Never miss an update

New Dark Kizzy Burgundy Leather 16734 DR MARTENS Air Wair Kizzy US Penny Loafer Pumps US 6 0fe14ce

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Style: Air Wair Penny Loafers, Pumps, Kizzy
Color: dark burgundy Brand: Dr. Marten
Material: Leather US Shoe Size (Women's): 6
Heel Height: Med (1 3/4 in. to 2 3/4 in.) UPC: Does not apply
Never miss an update

New Dark Kizzy Burgundy Leather 16734 DR MARTENS Air Wair Kizzy US Penny Loafer Pumps US 6 0fe14ce -

    New Dark Kizzy Burgundy Leather 16734 DR MARTENS Air Wair Kizzy US Penny Loafer Pumps US 6 0fe14ce
    New Dark Kizzy Burgundy Leather 16734 DR MARTENS Air Wair Kizzy US Penny Loafer Pumps US 6 0fe14ce
    Jimmy Choo Black Espadrille Platform Wedges Size 9 , Manolo Blahnik Open Toe Crystal Slingback Shoes Size Euro 39.5100% Authentic PRADA Black Pattent Leather Strappy Heeled Sandals Size 6Man's/Woman's Pleaser Women's DELIGHT-687/HP/M - Choose SZ/Color Special price First batch of customers Excellent stretching , Via Spiga Women's Belisa Natural/Ecru Printed Snake/Sport Suede Loafer 7.5 M , Via Spiga Heels Womens Leather sz 8.5 Black Sandals 39.5 Classic NewStuart Weitzman Womens Glittered Silver Heels 10 MJ CREW Elsie Suede D'ORSAY Pumps SZ.9.5 New $255 #c5770 RED SUEDE , Andre Assous Women's Clara Dress Pump, Art, 8 M US , Manolo Blahnik BB Tie-Dye Fabric 105mm Pump Size 41J CREW COLETTE CALIF HAIR D'ORSAY PUMPS SZ.7.5 NEW $378 , Salvador Ferragamo iconic black patent leather pumps size 10 width 4ACASADEI Heels Cork Tan Leather Women 9 Mnew $268 COLE HAAN 'Margot" black ivory bow open-toe slingbacks shoes fabulous , Authentic PRADA Patent Leather Pink shoes heels ** US 5Cobb Hill Rev-hex Side-zip Wedges By Rockport Brown - 10 , Bettye Muller Barrow Block-Heel Pumps 210, Red Suede, 9 US / 39 EU , VIA SPIGA NWB Cute CAI Brown Blue Espadrille Wedges Heels Platform SZ 8.5 $225 , hot Italian Chloé d'orsay sport strap pony platform heels pumps 39.5 9 1/2 brown , Man/Woman Pierre Cardin LOUANE Excellent value Settlement Price Selling new products , JCrew $198 Suede Pumps with Stamped Croc Heel Sz 6.5 Black Shoes G8170 AVLBurberry 39 8.5 9 Career Pumps Heels Shoes Leather Brown Italy $325 MINT EUCTory Burch Grove Leather 100mm Block-Heel Bootie size 9 new in boxStuart Weitzman New Sexy Orange Red Strappy Open Toe Platform Pumps Heels Sz 8.5MANOLO BLAHNIK Black Suede Leather Kitten Heel Pumps Shoes Womans 37 7 , Penny Loves Kenny Women's Mynx Fur Lined Pump Natural Microsuede/Faux Fur HeelsALDO Women's Cassedy Pump Natural Nubuck Heels , JCrew $268 Elsie Suede D'Orsay Pumps with Fringe Sz 6 Vintage Cabernet F4871 AVL , NIB Badgley Mischka Ginny Size 8 Latte Satin Embellished Kitten Heel Pumps $235
    New Dark Kizzy Burgundy Leather 16734 DR MARTENS Air Wair Kizzy US Penny Loafer Pumps US 6 0fe14ce ->New Dark Kizzy Burgundy Leather 16734 DR MARTENS Air Wair Kizzy US Penny Loafer Pumps US 6 0fe14ce -
    Womens Red Classic Western Style Cowboy Boots Casual Plain Leather , Aquatalia by Marvin K Rhumba Weatherproof SUEDE Boot Size 10 M $725 Black , Designer Giuseppe Zanotti Debra 105mm Camoscio Suede Bow Boot Sz 38.5 $1050 , Mephisto Sz 8.5 US Light Grey Bucksoft Light Sand Laser Oxford Shoes For WomenWomen Silver Slip On High Heels Party Shoes Stilettos Sexy Nightclub Wedding HotStuart Weitzman Women's "STRAPEX" PURPLE GUYANA CROCO Size 6.5 MEDIUMHeel Ivanka Trump Beven Medium Pink SatinStuart Weitzman Tynela Ankle Tie Up Strap Swarovski Crystals Sandals Shoes 8.5 , PRADA Red Patent Leather Open Toe Wedges 38/8 Bow Logo Heels NEW w/ Box # , New Nike ZOOM CLEAR OUT Men’s Yellow White Basketball Shoes Size16.5Converse One Star Blue White Suede Men Women Skate Boarding Shoe Sneaker 158487C , NIKE Men's Air Versitile Nubuck Basketball Shoe, Black/Metallic Dark Grey/DarkMens Adidas Atlanta SPZL Scarlet Red Chalk White Gold Metallic BY1880Men's New Authentic Nike LunarEpic Low Flyknit 2 Running Shoes Sizes 9.5-13Adidas Daroga plus Leather Men's Hiking Shoes Leather Outdoor Shoes Lea AQ3977Adidas NMD R1 Primeknit Black Red Blue OG Men's Size 10.5 S79168 , Wild West Men's Ranch Toe Ostrich Leg 1/2 Vamp Cowboy Western Boots Diff.Colors , KEEN Alki Chocolate Brown Leather Casual Oxford Comfort Shoes Men's Size: 11Nike Blazer High Premium 316397-161 WHITE/BEET-BLK Men's Size: 12Gentleman/Lady Aldo Men's Helmet Fashion Sneaker, Cognac Quality queen Stylish and charming Shopping promotion , Citizen - EW1901-58A Eco-Drive Womens Silhouette Crystal Analog Display SilverROCKPORT K74451 FW MOC FRONT MEN'S BLACK LEATHER OXFORD SHOES SZ 10 , La Milano Men's Leather Double Monk Strap Shoes Cognac A11643 , Wholesale Lot 36 Pairs Men's Comfortable Beach Sport Sandals Assorted 528Asics Women's Gel-Kayano 23 Ankle-High Running ShoeNew Balance Women W530AAF 530 90s Running Woods (Teal/Grey/Navy) , Man's/Woman's Brand New White Mountain Booties flagship store a wide range of products Contrary to the same paragraphHunter Women's Original Refined Quilted Gloss Chelsea Boots Size 6US-$155 BlackBlondo Black Leather Nivada Side Zip Ankle Booties Womens Size US 6MGentleman/Lady Propet Delaney - Red - Womens Diverse new design At a lower price Elegant and stable packaging ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Dark Kizzy Burgundy Leather 16734 DR MARTENS Air Wair Kizzy US Penny Loafer Pumps US 6 0fe14ce -

    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.

    New Dark Kizzy Burgundy Leather 16734 DR MARTENS Air Wair Kizzy US Penny Loafer Pumps US 6 0fe14ce -

    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
    New Dark Kizzy Burgundy Leather 16734 DR MARTENS Air Wair Kizzy US Penny Loafer Pumps US 6 0fe14ce