Never miss an update

Nine 17164 West Provein Provein Ankle Strap Block Heel Sandals, Block Pink a45ffc3

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
Brand: Nine West
Heel Height: Med (1 3/4 to 2 3/4 in) Style: Ankle Strap
Heel Type: Block Width: Medium (B, M)
Pattern: Solid Material: Synthetic
Shade: Medium Pink Color: Pink
Never miss an update

Nine 17164 West Provein Provein Ankle Strap Block Heel Sandals, Block Pink a45ffc3 -

    Nine 17164 West Provein Provein Ankle Strap Block Heel Sandals, Block Pink a45ffc3
    Nine 17164 West Provein Provein Ankle Strap Block Heel Sandals, Block Pink a45ffc3
    Born Mimi Strappy Gladiator Sandals, Light BrownSteve Madden Women's Drastik Huarache Sandal, Tan Leather, 6.5 M US , Nine West Altemis Womens Size 9.5 Purple Textile Dress Sandals ShoesLauren by Ralph Wonen's Jillia Sandal Wedge (9, Bronze) , Aerosoles Women's Honey Plushroom Platform (11, Black Combo) , Womens Fly London Yeli Summer Colmar Leather Wedges Cut Out Shoes Sandal US 5-12Gentlemen/Ladies INC Women's Dare Sandal (8.5, Grey) selling price Online export store Direct businessAK Anne Klein Sport Women's Castie Synthetic Wedge Sandal … , Guess Women's Diena Thong Rhinestone Sandals Size 6.5 MBCBGeneration BRAZIL BLACK WOMEN'S ANKLE STRAP SANDAL SHOES 9.5Lauren by Ralph Lauren Jillia Silver women Heels Size 10INC International Concepts Women's Ruthie High Heel Sandal (5, Black)Marc Fisher Women's Naive Sandal (6, Medium Pink) , INC International Concepts Women's Dada Sandal Wedge (8, Black) , International Concepts Women's Berlinda Sandal (6, Cactus)Report Women's Poole Ankle-Strap Sandal,Dark Brown,6.5 M US , Nine West Women's Kalpana Platform (7, Medium Natural Croco) , INC International Concepts Women's Ruthie High Heel Sandal (10, Black) , Flip Flops Skechers On-The-Go 600-Nitto Grey Women 15305-GRYRalph Lauren Women's Strappy Sandal Metallic Kidskin Silver 6M , Anne Klein Women's Finella Sandal Wedge Pewter Leather 8MSteve Madden Women's Swyvel Flat Sandal, Black Nubuck, 6.5 M US , Guess Women's Goldwin Slingback Wedge Orange Multi Satin 8M New / DisplayLucky Women's Bryn Mule,Tobacco Oiled Suede,5 M USWomens Fly London Cape Beach Leather Summer Holiday Sandal Wedge Heel US 5-12Lauren by Ralph Lauren Jillia Silver women Heels Size 9GENTRYPORTOFINO New Woman White Leather BRAIDED Mules Sandals Shoes Size 39 itaINC International Concepts Women's Dada Sandal Wedge (7.5, Bone) , Ralph Lauren Baird Black Women's Sandal Shoes 10
    Nine 17164 West Provein Provein Ankle Strap Block Heel Sandals, Block Pink a45ffc3 ->Nine 17164 West Provein Provein Ankle Strap Block Heel Sandals, Block Pink a45ffc3 -
    Men's/Women's Chloe Shoes 096242 Black 35 Promotion Brand Exquisite (processing) processing , Adidas Duramo Elite 2M [AF5733] Running Navy/Blue-White , Nike Jordan Super.Fly MVP PF Olive Canvas Black Men Basketball Shoes AR0038-300 , Women sandals fur leather model EDEN Aus 2 to 10.5 , French Sole Miles Scalloped Wedge Pumps 742, Grey/Black Pebble, 10 US , Vibram FiveFingers Kso, Women s Fitness, Black Schwarz , size 4 Eu , Dr Martens Ladies 1461 EA Oriental Eastern Art Multi Coloured Leather ShoesCharles Philip Yasmine Slipper Shoe 8 M Blue Multi New w/out BoxTORY BURCH MELINDA BALLET FLAT GOLD LEATHER SIZE 9Men's/Women's womens shoes size 8 High grade Orders are welcome Human border , Dansko Womens Professional Patent Clog- Pick SZ/Color. , Nu by Neo Vidoretta Punta Espadrille - Silver , WDIS106 Women Designer Inspired Cut Out Heel Shoes , $1495! New MANOLO BLAHNIK Matte Taupe Brown PYTHON TUCCIO BB PUMPS Shoes 40.5Miu Miu NWT "Peonia" Pink Satin Floral Applique Pointed Mules SZ 39 , Skechers 14958 Performance Womens You- Sneaker- Choose SZ/Color. , NEW Nike Air Footscape Woven Black Grey Running Shoes 917698-002 Womens Sz 8 , Nike Dunk High Pro SB Skunk Black White Orange 305050-034 Men's Multi SizeADIDAS GALAXY TRAIL M MENS RUNNING BB6107 , Adidas Adizero Red/White/Infrared Shot-put Mens Running Track Shoes SZ 11 BB4118 , Kith x Adidas Soccer K Nemeziz 17+ TR Black FIEG AC7506 yeezy 17.1 pink , Asics fuzeX Rush Men's Running Shoe Black Red Size 10 , NIKE AIR JORDAN V 5 BLACK 3M RAGING BULL PAC 136027 061 SZ 8.5Vans Mens Shoes Old Skool High Tops Red Black Leather Skateboard Sneakers 13Men's Lucchese Ranch Hand Boots Tan N1596.R4 , NEW Air Jordan 1 XX Rebel Retro Chicago Bulls DS Red White AT4151-100 Size 9 , Womens Cowboy Western Block Heel Ankle Boots ShoesWomens Retro 1970s Disco Boots 3 1/4" Heel White Wide Calf GoGo Boot AccessoryWomens New Suede Pointed Toe Block Mid Heeled Ankle Boots Pull On Casual Shoe , NINE WEST Nesrin women Booties (6M, Taupe)
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nine 17164 West Provein Provein Ankle Strap Block Heel Sandals, Block Pink a45ffc3 -

    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.

    Nine 17164 West Provein Provein Ankle Strap Block Heel Sandals, Block Pink a45ffc3 -

    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
    Nine 17164 West Provein Provein Ankle Strap Block Heel Sandals, Block Pink a45ffc3