Never miss an update

New Top End Helmly Womens Shoes End Casual Helmly Sandals Shoes Sandals Flat 71aef07

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: TOP END
Size Scale: EUW Gender: WOMENS
Heel Height: 2.5 CM Material: LEATHER
Never miss an update

New Top End Helmly Womens Shoes End Casual Helmly Sandals Shoes Sandals Flat 71aef07 -

    New Top End Helmly Womens Shoes End Casual Helmly Sandals Shoes Sandals Flat 71aef07
    New Top End Helmly Womens Shoes End Casual Helmly Sandals Shoes Sandals Flat 71aef07
    THE KOOPLES Black &!White Real Leather Loafer Shoes with Silver Chain Detail , Man's/Woman's Melissa Shoes (Karl Lagerfeld) feature special promotion negotiationFitflop Uberknit Slip On High Top Sneaker Gold White Knitted Trainer Box Size 9 , NEW WOMENS SUPERSOFT DIANA FERRARI ERVINE WORK/CASUAL WEAR SHOES SZ 8Gentleman/Lady Women's Superga Shoes Sneakers- 37 High-quality New in stock Known for its beautiful quality , DIANA FERRARI EVONNIA WOMENS SHOES CASUAL SANDALS SZ 9 NEW , MIMCO WOMENS MAN MADE LEATHER FLATS GOLD BLACK SZ 40BNIB Lavender UNIF Hell raiser Loafers With Black Spikes Eur 35, US 5, RRP 220Dr Martens 1460 Delaney Purple Glitter Womens Boots , New Supersoft Fenwick Womens Shoes Casual Shoes Flat , LADIES SHOES/FOOTWEAR - Cabello 3326 sandal tan , New Mollini Grover Black Red Embroidery Womens Shoes Dress Shoes FlatNew Mollini Devious Womens Shoes Casual Shoes Flat , Django & Juliette Hatch Leather Embossed Loafer - Pale Gold , DR MARTENS GOLDIE Y BLACK LEATHER MARY JANES T BAR LADIES GIRLS SHOESBacio61 $300 Sexy As New Leather Heels Wedges Shoes Sandals 39 Or 8 , Skechers Women's Empire Sharp Thinking in Black Charcoal, Slate Pink , New Cc Resorts Beatrice Womens Comfortable Leather Fashion Ballet FlatsGentleman/Lady Superga Ladies Satinw Platform Shoes- Beige Excellent craft Cheaper than the price Official website , New Top End Lorrisa Womens Shoes Casual Sandals Sandals Flat , Men/Women NATURALIZER IZABEL BLACK The color is very eye-catching Ranked first in its class International big name , BRAND NEW WOMENS DIANA FERRARI SANDALS SZ 7.5 Black ...Superga Ladies Satinw Platform Shoes- Dusty Rose , Skechers Go Step Original Women's Formal Black Memory Form Mary Jane Loafers NewDr Martens 3-Hole Sita Grey 14283021 Original DocSUPERSOFT BY DIANA FERRARI SITARA WOMENS SHOES CASUAL SANDALS SZ 8 c tan , Quality Florsheim Leather upper / lining Ballet Flats Size 42. As NEW $179New Silent D Shiny Womens Shoes Casual Sandals Sandals FlatNEW WOMENS SUPERSOFT DIANA FERRARI PHANTOM SLIP ON DUTY SHOES SZ 10 c PHANTOM ,
    New Top End Helmly Womens Shoes End Casual Helmly Sandals Shoes Sandals Flat 71aef07 ->New Top End Helmly Womens Shoes End Casual Helmly Sandals Shoes Sandals Flat 71aef07 -
    Frye Carly Zip Chelsea Women’s Size 9 Black Leather Double Zip Boots FB-245Betsey Johnson Women's Verona Fashion Boot, Black/White, 8 M US , Ladies Padders Extra Wide Fitting Ballerina Style Shoes - FearneNew Siren Soldier Womens Shoes Casual Boots Ankle , Dr. Martens Women's Favilla Wax Polished Smooth Slip-on Loafer , Donald J Pliner Womens RIO2SP Leather Almond Toe Loafers, Grey, Size 6.0New J Renee Bicarri wedding bride bridal womens heels pumps jeweled platinum 9.5Via Spiga Green Suede Leather 5" Heel Shoes Womens Size 8 Platform Pumps Jada , PLEASER Womens Shoes Heels Rhinestones White Platform Slide ADORE-701-3 ClearBEAUTIFUL HANDMADE UZBEK NATURAL LEATHER SILK IKAT SHOES BALLERINA FLAT A10323PLEASER Clear Sandal Mini Pearls Rhinestones Platform Heels PEARLIZE-708 White , Versace 19.69 Italia Women's Open Toe Straw Stiletto Heels GREEN , Qupid Women's Lost-13X Heeled Sandal, Taupe, 6.5 M US , adidas DA9340 Womens Adilette CF+ Stripes W Famous Slide SandalDr. Scholl's Women's Day Slide Navy Action Leather SandalsSOPHIA WEBSTER Silver Metallic T Strap Block Heel Sandals with Tassel Accent , Alaia Laser Cut Leather sandals Heels Shoes UK6 EU39 US9 RRP1085GBP New , Vtg FOOTJOY J5 Style 5165, Sz11-1/2 -67334R 2 Saddle Golf Shoes, w/Leather Soles , Nike Air Jordan X 10 Retro 2018 I'm Back US 8.5/Chicago/45/Bred/OGMan/Woman Nike Kobe 10 - 705317 604 wholesale Sufficient supply General product , Men's boots winter Snow Boot, Dark Brown, 7 M US, Nationplus KamikKlogs Dusty Unisex Clogs - Made In The Usa Enamel Blue - 13 WideLevi's Harrison Engineer Men's Boots Wheat 517190-11B , Mens stylish ankle short Boots buckle pointy toe low heel shoes Leather British , Ted Baker Gryene Wingtip Oxford - Men's size 8.5 - Brown , Florsheim Royal Imperial Wingtip Brown 11N 5 Nail V-Cleat Shoes MensVans Peanuts Charlie Brown Tree Christmas Skate Shoes Women's 5.5 Kids 4 NEW , Nike Ultra Comfort Slide Mens 882687-004 Cool Grey White Logo Sandals Size 9NEW Nike Nikelab Women’s Air Max Plus Slip SP Black/Gold 940382-001 Sz 5.5Magic Women's Pointy Toe Stilettos High Heel Leather Shoes Knee High Long Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Top End Helmly Womens Shoes End Casual Helmly Sandals Shoes Sandals Flat 71aef07 -

    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 Top End Helmly Womens Shoes End Casual Helmly Sandals Shoes Sandals Flat 71aef07 -

    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 Top End Helmly Womens Shoes End Casual Helmly Sandals Shoes Sandals Flat 71aef07