Never miss an update

womens sandals suede high stiletto heels stiletto pumps shoes dress gladiator shoes hollow out sandals 978fda4

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: Unbranded
Heel Type: Block Style: Pumps, Classics
Material: Synthetic Color: Black
Occasion: Casual Country/Region of Manufacture: China
Width: Medium (B, M) Heel Height: High (3 in. to 4.5 in.)
Never miss an update

womens sandals suede high stiletto heels stiletto pumps shoes dress gladiator shoes hollow out sandals 978fda4 -

    womens sandals suede high stiletto heels stiletto pumps shoes dress gladiator shoes hollow out sandals 978fda4
    womens sandals suede high stiletto heels stiletto pumps shoes dress gladiator shoes hollow out sandals 978fda4
    Sweet Womens Bowknot Pointy Toes Leather Med Kitten Heels Pump Court Buckle ShoeWomens Pumps Pointed Toe Embroidery Stilettos Retro Suede Casual High Heel Shoes , Women Open Toe Ankle Strap Buckle Sandals High Heel Stilettos Tassel Roman Shoestop womens roman stiletto buckle strappy high heel gladiator sandals shoes partyWomens Retro Platform Ankle Strap Suede Pumps Sandals High Wedge Heel Shoes New , New Bowknot Women High Heels Pumps Pointy Toe Shallow Mouth Slip on Summer Shoes , Womens Red Stilettos High heels Round Toe Ankle Strap Platform Dress Party Shoes , Womens Sexy Korea Style Peep Toe Ankle Strap Weave Pumps High Heels Party Shoes , Womens Ankle Strap Block Heel Pointy Toe Sandals Buckle Slip On bowknot pumps , Party Ladies High Stiletto Heel Sequin Bling Sandals Ankel Strap Shoes Pumps Hot , Womens Pointy Toe Breathable Mesh High Top Shoes Block Heels Pump Boots 4 ColorsSummer Womens Pumps Slip On Mental Decor Beach Slippers Casual Sandals Shoes szWomens Grace Bowknot Pointy Toe Suede Slip On Cuban Heel Pump Mules Sandals ShoeSexy Womens Pointed Toe Buckle Ankel Strap High Stiletto Heel Clubwear Pumps Sz , Vogue Womens Stilettos High Heel Tound Toe Platform Pumps Shoes Bowknot Clubwear , Womens Transparent Sandals High Heel Crystal Wedding Dress Shoes Stilettos Pump , Women pointy toe high heel stiletto Casual shoes pumps slip on Rhinestone rivet , Spring 2018 Womens Peep Toe Rivet High Block Heels Pumps Fashion Slippers Shoes , Women Fashion Block Heels Pumps Summer Hot Square Toe Fur Slip on Office Shoes , Stilettos High Heels Pumps Women's shoes Pointy Toes Women's shoes Slip on , Women's stylish Peep teo Cut Out Strap Buckle Platform High heel shoes Sandals , Women's Summer High Heels Pumps Sandals Strap Rhinestone Ankle Buckle Hot Shoes , Sexy Womens Bling Sequins Platform Pumps Block High Heel Round Toe Party Shoes , Womens Hollow Out Open Toe Sandals Stilettos High Heels Back Zip Sexy Shoes New , 2018 Women's Pointed Toe Slingback Rhinestones Chunky Ankle Strappy Heels ShoesWomen's Pointed Toe Pink Wings Pumps Nightclub Stilettos High Heels Shoes , Womens Block Chunky Heels Slip On Pumps Shoes Loafers Patent Leather Plus Size , Womens Hollow Out Open Toe Rivets High Wedge Heel Platform Shoes Ankle BootsSummer Crystal Block Heels Womens Transparency Roman Beads Sandals Party Shoes
    womens sandals suede high stiletto heels stiletto pumps shoes dress gladiator shoes hollow out sandals 978fda4 ->womens sandals suede high stiletto heels stiletto pumps shoes dress gladiator shoes hollow out sandals 978fda4 -
    $495 size 9 Via Spiga Babe Green Suede Knee High Heel Boots Womens ShoesWomens Suede Over Knee Roma Boots Strap Cross Stiletto High Heels Knight Boots , Boxfresh Sparko Prem Grey White Mens Leather Fur Trianers ShoesMen's/Women's Adidas Shoes online sale Modern design Elegant and robust menuGola Men s Ridgerunner High CC Low-Top Sneakers Black Size 10Gentlemen/Ladies Women's Flats Wonders Size 39 We have won praise from our customers. New in stock Elegant and solemnGentleman/Lady Hogan woman's sneakers Quality products discount A balance between toughness and hardnessTroentorp Bastad Swedish Clogs: O'Keefe, Red, Size 35-43Mark Lemp Classics Womens Vicki Closed Toe Classic Pumps wheat kid Size 8.0$1299 Dsquared Shoes Brown Real Leather Size US 10 IT 40 Huge 8284 , Femme chaussures wedges cuir model SHELLY par HGilliane Design to 44Valentino Rockstud Rolling EspadrIlle Women's Shoes Sandals Flats Sz 6 NIB $895 , PRADA Shoes 453799 Grey 35 1/2 , Men's Nike Zoom Victory Waffle 4 XC Racing Shoes Black Volt Size 8 878803 017NIKE MENS TRAIN SPEED 4 AMP "NORTH CAROLINA TARHEELS" Size 9 844102 414Nike Air Max Zero Essential Black Triple Black Rare SZ 9 (876070-006)Men/Women Adidas Bamba Fashion pattern Modern design Outstanding functionNEW Mason Imperials Slip-on Loafer Dress Shoes Brown Size 10 D/B New Old StockFulinken 2 Color Size 5-12 New Comfort Leather Buckle Loafers Dress Mens Shoes , PUMA Womens Carson Heath Wns Running Shoe- Pick SZ/Color.ASICS Womens GEL-Rocket 6 Volleyball Shoe- Pick SZ/Color.New Nike Tanjun SE 844908-303 Vintage Green Mesh Running Shoes Women's Size 8 , Wmns Nike Air Zoom Pegasus 35 PRM Sz 7 Oil Grey/Carbon AH8392-001 FREE SHIPPING , Man's/Woman's Lanvin Logo Leather Flat Clever and practical Strong value Don't worry when shoppingMuk Luks Womens Malena Crochet Button Up Boot , PRODOTTO ITALIANO Bottes bIker cuir nubuck noir 39 TRES BON ETATFree People Landslide Booties Leather Brown Womens Size 36 , Philosophy Black Suede/Patent Leather Knee High Boots - 39 , NEW BLONDO CANADA BLACK LEATHER ZIP ANKLE BOOTS SHEARLING TRIM 8MKodiak Women's Rebecca Tall Boot in Black ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    womens sandals suede high stiletto heels stiletto pumps shoes dress gladiator shoes hollow out sandals 978fda4 -

    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.

    womens sandals suede high stiletto heels stiletto pumps shoes dress gladiator shoes hollow out sandals 978fda4 -

    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
    womens sandals suede high stiletto heels stiletto pumps shoes dress gladiator shoes hollow out sandals 978fda4