Never miss an update

Walking Cradles Flick Women's Patent Flick Black Soft Patent Leather Ballet Walking Flats Size 7.5N 958dae5

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Shoes are with signs of light wear (marks, stains, scuffs, scratches).
Style: Ballet Flats Brand: Walking Cradles
US Shoe Size (Women's): 7.5 Heel Height: Flat (0 to 1/2 in.)
Material: Leather Color: Black
Width: Narrow (AA, N) UPC: 707722120527
Never miss an update

Walking Cradles Flick Women's Patent Flick Black Soft Patent Leather Ballet Walking Flats Size 7.5N 958dae5 -

    Walking Cradles Flick Women's Patent Flick Black Soft Patent Leather Ballet Walking Flats Size 7.5N 958dae5
    Walking Cradles Flick Women's Patent Flick Black Soft Patent Leather Ballet Walking Flats Size 7.5N 958dae5
    Klogs Missy Women's Clog Shoes Display Model Candy Stripe 8 MKlogs Missy Leather Clogs Display Model Shoes Black Oiled 12 WLAUREN RALPH LAUREN - BRILEY - Women's MOCCASINS Flats - TWILIGHT - Size 7 MSesto Meucci Red Leather Shoes Size 9 NDr Andrew Weil New Womens Florence Espresso Wedge Loafers 5 M Shoes , Flat Loafer Mixed Color Casual Pull On Round Toe Daily Women Shoes Chic MoccasinFlat Oxford Collegiate Tessel Wmoen Shoes Casual Work Round Toe Slip On LoafersArmani Brown Leather Brogue Tie Up Shoes - Size 38.5 NKlogs Sandy Womens Clog Shoes Display Model Marsala 7.5 M , Klogs Missy Women's Clog Shoes Display Model Black Oil 10.5W, Euro 43Klogs Vickie Women's Leather Clogs Display Model Shoes Blue 8 M , Klogs Martha Women's Clogs Display Model Leather Stone 7M , KLOGS CLOGS BAMBI WOMEN'S DISPLAY MODEL SHOES BLACK WIGWAM 7.5 MWOMENS EASTLAND TAN CAMO SUNRISE BOAT SHOES US SIZE 6 (B142) , Klogs Bria Womens Leather Clogs Display Model Black 9 M , Klogs Missy Women's Clogs White Smooth Leather Display Model Shoes 9 M , Dansko Womens Professional Textured Leather Dazzle Clog - Black US 7.5-8Ahnu Slip-on Women Shoes Black US6 /UK4 /EU37 /JP23Klogs Sandy Womens Clog Shoes Display Model Leather Slate 8M , Klogs Bree Women's Clogs Display Model Shoes Sky Adored 7.5 M , Salvatore Ferragamo Sport "Colonna" Brown Square Toe Slip-On Loafer Size 8.5 AA , BCBGeneration BCBG Size 7.5 M Xylo Silver Leather Slides New Womens ShoesGentleman/Lady Corkys Womens Sidewalk Woven Casual Flats Special purchase discount Authentic guaranteeRose Petals Size 8 Wide BUTTER Bronze Leather Dress Pump Flats New Womens ShoesAlfani Women's Ameliaa Loafers Black Size 9.5 MBucketfeet Nomad Grey Slip On Shoes Women's 9Klogs Myra Womens Leather Display Model Shoes Black/Lunar 7 M , JCREW 7 Gemma Glitter ballet flats $145 Shoes metallic sand e0229 , KLOGS CLOGS ISADORE WOMEN'S DISPLAY MODEL SHOES BLACK SMOOTH 8 M ,
    Walking Cradles Flick Women's Patent Flick Black Soft Patent Leather Ballet Walking Flats Size 7.5N 958dae5 ->Walking Cradles Flick Women's Patent Flick Black Soft Patent Leather Ballet Walking Flats Size 7.5N 958dae5 -
    Adidas Adipure 360.3 Mens Training Shoes (AF5464) + Free Aus Delivery , PHILIPPE MODEL MEN'S SHOES SUEDE TRAINERS SNEAKERS NEW TROPEZ GREEN 7FAVersace 19.69 V102 VITELLO CASTAGNA boots Women's Brown AUGentleman/Lady DAMNED-318 Hologram Silver excellent quality luxurious Breathable shoes , Irregular Choice Black Heart Pumps Shoes Flats EUR36 US5.5 UK3.5 Near Mint IC054Steve Madden Stecy Patent Leather Nude Ankle Strap Sandal Heels Sz 7.5M 2197 , Tory Burch $395 Women's LAYCE Sandals 4.5" High Woven Heels Red Size (7)Charles by Charles David Womens aaron Closed Toe Casual Platform, Blue, Size 9.5 , AH590 GIOVANI ITALIANI shoes brown leather women sandals , Gentlemen/Ladies Demonia Women's Creeper 202 Special purchase International choice Personalization trendNike Marxman Premium Pure Platinum 832766-001 Men'sNike Air Trainer Speed Amp 11.5 Michigan Max 90 1 95 97 91 train 180 270 forceMen's Nike Air Max Sequent 3 Premium Camo Running Medium Olive/Beach AR0251 201 , 2017 NIKE AIR MAX 1 PREMIUM REBEL SKULLS BLACK CHROME SUEDE 875844-001 30THNIKE AIR PR1 PRESSURE RETRO QS DARK GREY-VARSITY ROYAL BLUE SZ 12 [414974-041]Nike Air Jordan 1 Rebel Top 3 Women Size 9 in Men Size 7.5 Brand NewNike Air Jordan 6 Retro Air Trainer SC II - Tinker - Size 13new nib Merrell J23449 Traveler Field Mid Hiking Walking BOOTS CHOOSE SZ COLRNWOT Harley Davidson Men's 8.5 M 8 1/2 Steel Toe Work Boot Black Motorcycle READLos Altos Genuine Authentic Ring Lizard Skin Navy Western Dress J Toe BootSkeckhers Soize 11 Blue Walking Shoe New Mens ShoesCole Haan ZEROGRAND No Stitch Wingtip Oxford Triple Black C12973 Sz 7 MDonald J Pliner Mens Dacio Loafer- Pick SZ/Color.Nike Dunk High Skinny WMNS Sz 7 Sunburst Grey White DS 429984 102 , Kenneth Cole Kinsley Blue Womens Shoes Size 5.5 M Fashion Sneakers MSRP $110Merrell Tetrex Crest Wrap Vapor Purple Women Amphibious Outdoors Hiking J12850 , adidas Performance AQ1993 Womens Ively Cross-Trainer Shoe- Choose SZ/Color.Womens Suede High Heels Pointed Toe Stilettos Side Zipper Elegant Boots Hot B415fashion Womens Ankle bowknot Round Toe Block Heels Zipper Rhinestones Suede Boot , Womens Retro Genuine Leather Ankle Boots Flat Heels Casual Shoes Front Zip Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Walking Cradles Flick Women's Patent Flick Black Soft Patent Leather Ballet Walking Flats Size 7.5N 958dae5 -

    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.

    Walking Cradles Flick Women's Patent Flick Black Soft Patent Leather Ballet Walking Flats Size 7.5N 958dae5 -

    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
    Walking Cradles Flick Women's Patent Flick Black Soft Patent Leather Ballet Walking Flats Size 7.5N 958dae5