Never miss an update

Man's Size/Woman's DIBA True Wedge 29589 Booties Size 9 9 Excellent craft Wholesale trade value a515b79

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: Diba
Style: Booties US Shoe Size (Women's): 9
Heel Type: Wedge
Never miss an update

Man's Size/Woman's DIBA True Wedge 29589 Booties Size 9 9 Excellent craft Wholesale trade value a515b79 -

    Man's Size/Woman's DIBA True Wedge 29589 Booties Size 9 9 Excellent craft Wholesale trade value a515b79
    Man's Size/Woman's DIBA True Wedge 29589 Booties Size 9 9 Excellent craft Wholesale trade value a515b79
    Vince Camuto Oboy Black Fashion Knee High Leather Boots 6 , Skechers Women's Adorbs-Sweater Trimmed Snow Boot - Choose SZ/Color , Dolce Vita Women's Wade Ankle Bootie Saddle 8.5 M US 39 EU , PAUL GREEN US 9 AU 6.5 Black Leather Double Buckle Short Motorcycle Boots , Man's/Woman's Steven Black Leather Boots service At a lower price various kinds , Gentlemen/Ladies Steve Madden Kimmi Women's Boots Black Wear resistant Beautiful appearance cheaper , NIB Sofft Selby Women's Leather Chelsea Boot Whiskey Brown Size 11 M , Senso Womens Gray Patent Leather Pointed Toe Ankle Boots Size 40 10 NEW , Clarks Merrigan Dane, Boots femme, noir , 41.5 EU (7.5 uk)ùùùùùùùùùùùù , Sudini Italian Leather Soft Black Mid Calf Zippered Boot Size 6 NewNew $395 POUR la VICTOIRE 'Ozara' Tall Front Zip Tall Boots, 6 Anthropologie , NIB Rebecca Minkoff Logan Studded Bootie Black Suede Sz 7MTommy Hilfiger Womens Motorcycle Boots Black Leather Chunky Size 6.5 Combat FlagLondon Fog Womens Highland Warm Lined BootieSteven by Steve Madden Stesha Open Toe Bootie -Tan Leather - Brand New with Box , Men/Women Keen women hiking boots 6.5 Charming design Pleasant appearance Authentic guarantee , Crown Vintage, Brown Leather Knee High Riding Boots, Size 10 M , NEW Women COLUMBIA Minx Mid II Omni Heat Black BL1585 Snow Boots Size 7 SALE!DOLCE & GABBANA D&G Brown Suede Leather Ankle Boots Sz 37 Made In Italy$250 Authentic COLE HAAN ZEROGRAND HIKER Plaid Wool Waterproof Boots 7.5Nine West Women's Jauked Leather Mid Calf Boot, - Choose SZ/Color , NWT Carlos By Carlos Santana Garrett Suede Over Knee Heeled Boot Black 7.5Frye Tall Women's black Leather SZ8B EUC!Clarks Dara 84950 Black Leather Zip-Up Comfort Ankle Boots Shoes Women's 7.5 N , HUNTER Original Tall Gloss Rain Boots Dark Slate Gray Gloss 40/41 9Gentleman/Lady Opening Ceremony Boots Size 7 Elegant and sturdy set meal Strong value Elegant and robust menu , NEW ELIE TAHARI BLACK SUEDE LEATHER HALLE ANKLE BOOTS SHOES SZ 40.5 US 10.5 , COSMO PARIS: SUPERBES BOTTES BOTTINES 100% CUIR MARRON POINTURE 37.5-38FitFlop Women's Loaff Slouchy Knee Suede Slouch Boot - Choose SZ/Color ,
    Man's Size/Woman's DIBA True Wedge 29589 Booties Size 9 9 Excellent craft Wholesale trade value a515b79 ->Man's Size/Woman's DIBA True Wedge 29589 Booties Size 9 9 Excellent craft Wholesale trade value a515b79 -
    Sam Edelman F0250L1 Womens Sheri- Choose SZ/Color. , Free People Reach for the Stars Boot-7-$458 MSRPAUTHENTIC JIMMY CHOO MEN'S DECK SHOES SNEAKERS NAVY 40 GRADE B USED-AT , Rieker Women's 74214-24 Ankle Boots Brown (Muskat/Kastanie/Orange) 7.5 EU#LE COQ ATHLETIC SPORT SHOES CLOTH GRANDVILLE WOMAN 1510125AUTHENTIC ALOHA SANDALS SOFT LEATHER ESPADRILLES SHOES / NATURAL TAN Sz 37 AU 7CLARKS Women's Hayla Marina I Mule Red Leather 9 M US , Authentic CHRISTIAN LOUBOUTIN Silver Bow Ribbon Ballet Flats 37.5 , Kenneth Cole Reaction Women's Rain Down Mule Loafer Charcoal Suede Mules , Jollys Abstract Picture Clogs Womens Size 8 38 All Weather Garden Shoes AlsaFRYE Women's Gemma Cap Slip Fashion SneakerClarks Women's CloudSteppers Sillian Firn Flat - Choose SZ/ColorMANOLO BLAHNIK 39 Brown Suede Cross Over Kitten Heels Pumps 8.5Ellen Tracy" Blossom" Black Satin Women size 10 Heels with rhinestones. , Diane von Furstenberg Women's Viola Too, Gold Metallic Nappa/Clear PVC, 10 B-Med , NIKE Air Max Effort TR Flash Lime White Black Sz 10 Mens 705353 310 $100 , Nike Roshe Two [844656-003] NSW Casual Black/Grey-Sail-VoltNike air jordan 4 retro mars Blackmon 2012 release , NEW Air Jordan XVII 17 Copper Retro 832816-122 size 8.5 Dead-stock , Nike Air Foamposite One "Concord" Size US 11 , Nike Air Vapormax Plus USA University Red White Blue Black B924453-601 Size 8-13 , Nike Air Jordan 3 Retro Crimson 2013 Black Crimson 136064 005 NWB DS Men Sz 11.5 , Base London Healey Suede Leather Men's Slip On Loafers Driving Shoes Off-White , NIB FIORENTINI+BAKER BLACK LEATHER TAYLER CREPE WEDGE BOOTS 11 44 $375Bally Genuine Tejus Lizard Black Leather Tassle Strap Loafers Shoes 6.5M , adidas ORIGINALS women's 6 STAN SMITH DJ HIP-HOP LO-TOP SNEAKERS TRAINERS 3/2007Skechers Performance Men's Go Flex Train Walking Shoe - Choose SZ/Color , Nike Air Max 95 WQS Womens 919491-301 Fiberglass Satin Running Shoes Size 8.5 , Walking Cradles Women's Pool Strappy Sandal White Cashmere Leather/CorkRampage Women's TWIXIE Peep Toe Slingback Ankle Boot Bootie 7 Black
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man's Size/Woman's DIBA True Wedge 29589 Booties Size 9 9 Excellent craft Wholesale trade value a515b79 -

    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.

    Man's Size/Woman's DIBA True Wedge 29589 Booties Size 9 9 Excellent craft Wholesale trade value a515b79 -

    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
    Man's Size/Woman's DIBA True Wedge 29589 Booties Size 9 9 Excellent craft Wholesale trade value a515b79