Never miss an update

Nanette Lepore Dominik 28419 Espadrille Wedge Sandals Sandals 274, Dominik Dusty Pink, 10 US dd566f0

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. , minor wear on soles. The images shown are of the actual shoes for sale.
Brand: Nanette Lepore Fastening: Slip On
US Shoe Size (Women's): 10 Heel Height: Low (3/4 to 1 1/2 in)
Colour: Pink Pattern: Solid
MPN: Dominik Width: Medium (B, M)
Style: Slides Shade: Light Pink
Material: Leather UPC: 888737572775
Never miss an update

Nanette Lepore Dominik 28419 Espadrille Wedge Sandals Sandals 274, Dominik Dusty Pink, 10 US dd566f0 -

    Nanette Lepore Dominik 28419 Espadrille Wedge Sandals Sandals 274, Dominik Dusty Pink, 10 US dd566f0
    Nanette Lepore Dominik 28419 Espadrille Wedge Sandals Sandals 274, Dominik Dusty Pink, 10 US dd566f0
    Blue by Betsey Johnson Jenna Mule Sandals 767, Gold, 8 US , Steve Madden Olivia Flat T-Strap Sandals 109, White Multi, 8 US , Via Spiga Lamuela Ankle Strap Flat Sandals, Cobalt, 6.5 US / 37 EU , Steve Madden Strappy Heeled Sandals 221, Rose Gold, 7 USBlue Betsey Johnson Izzy Heeled Sandals, Silver, 11 USRebecca Minkoff Estelle Buckle Flat Sandals 413, Black , 6 USMarc Fisher Braelin Woven Ankle Strap Sandals 023, Gold, 8.5 USWomen's Shoes Giallo Positano Blue Swarovski Mid-Heeled Sandal Spring Summer 20FRYE Carla Criss Cross Slide Sandals, Red, 7.5 US , Nina 95214 T-Strap Caged Sandals 397, Black, 8 USJessica Simpson Purella Heeled Sandals, Hot Shot Pink, 7 US / 37 EUBCBGeneration Morgan Strappy Platform Sandals, Caramel, 10 US DisplayJessica Simpson Elisbette Gladiator Sandals 016, Buff, 8 US / 38 EU , naturalizer Taimi Comfort Dress Sandals 995, Gold Pearl, 5 US / 35 EU , Men's/Women's Reef Rover Catch LE Natural quality Modern design Personalization trendCaparros Cassidy Jeweled Ankle Strap Dres Sandals, Magenta Satin, 8 US , BCBGeneration Valisa Cross Strap Wedge Sandals, Black, 7.5 M US Display , Charles by Charles David Steeler Gladiator Sandals 806, Nude, 8.5 US , Steve Madden Daly Mule Flat Sandals 428, Cognac, 7.5 US , Tahari Doe Heeled Tie Up Sandals 589, Ballet Pink, 6.5 US , Marc Fisher Dalli Ankle Strap Heeled Sandals 228, Light Natural, 10 USLucky Brand Birchess Flat Slingback Sandals, Silver, 6 US / 36 EU , Guess Eriel2 Dress Sandals, Pewter, 7.5 USMarc Fisher Lantern Studded Ankle Strap Sandals 136, White Leather, 7 US , STEVEN Steve Madden Voomme Dress Sandals 938, Pink Suede, 7.5 US , STEVEN Steve Madden Siggy Dress Sandals 905, Pink Suede, 6.5 USJessica Simpson Cloe Wedge Sandals 588, Burnt Umber, 7 US / 37 EUSteve Madden Daly Mule Flat Sandals 121, Cognac, 7.5 USCharles by Charles David Radley Dress Ankle-Strap Sandals, Cabernet Misty Suede, ,
    Nanette Lepore Dominik 28419 Espadrille Wedge Sandals Sandals 274, Dominik Dusty Pink, 10 US dd566f0 ->Nanette Lepore Dominik 28419 Espadrille Wedge Sandals Sandals 274, Dominik Dusty Pink, 10 US dd566f0 -
    **NEW** Asics Gel Foundation 13 Mens Running Shoes (4E) (400)Nike WMNS Free RN 2018 [942837-403] Women Running Shoes Deep Royal Blue/Pink , JESSICA SIMPSON - 9 - Luxurious and Stylish Black Beez Loafer Mule - NWBDolce Vita Elvah Black Studded Flat Mules , Women's Pointed Toe Embroidered Mules Shoes Outdoor Slippers Closed Toe Slidesara Women's Leslie 40624 Black Nappa Comfort ShoesSkechers EZ-Flex-3.0 Beautify Memory Foam Ballet Flats Shoes , Vintage 1990s UNLISTED classic Black Mary Janes with buckle straps Women's 6.5 , New Women's Beads Ankle Strappy Block Heels Shallow Mouth Elegant Fashion Shoes , French Sole FS/NY Women's Necessary Wedge Pump Whiskey Size 9.5 , Men/Women Booties Good design Carefully selected materials Most practicalBandolino Eireen Synthetic Womens DOrsay Pump- Choose SZ/Color. , Bernie Mev. Halle Navy Camo Women's Woven Open Toe Casual WedgesNew Women's Python Print Leather Longchamp Wedges Blue Size 37 EU$99.00 Steve Madden Womens Strapped Stiletto Heel Sandal Shoes, Olive, US 10 , Stuart Weitzman Simple Womens Dress Sandal- Choose SZ/Color. , SKECHERS PERFORMANCE Skechers Go Walk Outdoors Mens Walking Sneakers , Nike 823511 Mens Air Force 1 07 Level 8 Low Top Casual Lifestyle Shoes SneakersMr/Ms used Jordan Rretro 3 Many varieties Stylish and charming ExportNIKE LUNAR CALDRA RED TRAINING SHOES SZ 10 RETAIL $160 803879 6162012 NIKE ZOOM KOBE VII 7 SYSTEM WHAT THE BAMBOO TROPICAL TWIST 488371-200 9Air Jordan 5LAB3 sz 14 Deadstock 3M REFLECTIVE NIKE Silver Grey 100% AUTHENTIC578 New LUCCHESE (1883) Cigar Smooth Leather Horseman Cowboy Boots Men's 9D $645 , Sperry Top-Sider Men's Watertown LTT Hiking Boot Dark Brown Full Grain Leather , Mens Punk Chic Rock Rives Motorcycle Riding Boot Knee High Patent Leather Shoe , NWOB NIKE Duel Racer Neon Yellow Black Orange Athletic Shoes , Cinzia Araia Olive Green Snakeskin Espadrille Sneaker SizeBella Vita Women's Talina II Tall Boot Black Burnished PU/Super SuedeWomen Ladies Round Toe Wedge Heels Zippers Ankle Boots Casual Creepers Shoes -79J Crew Black Leather Boots Knee High Tall Pull On Made In Italy Women's Size 6
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nanette Lepore Dominik 28419 Espadrille Wedge Sandals Sandals 274, Dominik Dusty Pink, 10 US dd566f0 -

    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.

    Nanette Lepore Dominik 28419 Espadrille Wedge Sandals Sandals 274, Dominik Dusty Pink, 10 US dd566f0 -

    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
    Nanette Lepore Dominik 28419 Espadrille Wedge Sandals Sandals 274, Dominik Dusty Pink, 10 US dd566f0