Never miss an update

Stuart - Weitzman Florette Slide Shoes Weitzman - Women's Size Size 7.5M, Gold 59b041b

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
Color: Gold
Brand: Stuart Weitzman US Shoe Size (Women's): 7.5
Style: Slides Width: M)
UPC: 887550344873
Never miss an update

Stuart - Weitzman Florette Slide Shoes Weitzman - Women's Size Size 7.5M, Gold 59b041b -

    Stuart - Weitzman Florette Slide Shoes Weitzman - Women's Size Size 7.5M, Gold 59b041b
    Stuart - Weitzman Florette Slide Shoes Weitzman - Women's Size Size 7.5M, Gold 59b041b
    NEW Bed Stu Rose Loafer Tan Rustic Mason Pull On Flat Leather , MOT-CLe 932 Gold / Rose Gold Leather Elastic Wedge Fashion Sneakers 36 / US 6 , Lanvin Shoe Deep Red Ballerina Size 40 1/2NEW PRADA LUXURY BLACK LEATHER LOGO PLATFORM SNEAKERS SHOES 39/US 9NIB Givenchy Urban Street Leather Low-Top Sneakers size 37 , Tory Burch Leather Ballet Flat Black Bow Size 8.5 excellent condition wore once , NEW RED VALENTINO Blue with Stars Mesh Flats Shoes Size 7 US 37 EUChristian Dior Prairie Blue Womens Shoes Size 5.5 M Flats MSRP $810 , $375 NIB Ferragamo My Joy Oxford Blue Leather 6 "B" Absolutely Gorgeous!! , CUTE! $325 Del Toro Dark Black Suede "AMERICAN FLAG" Slippers Loafer Shoe Stubbs , PRADA WHITE BLACK TRIM TWO TONE POINTY TOE BALLERINA SHOES FLATS 36.5 6.5 ITALYManolo Blahnik | Soussaba Camo Flats size , Crocs Womens Busy Day Stretch Ballet Flat, Pomegranate {Sz. 11}Men/Women Balenciaga Black Suede Flats, Size 7 main category Bright colors Most practical , NEW CHARLOTTE OLYMPIA $745 black patent clock detail smoking flats shoes 38.5Tory Burch Delphine Ballet Flat Suede Crystal Black, 8 M USVEUC Chloe Suzanna Studded Black Flats 39New With Box TRIPPEN BLACK Leather Platform Sandal Size (US 10) $375CUTE! Women's $1,200 Polo Ralph Lauren Crocodile Alligator Slippers Loafers ShoeBEAUTIFEEL WOMEN'S GLORY DRESSY HEEL SLIP-ON STRAP SHOE, ARCH SUPPORT , Prada White Leather Sz 40 Platform Espadrilles Brogues OxfordsNEW PRADA LUXURY BLACK LEATHER LOGO PLATFORM SNEAKERS SHOES 40/US 10Original Miu Miu Size 37 Slip-Ons Slipper Shoes Shoes Sneaker BlueStubbs & Wootton For JCrew Velvet Slippers 7 Black Heart U Loafers Flats E0966 , Prada Black Leather Bow Espadrille Flats 40EU/10US $510.00 *2018 Style* , ALLROUNDER BY MEPHISTO MALLOW 226166 black suede Mary Jane shoes sz. 10 , New sz 9.5 Salvatore Ferragamo Lola Logo Bow Detail Flat New Bisque Leather Shoe , NIB Tod’s Women Ballet Flats size 37 Purple , Perfect Condition Charlotte Olympia Capri Cats Size 39.5 / 9.5 Pink Linen Flats
    Stuart - Weitzman Florette Slide Shoes Weitzman - Women's Size Size 7.5M, Gold 59b041b ->Stuart - Weitzman Florette Slide Shoes Weitzman - Women's Size Size 7.5M, Gold 59b041b -
    Naturalizer Women's Tricia Wide Calf Boot, Camel, 4.5 M USLaredo Womens Aess Western Cowboy Boots Vintage Leather Embroidery Snip Toe Tan , Ladies Lucchesse 1883 Ostrich Black Western Boots Sz: 6.5 C (AK)Corso Como Womens Roster Ankle Bootie- Pick SZ/Color.Iman Ankle Boot Black Suede Gold Zipper Women's *New* Great Deal * Rare* Size 10 , Mens British Loafers Driving Boats Shoes Floral Printing Slip On British Denim , =DIVINE= LANVIN $1095 Runway Black Glossy Leather Flats Heels Dress Shoes US9.5 , Bernie Mev Women's Charm 2 Silver/Grey Comfort ShoesSanita Black Leather Clog Size 8 Cuff w 2 Buttons Top Stitching Excellent , Fashion Womens Round Toe Platfrom Creepers Shoes Thick Heels White Casual Pumps , Gentleman/Lady Penny Loves Kenny Women's Ritz Pump Practical and economical New design Clearance sale , Bandolino New Maiba Blue Womens Shoes Size 7.5 M Heels MSRP $89Miu Miu Tan Leather Criss-Cross Buckle Wedges Shoes Size 36NIB Auth Manolo Blahnik Pink White Striped Pumps 38.5 , New Balance Olive/White Sneaker, MRL247NO, Mens Size 10.5 / 44.5 , NEW/RARE Converse Star Player EVO Mid Gry/Silver (121428) size 8 , NEW - Under Armour UAS RLT Fat Tire Boots - Men's - 1297589 792 - Sz 10 , NEW BALANCE M990RY4 BLUE. MADE IN USA! NEW N BOX. GREAT SHOE, VERY COMFORTABLE!12 New NIKE AIR MAX PLUS TN Tuned Air White Cool Gray Tuned Air Shoes 604133-139 , Jason Dill × VANS OG AUTHENTIC Supreme Syndicate Vintage Sneakers US 10.5Men's glossy white side zipper hand made KOREA 1.77" cuban heels ankle boots , Grafters Waterproof Safety Hiker Black Leather Mens Work Boots UK6-14 , Dr Comfort 9.5 Extra Wide FRANK Brown Leather Shoes Monk Strap Loafers , Men Steve Madden Shoes Mychel Fashion Brown Size 11.5New Balance Women Shoe Agility v2 WXAGLPM2 Cross Trainer Vintage Indigo SZ 11 B , Nike Women's Nike Air Max 1 PINK Essential SAMPLE SZ 7 599820-121Saucony Peregrine 8 Size 8 M (B) Women's Running Shoes Wine/Peach S10424-3 , KELSI DAGGER KOLETE Black Leather Designer Casual Buckled Ankle Boots 9.5Womens Round Toe Knee High Suede Mid Heel Block Side Zip Winter Boots Shoes ChicWinter Women Genuine Leather Knight Boots Fashion Simple Block Heels Ankle Boors
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stuart - Weitzman Florette Slide Shoes Weitzman - Women's Size Size 7.5M, Gold 59b041b -

    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.

    Stuart - Weitzman Florette Slide Shoes Weitzman - Women's Size Size 7.5M, Gold 59b041b -

    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
    Stuart - Weitzman Florette Slide Shoes Weitzman - Women's Size Size 7.5M, Gold 59b041b