Never miss an update

Cole 7667 NEW! Haan BRITT SHEARLING Black 27948 Suede Wedge Clogs 7667 Size 10.5 B NEW! e277de0

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
US Shoe Size (Women's): 10.5
Brand: Cole Haan Color: Black
Style: Clogs Material: Suede
Heel Height: High (3 in. to 4.5 in.) Heel Type: Wedge
Width: Medium (B, M) UPC: 743296262652
Never miss an update

Cole 7667 NEW! Haan BRITT SHEARLING Black 27948 Suede Wedge Clogs 7667 Size 10.5 B NEW! e277de0 -

    Cole 7667 NEW! Haan BRITT SHEARLING Black 27948 Suede Wedge Clogs 7667 Size 10.5 B NEW! e277de0
    Cole 7667 NEW! Haan BRITT SHEARLING Black 27948 Suede Wedge Clogs 7667 Size 10.5 B NEW! e277de0
    NIB DONALD J PLINER Brown ZAYIT Polished Leather Peep Toe Pump Sz 8.5 100115A-EDolce&Gabbana Patent Leather and Eel Blue Anguilla Classic Pumps M Size 39OSCAR DE LA RENTA Black Slingback Velvet Embroidered Sequin 4" Heels 39.5 ShoesNWOB AERIN 'COCOBAY' METALLIC LEATHER D'ORSAY SANDALS Size 9 M Retail $360 , Bling Bling Wedding Shoes Gradient High Heel , Cole Haan Suede Chelsea Open Toe Black Pumps, 11MSJP High Heel Pumps Navy Blue Women Sz 35Salvatore Ferragamo 7 B Brown Leather Gancini Slide Heels Italy$350 JILL STUART SASHA Navy Blue Satin Sequence Designer Fashion EVENING Pumps 6Sam Edelman Dani Beaded Pointy Toe Pump Suede Black Women Sz 8 M 2858PRADA - Color Block Pink Leather Strappy Wooden High Heel Sandals 7 37.5MIU MIU Black Patent Leather Open Toe 5" Stiletto Pumps Sz 38.5/US 8.5 , YVES SAINT LAURENT - VTG YSL Orange Leather Mocasin Loafer Heel Pumps 8.5 AAAMARVIN K Womens Platinum Patent Leather Sz 8.5 Pumps NEW! 200393Gorgeous Giuseppe Zanotti turquoise butterfly jeweled sandals! Size 7BSTUART WEITZMAN AUTH $399 Women Python Leather Open Toe Slingback Sandal Sz 8.5 , Pleaser 7" pink multi layer tile dancer sandals , JEFFREY CAMPBELL HOUGH SUEDE EMBELLISHED HEEL SIZE 10M , Jaggar - Women's Stitched Block Heel - Red , Pleaser 7" pearl and rhinestone platform sandals , Snake Bebe Heels Shoes New Never Worn SiE 8 Black Awesome Made In Spain LeatherDolce Vita Side Zip Leather Suede Pump Black Women Sz 7 2033 , DESIGNER JIMMY CHOO OFF WHITE SATIN OPEN TOE HIGH HEEL SANDALS 39 M , STUART WEITZMAN Missette Scarlet RED Suede Shiny Multi-Colored Heel Pumps 7 MVince Camuto Kipper Embellished Suede Sandals Natural Women Sz 8 M 2301 , Ralph Lauren Ladies Sz 7B Collection Jeona Bootie Cream/Navy Bootie THESPOT917 , NEW Donald J Pliner 'ZANNA-0202' Black & Gold Suede Woman's Heels 8077 Sz 7.5 M , Sigerson Morrison Seanna Women's Kitten Heel Light Gold Size 7 M $400* , Men/Women Women shoes size 10 Attractive and durable auction cheaper
    Cole 7667 NEW! Haan BRITT SHEARLING Black 27948 Suede Wedge Clogs 7667 Size 10.5 B NEW! e277de0 ->Cole 7667 NEW! Haan BRITT SHEARLING Black 27948 Suede Wedge Clogs 7667 Size 10.5 B NEW! e277de0 -
    Columbia 1627612 Mens Peakfreak Venture Mid Omni-Heat Waterproof Wide-W Hiking , Rocket Dog LORENACA Womens Lorena Clarissa Pu Ankle Bootie- Choose SZ/Color.FRYE Women's Brown Paige Tall Riding Boots 4245 Sz 6.5 BFRYE Women's Harness 8R Boot Dark Brown 8 M US , NIB Sanders Cheltenham Full Brogue Derby Boots (Made in England) RRP $560Chinese Laundry Christabel Peep-Toe Sling-Back Sandals, ToffeyBareTraps Florrie Comfort Sport Sandals, Dark Grey, 8 USVALEA Orange Suede Leather Ballet Flats Gold Geometric Detail EU39 8.5M Italy! , Ballerine MAMZELLE chaussure à talon haut compensé sport mocasin CUIR 36 NEUF , MANOLO BLAHNIK - VTG Classic Dark Purple Plum Suede Curved Heels Pumps 7.5 38 , Lauren Ralph Lauren Candice Slingback Sandals 121, Natural, 8.5 US / 39.5 EUMerrell Around Town Sunvue Slide Women's Size 7 Merrell Stone 25%OFFVans Men's Shoes "Sk8-Hi Reissue" -- (Retro Sport) DelftMen's/Women's Nike men's shoes Not so expensive Good market Seasonal promotionNIKE DUAL FUSION BB HYPER BLUE VOLT WOLF GREY BASKETBALL SIZE 12-13 536367-403 , Men's/Women's [CQ2223] Mens Adidas Originals Indoor Super Easy to use Medium cost Fashion dynamicNike AIR JORDAN 10 Retro DISCOUNT HIGHTOP KICKS Size 10 Mens Original Box NYC , MENS MIZUNO WAVE SAYONARA 3 in colors BLACK / BLACK / YELLOW-GREEN SIZE 8.5 , JOHNSTON MURPHY PASSPORT Mens BROWN LEATHER TRAVEL WALKING COMFORT OXFORD 10.5MSkechers for Work 77042 Mens Soft Stride Mavin Athletic OxfordHandmade Borgesi Mens Dress Shoes Black Leather Slip-on Square Toe Size US 10MFlorsheim Mens Orlando Bike-Toe Oxford- Pick SZ/Color.Rockport Men's Derby Room Cap Toe Oxford - Choose SZ/ColorPropet Men's Adjustable Strap Bootie Cinnamon Sheepskin SlippersNike Women's Flex Adapt Tr Ankle-High Running Shoe , Adidas Samoa Textile Women's Classic Sneakers Shoes BB8613 Linen Khaki Size 11Privileged 6.5" High Heel 3" Platform Sexy Boots Size 7.5 Drag,Pewee Herman , Womens High Heel Pointy Toe Rhinrstone Buckle Party Zippers Suede Ankle Boots sz , Kelsi Dagger Brooklyn Women's Logan Over The Knee Boot Forest Size 6.0Frye Womens Miranda Stud Tall Pull On Apricot Casual Knee High Heels Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cole 7667 NEW! Haan BRITT SHEARLING Black 27948 Suede Wedge Clogs 7667 Size 10.5 B NEW! e277de0 -

    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.

    Cole 7667 NEW! Haan BRITT SHEARLING Black 27948 Suede Wedge Clogs 7667 Size 10.5 B NEW! e277de0 -

    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
    Cole 7667 NEW! Haan BRITT SHEARLING Black 27948 Suede Wedge Clogs 7667 Size 10.5 B NEW! e277de0