Never miss an update

Free People Terrace Platform Terrace Size Women People 6 New Women MSRP: $198 Suede bcf8d67

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Distributor has marked the inside of the item to indicate overstocked, and prevent returns! this does not affect the item in any way! See pictures! Not visible from the outside
Style: Platforms & Wedges Brand: Free People
US Shoe Size (Women's): 9 UPC: Does not apply
Never miss an update

Free People Terrace Platform Terrace Size Women People 6 New Women MSRP: $198 Suede bcf8d67 -

    Free People Terrace Platform Terrace Size Women People 6 New Women MSRP: $198 Suede bcf8d67
    Free People Terrace Platform Terrace Size Women People 6 New Women MSRP: $198 Suede bcf8d67
    J.CREW Etta Cap Toe Satin Faded Jade Pumps (9) MSRP $325.00Pleaser 4" leather thigh high western club pull on boots , *PRICE REDUCED!* Calvin Klein Collection Black Strappy Sandals sz 7 , Pollini Nude Patent Leather Inside Platform Open Toe Slingback Size 40 , Womens - MIU MIU - Light Brown Buckled Strappy Leather Platform Heel Sandals 8MTory Burch T Strap Suede Leather Pump Black Dark Brown Women Sz 8.5 M 4452BEVERLY FELDMAN-CRYSTAL CHANDELIER SANDAL PUMPS-SIZE-8.5, LOVE !! LOVE !!!! , Diesel Moody Woody Yumu Green Canvas Peep-Toe Mules $250 Sizes 7.5GIVENCHY - VTG Classic Brown Leather Block Heel Mary Jane Pumps 8 AAA , Free People Terrace Platform Size 9 New Women MSRP: $198 SuedeWonderful Issac Mizrahi Couture Black Suede Gladio Heel Size 7.5Bnew $678 Jerome ROUSSEAU black rushed leather bow pumps heels shoes Italy 39 9 , PATRICIA NASH VALENA WHITE COPPER TOOLED LEATHER SLIDE SANDALS SIZE 9 - NEW , J CREW Collection Jeweled Strappy High-Heel Sandals Size 7.5 Black #e0142 $268 SNIB LOVE MOSCHINO LOGO EMBLEM LEATHER ANKLE WRAP PLATFORM HEELS SANDALS-41/10SJP 'Lola' Tiered Ankle Strap Sandal - Size 37.5$255 STUART WEITZMAN MARINER Cognac Brown Patent Designer Wedge Sandals 9.5 , Adorable Alexander McQueen Black Suede Wedges Platforms Heels 36 New with Box , Designer Women's Shoes-Evan Picone leather pump / Lt. Burgundy / Size: 10 Narrow , IRREGULAR CHOICE Floral Gem Stones Chunky Wedges HIGH HEELS Womens Shoes Sz 9.5 , Cole Haan Air Carma Peep Toe Mary Jane Pumps Toritoise Patent Leather , RACHEL SIMPSON 6 LEATHER PUMPS LEATHER SKY BLUE SPAIN T-STRAP BHLDN $280 , Ralph Lauren Black Label Elisa Classic Pumps , RETAIL $295 Bella By Sigerson Morrison Black Apache Marilyn Pumps Size 8.5B , CHARLIE HORSE Mules Slides 6.5B Western 3" Heels 2 Tone Beige Brown Leather , 2C3 Joie Abbot Ankle Strap Sandals Back Zip Open Toe Snake Women Shoes Size 10.5$278 Drakes for JCrew Collaboration Lucie Pumps 7 Sweet Orange Multi G7584MODERN VINTAGE LEATHER HEELS SHOES Silver Mirror Metallic Gladiator Strappy 36Isaac Mizrahi Red Leather Pumps Sz.9.5M MaryJanes High Heel Shoes Made In ITALY ,
    Free People Terrace Platform Terrace Size Women People 6 New Women MSRP: $198 Suede bcf8d67 ->Free People Terrace Platform Terrace Size Women People 6 New Women MSRP: $198 Suede bcf8d67 -
    Justin Ladies Western Stampede Collection L2561 Size 10 CVince Camuto Sidney Womens Riding Boot- Choose SZ/Color. , DEWALT - Laser Hiker Safety Boots Euro 42 -adidas Nemeziz Tango 18.1 TR Black White Men Soccer Football Casual Shoes AC7076Gentleman/Lady Sandals Schutz Diverse new design comfortability Tide shoes listIL BORGO FIRENZE women shoes Black suede pump with animalier buckleMan/Woman Pitillos Spain Comfort Leather Slip ons Queensland Highly praised and appreciated by the consumer audience VariousAldo Leather Boots Size 39 Or 81/2 , Zipper , Knee , Simple Gorgeous, , Brian Atwood Maniac Pump Black Leather Size 37 Hidden Platform HeelStuart Weitzman Twice Women's High Heels Bridal Pumps Chrome Raso Silver US 7 NGentlemen/Ladies Pug Dog-Running Shoes For Women-Free Shipping Exquisite (middle) workmanship Cheaper than the price Contrary to the same paragraph , Gentleman/Lady Lanvin Woven Leather Sandal Cheap Cheaper than the price Preferential price , NEW IN BOX MENS CONVERSE CRIMSON OXFORD BLACK CANVAS SHOES SIZE 8 153465CNEW Nike Trout 3 Men's Size 12 Force Zoom Baseball Cleat Desert Camo 856503-212 , NIKE ZOOM STEFAN JANOSKI SZ 6 BLACK CRIMSON GREEN PURE PLATINUM SB 333824 064UNDER ARMOUR *SPEEDFORM FORTIS* Charged Running SHOES US_9 / EUR_42.5Jordan Jumpman Team I Mens Size 12 Red Style: 644938-601 , NIB New Balance MENS MRT580DK BLACK DECONSTRUCTED SUEDE LIFESTYLE SNEAKERS 9-12Adidas NMD XR1 Nomad White Duck Camo BA7233 100%AUTHENTIC W/Receipt Size US 12.5Nike LeBron 14 XIV | Black History Month / BHM | Men's Size 11 , DS 2008 ZOOM 81 KOBE sz 9 9.5 RARE 324918 101 MAMBA SUPREME ACE PRELUDE FTB OGReebok Ventilator Supreme Cam Cam'ron Fleebok Cyber Monday Pink BS7004 Mens Sz 5 , BURTON boots Men's Freestyle Imprint 2 size 12 USASkechers USA Men's Ridge OxfordDark Gray10.5 M US , Mens Round Toe Suede Leather Hidden Heel Shoes Slip On Loafers Driving Low Top , Dockers Men's Size 7.5M Montclair Ant Brown Leather Moc Toe Loafers 090-38007Reebok Workout Plus MU Chalk NEW! RRP$150 Womens US5-10, Mens US3.5-8.5 , Asics Gel Netburner Super 7 Womens Netball Shoe (B) (6743) + FREE AUS DELIVERY , New Balance Women's 896v1 Tennis Shoe Bright Cherry/Guava 10 B US , Naturalizer Womens demi Closed Toe Knee High Fashion Boots Oatmeal Size 6.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Free People Terrace Platform Terrace Size Women People 6 New Women MSRP: $198 Suede bcf8d67 -

    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.

    Free People Terrace Platform Terrace Size Women People 6 New Women MSRP: $198 Suede bcf8d67 -

    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
    Free People Terrace Platform Terrace Size Women People 6 New Women MSRP: $198 Suede bcf8d67