Never miss an update

Calvin Klein Shoes Women's Klein Pump Heels Shoes Tanda Pump Shoes Pompeii Color Size 11 M 7dccb66

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
Style: Classics
Gender: Women Brand: Calvin Klein
Never miss an update

Calvin Klein Shoes Women's Klein Pump Heels Shoes Tanda Pump Shoes Pompeii Color Size 11 M 7dccb66 -

    Calvin Klein Shoes Women's Klein Pump Heels Shoes Tanda Pump Shoes Pompeii Color Size 11 M 7dccb66
    Calvin Klein Shoes Women's Klein Pump Heels Shoes Tanda Pump Shoes Pompeii Color Size 11 M 7dccb66
    La Redoute Collections Womens Ballerina Style HeelsWOMEN'S LUVSHOES FLORAL / BEADED PUMPS SZ 8 NIB , NIB $168 COLE HAAN Garland Jewled Pump Storm Cloud Suede 6.5Stuart Weitzman Womens pumps 8AA Dull Pink Satin Heels straps Shoes solid NWOBSalvatore Ferragamo Lot Of 2 Women's Leather Shoes Pumps Black Size 8.5 , Chloe Womens Pumps Size 38.5 8.5 Brown Leather Platform Block Heel Mules , Steve Madden Womens Dove Leather Pointed Toe SlingBack Classic PumpsAnne Klein Womens Adette Black 5 B(M) US , Sam Edelman Women's Ludlow Pump Pink Magenta 8.5 M US , Lady Couture Heel Size 39 Womens Picaso Shoe Large Bow Multi Color Pump , TOD'S women shoes sz 7 Europe 37.5 brown leather S7207Limited Edition 60 Te Casan NY by Fay B women Open Toe Suede Pumps Sz 7.5Mr/Ms Cole Haan Claudine Velvet Pump Crazy price, Birmingham Clearance Complete specifications , Miss L Fire 37 Grable Hunter Forest Green Suede Wedge Heels MaryJane Cross Strap , Anne Klein Sport Women's Ardmore Fabric Wedge Pump Black 10 M US , L.K. Bennett White Espadrille Wedge Heels Shoes, Size 9 (US) 39 (EU) , 7" High Heel Novelty Hoof Heelless Sloe Sexy Leopard Buckle Straps Ballet shoesBADGLEY MISCHKA LANDMARK PLATINO STRAPPY PUMPS IN SIZE 7M / NWT / $185.00 RETAIL , Adrienne Vittadini Womens Phyre Black Block Heels 8.5 Medium (B,M) BHFO 9632Prada Sport Black Platform Wedge Size 39.5EKS Women's Satin Full Sole Diamonds Pointy Closed Toe High Heel Pumps 8 M USBalenciaga Paris Womens Green Patent Leather Pointed Toe Pumps Sized 37.5 7.5 , Pleaser Women's Aspire 608T Platform Sandal Clear/Light Blue Tinted HeelsPrada Light Tan Flower Closed Toe Heels Size 38 , The Highest Heel Women's Slick Ankle-Strap Pump Red Kid Polyurethane 7 M USVia Spiga Women's Beige Leather Wedges 5.5 Mnew DONALD J PLINER Couture Bibi black croco Jeweled mules slides flat Shoes 9.5 , Easy Spirit Women's Ailene Pump,, Black, Size 7.5Bandolino Women's Norcia D'Orsay Pump Navy Satin Pumps ,
    Calvin Klein Shoes Women's Klein Pump Heels Shoes Tanda Pump Shoes Pompeii Color Size 11 M 7dccb66 ->Calvin Klein Shoes Women's Klein Pump Heels Shoes Tanda Pump Shoes Pompeii Color Size 11 M 7dccb66 -
    Vince Camuto Women's DRISTA Ankle Boot - Choose SZ/Color , Geographical Norway Men Sneakers Oligan black black Men's shoes casual sportECCO Womens Crepetray Ladies Low-Top Sneakers, Black 2001, 6 UK , Superga 2750 Lamew Shoes in Glitter Rose Gold Pink & SilverDr Martens Brown Leather Womens Shoes Sz 6 Excellent Chunky , BCBG Max Azria dusty pink comfort ballet flats shoes size 39 Made in Spain , Women Stiletto Super High Heels Pointy Toe Pumps Shoes Nightclub Party Shoes szPleaser ADORE-708UVG Women's Clear Neon Green Glitter Heel Platform Strap Sandal , Steve Madden womens blonde salad monaco sandals tan 8.5 retail $150 , Women's shoes wedges leather model SHELLY by HGilliane Design Us 3.5 to 12Womens CHLOE 228434 brown / camel suede gladiator wedge sandals sz. 38.5 , Nike Mayfly Woven Shoes Sneakers New Size 12 New 833132 001 , PUMA Men's Escaper Sl Sneaker - Choose SZ/ColorVans Men's Slip-On 47 V Dx (Anaheim Factory) Skate Shoe32 New Adidas Freak X Kevlar Mid Mens Football Cleats Black Size 11.5 AQ6835adidas Men's Terrex Agravic GORE-TEX Trail Running Shoe , Nike Air Jordan Rising High Red Black White Jumpman 768931-601 Size 13*New ItemNike Lebron XV Graffiti Mens AQ2363-100 White Black Basketball Shoes Size 12 , Men’s Dexter Cognac Leather Cowboy Boots with Ostrich Print, size 9.5 , Brooks Chariot Shoes (8) Dazzling Blue / Bright GreenTopo Athletic Womens Halsa Running Shoes W010 Emerald/Black Size 6.5Asics Gel Kayano 22 Lite-Show Womens Runners (B) (6793) + FREE AUS DELIVERY , Nike Women's Size 8.5 Air Max Thea Black Summit White 599409-020PUMA Womens Fenty x Faux Fur Slides Bay Silver 10.5 BM US , AUTHENTIC LUXURY PRADA SNEAKERS SHOES 3E6202 GRANATO NEW US 7Gentlemen/Ladies Mizuno Women's Wave Catalyst Running Shoe New Listing International choice Outstanding style , C Women Ankle Boots Chunky heel LeatherStretchy Velvet Party Pointy toe CasualNaughty Monkey Riders High Taupe Suede Leather Boots Sz 6.5 , Sexy Womens Shoes High Heels Leather Pointy Toe Nightclub Over The Knee Boots , Cole Haan Brown Suede Shearling Lined Knee High Wedge Boots 9.5B $385
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Calvin Klein Shoes Women's Klein Pump Heels Shoes Tanda Pump Shoes Pompeii Color Size 11 M 7dccb66 -

    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.

    Calvin Klein Shoes Women's Klein Pump Heels Shoes Tanda Pump Shoes Pompeii Color Size 11 M 7dccb66 -

    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
    Calvin Klein Shoes Women's Klein Pump Heels Shoes Tanda Pump Shoes Pompeii Color Size 11 M 7dccb66