Never miss an update

New Womens on Metal Leather Decor Slip on Size Pumps Shoes Patent Leather Round Toe Oxfords Size a261a93

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
Width: Medium (B, M)
Heel Height: Flat (0 to 1/2 in.) Pattern: Solid
Country/Region of Manufacture: China Occasion: Casual
Style: Loafers @ Moccasins Material: Patent Leather
Brand: Unbranded
Never miss an update

New Womens on Metal Leather Decor Slip on Size Pumps Shoes Patent Leather Round Toe Oxfords Size a261a93 -

    New Womens on Metal Leather Decor Slip on Size Pumps Shoes Patent Leather Round Toe Oxfords Size a261a93
    New Womens on Metal Leather Decor Slip on Size Pumps Shoes Patent Leather Round Toe Oxfords Size a261a93
    New Summer Women's Casual Real Leather Mules Sandals Fashion Pumps Slip On Shoes , Women's Flats Heel Flats Slip On Pu Leather Oxford Mary Janes College SHoesWomen' Shoes Casual Ballet Soft Genuine Leather Loafers Slip On Woman Flats Shoe , MUNRO Women's Black Leather Oxfords Size 6.5DONALD J PLINER WOMEN LOAFERS SIZE 9.5 M METALIC BROWN LEATHER MADE IN ITALY , Porto Fino Womens Funky Comfort Shoes Size 38 good cond Brown MSRP $190 SpainAlfani Womens Aidaa Leather Square Toe MulesOxfords Womens Pearls Heel Patent Leather Slip On Backless Mules Party Shoes New , Men's/Women's salvatore ferragamo flats Special price discount Very good colorWomens Bowtie Clear Transparent Loafer Square Toe Casual Shoes Oxfords OL , Womens Diamond Round Toe Sequins Beads Wedding Bridal Boat Shoes Flats NEW C564Womens Velvet Flats Backless metal decor Loafers Slippers Mules Shoes Outdoor SZNew Women's Casual Flat Shoes Pointy Toe Rivet Slip On Creeper Comfort LoafersWomen'S Rhinestones Casual Platform Canvas Loafers Pull On Flat Sneakers Shoes # , Casual Womens Loafers Pumps Shoes Pointy Toe Pull On Low Heel Faux Suede US4.5-9 , Fashion Womens Flat Heel Real Cow leather Slip On Loafers Oxfords Shoes SzBritish Womens Rivets Slip On Leather Flats Casual Square Toes Mules Shoes HotMules Women's Genuine Leather Flats Oxfords Shoes Square Toe Ankle Boots Slip On , Womnes Winter WARM shoes Embroidered Pointy Toe Fur Lined Casual Slip On LoafersWomens Oxfords Creepers Platform Shoes Round Toe Pull On Hidden Heel Loafers XYWRetro Women Embroidered Bird Floral Round Toe Flat Heel Casual Suede Sweet ShoesWomen Loafers Poker Bee Sequins Slip On Round Toes Creeper Heels Casual Shoes , Women Cow Leather Mules Shoes Flats Square Toe Bow Slides Ankle Boots Punk Goth , New YH Womens Leathe Slip On Fur Trim Shoes Pumps Winter Loafer Buckle Low Heel2017 Women Loafer Floral Suede Slip On Fashion Round Toes Sneaker Sport ShoesChic Womens Slip On Pointy Toe Flats Mules Bowknot Sandals Slippers Shoes Casual , Leisure Womens Pointy Toes Chunky Low Heels Slip On Court Loafers Bowknot ShoesAerosoles Womens girlfriend Leather Pointed Toe LoafersWomens Slingback Embroidery Flower Leather Slide Oxfords Point Toe Mules Shoes ,
    New Womens on Metal Leather Decor Slip on Size Pumps Shoes Patent Leather Round Toe Oxfords Size a261a93 ->New Womens on Metal Leather Decor Slip on Size Pumps Shoes Patent Leather Round Toe Oxfords Size a261a93 -
    Dryshod NOSHO Women's Hi Cut 15" Camo Boot Muck Style MBM-WH-CMNIB JIMMY CHOO CHESHIRE BLACK RUBBER PVC STIRRUP STRAP RAIN RIDING TALL BOOTS 38 , Steel Blue Parkes Side Zip Mens Toe Cap Work boots 312658. Workboots UK Sizing , Shoes Puma ST Trainer Evo SD 360949 03 Man Running Sneakers Moda Navy White.NIKE MENS EBERNON LOW TOP SNEAKER BLACK WHITE SHOES 2018 **BEST SELLERLadies Remonte Warm Lined Boots with Remonte Tex - D7481New Diana Ferrari Quip Womens Shoes Dress Sandals Heeled , Car Shoe by Prada Women's Canvas Ballet Flats Driving Shoes Sz 4 7.5Cole Haan W09069 Womens Tali Bow Ballet Flat- Choose SZ/Color.Arche LAIUS Beige Suede Ballerina Flats Woman's 9523 Size 10 M NEW! , Pleaser ADORE-701SRS Women's Clear Black Rhinestones Exotic Dance Heels Sandals$200 size 9.5 Cole Haan Cambon Mid Sandal Black Leather Ankle Strap Womens Shoes$140 New MISS SIXTY LARAMIE Black Leather Designer Comfort Sandals 6 , Steve Madden Womens Cece Leather Open Toe Casual Gladiator Nude Size 10.0 ESkN , Nike Zoom Rival D 9 Track Shoes Men's Size 9.5 Blue/Black/Volt Green 806556-413OG 1999 Nike Air Garnett 3 KG White/Chrome/Regal Blue/Black 830165–101 Size 10.5Reebok Work Men's Soyay RB1910 Black SneakersNike Air Max 2017 Size 9-15 Men's Running Shoes Triple Black 849559-004Columbia Men's Terrebonne MID Outdry Hiking Boot - Choose SZ/Color , ROCKY IRONCLAD LT WATERPROOF WORK BOOTS RKK0178 * ALL SIZES - SALE , Mens Clarks Morven Sun Dark Grey Nubuck Slip On Leather Loafers Shoes Shu SizeVionic Men's Tide Toe Post Sandal Navy 12 M , $300 Opening Ceremony White Patent Leather Burlap Brogues Oxfords Size 37.5 7.5NIKE AIR MAX 1 PREMIUM QS Size 43 (9,5US) , WMNS NIKE AIR PRESTO MID UTILITY NIGHT MAROON SZ 8 [859527-600] , NEW NIKE AIR MAX 270 CASUAL WOMENS SHOES WHITE COURT PURPLE MENTA size 5.5 - 9.5New Womens Round Toe Side Zipper Retro Riding Knee High Boots Genuine Leather Sz , Skechers Women's Reggae Fest Willows Flat - Choose SZ/colorBrand New Sam Edelman $169 Rudie Studded Fringe Bootie Suede Women's Size 4.5 , Vtg SALAMANDER Austria womens Fur covered snow winter Mukluks boots 8.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Womens on Metal Leather Decor Slip on Size Pumps Shoes Patent Leather Round Toe Oxfords Size a261a93 -

    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 Womens on Metal Leather Decor Slip on Size Pumps Shoes Patent Leather Round Toe Oxfords Size a261a93 -

    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 Womens on Metal Leather Decor Slip on Size Pumps Shoes Patent Leather Round Toe Oxfords Size a261a93