Never miss an update

Kenneth 9 Cole New Alesy York mogochinese-29894 Women's Alesy Velvet Platform Sneaker Size 9 NEW NIB 5559a0f

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: UGG Australia
Material: Velvet Style: Sandals
Color: Navy US Shoe Size (Women's): 9
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Width: Medium (B, M)
UPC: Does not apply
Never miss an update

Kenneth 9 Cole New Alesy York mogochinese-29894 Women's Alesy Velvet Platform Sneaker Size 9 NEW NIB 5559a0f -

    Kenneth 9 Cole New Alesy York mogochinese-29894 Women's Alesy Velvet Platform Sneaker Size 9 NEW NIB 5559a0f
    Kenneth 9 Cole New Alesy York mogochinese-29894 Women's Alesy Velvet Platform Sneaker Size 9 NEW NIB 5559a0f
    VC Signature by VINCE CAMUTO Gold Leather Cross Over Straps Pumps Sz. 7.5 , Rialto 'CALISTA' Women's Sandal Size 6 White Smooth , NWT Havaianas Special Collection Flip Flops 39-40 In Purple With Crystal $80 , Castaner Espadrilles Wedge Green And Black Womens Size 35 Or 5 , stylish ladies peep toe back zipper high top sandals creepers shoes summer roman , Cole Haan Black Ethic Thong Bolto Leather Heels 10B Used No BoxCOLE HAAN~NWOB~LEATHER *T-STRAP* PEEP TOE~CORK HEEL~SLING-BACK FORMAL SANDALS~10Womens Cole Haan W02748 Red Sandals 6 M..438BButter Platform Sandal Sz 6,5- 7 Nyde Leather Made in Italy $230 , Savi Arrienne Womens Flat Chmpgne Diamond Leather Sandal Encrusted With CrystalsLucky Brand LK-Lindey Wedge Size 8 Cheetah Animal Print Brown Platform Luxesummer beach womens mules platform espadrilles sandals slippers casual shoes Cz8CLARKS TIGE DE CUIR WOMEN'S CUBAN HEELS BLACK SIZE 7.5M , NEW JEFFREY CAMPBELL BEIGE CORDOBA EMBELLISHED SANDALS Shoes WOMEN'S SIZE 6 , Mix No.6 Martina Black Satin Strappy Platform Heels Size 10 MCole Haan Size 8.5 Lime Leather Sandals New Womens ShoesSavi Arrienne Women's Flats Light Rose Diamond Leather Sandal Encrusted Crystals , NEW WOMENS TEVA ARRABELLE LEATHER WEDGE SANDAL NATURAL SIZE 8.5 , Schutz Black Suede Strappy High Heel Sandals Size 9 B (F5)Kelsi Dagger Vixen Womens Black Leather Slingback Platform Wedge Sandals sz 8.5 , Fashion Block Mid Heel Ankle Strap Square Toe Women Roman Sandals Party Date Sz , Sanuk Women's I'm Game Natural Sidewalk Surfers Sz 5 , Oscar De La Renta Shoes Size 38.5 8.5 Gray Metallic Flat Flip Flops Sandals , 01 Hot Womens Ladies Clubwear Prom Party Nightculb Buckle Shoes Retro Peep ToeDonald J. Pliner Women White/silver Leather platform Thong Slide Sandal Sz 6.5 M , Keen Sandsls, Sarasota Slide in Cascade Brown. , COLE HAAN SHOES MUSTARD LEATHER OPEN TOE SLIDES W BOW!SIZE 6B/36!MADE IN BRAZILAMERICAN RAG SHOES CHERIE DEMI WEDGE SANDALS BLACK 8 M 1 3/4" SUEDE. NWBNew~CORKYS Rhinestone Jewel Gemstones BLING Thong Sandals~Black Multi~Size 8 ,
    Kenneth 9 Cole New Alesy York mogochinese-29894 Women's Alesy Velvet Platform Sneaker Size 9 NEW NIB 5559a0f ->Kenneth 9 Cole New Alesy York mogochinese-29894 Women's Alesy Velvet Platform Sneaker Size 9 NEW NIB 5559a0f -
    Cobb Hill Women's Christy Waterproof Knee High Boot , Brooks Adrenaline GTS 15 Mens Running Shoes (D) (447) | BUY NOW! , Saucony Progrid Mirage | Women’s US 7 | Silver/Blue | RRP $180 | Running ShoesLadies Church's Low Wedge Flat Shoes CorinthFly London Palt Womens Black Leather Matt Shoes , 'New Never Used' Witchery High Heels Latte Connie Bootie Sz40Pikolinos Black Mary Janes Size 40 9.5 Leather Perforated Floral Ankle Strap Low , Hot crazy womens hollow out chain open toe wedge heel platform sandals shoes S , Men's/Women's Sbicca Women's Adette Dress Sandal feature Sales Italy Strong heat and heat resistanceWomen's 8 M Stuart Weitzman Purple Suede Platform Stiletto Heels Open Toe A080 , VIVIENNE WESTWOOD SHOE ULTRAGIRL HEEL ANGLOMANIA MELISSA GLOSSY 39 245mm Arafeel , Christian Louboutin Monique 140 Black Suede Thigh-High OverKneeBoots size 36,5 , BCBGENERATION Womens DREAM Black Matte Stiletto Sandals Size 8M (887465454513) , NIKE AIR ZOOM FIT AGILITY 2 WOMEN'S TRAINING SHOES - WOMEN'S SIZE 7Clarks UnHarvest 26105798 Red Leather Comfort Walking Sandals Women's 5.5 newNike Zoom Kobe VII POISAN DART FROG (rare Item)NIB adidas Originals Men's Pro Model BT Collegiate Shoes B39507 Size us 12-MEmerica Men's Wino G6 X Pendleton Skate Shoe Size 8.5Mr/Ms Men’s Nike Flyknit MaxSAUCONYGRID 8500 MOD BLUE DENIM WHITE MENS SIZE RUNNING SNEAKERS S70343-1new vans DX VANS Authentic 44 DX SUEDE NAVY MEN'S SHOES VN0A38ENQSX , Etnies Metal Mulisha Fader Black Gum Leather Skate TrainersGentlemen/Ladies Lacoste Men's Bryont Mid CR Sneaker Many styles Beautiful Strong heat and heat resistance , Alden New England Penny Loafers Size 10 1/2 , Modello Pinqu - Handmade Colorful Italian Leather Oxford Dress Shoes PinkAcorn Men's Romeo Loafer, Chocolate, 10 M US , Handmade Bespoke Chukka Boots Men Black Leather Boots Half ankle Boot for Mens , Desigual Women's Training Shoes Dark Denim USA 7.5 NEW , Women's Nike Flyknit Zoom Agility CRIMSON $150 698616 603 RUNNING SZ 8, 9.5 RAREWomen Big Buckle Pointed Toe Ankle Boots Leather Slim Med Heel Pull on Casual ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Kenneth 9 Cole New Alesy York mogochinese-29894 Women's Alesy Velvet Platform Sneaker Size 9 NEW NIB 5559a0f -

    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.

    Kenneth 9 Cole New Alesy York mogochinese-29894 Women's Alesy Velvet Platform Sneaker Size 9 NEW NIB 5559a0f -

    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
    Kenneth 9 Cole New Alesy York mogochinese-29894 Women's Alesy Velvet Platform Sneaker Size 9 NEW NIB 5559a0f