Never miss an update

Schutz Black Suede Sandals Strappy High mogochinese-29910 Heel Sandals Black Size 9 B (F5) bfcf07a

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: in very good condition. Barely . The shoes are black suede with a mirror embellishment to never the open toe portion of the shoe. The heel is 6". There are a few mild scuffs that I tried to portray in the photos. Please see photos for further details.
Color: Black Brand: Schutz
Material: Suede Style: Strappy
Width: M) US Shoe Size (Women's): 9
UPC: Does not apply
Never miss an update

Schutz Black Suede Sandals Strappy High mogochinese-29910 Heel Sandals Black Size 9 B (F5) bfcf07a -

    Schutz Black Suede Sandals Strappy High mogochinese-29910 Heel Sandals Black Size 9 B (F5) bfcf07a
    Schutz Black Suede Sandals Strappy High mogochinese-29910 Heel Sandals Black Size 9 B (F5) bfcf07a
    Khombu Size 7 Gray Active Sandals New Womens Shoes , Lucky Brand Size 9 Black Leather Sandals New Womens Shoes , TEVA ORIGINAL UNIVERSAL DEREK LAM X ATHELETA PERF SANDALS WHITE SIZE 11 US , size 8 Jewel Badgley Mischka Hendricks Silver Ankle Strap Jewel Wedding Sandals$158 BCBG Max Azria Women Baden Leather High Heel Sandal Shoe,Black,US 8.5BCBG Nanah Wedge Sandal Thong Flip Flop Brown with Silver 7 B US- 37 EUBaretraps "Relate" Sandal 7.5 M Black Leather Upper New with Box , New Womens Suede Ankle Straps Special Heel Rhinestone Round Toe Wedding OL Shoes , Khombu Size 8 Gray Active Sandals New Womens Shoes , Earth Origins Harlin Women's Leather/Synthetic Brown Sandals Slip Ons Shoes 9.5M , KEEN Women's Green Sports Sandal Size 8 Waterproof Mountain Metatomical$158 BCBG Max Azria Women Baden Snake Leather High Heel Shoe,Black,US 9.5 , NEW In Box 8.5 Puma X Fenty By Rhianna Pink Jelly Slip On Slides Sandals Hippy$109 size 6.5 Steve Madden Casita Black Suede Heel Ankle Strap Sandals Shoes , $178 size 7.5 Avec Les Filles Marie Bow Black Leather Slide Womens SandalsBorn B.O.C ANDAYA Natural Slingback Wedges Sandals Tan Size US 7M I97 , Womens Ankle Strappy Buckle Pointy Toe Suede Stilettos Office Sandals Shoes New , $158 BCBG Max Azria Women Baden Embossed High Heel Sandal Shoe,Black,US 6.5 , L'Artiste By Spring Step Women's Aprika Display Model Sandal Grey Multi 37 US 7NEW ANTHROPOLOGIE FREE PEOPLE LEATHER BALKAN BROWN TAPESTRY WOMENS SANDALS US 6Teva Original Universal Sandal - Women's Miramar Fade Sage Multi 11.0$158 BCBG Max Azria Women Baden Embossed Leather Sandal Shoe, Black, US 8 , Womens Cole Haan W04282 Brown Thong Sandals 6 M..206ABruno Ricci for Diane B Black and Snakeskin Low Sandals 37 NEWTeva Original Universal Sandal - Women's Miramar Fade Coral Sand Multi 9.0$278 BGBG BCBGMaxAzria Womens Thera Platform Strappy Sandal Shoe, Cream, US 8.5 , Not Rated Black Yellow Leopard Platform Wedge Sandals Shoes Braided 7.5 NIBTEVA FLATFORM UNIVERSAL CANDY STRIPE CORAL WOMENS SANDALS SIZE 8 USSavi Arrienne Women's Flats Clear Diamond Leather Sandal Encrusted With Crystals ,
    Schutz Black Suede Sandals Strappy High mogochinese-29910 Heel Sandals Black Size 9 B (F5) bfcf07a ->Schutz Black Suede Sandals Strappy High mogochinese-29910 Heel Sandals Black Size 9 B (F5) bfcf07a -
    Women buckle Vintage pointed leather western cowgirl knight color matching bootsCamper Peu Cami 20848 Grey Sea Blue Womens Leather ShoesBlundstone Brogue Chelsea Boots - Leather, Factory 2nds Crazy Horse Sz US 7 M , Louise et Cie Yuma Gravel Wax Nubuck Fur Cuff Harness Bootie Shoe 8.5 NewMen's/Women's FRYE Women's Zoe Ring Short Clearance price Latest styles Known for its excellent quality , Nike Air Zoom Resistance [918194-001] Men Tennis Shoes Black/White-RedNIKE MENS TANJUN KHAKI LIGHT BONE KNIT SHOES **FREE POST AUSTRALIA , Gentlemen/Ladies WOMENS ADIDAS DISTANCESTAR LADIES RUNNING/SNEAKERS/FITNESS/RUNNERS SHOES durability Used in durability Reliable reputation , Lacoste Ziane Bl 2 Womens Trainers Black White New Shoes , 8100 Melrose Indigo Blue Leather Cross Strap Sandal Size 41Women cross straps buckle open toe stilettos platform pumps high heel shoesA1398Via Spiga Women's Sandals, Brown - Size 9.5MDonald J Pliner Dasan Brown/Multi Sandal Womens SZ 9.5 M New $225Nando Muzi 388a Blue Suede Denim Leather Embroidered Slide Sandals 39 / US 9 , Jordan Men's Super Fly 5 Basketball Shoes White/Black-White 13 , SAMPLE - Asics TIGER GEL LYTE EVO NT Men's Blue SNEAKERS Size 9 , The Nike Tiempo Finale 10R IC Men's Indoor Soccer Cleats NEW! Sz 7.5 , NIKE AIR MAX 1 OG ANNIVERSARY "AQUA" SIZE 10.5 NEW FAST SHIPPING (908375-105) , NIKE AIR MAX 1 ID BLACK/WHITE/GREY SZ 9 #(943756-971) “FEAR” , NIKE AIR TRAINER SC HIGH SOA BO JACKSON AQ5098 600 SPEED RED/BLACK/WHITENike Zoom Kobe XI 11 Elite Low Easter Shoes Mango Grey 822675-078 Mens Size 8 , 2018 RETRO JAPAN RELEASE ONLY NIKE AIR MAX 95 OG NEON BLACK VOLT DAY 554970-071 , Mens US Military Black Upper Leather Combat Boots Steel Toe , Pirelli Mens Driver Loafers Size 9 Shoe Navy Blue Racing Driving Made in Italy , L-3786998 New Brioni Capri Brown Leather Loafers Shoes US-11 Marked-10Nike Classic Cortez Nylon Womens 749864-201 Fossil White Running Shoes Size 8.5Plus SZ Ladies Peep Toe Knee High Sandal Boots Gladitor Flats Summer Roman Shoes$199 BCBG Max Azria Women Lexy Moc Toe Knee High Boot Shoe, Dark Caramel, US 10 , ROXY WOMENS THOMPSON ii 2 COMBAT BOOT CHOCOLATE SIZE 6 BRAND NEW IN BOXGentleman/Lady Khombu Alta Cold-Weather Ski Boots Beautiful design the most economical negotiation ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Schutz Black Suede Sandals Strappy High mogochinese-29910 Heel Sandals Black Size 9 B (F5) bfcf07a -

    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.

    Schutz Black Suede Sandals Strappy High mogochinese-29910 Heel Sandals Black Size 9 B (F5) bfcf07a -

    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
    Schutz Black Suede Sandals Strappy High mogochinese-29910 Heel Sandals Black Size 9 B (F5) bfcf07a