Never miss an update

Open Toe Womens Wedge Slip White on High High 29991 Heels Casual Fashion White Platform Shoes f72a943

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: Unbranded
Heel Type: Wedge Style: Platforms & Wedges
Heel Height: High (3 in. to 4.5 in.) Width: Medium (B, M)
Material: Synthetic Occasion: Clubwear
Fastening: Slip On
Never miss an update

Open Toe Womens Wedge Slip White on High High 29991 Heels Casual Fashion White Platform Shoes f72a943 -

    Open Toe Womens Wedge Slip White on High High 29991 Heels Casual Fashion White Platform Shoes f72a943
    Open Toe Womens Wedge Slip White on High High 29991 Heels Casual Fashion White Platform Shoes f72a943
    Womens Stiletto High Heels Peep Toe Platform sandals Party pumps Nightclub Shoes , Women Sexy Nightclub Super High Heels 18cm Platform Peep Toe Clarity Sandal ShoeSexy Women Round Toe Ladies Floral Ankle Buckle Block Heels Suede Party ShoesLadies Buckle Pointy Toe Spring Mid Block Heel Office Work Checks Shoes Pumps sz , 14CM Womens Pointed Toe Patent Leather Stilettos High Heel Dress Shoes Plus Size , Sexy Womens High Block Heel Ankle Strappy High Platform Nightclub Party Shoes sz , 2018 Vogue Womens Suede Floral Decor Pumps Square Toe Block Heel OL Casual Shoes , Womens Patent Leather Pearls Rivet Metal Decor Loafers Shoes Low Heel Court Pump , Women High Heel Back Zips Open Toes Platform Shoes Hallow Out Pumps Club Sandals , womens high heels pu leather blue/red pumps dress shoes size Gladiator 35-45 newSummer Women‘s Wedges High Heels Shoes Casual Platform Open-toed Sandal Pump New , Roman Women High Chunky Heels Occident Patent Leather Pumps Party Sandals Shoes , New Women High Block Heel Tassels Suede Ankle Boots Pointed Toe Work Party ShoesBRAND NEW PEGABO RED WOMAN'S LOAFER SHOES WITH ZIPPER SZ 8 , Women's Faux PU Peep Toe Wedges Pumps Casual High Heels Platform Party SandalEurope Summer Fashion Square Toe High Heels Leather Womens Slippers Pumps Shoes , MIZ MOOZ black Toan high heel ankle boots booties 8Womens Bandage Strap Summer Pump Pointy Toe Embroidery Floral Chunky Heels ShoesWomen Open Toe Slip On rhinestone feather Pumps Loafers Party Club Sandals shoes , Ladies Roman Europe Vogue Sandals Ankle Strap Long Tassel Party Wedding ShoesSexy Buckle Strappy Womens Peep Toe Cut Out Casual stiletto High Heel Dress ShoeEurope Simple Kitten Heel Pointed Toe Slippers Leather Pumps Summer Womens Shoes , Oversized Ruffle Bow Skate Slip-Ons Loafers Faux Leather Black Gold Sneakers , LIU JO women shoes sz 40 Europe 9 black leather S6598New Women's Summer Sandals Chunky Block Heel Shoes Square Open Toe Ankle Strapwomen 20cm super-high heels round toe platform Bridal wedding shoes Nightclub SZHOT Stylish high-heeled ankle boots with black and yellow ladies' shoesChic Womens Boho Beach Flip Flops Rhinestones Shoes Platform Wedge Heels SandalsWomens high heel platform slip on wedding formal bridal pumps shoes plus Size ,
    Open Toe Womens Wedge Slip White on High High 29991 Heels Casual Fashion White Platform Shoes f72a943 ->Open Toe Womens Wedge Slip White on High High 29991 Heels Casual Fashion White Platform Shoes f72a943 -
    RALPH LAUREN BLACK HEEL BOOTS SIZE 9.5 M , Man/Woman Sneakers Asics Gel Lytev elegant Known for its good quality classic style , KG Kurt Geiger "Felton" Suede Leather Mens Boat Shoes - Navy - Size US 10AZUREE CANNES women shoes NETISH sandal Red silver strass mouth lipstick , Jessica Simpson Women's Mandalaye Ballet Flat Black/White 5.5 Medium USMan/Woman Drew Women's Joline Excellent craft cheapest Immediate deliveryMen's/Women's LifeStride Womens Diverse Closed Toe Loafers Various goods product quality Personalization trendACCATINO WINGTIP CHELSEA BOOTS WOMENS SIZE 41 ITALYNaturalizer Women's Terah Slingback Sandal Desert Clay Leather Slingbacks , Women Platform Block Heels Stilettos High Heels Nightclub Sexy Party Sandals sz , $230 Cole Haan Shanley Back Zip Strap Dress Sandals Shoes Womens Black 7$1865 New Manolo Blahnik Lonia Black Crystals Jeweled STRASS Sandals Shoes 40.5Stuart Weitzman Womens Noodles Pink Flat Sandals Shoes 7 Medium (B,M) BHFO 9716NO.6 Front Seam Slide on Mid-Wedge Clog Black Leather Sz 41 / 9 Open-Toe MuleFred Perry Linden Mens Pastel Blue Suede TrainersGentlemen/Ladies Nike Men's Zoom Span Running Shoe The color is very eye-catching Price reduction Different styles , PUMA Men's Cell Surin 2 FM Sneaker Puma White/Puma Black/Flame Scarlet$275 Reebok Men Instapump Fury CNY 2017 white chalk BD2026NIKE LEBRON SOLDIER XI SFG ID SPORT RED/LUCKY GREEN SIZE MEN'S 14 [AO2577-993]Nike Kyrie 4 Lucky Charms, Size 9.0 - BRAND NEW from FootlockerPropet Diabetic Shoes Pedwalker 15 Black Med Width Comfort Men's Sz 9 , NIB DIESEL EXPRESSURE INDIA INK BLUE OXFORD SHOES SIZE 12 , Golden Goose Running Sneakers Black - US 12Womens Skechers Summits Grey Pink Lightweight Sports Trainers Shu SizeAsics Comutora MX [1022A014-700] Women Running Shoes Froste Rose/White , Nike Air Max LD Zero iD Women's Running Shoe "Aqua Blue" Size 11 (AA3174-991)Vintage NINE WEST Majesta Leather Tall Equestrian Boots Dark Brown 8.5 MED~SKECHERS AUSTRALIA Women BLACK Suede Button Mid Calf Faux Fur Boot Shoe 6 M $80 , ARIAT ROUND UP D-TOE WESTERN DISTRESSED BROWN LEATHER BOOT WOMEN 6.5Calvin Klein Women's Carlota Ankle Boot, Black, Size 7.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Open Toe Womens Wedge Slip White on High High 29991 Heels Casual Fashion White Platform Shoes f72a943 -

    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.

    Open Toe Womens Wedge Slip White on High High 29991 Heels Casual Fashion White Platform Shoes f72a943 -

    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
    Open Toe Womens Wedge Slip White on High High 29991 Heels Casual Fashion White Platform Shoes f72a943