Never miss an update

Hot Sale Womens Womens Warm Furry Loafers Flats Round 24375 Toe Home Casual Shoes Flats Indoor Shoe 9f87973

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
Occasion: Casual Style: Loafers @ Moccasins
Pattern: None Country/Region of Manufacture: China
Width: Medium (B, M) Heel Height: Flat (0 to 1/2 in.)
US Shoe Size (Women's): 4-10.5 Material: Fur
Never miss an update

Hot Sale Womens Womens Warm Furry Loafers Flats Round 24375 Toe Home Casual Shoes Flats Indoor Shoe 9f87973 -

    Hot Sale Womens Womens Warm Furry Loafers Flats Round 24375 Toe Home Casual Shoes Flats Indoor Shoe 9f87973
    Hot Sale Womens Womens Warm Furry Loafers Flats Round 24375 Toe Home Casual Shoes Flats Indoor Shoe 9f87973
    Ecco New Touch Ballerina Black Womens Shoes Size 7 M Flats MSRP $130 , JET SET PARIS Penny LOAFERS Womens size 38.5 / 8 Gray Black Slip On FLATS Shoes , Easy Spirit Womens Geinee Closed Toe Slide Flats, Grey, Size 9.0 , Munro Womens Black Leather Suede Flats 7.5 M , Cole Haan Red/Black Dyed Cow Belly Fur Casual Loafers Size 7.5B , Women's Vince Blair Black Leather Slip-on Casual Sneakers Size 8.5 M , FitFlop Womens F-Sporty Sz 8 Penny Loafer Shoes Black Snake Embossed FRINGEYTommy Hilfiger Womens Butter4 Leather Closed Toe Loafers, Red, Size 10.0 , Merrell Plaza Bandeau Women’s mary jane Shoes Brown suede Comfort Size 11HELENE ARPELS LOAFERS FLAT SHOES SZ 8.5 AA ( NARROW ) PURPLE LEATHER ITALYBirkenstock BOSTON Beige Suede Slip On Clogs Size , Donna Karan DKNY Women's Stunning Logo Gold Fashion Ballet Flats Shoes , Women's SAS Sz 10.5 M Free Time Comfort Tan Nude Taupe Brown Shoes Very Nice!!! , Dansko Emily Black Suede Stain Resistant Knit Trim Mule Clogs 36 5.5 6 NEW , New Bucketfeet Slip On Canvas Flamingo Shoes Sneaker Size 6 W/Artists CardCAMPER women shoes sz 9.5 Europe 41 black leather S7040NEW Swissies Womens Sz 41 / 9.5 Navy Blue Brushed Leather Tie Up Oxfords Flats , Talbots Camel Brown Suede Leather Buckle Fiana Flats Size 9Stuart Weitzman womens 7N black shoes slip on loafers croc print tassel w250206 , HELENE ARPELS LOAFERS FLAT SHOES SZ 8 A NARROW MUSTARD YELLOW LEATHER ITALY , Gravity Defyer Women’s Jenda Black Leather Flats Size 7.5 G36/ , Women's Dansko Black Leather Mary Janes w/ Flower Detail Size 40COBB HILL NEW BALANCE 7.5M "NADIA" IN GRAY SUEDE MARY JANES NEW NO BOXTrotters Women's Lamar Slip-On Loafer - Dark Brown - 8 M USChloe Womens Ballet Flats Size 37.5 Metallic Bronze Leather Scalloped Round ToeDonald Pliner Leather Beaded Loafers Size 8M Black Patent Leather Trim ItalyJ/Slides Womens Jibbie Black Snake Embossed Slip On Sneakers Size 10Naot Bronze Distressed Leather Mary Jane Walking Shoes Women's Sz 7 Brown , NAOT Burgundy Red Leather Mary Jane Mules Slides Womens Size US 11 ,
    Hot Sale Womens Womens Warm Furry Loafers Flats Round 24375 Toe Home Casual Shoes Flats Indoor Shoe 9f87973 ->Hot Sale Womens Womens Warm Furry Loafers Flats Round 24375 Toe Home Casual Shoes Flats Indoor Shoe 9f87973 -
    Womens 7 FRYE Dorado 77561 Brown Leather Tall Riding Boots, MSRP $458.00 , Men/Women SARTORE Shoes 666812 Black 35 Elegant and sturdy set meal low cost Superb craftsmanship , Birkenstock Madrid Birko-Flor Womens Shoes Slides Sandals Clogs , Alegria Women's Emma Bronze Bouquet 36 US Women's 6-6.5 Regular , plus SZ All US Size women lolita Mary Janes shoes pumps block high heels bowtieChic Womens Leather Stiletto High Heel Shoes Tassels Sandals Open Toe Slingback , Men/Women Prada 36.5 Pumps for you to choose In short supply Excellent functionTPS Latin Ballroom Salsa Custom-made Dance Shoes D174 , RYKA Ryka Womens Hydrosphere Cross Trainer- Pick SZ/Color.$130 Nike air Jordan S.U. Trainer 314317-602 burgundy V 5 shoesNIKE SFB 8 Jungle Real Tree 845168 990 Fishing Hunting New Sz.10-10.5 FREE SHIP , New Merrell J12505 Agility Peak Flex 2 E-Mesh Blue Men's Hiking Shoes 10.5 USNike Zoom Fly SP White University Red Summit AJ9282 100 SZ 9 Tokyo , Sz 7.5 New Balance 580 Japan Exclusive MRT580BD REVlite Brown Purple Gren Sz 7.5Air Jordan 11 Retro Legend Blue Size 11 Pre OwnedNike Air Jordan 3 Retro iii "Fire Red" 2013 New Men's Shoes Size 10 136064-120Mens patent leather metal chain casual cowboy zipper rock chukka ankle Boots , Madden Men's M-Edict Chukka Boot - Choose SZ/Color , Men's/Women's Vans Unisex Sk8-Hi Skate Sneakers Crazy price low cost Very good classification$470 Bruno Magli Leather Dress Tolomino Slip-on Moccasin-style Loafers Shoes 7 , Georgia Giant Women's Grey and Teal Romeo , New Balance Men's MRL247BP Chocolate Cherry With Red 11 D USAsics gray/green mesh, high traction, cross training sneakers, 6Allen Edmonds "CARLYLE" Oxfords 10.5 E Brown (471) , Brooks Cascadia 8 Trail Running Shoes Womens Size 8.5 Training Sneakers Blue RedNike Women's Dunk Sky Hi FUCHSIA GLOW PINK PURPLE 644877-500 sz 5 WEDGE HEELNIB VALENTINO ROCKSTUD BLUE DENIM CAMUSTARS CAMO STAR SLIP ON SNEAKERS 39.5 $775 , Realtree Girl Xtra Camouflage Ladies Mukluk Boots - Licensed Camo CarsonCrowne Comforteur All Right Ankle Boot- Size 9 , Lot STITCHED CHAIN STRAPPY Faux Leather Suede Quilted Thigh High Heels Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Hot Sale Womens Womens Warm Furry Loafers Flats Round 24375 Toe Home Casual Shoes Flats Indoor Shoe 9f87973 -

    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.

    Hot Sale Womens Womens Warm Furry Loafers Flats Round 24375 Toe Home Casual Shoes Flats Indoor Shoe 9f87973 -

    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
    Hot Sale Womens Womens Warm Furry Loafers Flats Round 24375 Toe Home Casual Shoes Flats Indoor Shoe 9f87973