Never miss an update

Pleaser Women's mogochinese-29270 Del1017rsf/c-g Pleaser/Gch Ankle Clr-Gold/Gold Bootie, Clr-Gold/Gold Chrome, 6 M US 1b57200

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
UPC: 885487895673
Weight: 2.7 lbs EAN: 0885487895673
Dimensions: L 12.5 x W 11 x H 3.9 inches Brand: Pleaser
PartNumber: DEL1017RSF/C-G/GCH 6 MPN: DELIGHT-1017RSF
ProductGroup: Shoes Binding: Apparel
ISBN: Not Applicable ClothingSize: 6 B(M) US
Style: Not Applicable Color: Clr-gold/Gold Chrome
US Shoe Size (Women's): 6 M US Department: womens
Never miss an update

Pleaser Women's mogochinese-29270 Del1017rsf/c-g Pleaser/Gch Ankle Clr-Gold/Gold Bootie, Clr-Gold/Gold Chrome, 6 M US 1b57200 -

    Pleaser Women's mogochinese-29270 Del1017rsf/c-g Pleaser/Gch Ankle Clr-Gold/Gold Bootie, Clr-Gold/Gold Chrome, 6 M US 1b57200
    Pleaser Women's mogochinese-29270 Del1017rsf/c-g Pleaser/Gch Ankle Clr-Gold/Gold Bootie, Clr-Gold/Gold Chrome, 6 M US 1b57200
    Man's/Woman's NEW MATISSE FOOTWEAR WOMENS COMMODORE New product discount price Authentic guaranteeGentleman/Lady Bally Gray Suede Pumps (Size 8) Consumer first Clearance unique , Corso Como Women's Duchess Boot,Black Silk Calf,10 M US , Man/Woman Calvin Klein Women's Gabrianna Pump Clearance price cheapest Various latest designs , Men/Women Seychelles Women's One Kiss Dress Pump Beautiful design First batch of customers renewed on time , CLARKS Women's Chorus Carol Dress Pump, Aubergine Suede, 8 M US , Gentlemen/Ladies Anne Klein Women's Falicia Dress Pump Strong heat and wear resistance Cheaper than the price Shopping promotion , Kennel & Schmenger Women's Kiko Chelsea Boot Mud Suede 6 M UKMan's/Woman's David Tate Women's Rosette Sandals Many styles Settlement Price British temperament , Gentleman/Lady Jessica Simpson Women's Liviana Pump excellent quality Optimal price Caramel, gentleEcco Footwear Womens Touch 45 Wedge Dress Sandal , Men's/Women's Jessica Simpson Women's Romy Dress Pump Charming design Impeccable Global salesSöfft Womens - Vanita Black/Copper 8.5 M US , Pleaser Women's Ado1017srs/c-b/b Ankle Bootie, Clr-Blk Rs/Black SPRS, 8 M US , Men's/Women's Steve Madden Women's Smokin Heeled Sandal New varieties are launched High-quality materials Very good classificationGentlemen/Ladies Nina Womens Cyrene Guarantee quality and quantity International choice Superb craftsmanship , Rockport Women's Sto7h95 Plain Pump - Choose SZ/Color , Kennel & Schmenger Women's Kiko Chelsea Boot Mud Suede 7.5 M UK , FLY London Botin P143533010 RED Meli 37 RedSteve Madden Women's Diva D'Orsay Pump, Rose Gold, 8.5 M US , Anne Klein AK Sport Women's OPALIZE Reptile Pump - Choose SZ/ColorCLARKS Women's Vendra Daisy Dress Pump, Black Interest Nubuck, 9 M USPlenty By Tracy Reese Women's Capri Ankle Boot,Ebony/Black,39.5 EU/9.5 M US , Ivanka Trump Women's Bernie Pump, Gold, 8 Medium USECCO Women's Sculptured 45 Wedge Slip On PumpMen/Women NEW MOSCHINO WOMENS LOVE MOSCHINO HEEL Various styles Beautiful appearance Valuable boutique , Trotters Women's Lauren Platform Pump, Tan Cheetah, 11 W USCole Haan Women's TALI Bow Pump, Navy Peony Suede, 9 B US , Rockport Women's Total Motion Charis Dress Pump, Black Leather, 9 M
    Pleaser Women's mogochinese-29270 Del1017rsf/c-g Pleaser/Gch Ankle Clr-Gold/Gold Bootie, Clr-Gold/Gold Chrome, 6 M US 1b57200 ->Pleaser Women's mogochinese-29270 Del1017rsf/c-g Pleaser/Gch Ankle Clr-Gold/Gold Bootie, Clr-Gold/Gold Chrome, 6 M US 1b57200 -
    CLARKS Women's Malia Skylar Wide Shaft Riding BootKeen Targhee III Waterproof Mid Black Olive | Golden Brown , NIKE MENS PANTHEOS SNEAKER WHITE GREEN BLUE BLACK SHOES 2018 **SIZES BEST SELLER , Ladies Clarks Knee High Boots Rosalyn ClaraBirkenstock Arizona Big Buckle Leather Silkroad Women Slides slippers footbed , Made in Italia NEREA_BLU décolleté Shoes Women's - colour Blue AU , Gentlemen/Ladies Drew Women's Fusion Black Leather Various goods Comfortable touch TRUE , Alexander McQueen New sz 39.5 - 9.5 Auth Designer Womens Flats Shoes black $995 , Men's/Women's shoes Giorgio Armani Size 37 Various styles King of quantity AmoyGiuseppe Zanotti Design Brass Buckle Accents Heel Sandal sz. US 7.5 38 Very Rare , Womens Flats Platform Wedge High Heels Rivets Buckle Strap Punk Shoes Gothic Sz , ECCO Women's Shape 75 Block Heel Dress Pump, Retro Blue, 41 EU/10-10.5 M US , Gladiator Womens Peep Toe Hollow Out Stiletto High Heels Sandals Boots Shoes ChStuart Weitzman Sz 9M Ash Black Ribbon Textured Decorative Toe Pumps Heels Shoes , VALENTINO black and silver satin platform heels pumps Italian 37 WORN ONCEDonald Pliner Couture Congo Hair Calf Kogi Gator Leather Mule New Shoe NIB $395 , Melissa + Jason Wu Lady Jason Lavendar Scented Heels Size 7 New in BoxMr/Ms BCBGeneration Women's VEETA Strappy Wedge Sandal Good design Environmentally friendly Speed ​​refundManolo Blahnik Womens Sandals Size 38.5 8.5 Beige Cork Open Toe Slides , Womens Low Block Chunky Heels Sandals Slippers Sweet Pearl Shoes Square Open ToeBIRKENSTOCK WOMEN'S FLIP FLOPS MAYARI GRACEFUL HIBISCUS-GRACEFUL LICORICE-GRACEFNike React Element 87 Dark Grey/Pure Platinum-Photo Blue AQ1090-003 UK9 / US10MERRELL MENS SHOES JUNGLE AYERS MOC CANTEEN SIZE 10.5 , Zespa White Leather Fashion Sneakers Shoes US 8 Blue SnakeskinUniversity Of Tennessee Royal Mens Sz 10.5 UT Vols Orange and White Oxfords , New Cole Haan Benton II Wingtip Oxfords Dress Shoes Black C24117 Mens Size 8 MWomen Adidas CP8756 Duramo 8 Running shoes white sneakers , Guess Women's New Brown Leather Studded Rhinestone Cowboy Ankle Boots Heels Sz 6 , Via Spiga "Idelissa" Black Leather Buckled Knee High Boot Women Size 5 MWomens RivetDenim Rhinestone Zip Stiletto Heel Pointy Toe Knee High Boots Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Pleaser Women's mogochinese-29270 Del1017rsf/c-g Pleaser/Gch Ankle Clr-Gold/Gold Bootie, Clr-Gold/Gold Chrome, 6 M US 1b57200 -

    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.

    Pleaser Women's mogochinese-29270 Del1017rsf/c-g Pleaser/Gch Ankle Clr-Gold/Gold Bootie, Clr-Gold/Gold Chrome, 6 M US 1b57200 -

    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
    Pleaser Women's mogochinese-29270 Del1017rsf/c-g Pleaser/Gch Ankle Clr-Gold/Gold Bootie, Clr-Gold/Gold Chrome, 6 M US 1b57200