Never miss an update

Womens Ankle Pointed Womens Suede Embroidery Floral Ankle Boots Pointed Toe High Heels Zipper Shoes 8eacb18

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: Block Style: Ankle Boots
Material: Suede Country/Region of Manufacture: China
Occasion: Casual Fastening: Zip
Pattern: Floral Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Width: Medium (B, M)
Never miss an update

Womens Ankle Pointed Womens Suede Embroidery Floral Ankle Boots Pointed Toe High Heels Zipper Shoes 8eacb18 -

    Womens Ankle Pointed Womens Suede Embroidery Floral Ankle Boots Pointed Toe High Heels Zipper Shoes 8eacb18
    Womens Ankle Pointed Womens Suede Embroidery Floral Ankle Boots Pointed Toe High Heels Zipper Shoes 8eacb18
    Ladies Joules Molly Short Printed Wellies Snow Festival Wellies Boots All Sizes , Gladiator Womens Real Leather Punk Rivets Riding Western Ankle Boots Shoes Black , Womens Wedge High Heel Over Knee High Boots Side Zipper Buckle Platform Shoes SzWomen Pointed Toe Ankel Boots Wedge High Heel Creepers Rhinestones Pattern Shoes , Womens Winter Low Heels Loafers Shoes Slip ON Fur Decor Casual Boots Comy shoesWomens winter furry Trim zip Ankle short High Top flat warm snow Boots shoes New , Womens Stretchy Satin Pointy Toe Over Knee High Sexy Boots Clubwear Shoes 4-13womens stylish over the knee high knigt Boots zip low heel Casual suede shoes s , Womens sinter warm fur lining mid calf Boots Flat rhinestones snow Boots shoes sWomens Suede Pointed Toe Ankle Riding Boots Stilettos High Chunky Heel Shoe I472 , Womens European Pointed Toe Leather Ankle Boot Mid Heel Side Zipper Casual ShoesWomens Leather Pull On ANkle Boots Wing Tip Carved Flats High Top Shoes Lady NewLadies Punk Rock Black Patent Leather Motorcycle Ankle Boots Heels Military Boot , Fashion Punk British Ankle Boots Womens New Platform High Heels Motorcycle ShoesVelvet Womens Back Zip Ankle Boots Square Toe Black High Heel Occident Shoes wiBX334 FRANCESCO MILANO shoes black leather studs women ankle bootsWomens Stretchy Black Pull On Sexy Over Knee Boots Platform High Heels Shoes New , Women Leather Stiletto Thigh High Boot Snake Skin Over Knee High Boots New ShoesWomens Suede Black Stretchy Over Knee Boots Pull On Sport Casual Shoes Boots , Womens Pointed Toe Low Heeled Suede Ankle Boots Slip On Mental Casual Shoes , Sexy European Women Sequare Toe Zip Block Heel Ankle Boot Shoes Plus Sz US4-10.5 , Ladies Ethnic Chinese Style Womens Mid Calf Boots Embroidery Chunky Heel ZipperSexy Women Pointed Toe Ankle Boots Sequins Kitten High Heel Party Shoes Sbox14BX881 OLGA RUBINI shoes black suede women ankle bootsWomen's Patent Leather Ankle Boots Block High Heel Back Zip Round Toe Shoes NewPearls Pull On Snow Winter Warm Boots Ankle Women's Plus size Bowknot S167Womens Pu Leather Ankle Boots Side Zip Round Toe High Heel Platform Casual ShoesSquare Toe Chunky High Heels Women Zipper Ankle Boots Simple Casual ZsellWomens Leather Ankle Boots Stilettos High Heels Back Zip Suede Shoes Winter
    Womens Ankle Pointed Womens Suede Embroidery Floral Ankle Boots Pointed Toe High Heels Zipper Shoes 8eacb18 ->Womens Ankle Pointed Womens Suede Embroidery Floral Ankle Boots Pointed Toe High Heels Zipper Shoes 8eacb18 -
    Dolce by Mojo Moxy Women's Crossbow Slouch Boot, Espresso, 6.5 B US , New NINE WEST Women Leather Brown Mid Calf Wedge Heel Side Zip Boot Shoe Sz 7.5Nike Flex 2016 RN Mens Running Trainers 830369 400 Sneakers Shoes , Fitflop Loaff Shorty Zip, Womens Ankle Boots, Black All Black, 6.5 EU , Castaner Women's Tropea, Cuero, 37 M EU (7 US)Women's Merrell "OTTER" Sand Suede Casual Cool Sport Oxford Sz. 8 MINT!INC International Concepts Womens maddiee Closed Toe, Black lasso, Size 10.0 I2RDIOR CLASSIC TAN BROWN BLUE LEATHER HEELS MULES GOLD CHARM OPEN TOE SZ 38.5 / 8NEW BALANCE 680 shoes for women, Style W680LG5, NEW, US size 10 , Carlos by Carlos Santana Women's Sardinia Platform Sandals Pink Size 8.5 MNew Nike Men's Air Jordan Future Boot Size 9.5 Grn/Wht 854554 300 , Asics GT-2000 Grey/Orange Running Shoe Men's US 7.5 Eur 40.5 (Q1,5) , New Balance MRL247BG Men's 247 Classic Black Athletic Casual Sport Style Shoes 8 , Men Athletic Sneakers Nike Shoes Running Footwear Free RN Red Black 831508802NIKE FC Free Hypervenom 2 Black Grey Training Running Shoes NEW Mens 8.5Nike Womens Air Max 1 SE Running Trainers 881101 100 Sneakers Shoes , Reebok BS7870 Mens Supreme 3.0 MT Running Shoe- Choose SZ/Color.Air Jordan Retro 3 III White Cement Fire Red VNDS BARELY WORN!! SIZE 12 , Gentleman/Lady VIntage Motorcycle Boots. New product a variety of Selling new products , Carhartt Men's CMP1270 11" Mud Wellington Brown Oil Tanned/Coated Leather , GREAT COND NOT MUCH USED VINTAGE TONY LAMA COWBOY BOOTS MEN 8.5 D ALLIGATORsize 13 D mens black leather FLORSHEIM loafers dress shoes , New Cole-Haan Air Mitchell 7 M black (183) , Nike Air Max Zero Women's Size 9 Cool Grey/Turquoise 857661-006 NEWNIKE WMNS AIR MAX+ 2012 RUNNING SHOES BLACK GREEN BERRY 574268 036 SAMPLE SIZE 6Nike Women's AIR MAX 97 Shoes Wolf Grey/Wolf Grey AT0071-001 c womens size 7 , Chic Womens Block Heel Over The Knee Boots Square Toe Zipper Stylish Black Shoes , Lucky Brand Hibiscus Wheat Pull-on Factory Distressed Leather US 8.5 Light Wear , Rocket Dog Women's Bentley Lewis PU/Randy Fabric Ankle Boot, Black, 8 Medium US , KELTON Black Leather Booties Accented w/buckle Size 7.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Ankle Pointed Womens Suede Embroidery Floral Ankle Boots Pointed Toe High Heels Zipper Shoes 8eacb18 -

    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.

    Womens Ankle Pointed Womens Suede Embroidery Floral Ankle Boots Pointed Toe High Heels Zipper Shoes 8eacb18 -

    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
    Womens Ankle Pointed Womens Suede Embroidery Floral Ankle Boots Pointed Toe High Heels Zipper Shoes 8eacb18