Never miss an update

FENDI Black Ankle Fendi! Patent Leather FENDI B Buckle Ankle Strap Sandals 38.5 8.5 ~ Fab in Fendi! 8d3c6fd

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, they come all by themselves and have scratching on the patent uppers and wear on the soles.
Brand: Fendi Country/Region of Manufacture: Italy
Style: Ankle Strap Measurements: Size 38.5 (US 8.5)
US Shoe Size (Women's): 8.5 AFF Product ID: FI.EL1010.09
Material: Patent Leather AFF Star Rating: 4.0 out of 5 -- Very Good Condition
Color: Black UPC: Does not apply
Heel Height: Flat (0 to 1/2 in.)
Never miss an update

FENDI Black Ankle Fendi! Patent Leather FENDI B Buckle Ankle Strap Sandals 38.5 8.5 ~ Fab in Fendi! 8d3c6fd -

    FENDI Black Ankle Fendi! Patent Leather FENDI B Buckle Ankle Strap Sandals 38.5 8.5 ~ Fab in Fendi! 8d3c6fd
    FENDI Black Ankle Fendi! Patent Leather FENDI B Buckle Ankle Strap Sandals 38.5 8.5 ~ Fab in Fendi! 8d3c6fd
    Gibellieri 2046a Pearl Leather Slides Sandals Flats 37.5 / US 7.5Stuart Weitzman Backview Nero Black Leather Tall Gladiator Sandals Size 5 MMan/Woman Chaco Women's Fields, Blues, 8 B Not so expensive Selected materials negotiation , NWB Pedro Garcia Pietra Platform Sandal Crystal Cage Peep Toe 39.5 9.5 Suede , Tory Burch miller sand patent leather logo sandal nib , NIB TORY BURCH "Sidney" Black Backless Loafer Mules Leather/Gold Sz 5.5 $358 , AUTHENTIC DIOR 38.5 BRONZE METALLIC LEATHER SLIDE SANDALS IDENTIFICATION HEELSTom Ford Black Padlock Flat Gladiator Sandals 35.5 $890 , COCLICO SHOES JEWEL WEDGES ANKLE WRAP SANDALS HEELS NEW 39.5 $415 NIB , Mephisto Pattie Black Silk/Dark Grey Comfort Sandal Women's Sizes 35-42 NEW!!! , Tory Burch Womens Size 13 Marion Quilted Leather Sandal NEW Sand $225 , Authentique sandale à talon Giuseppe Zanotti Design E30219 valeur *NEUF* , TORY BURCH $265 Natalya orange leather gold logo cork wedge heels sz 9 WORN ONCEALEXANDER McQUEEN LEATHER&WOOD MULES SHOES UK5.5 US8.5 , Lanvin Beige Snake Effect Leather Espadrille Wedge Sandal Size 36 $795MANOLO BLAHNIK Black Satin Classic Cross Sandal Sling back Heel 37/6.5Brian Atwood Women's Lavela Open Toe Booties Black Multi Leather Sandal Size 9 MMan's/Woman's FURLA SANDALES MERIDIENNE CUIR NOIR Customer first online shop retail priceF-9831169 New Valentino Sandals Tan Leather Yellow Feathers Marked 37 US 7 , Cordani Vintage Black Leather Peep Toe Platform Wedge Wellesley Shoe 8 NewFinn Comfort Womens Shoes Sandals Black City Soft Santorin Germany NEW Sz 10WNWOB MERCEDES CASTILLO delphia slide leather sandals, size 36/6, MSRP $495Schutz Glenna Heeled Dress Sandal, Women's 10B BlackWomens BEAUTIFEEL JO 228698 Coral taupe Leather Platform Sandals Sz. 39 NEW! , Newrock Unisex 7921-S2 New Rock Leather WEST Black Red Cowboy Leather Boots , NIB! YVES SAINT LAURENT GREEN PLATFORM SLINGBACK SANDALS SZ 40 US 9.5 , Robert Clergerie Black Chicago Platform Closed Toe Wedge Sandals 1009 Size 10 B , Fendi Brown Leather Strappy Wooden Platform Wedge Sandals SZ 39 , Lot of 4 women's Chaco sandals Vibram tread MINIMAL WEAR.. 10 M VERY NICE ,
    FENDI Black Ankle Fendi! Patent Leather FENDI B Buckle Ankle Strap Sandals 38.5 8.5 ~ Fab in Fendi! 8d3c6fd ->FENDI Black Ankle Fendi! Patent Leather FENDI B Buckle Ankle Strap Sandals 38.5 8.5 ~ Fab in Fendi! 8d3c6fd -
    SoftWalk Womens urban Closed Toe Ankle Fashion BootsDolce Vita Women's Joss Motorcycle Boot - Choose SZ/Color , Donald J Pliner VANNAH Black Calf Crepe Elastic Knee-high Boots 8.5 NWOB SOLDAdidas PureBoost Go Lightweight Stability Running Shoes White/Grey/Grey AH2311 , New Balance KV996P1Y W Wide 996 Purple Pink Green Kids Youth Shoes KV996P1YW , women's shoes MOMA 7 () elegant red leather BT43-37 , Jimmy Choo Brown Vachetta Leather Peep Toe Platform Pumps SZ 38.5$750 Jimmy Choo Black Mandy Leather Slingback Pumps 41 US 11 , $225 SAM EDELMAN "TINLEY" 206927 snake print leather slingback sandals sz. 8 NEWMan's/Woman's NEW CUPLÉ WOMENS SANDALS Elegant appearance First quality renewed on timeAqua Womens NWB Famous Orange Leather Sandals Shoes 7 MED NEWLuca Grossi 669 Gray / White Leather Platform Shoes Mules 36 / US 6 , Gentlemen/Ladies nike md runner 2 mid premium durable real Good quality , NIKE Air Jordan Jumpman Pro Quick Men Size 9.5 11 Shoes Midnight Blue 932687 401 , DC Shoes MADDO-M Mens Maddo Skate Shoe- Choose SZ/Color. , LIMITED ED~Adidas TECH STREET TS LITE ARMOUR AMR TROPHY HUNTER forum Shoe~Men 10Nike Eric Koston Fragment Design University Red/White Skateboarding 628983-601MENS Hermes Tan Suede Silver Tone Buckle Low Heel Loafers SZ 42 , Kenneth Cole New York Womens Kayla Hight Top Zipper Fashion Asphault Size 9.0 , Nike Air Max Thea Ultra FK Flyknit Women's Shoes 881175 401 Sz 6.5 , Nike Shox Gravity Womens AQ8554-606 Red Crush Wild Cherry Shoes SZ 10.5 Adidas Superstar The Farm Womens S80481 White Dark Slate Leather Shoes Size 6.5 , Nike Women's Lunarepic Low Flyknit 843765-002 Size: 8adidas BB6614 Womens Solar Glide ST Running Shoe- Choose SZ/Color.Propet Women's Olivia Bronco Brown Full Grain Leather/Stretch PUwomen's furry knee high boots block high heel round toe platform side zip shoes , totes Womens Vail Black Snow Boot | Waterproof Soft Sole All Weather Boot Siz...Demonia 4" Block Heel Crypto Black Victorian Mid-Calf Boots 6 7 8 9 10 11 12Chic Womens Rhinestones Sequins Beaded Embroidery Shoes Stretchy Pull On Boots , LARA MANNI - BOTTES TALONS 7.5 CM TOUT CUIR NOIR 39 - EXCELLENT ETAT ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    FENDI Black Ankle Fendi! Patent Leather FENDI B Buckle Ankle Strap Sandals 38.5 8.5 ~ Fab in Fendi! 8d3c6fd -

    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.

    FENDI Black Ankle Fendi! Patent Leather FENDI B Buckle Ankle Strap Sandals 38.5 8.5 ~ Fab in Fendi! 8d3c6fd -

    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
    FENDI Black Ankle Fendi! Patent Leather FENDI B Buckle Ankle Strap Sandals 38.5 8.5 ~ Fab in Fendi! 8d3c6fd