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 8.5Chloe 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) USSam Edelman Women's Ludlow Pump Pink Magenta 8.5 M USLady 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 7.5 , Mr/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 USL.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 9632 , Prada 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 38The Highest Heel Women's Slick Ankle-Strap Pump Red Kid Polyurethane 7 M US , Via Spiga Women's Beige Leather Wedges 5.5 M , new DONALD J PLINER Couture Bibi black croco Jeweled mules slides flat Shoes 9.5 , Easy Spirit Women's Ailene Pump,, Black, Size 7.5 , Bandolino 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 -
    Women Real Suede Lamb Fur Mid-Calf Boot Stiletto High Heel Pointy Toe Chic ShoesGentlemen/Ladies NEW JEFFREY CAMPBELL WOMENS ANKLE BOOT Charming design Skilled manufacturing Sales online storeNIB Stuart Weitzman Clinger Stretch-Velvet Mid-Calf Boot 8.5 9 , Nike Womens Air Zoom Odyssey Running Trainers 749339 008 Sneakers ShoesSteven By Steve Madden Womens P-Safe Slingback Platform PumpsGentleman/Lady Heel Nine West Doitright Nude PU Easy to use Environmentally friendly Strong heat and heat resistanceChinese Laundry Women's Wow Platform Dress Pump Nude Patent 8 M US , Bettye Muller Barrow Block-Heel Pumps 210, Red Suede, 9 US / 39 EUBORN (BLINTZ TAN) size 7/38 Sandal in Tan/Pink 4" including platform , Men's/Women's Jessica Simpson Women's Emagine Heeled Sandal Packaging diversity Wholesale trade classic style , NEW LOEFFLER RANDALL Women's VERA Ruffle Slide Sandal in Red Suede, Size 8Nike Air Jordan X 10 Retro CHICAGO BULLS WHITE RED BLACK STEALTH 310805-100 9.5Mens Skechers Equalizer 3.0 Sumnin Relaxed Fit Running Walking Sneakers US 8-14 , Asics Gel Lyte Iii Ronnie Fieg Usa Gold World Cup Rf Kith Sz 8Puma Trinomic R698 Sneaker Mens Shoes Trainers Blaze Trainers 362570-03 , NIKE LEBRON XI EVERGLADES SZ 10.5 !!!!Nike Air Huarache Mens 318429-306 Cargo Khaki Green Running Shoes Size 13PLAYERS EDITION~Adidas ADIZERO CRAZY LIGHT ILLWILL Basketball Shoe rose~Men 14.5 , Nike Air Jordan Spizike Toro Bravo Raging Bull Gym Red Black SZ 17 (315371-601) , US Shoe Size Men Penny Loafers Moccasin Slip On Leather Lined Comfort Casual NewNew Balance 1210V2 Leadville ___ Size 7 ___ WT1210C2, trail, 1210 v2, vibram , Womens North Face Trail Running Shoes North Face Ultra TR II Blue Purple NEW , Kenneth Cole Reaction Women's Log Set Clog Sandal Tan Leather Platform Sandals , WOMEN ADIDAS ORIGINALS NMD_R1 'Roller Knit' CG2999 (9.5 WOMEN) , New Frye Dara Chelsea Chestnut Suede Size 5.5 M Retail $298 , Handmade Ladies Chocolate Brown Narrow Sq Toe Western Boots - 2625 - Size 9TEVA WOMEN FOXY TALL BROWN WATERPROOF BOOT US 7 / / NIBMan/Woman CLARKS Women's Delana Fairlee Ankle Bootie We have won praise from our customers. Brand Cheap orderWomens SAM EDELMAN PENNY 217751 black leather tall boots sz. 6.5 $170Vince Camuto New Casha Brown Womens Shoes Size 9 M Boots MSRP $139 ,
    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