Never miss an update

Women's Sandals High Stiletto Heel Open SHoes Toe Suede Leather Stiletto Evening Floral Sandals SHoes f3236a8

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
Country/Region of Manufacture: China
Width: Medium (B, M) Style: T-Strap
Pattern: Floral Fastening: Buckle
Occasion: Clubwear Heel Height: Flat (0 to 1/2 in.)
Brand: Unbranded Material: Suede
Heel Type: Slim
Never miss an update

Women's Sandals High Stiletto Heel Open SHoes Toe Suede Leather Stiletto Evening Floral Sandals SHoes f3236a8 -

    Women's Sandals High Stiletto Heel Open SHoes Toe Suede Leather Stiletto Evening Floral Sandals SHoes f3236a8
    Women's Sandals High Stiletto Heel Open SHoes Toe Suede Leather Stiletto Evening Floral Sandals SHoes f3236a8
    Women's High Stiletto Heel Bowties Ankle Strap Open Toe Prom Dating Sandals , Italy Roberto Cavalli Angels Rhinestone Sandal Size 37, 38 /US Women 7, 8 , Women's Block Low Heel Sandals Open Toe Mental Buckle Casual Pearl Solid Suede , Womens Open Toe Platform Rhinestone Flip Flop Sandals Slingback Buckle Shoes Hot , 35-43 Roman Womens Open Toe Gladiator Hollow Out Sandals Boots Clear High HeelWomen Stripes Leather Platform Wedge High Heels Ankle Strap Buckle Sandal ShoesEUR35-43 Womens Leather Open Toe Ankle Strap Sandals Heels Stilettos Shoes H535New Trendy Denim Women's Stilettos Slip On Casual Pointy Toe Pumps Sandals ShoesWomen's Sweet Rabbit Fur Decor Velvet Open Toe Ankle Strap Med Cuban Heel Sandal , Pleaser Women's Amuse 10 Red Patent Dress Sandals , Roman Womens Platform Wedge Heel Ankle Strap Open Toe Sandals Summer Shoes Pumps , Women Ankle Boots Slip On Open Toe Roman Sandals Gladiator High Wedge Heel ShoesWomen Summer Style Open Toe Cross-Strap Casual Party Wear High Heel SandalMariana by Golc Women's Sybil Navy Leather Sandal , Women Peep Toe 4 cm Platform 16 cm High Heels Stiletto Rivet Metal Decor SandalsWomen Floral Rome Open Toe Strappy Sandal Ankel Boots Genuine Leather ShoesWomens Peep Toe High Heel Platform Denim Over Knee Sandal Boots Gladiator Shoes , Diane Von Furstenberg Melanie Black and White Leather Flat Flip-Flop SandalCreeper Low Heel Ankle Strap Ladies Sandals Peep Toe Summer Casaul Shoes 4Y-16Gold Womens Fashion Roman Gladiators Sandals Rhinestones Clip Toe Shiny Sandals , STUART WEITZMAN SLIDE MULE BEIGE TAN CLASSIC SLIP ON SIZE 10 M VEGANSandal Nine West Grinning 3 Black SyntheticSperry Top Sider Women's Gold Cup Vivian Mora Grey Heeled Sandal 9.5 M (STS97788Women Gladiator Rhinestone Bohemia Sandals Thong Flats Beach Buckle Beach ShoesWomens Multi Color Slingbacks Buckle Strap Sandals Summer High Heel Pumps ShoesWomens Party Leather Sandals Ladies Buckles Stiletto Ankle Straps Shoes FashionWomen Rivet Pearls Bow Knot Ankle Strappy Platform Wedge High Heel Sandals Shoes , Jessica Simpson Womens Emagine Leather Peep Toe Special Occasion Strappy Sand... , 2018 Occident Over High Wedge Heels Platform Leather Womens Straps Sandals Shoes ,
    Women's Sandals High Stiletto Heel Open SHoes Toe Suede Leather Stiletto Evening Floral Sandals SHoes f3236a8 ->Women's Sandals High Stiletto Heel Open SHoes Toe Suede Leather Stiletto Evening Floral Sandals SHoes f3236a8 -
    Clarks Ornella Chelsea Sand Natural Suede Platform Wedge Booties Boots ITALYCaterpillar Women's Hester Boot - Choose SZ/Color , Old West Women's 12 Inch Snip Toe Fashion Wear Cowboy Boot Black Crunch Leather , Newrock Neopunk004 S1 Rare New Rock Ladies Platform Black Leather Gothic BootsFioni Tan Backless Weaved Pointed Toe Slip On Kitten Heels Mule Shoes SZ 7.5NEW PRICE Elie Tahari Bretta Pump, Leopard print, Brand New, US 6 Womens , Gentleman/Lady Demonia Kera-08 Kera-09 Kera-21 Womens Shoes Good world reputation First quality Don't worry when shopping$325 CYNTHIA VINCENT JONAH Nude Leather Designer Wedge Sandals 7.5 SAVE$200 , Elisabetta Franchi Shoes Pumps -50% Leather Italy Woman Reds SA3201629V325-303 , Pre-owned authentic Giuseppe Zanotti nude blush pink plated T-strap sandals 37 7Customized Dog 3D Print (White/Black) Running Shoes For Women Designed By Laurel , Keds Women's Craze II Sneaker White Twill CanvasDC Men's Shoes "SWITCH PLUS S" Black/Black/Black(3BK)Converse Men's Break Point Ox Ankle-High Fashion SneakerAdidas Matchcourt RX Navy Blue Gum Sz 9 BY3987 , New Balance Worthy 740 Purple Reign P740PPR X Packer Shoes Men's 10Mens Nike Presto Fly 908019-600 Gym Red Brand New Size 9.5Nike Free 5.0 Men Sneakers Size 13 M Navy Gray Style 63615DC SHOES SKATE PURE SE BLACK - GREY - BLACK 301024 XKSK MENS , Nike Jordan 11 Retro Low GG Citrus Shoes Size 9 Y (fits mens 9) These are nice! , NEW NIKE FLEX SUPREME TR4 = SIZE 15 = PREMIUM RUNNING MEN'S SHOES 806897-0071808 Nike TiempoX Legend VII Academy Men's Turf Soccer Football Shoes AH7243-006 , NIKE AIR JORDAN 5 RETRO METALLIC WHITE MENS SIZE 10 DEADSTOCK , LOS ALTOS MEN BROWN GENUINE TEJU LIZARD ROUND TOE WESTERN COWBOY BOOT , Converse Chuck Taylor 70s Blue Navy 9 White High Beige Cream 1970s 2Fashion Punk Men Spike Rivet Dress Slip On British Pointy Toe Loafers Shoes , Mr/Ms Rocket Dog Womens Alarm High quality and low overhead The highest quality material Fair priceSam Edelman Rio Black Perforated Leather Women's Bootie Boots Heels Sz 7.5 $120Stylish Womens Suede Pointed Toe High Heel Shoes Hollow Over Knee Thigh Boots SZ , Carlos by Carlos Santana Fitz Peep Toe Over The Knee Boots, Black ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Sandals High Stiletto Heel Open SHoes Toe Suede Leather Stiletto Evening Floral Sandals SHoes f3236a8 -

    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 Sandals High Stiletto Heel Open SHoes Toe Suede Leather Stiletto Evening Floral Sandals SHoes f3236a8 -

    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 Sandals High Stiletto Heel Open SHoes Toe Suede Leather Stiletto Evening Floral Sandals SHoes f3236a8