Never miss an update

Womens Fashion Stilettos Shoes Floral Pointed Toe Slim Stretch Ankle Boots Boots Stilettos Shoes 35-46 9b66d4d

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 Height: High (3 in. and Up) Style: Fashion - Ankle
Material: Synthetic Width: Medium (B, M)
Country/Region of Manufacture: China
Never miss an update

Womens Fashion Stilettos Shoes Floral Pointed Toe Slim Stretch Ankle Boots Boots Stilettos Shoes 35-46 9b66d4d -

    Womens Fashion Stilettos Shoes Floral Pointed Toe Slim Stretch Ankle Boots Boots Stilettos Shoes 35-46 9b66d4d
    Womens Fashion Stilettos Shoes Floral Pointed Toe Slim Stretch Ankle Boots Boots Stilettos Shoes 35-46 9b66d4d
    Sexy Over Knee High Boots Open Toe Stiletto Heel Hallow Out Stage Sandal HeelsPunk Retro Womens Studded Leather Round Toe Flats Shoes Rivet Ankle Boots ShoesWomens Square Toe Rivet Cow Leather Chunky Block Heels Ankle Boots Shoes Slip OnWomen Simple Style Ankle Boots Double Zipper Med Block Heel Platofrm CasualShoesHottest Womens Chic High Block Heel Pull On Shoes Ankle Boot Buckle Suede Shoes , Men's/Women's Sultry 2000 Pleaser Shoes Aesthetic appearance At a lower price Contrary to the same paragraph , Womens Pointy Toe Stiletto Heels Pull On Over Knee Thigh Boots Stretchy Boots SzLadies Sexy over the knee high knight Boots Slim High heels club shoes Party HotWomens Over Knee Thigh Boots Pu Leather Side Zip Pointy Toe Stiletto Fur Trim SZ , Womens wedges ankle boots side zip punk nightclub dance super high heel ShoesWomens New Buckle Black Short Boots Leather British Block High Heel Shoes Sbox14Sexy Punk Fashion Womens Leather Pointed Toe Chunky Heel Party Ankle Boots Shoes , Women's Pointed Toe leather High Heel Shoes Over Knee Thigh Boots shoes , Womens Unique Chineses Embroider Floral Block High Heels Zip Dress Ankle BootsFashion Womens Ankle Boots Cross Buckles Suede Ladies Low Heel Round Toe ShoesVia Spiga 'Kenzie' Wedge Bootie Sand Suede Womens Size 5.5 / 35.5 $250 , Womens Leather Knee High Knight Boots Winter Block Heels Black Rivet Shoes ST#Womens High Block Heel Zippers Europe Style Leather Elegant Square Toe Boots szChic Womens Mid-Calf Boots Side Zip Leather Round Toe Mid Block Heel Party Shoes , Rivets Square Toe Chunky Mid Heels Side Zipper Suede Women's Ankle Boots Ths01Women Square Toe Ankle Boots Shining Patent Leather High Block Heel Casual ShoesFashion Women Over Knee Thigh Boots Pu Leather Pull On High Heel Platform Slouch2019 Winter Womens High Chunky Heels Suede Over Knee High Boots Party Shoes bWomen Chic High Wedge Platform Round Toe Over Knee Stretch Boots Muffin ShoesWomens Pointy Toe Suede Tassels Ankle Boots Block Cuban Heel Casual Formal Shoes , Grace Stretchy Mid-Calf Boots Womens Pointed Toe Thick High Heel Pull On Shoeswomen's elegant pointy toe rabbit fur trim block high heel fur lined ankle bootsWomens Rund Toe Genuine Leather Buckle Ankle Boots Girls Block High Heel ShoesStylish Womens Knitted Stretchy Ankle Boots High Block Heels Winter Casual Shoes ,
    Womens Fashion Stilettos Shoes Floral Pointed Toe Slim Stretch Ankle Boots Boots Stilettos Shoes 35-46 9b66d4d ->Womens Fashion Stilettos Shoes Floral Pointed Toe Slim Stretch Ankle Boots Boots Stilettos Shoes 35-46 9b66d4d -
    Calvin Klein Women's Mariana Huarache Sandal - Choose SZ/colorNike Air Huarache Drift Running Shoes Mens Blue AH7334-401CHARLES PHILIP SHANGHAI OLIMPIA Blue Black Skull Floral Designer Loafer Flats 8Spring 2018 Womens Peep Toe Rivet High Block Heels Pumps Fashion Slippers Shoes , CHIE MIHARA taupe leather strappy heels metallic gold copper size 36 , NEW COLE HAAN WOMENS WOMEN'S 2.ZERØGRAND CRISS CROSS SANDAL (30MM) - BLACK-O... , BADGLEY MISCHKA Womens Off White Open Toe Sz 6.5 Wedding Pumps 212344 , Lucky Brand Women's Joshelle Wedge Sandal - Choose SZ/Color , Badgley Mischka MP3437 Womens Dara Wedge Sandal- Choose SZ/Color. , Fabulicious Women's Caress 412 Sandal Clear PVC/Clear Sandals , New Balance Men's FuelCore Rush v3 MRUSHWT3 White-Black-Hi-Lite , New Balance 501 Grey/Orange ML501GOW Men's SZ 8NIKE KYRIE 2 III 852395-007 KYRACHE LIGHT BLACK TEAM ORANGE CONCORD DS SZ: 9.5 , Nike Air VaporMax Plus Aqua Green Purple White Grape 924453-101 Men's size 9.5 , Skechers Bomags Calder Hiking Boots - Men's Size 10.5 - BrownKeen Men's Targhee EXP Mid Waterproof Hiking Boots , Clarks Original Wallabee, Men's 7.5, leather upper , BORN Men's Slip On Casual Loafers Shoes Size 10 US/ 44 Brown Full Grain LeatherGiorgio Brutini Men's Taylor Driving Style Loafer - Choose SZ/Color , New Mens Casual Metal Decor Slip On Loafers Shoes Nightclub Moccasin Hairlist USPaco Milan Elche Leather Formal Slip On Mens Shoes , Asics Women's Fortius Tr Ankle-High Fashion SneakerMizuno Women's Wave Inspire 13 Barbados/Cherry/Black Running Shoe 7 Women UsAsh Women's AS-Nirvana Sneaker - Choose SZ/Coloradidas Women's Cloudfoam Ultimate - Choose SZ/Color , Cole Haan Black Leather Buckle Engineer Mid Calf Boots Womens Size 6 B D35875Womens Peace Love Shea Steve Madden TRodeo Black Leather Platform Booties Sz 8 M , Women's JB Dillon Cowgirl Boots 9 B , Rivet Womens Punk Rock Studs Leather Motorcycle Zip Shoes Ankle Boot Biker 34-43 , DONALD J. PLINER Beto Black Suede Boots Sz US 9.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Fashion Stilettos Shoes Floral Pointed Toe Slim Stretch Ankle Boots Boots Stilettos Shoes 35-46 9b66d4d -

    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 Fashion Stilettos Shoes Floral Pointed Toe Slim Stretch Ankle Boots Boots Stilettos Shoes 35-46 9b66d4d -

    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 Fashion Stilettos Shoes Floral Pointed Toe Slim Stretch Ankle Boots Boots Stilettos Shoes 35-46 9b66d4d