SZ/ColorMerrell Women's Bare Access Flex Trail Runner Paloma 6 B(M) USNike Air Max Sequent 3 Premium V Womens AR0255-001 Oil Grey Taupe Shoes Size 6.5 , GOLDEN GOOSE WOMEN'S SHOES HIGH TOP SUEDE TRAINERS SNEAKERS SLIDE BROWN 816 , SoftWalk Women's Meredith Sport Clog Purple Cloud Slip-Resistant (Non-Skid) , Elegant Pointed Toe Horseshoe High Heel Pull On Suede Women's Ankle Boots Ths01 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's/Women's is available Prada Gray Suede Heels described Every item described is available Clearance various kinds 06c019e -

    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.

    Men's/Women's is available Prada Gray Suede Heels described Every item described is available Clearance various kinds 06c019e -

    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
    Men's/Women's is available Prada Gray Suede Heels described Every item described is available Clearance various kinds 06c019e