Never miss an update

Ruby Shoo Miranda Ruby Miranda Striped High Ochre Heel Bow Court Shoes Black Blue Ochre df6ff7d

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: Ruby Shoo
Material: Faux Suede and / or Fabric / Faux Leather Style: See Picture
Pattern: See Picture Model: See Picture
Never miss an update

Ruby Shoo Miranda Ruby Miranda Striped High Ochre Heel Bow Court Shoes Black Blue Ochre df6ff7d -

    Ruby Shoo Miranda Ruby Miranda Striped High Ochre Heel Bow Court Shoes Black Blue Ochre df6ff7d
    Ruby Shoo Miranda Ruby Miranda Striped High Ochre Heel Bow Court Shoes Black Blue Ochre df6ff7d
    Fly London MEXU BLACK fringe sandal ankle strap zip US 10-10.5 , Rhinestone High Heel Open Toe Womens Straps Cut Off Sext Party Stilettos Sandals , Womens Flower Block Heel Ladies Shoes Manual Wedding Mary Janes Luxury Shoessoftino shoes high top sneakers boots 40 red , Stuart Weitzman Women's Charcoal Gray Suede Wedge Heels Sz 8.5LADIES LOTUS BRASH BLACK STRAPPY SHOES ZIPPED HEELED OPEN TOE SANDALS 50541BLK , Womens Chic Pointy Toes Plaids Mixed Color Super Stiletto Heels Pumps Party SizeVINCE CAMUTO 'MIKI' Peep Toe Stiletto Platform Pumps 9.5Clarks Linvale Jerica Heel Pumps Leather Womens Mid Heel Pumps Shoes Mid Heelwomen's open toes roman stilettos high heel rhinestone knee high sandals summer , Ann Klein "Zya" Pointy Pumps 6.5 M Brown Animal Pattern Leather New in BoxVince Nicole Black Womens Shoes Size 8 M Heels MSRP $425 , Roman Womens Mid Block Heels Sandals Cross Strap Open Toe Party Shoes Pom Pom sz , J Crew 7 Shoes Blue Multi Colored Fabric Uppers Navy Leather SampleRhinestones Velvet Ankle Strap Chic Women High Heel Block T-strap Vintage Shoes , Man/Woman NEW Anthropologie Patchwork Pumps Size 8.5 flagship store Ranked first in its class SimpleElegant High Heels Open Toe Floral Womens Summer Slippers Open Toe Sandals NewTaos Women's Footwear Stunner Heels, Black - Size 8.5 , Women's Buckle Mid Block Heel Hollow Out Ankle Boots Shoes Round Toe Punk sz Hot , Donald J Pliner Sassi Black Gold Platino Peep Toe High Heel Bootie 9 NEW $268UNICORN-708T 7" TINTED PLATFORM ANKLE STRAP GLITTER HEEL POLE DANCE PLATFORMPointy Toe Stiletto Fahion Solid Ankle Strappy High Heel Shoes Slip On Casual NWWomens Hidden Wedge Heels Creeper Floral Slip On Leather Sport Loafers SneakersSofft Wyoming women's ankle boots, leather, Black, size 7 MSKIN green 100% leather suede strappy stiletto high heels size 40EUR/9AU NWOT , Rosina Ferragamo Schiavone Bergen 8120 Pumps Shoe Ladies 9N Lightning Super HeroBlack Fishnet Referee Soccer Costume Stripper Shoes Platform Heels size 7 8 9 10 , Beautiful Size 40 9.5 Sergio Rossi Copper Leather & Sheer Mesh Pumps Nice , Women Vogue High Heel Wedge Ankle Boot Shoes Faux Fur Warm Pointed Toe Shoe Sbox ,
    Ruby Shoo Miranda Ruby Miranda Striped High Ochre Heel Bow Court Shoes Black Blue Ochre df6ff7d ->Ruby Shoo Miranda Ruby Miranda Striped High Ochre Heel Bow Court Shoes Black Blue Ochre df6ff7d -
    Adidas Original UA&SONS NMD CS2 Runner Shoes Running Black White DA9089 SZ 4-13 , Adidas Originals Eqt Equipment Support Adv Fashion Shoes Trainers CP9557 NewPieces Womens Psdione Leather Low-Top Sneakers, Silver Silver Colour Silver Co , Skechers Womens 31363 Slip on Trainers, Pink Peach, 3 EUGentlemen/Ladies Ankle Boot Dr. Martens Pascal Excellent value new Comfortable and naturalIrregular Choice liliana black, grey and copper sequin ankle boot , A35 Fasa Knee High Buckle Block Heel Boots 238, Black, 9 US , $148 MADEWELL The Elin Loafer Brown Leather B6116 Wmn’s 6.5 , Lacoste Women's Rohini Slip On Fashion Sneaker, Color VariationHAFLINGER CLOGS MULE LEMON LIME SZ 37 US GREYClarks Women's Size 8M Brown Leather Slip On's Open Back Mule Clog ShoesDemonia KERA-10 Women's Purple Velvet Wedge Platform Criss-Cross Strap Maryjane , Badgley Mischka Womens Kassidy II Platform Pump- Pick SZ/Color. , NEW COLE HAAN WOMENS DAWNA GRAND PUMP (55MM) - MAPLE SUGAR-BLACK PATENT , Sweet Womens Slippers Shoes Bowknot Slip Ons Mid Chunky Heel Closed Toe US 4.5-8ADIDAS SUPERSTAR FOUNDATION B27136 White/White MEN US SZ 8 , Skechers Sport Men's Vigor 2.0 Trait Memory Foam Sneaker Black 9.5 M US , New Men's Lacoste Ampthill SIZE 9.5 LCR3 Leather Sneaker 7-31SPM009821G White.Reebok Crossfit Nano 7.0 Training Shoe - Men's Size 10.5, GrayNew Men's Nike Cortez Ultra Moire Running Shoes Red White 845013-601 Multiple SZVans x Metallica Kirk Hammett SK8-HI Reissue Black Leather Men's New Size 5-13 , Adidas Originals Stan Smith [BZ0472] Men Casual Shoes Ice Blue/Tactile Blue , Muck Boot Men's Chore Resistant Tall Steel Toe Work - Choose SZ/ColorRed Wing Shoes VTG USA Irish Setter leather Ankle boots Mens Sz. 10 EE (Wide)Men's Slip On Loafers Black Flats Breathable Gommino Moccasin Driving Shoes ChicMr/Ms Glerups Unisex G-22 - Felt Boots elegant The latest technology have funAK795 CULT shoes black silver leather women sneakers EUASICS WOMEN'S GEL NOOSA TRI 10 RUNNING & TRIATHELON SHOE MULTIPLE SIZES MINTSkechers Women's Seager Zip Line Sneaker Taupe Sneakers , NIKE WOMEN AIR FORCE 1 SPECIAL FIELD SZ 7 SHOE BLACK 857872 002 THESPOT917
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ruby Shoo Miranda Ruby Miranda Striped High Ochre Heel Bow Court Shoes Black Blue Ochre df6ff7d -

    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.

    Ruby Shoo Miranda Ruby Miranda Striped High Ochre Heel Bow Court Shoes Black Blue Ochre df6ff7d -

    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
    Ruby Shoo Miranda Ruby Miranda Striped High Ochre Heel Bow Court Shoes Black Blue Ochre df6ff7d