Never miss an update

Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a

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
Material: Synthetic Style: Mary Janes
Occasion: Casual Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Width: Medium (B, M) Heel Type: Block
US Shoe Size (Women's): US SIZE
Never miss an update

Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a -

    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a
    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a
    Delman Vintage Block Heel Pumps Shoes Olive Womens Size 7OLD WEST 130218 NWT TAN W/ TEAL LEATHER CARVING COWBOY BOOTS SZ 9Mr/Ms Demonia Crux-07 Platform Heels - Gothic,Goth,Punk,Black,Buckle Best-selling worldwide Attractive fashion Exquisite processingSexy Open Toe Women Buckles High Heels Punk Zip Sandals Boots Stilettos Shoes Sz , Stuart Weitzman Womens Brown Suede Heels 7 M Made In SpainVia Spiga Women's Black Leather Slingback Silver High Heels Size 9 M ShoesSexy Hollow Out Stiletto Strappy Womens Sandal Boots Pumps Banquet Shoes Black , New Vitality Womens 10AAA Brown Genuine Lizard Leather Heeled Pump ShoesWomens Open Toe Sandal High Heel Stilettos Pumps Gladiator Shoes US SZ 4.5-12Womens High Top Mixed Colors Retro Strappy High Chunky Heels Roman Shoes I100 , Womens Spiffy Wedge Heel Shoes Cream Slip On Size 9 Made in Spain with BoxAlegria Pewter Dazzler Leather Flair Mary Jane Wedge Shoes 9.5 NewRoman Womens Summer Party High Heels Back Zippers Stilettos Gladitor Sandals SzWomen Buckle High Block Heel Hollow Out Ankle Boots Shoes Patent Leather SandalsMen/Women Fabulicious CHIC-06 Great variety Pleasant appearance Immediate delivery , Womens Fashion Sandals Stilettos Strappy Boots Pointy Toe Sexy Hollow Out Pumps , Bettye Muller New Barrow Brown Womens Shoes Size 10 M Heels MSRP $295Via Spiga Women's Black Kitten Heels Size 7.5WJoan & David Women's Suede Peeptoe Cork Wedge Shoes (11 B(M), Pink) , BENJAMIN ADAMS Womens Ivory Satin Open Toe Platform Pumps Sz 7.5 , 6" Adrienne Maloof Metallic Platform Stiletto Heels Shoes Size 5.5M Bronze Gold , Cleopatra Leather Gladiator Pumps by Monticello Shoes (Size 7)$325 STUART WEITZMAN MIDTANGA Silver Snake Leather Designer Strappy Sandals 5.5Stuart Weitzman Women's "MIRAMAR" BLACK PATENT SANDAL SHOES 6.5N NARROW , Jeffery Campbell Havana Last "Rock Me" Wedge Heels , TORY BURCH GIGI METALLIC LEATHER LOGO PUMP SIZE 8.5 GOLDPLEASER High Heel Glitter Ankle Bootie Peep Toe Platform DELIGHT-1018G Silver , Women's Shoes RALPH LAUREN HALLIE Strappy Platform Heels Sandals Leather Tan 9.5 , Gentle Souls Women's Hey Gabe Black Silver Ankle-Strap Sandal Leather T Strap ,
    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a ->Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a -
    Free People Leather Boot Circle Back Heel Black Boho Bootie Boot size /9 , Spring Step Women's Popsicle Winter Boot, Brown, 40 EU/9 M USMan/Woman David Tate Women's Best Boot High quality and low overhead Let our goods go to the world Sales online store , Versace 19.69 Italia Women's VELOUR MARRONE Short Boots BROWNSJP by Sarah Jessica Parker Women's Khloe Fashion Boot Navy Size 9.0FABULICIOUS USA AMOUR-03 WHITE SATIN MARABOU SLIPPERS HEELSIvanka Trump Dritz Strappy Pumps 509, Black Patent, 6.5 USVia Spiga Women's Marlow Slip ON Sneaker - Choose SZ/Color , Gentleman/Lady Flat Comfortiva Roma Burgundy Cow Vintage quality Ranked first in its class Superb craftsmanshipSESTO MEUCCI Brown Leather Tassel Loafers - Women's 8 - EUC! , Kenneth Cole Collection Pumps Size 7.5 M Pre Owned , Pleaser Captiva-601 Womens Platform Slide- Choose SZ/Color.Franco Sarto Women's Mystic Knee High Boot US 7 M Black Leather Heel Zipper NWB , Womens summer Sandals Shoes Flip Flops Rhinestones wedge Ankle Buckle SlingbacksDS Nike Roshe Run One N7 Black Turquoise Red 746654-004 US 10 Rosherun RunningNike Air Huarache Green Abyss Water White 318429-331 Men's 10.5 , 2005 Nike SB Dunk High NL NO-LINER NET WHEAT BROWN GREEN CURRY KHAKI BONE NEW 9 , Nike Zoom Cage 3 Mens Tennis Shoe NY 2017 , NIKE AIR FORCE 1 LOW ID SPORT RED/TOUR YELLOW-WHITE SZ MEN'S 11.5 [808791--999]NIKE SLAM DUNK JORDAN SUPER FLY 3 718154-005 sneaker BLACK US 10Columbia Men's Newton Ridge Plus Slip Waterproof Hiking ShoeBELLEVILLE TR966 KHYBER 6" HYBRID TACTICAL/ DUTY BOOTS * ALL SIZES - NEW , ECCO Men's Soft 8 High Top Indigo/Powder 44 M EU MNIKE ZOOM RIVAL M 8 TRACK SHOES MEN'S SZ 4 WOMEN'S 5.5 NEW 806555-017 $65 NOLIDWalking Cradles Women's Neece TAUPE Stamped Leather 9.5 US OPEN TOEGentleman/Lady Dansko Women's Professional Clog Black Cabrio Complete specification Primary quality renewed on time , Nike Air Vapormax 97 Womens Gold Blur Coral Running Shoe AO4542-902 Size 6.5 , Reebok BD5005 Womens Crossfit Grace TR Cross Trainer- Choose SZ/Color.Gentleman/Lady Le Talon Shoes 758298 Brown S New product Win highly appreciated negotiation , Chic Womens Stilettos Pointy Toe Pull On Rhinestones Lady Elegant Mid Calf Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a -

    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.

    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a -

    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
    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a