Never miss an update

Easy 2.5 Spirit Neoma leather leather pump white anti gravity 2.5 WIDE " heels sz 8.5 WIDE New 4cb7269

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: Easy Spirit
Shade: white Style: Pumps, Classics
Heel Type: Kitten US Shoe Size (Women's): 8.5
Shoe Type: Heels Width: Wide (C, D, W)
Color: White Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Fastening: Slip On Material: Leather
UPC: 740351232629
Never miss an update

Easy 2.5 Spirit Neoma leather leather pump white anti gravity 2.5 WIDE " heels sz 8.5 WIDE New 4cb7269 -

    Easy 2.5 Spirit Neoma leather leather pump white anti gravity 2.5 WIDE " heels sz 8.5 WIDE New 4cb7269
    Easy 2.5 Spirit Neoma leather leather pump white anti gravity 2.5 WIDE " heels sz 8.5 WIDE New 4cb7269
    Imagine Vince Camuto Women's Jefre Dress Wedge Sandals PlatinumJeffrey Campbell Audrey Two Wedges Size 6 in Mint , Pour La Victoire leather Pumps Sz 8 , 5" Heel Rhinestone Curvy Black Satin Platform Cocktail Closed Back Sandals 5-14New $130 Kenneth Cole Brooke Taupe/Cashew Suede Heels Sandals Size 7 , NIB ATHENA Cece Size 8 Red Ruffled Mesh High Heels Boots w 4.5" Heels NEWWalking Cradles Joy Heel - Women's Size 8.5M Black7" Silver Tassels Stripper Heels 70s Disco Dancer Costume Shoes Womans size 9 10NEW NINA Heels 9 1/2 Medium Brown Suede Pumps Shoes Leather Sole Made In Spain , Calvin Klein Kasey Suede Pumps - Women's Size 8.5 M, BlackNude Cream Satin Bridesmaid Heels Salsa Ballroom Dance Shoes Womans 7 8 9 10 11 , New Dolce & Gabbana Black Silk & Colored Sequin Strappy Heels Sandals 37 US 6.5MARI A. Embroidered Flowers Heel Sandals Black NEW Sz.9Easy Spirit Vonni black & white leather wedge pumps 6.5 Md NEW , Gentlemen/Ladies Mia Rocco Limited Edition quality Beautiful appearance Fair price , Taboo 708MG Clear Ankle Strap Mini Iridescent Glitter Platform 7.5" Heel Size 5 , ADORE-701-4 7" TRUCKER GIRL GLITTER/BOTTOM CLEAR BAND POLE DANCE PLATFORM SLIDE7" Clear Silver Platform Heels Stripper Pole Dancer Pleaser Adore Shoes 7 8 9 10 , NIB $165 French Connection Women's Fall Winter Booties - Sz 9.5Cole Haan NikeAir Brown Patent Leather Penny Loafer Pumps Heels 9 1/2 NWOB!ADORE-708MMG 7" GLITTER UPPER/BOTTOM CLEAR ANKLE STRAP POLE DANCE PLATFORMEasy Spirit Safra wedge slingback pumps black leather print sz 8 Med NEW , Imagine Vince Camuto Women's Reya Satin Dress Pumps Vanilla Size 5.5MDolce Vita Havoc Leather Open Toe Beaded Heels in Black Size 9Sol Sana Tina Suede Mule, 37, Yellow , 7" Clear White Platform Heels Stripper Pole Dancer Pleaser Shoes size 6 7 8 9 10 , Gasuccio & Scalera Shoes Size 37 M US Leather Black T Strap Square ItalyEasy Spirit Cavalier loafer black leather sz 9 Med NEW , Stuart Weitzman Size 6.5 Brown Leather Strappy Open Toe Heels Sandals
    Easy 2.5 Spirit Neoma leather leather pump white anti gravity 2.5 WIDE >Easy 2.5 Spirit Neoma leather leather pump white anti gravity 2.5 WIDE
    Nando Muzi 01A Black Leather Over-the-High Pointed Toe Boots 37 / US 7 , Sigerson Morrison Pull On Suede Block Heel Boot Black Women Sz 8 5827 *Men's/Women's Christian Louboutin Quality products First quality Selling new productsWomens Grace Pumps High Heels Color Stitching Slingbacks Pointy Toe Shoes PumpsSteve Madden Hugh Embellished Mule 1/2" Heel Slip-on size 6.5 NEW IN BOXKlogs Reese Women's Slip On Leather Shoes Display Model Black Troy 9 M , Sexy Hot Stylish Women's Nightclub Party Casual 17Cm High Heels Shoes Sandals 18 , Korean Womens Block Heel Shoes Suede Pearls Rivets Pull On Pumps Round Toe sizes , POETIC LICENCE LONDON Heels Sandals Fruit Wedge Slides Polka Dot Retro TikiWomens Pointed Toe Stilettos High Heels Platform Sexy Shoes Slip On Pumps SZ 40 , Pour La Victoire Women's Val Dress Pump - Choose SZ/Color , WOMEN'S UNISEX FLIP FLOPS SNEAKERS CROCS CLASSIC SLIDE [204465 WHITE]23 Adidas Mens Equipment Running Wool Grey/Black AQ8454 Originals Shoes 9 10 , ASICS JOLT (4E) Men shoes indigo blue silver black T7K4N-4993 Size 8.5 & 11.0nike womens blazer mid PRM hi top trainers 403729 105 sneakers shoes , Nike Men's ZOOM KD 9 ELITE Shoes Pale Grey/Ivory 878637-001 size 9 mensBrooks Men's Adrenaline Gts 12 White/Obsidian/Brllntblue/Drknvy Running Shoe 8 , Men’s Nike Lunarepic Low Flyknit 2 “Oreo” Size-8 Black White Blue 863779 041NIKE LEBRON SOLDIER XI 11 NEUTRAL OLIVE BLACK CAMO GUMMED 897644 200 SIZE 13.5NIKE AIR MAX 90 PREMIUM LTR MEN'S US SIZE 10 STYLE AH8046-200Mr/Ms French connection Heeled booties superior low cost have fun , KEEN 1002375 Targhee II Waterproof Mid Men's Hiking Boot SZ 10.5EXCELLENT CONDITION Executive Imperials Men’s Black Wingtip Oxford - 7 3EMan/Woman Mens Rockport Proof MWT14 Diverse new design Carefully selected materials cheap priceNEW BALANCE 510 510v3 Womens D WIDE WIDTH Trail Running WT510LB3 NEWNIKE WOMEN'S AIR MAX SEQUENT 2 SIZE: US WMNS 8 , Man's/Woman's Samoa Adidas Size 8 Many styles At a lower price Current shape , Womens Patent Leather Pull On Buckle Chunky Heels Shoes Ankle Boots Booties New , Impo Noland Knee-High Kitten Heel Boots, Vino, 5.5 US , Boot Jessica Simpson Yeni Black Woven Elastic-Soft Nappa Silk
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Easy 2.5 Spirit Neoma leather leather pump white anti gravity 2.5 WIDE

    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.

    Easy 2.5 Spirit Neoma leather leather pump white anti gravity 2.5 WIDE " heels sz 8.5 WIDE New 4cb7269 -

    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
    Easy 2.5 Spirit Neoma leather leather pump white anti gravity 2.5 WIDE " heels sz 8.5 WIDE New 4cb7269