Never miss an update

Opening Ceremony Opening Nadyia Block EU Heel Slip On Sandals Block 901, White, 7 US/ 37 EU c4f3d13




Item specifics

Condition: New without tags :
A brand-new, unused, and unworn item that is not in original retail packaging or may be missing original retail packaging materials (such as the original box or bag). The original tags may not be attached.See all condition definitions- opens in a new window or tab
Seller Notes: Display Shoe. Ink on material of shoe(s). The images shown are of the actual shoes for sale.
Brand: Opening Ceremony Fastening: Slip On
US Shoe Size (Women's): 7 Heel Height: Med (1 3/4 to 2 3/4 in)
Colour: White Pattern: Solid
MPN: Nadyia Width: Medium (B, M)
Style: Mules Heel Type: Block
Material: Leather Shade: White
UPC: 889207250117
Never miss an update

Opening Ceremony Opening Nadyia Block EU Heel Slip On Sandals Block 901, White, 7 US/ 37 EU c4f3d13 - blurrypron.com

    Opening Ceremony Opening Nadyia Block EU Heel Slip On Sandals Block 901, White, 7 US/ 37 EU c4f3d13
    Opening Ceremony Opening Nadyia Block EU Heel Slip On Sandals Block 901, White, 7 US/ 37 EU c4f3d13
    Athena Alexander Gaylenn Slip-on Wedge Sandals, White, 12 US , Bandolino Semise Dress Ankle Strap Sandals, Black/Black, 7.5 USMarc Fisher Partner Ankle Strap Flats Sandals, Pewter, 8.5 US , GUESS Chrina Gladiator Sandals 457, Medium Brown, 6.5 US , Nina Elyana Strappy Wedge Peep Toe Dress Pumps, Ivory Crystal, 9.5 US , Circa Joan & David Narda Peep Toe Slingbacks Sandals, Black, 7.5 US , Calvin Klein Kiani Strappy Peep Toe Ankle Sandals 160, Olive Snake, 6 US , Nine West Markando Block Heel Platform Strappy Sandals 380, Siver Metallic, 11 , Kenneth Cole Olivia Espadrille Mule Sandals 834, Desert, 8 US / 39 EUCaparros Christine Rhinestone Strappy Sandals, Black, 8 US , naturalizer Eliza Flat Ankle Strap Sandals, Alabaster Leather, 7.5 N USIndigo Rd. Badie Ankle-Strap Sandals, Ivory, 6 USTS35 Tamra Zip Up Ankle Strap Sandals, Black, 7.5 USMarc Fisher Hocie Buckle Slingback Sandals, Light Natural Leather, 8 US , Betsey Johnson Lenox Gemstone Ankle Strap Sandals, Black, 9 USEasy Street Adorable Square Toe Slingback Sandals, Black, 7 WW USCalvin Klein Evonie Tassel Flat Sandals, Platinum White , Vince Camuto Edola Heeled Gladiator Sandals, Black, 8.5 US / 38.5 EUI35 Mayla Block Heel Slide Sandals, Black, 9.5 US , Salvatore Ferragamo Groove Slide Sandals 127, Blue/Silver, 10 US , Carlos By Carlos Santana Verity Flat Sandals, Bourbon, 10 US / 40 EUJessica Simpson Rianne Peep Toe Sandals, Black Stretch CrochetBadgley Mischka Tasha Strappy Sandals 958, Silver Glitter, 5 USBella Vita Noa-Italy Knot Slide Sandals, White Leather, 12 USAdrianna Papell Adler Braided Strappy Sandals, Platino Metallic, 10 USNina Earleen Front Bow Ankle Strap Sandals, Black Luster, 7.5 US , Nina Fianna Sequined Criss Cross Sandals 645, Silver Stardust, 5.5 US / 35.5 EU , GB35 Colbey2 Criss Cross Espadrilles Sandals, Black, 6 US , Guess Romie3 Logo T-Strap Sandals, Medium Natural, 10 US
    Opening Ceremony Opening Nadyia Block EU Heel Slip On Sandals Block 901, White, 7 US/ 37 EU c4f3d13 - blurrypron.com>Opening Ceremony Opening Nadyia Block EU Heel Slip On Sandals Block 901, White, 7 US/ 37 EU c4f3d13 - blurrypron.com
    Merrell Women's Moab 2 Vent Hiking Shoe, - Choose SZ/colorBernardo Women's Felicity Fashion Boot, Black Tumbled Oil, 7M M USSpring Step Women's Galil Boot Bordeaux 38 EU/7.5-8 M USCorral Bone Glitter Inlay Embroidered Boots E1279Roper Womens Native Work Boot 7.5 D US- Pick SZ/Color. , SCARPA MORAINE PLUS MID GTX HIKING BOOT - CHARCOAL/MANGO - SIZE 47 , Men/Women Ladies shoe Bundle Size economic Strong value Very good classificationVegan Arcopedico Leina Brown Flats Mary Jane, Sz (US 9.5 to 10) , Man's/Woman's Dolce Vita Women's Zeek Sneaker Many styles New style Sales online storeStuart Weitzman Nudistsong Ankle Strap Sandal Black Leather Heel Size 10 Mcrocs Womens 15753 Wrap Colorlit Flat- Pick SZ/Color.SOCOFY Women Summer Soft Sole Slip On Outdoor Beach Sandal US Size 5-11 , PUMA Women's IGNITE Limitless Reptile Shoes Black 8.5NIKE ZOOM MERCURIAL XI FK FC SIZE 11 UNIVERSITY RED/BLACK $200 RETAIL , Nike Air Trainer 3 LE Limited 815758-001 Black Suede Training Shoes Men's 10 newPUMA Men's Tazon 6 Fm Sneaker - Choose SZ/ColorMen Brand New Blaze of Glory for CROSSOVER Athletic Fashion Sneakers [361445 01] , NIKE AIR MAX 1 PREMIUM 875844-404 WORK BLUE MOUNTAIN BLUE DS SIZE: 11.5 , Nike Air Max 90 Ultra 2.0 Flyknit Black Multicolor 875943 002 Mens Size 10 NEWAir jordan 3 true blue Size 8.5Mens' Classic Down Low Durango DB950 Black Leather Western Polished size 9D , NEW STEFANO RICCI Leather Luxury Shoes Size Eu 45 Us 12 (Cod A208) , NEW MEN'S ADIDAS ORIGINALS CRAZY 1 ADV BASKETBALL SHOES ~SIZE US 12 #AQ0321 BLK , Man's/Woman's Men DC Pure Skate Shoes 300660 feature auction King of the crowdNIB Women's Nike Roshe Two Casual ShoesNEW VANS AUTHENTIC LO PRO CITY BLACK TRUE WHITE SHOES WOMENS 5.5 MENS 4 VAULTIrregular Choice Nick Of Time Womens Red Multicolour Synthetic ShoesNew Balance Women's WZ501 Pique Polo Pack Fashion Sneaker - Choose SZ/ColorJune Ambrose Ryder" Tall Leather Riding Boot Wine Burgundy Red Tassels 7.5 Suede , Stuart Weitzman Women's Quilted Leather Tall Riding Boots 8 1/2  Black knee high ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Opening Ceremony Opening Nadyia Block EU Heel Slip On Sandals Block 901, White, 7 US/ 37 EU c4f3d13 - blurrypron.com

    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.

    Opening Ceremony Opening Nadyia Block EU Heel Slip On Sandals Block 901, White, 7 US/ 37 EU c4f3d13 - blurrypron.com

    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.

    Conclusion

    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
    Opening Ceremony Opening Nadyia Block EU Heel Slip On Sandals Block 901, White, 7 US/ 37 EU c4f3d13
    Sandals
    >
    ;