Never miss an update

Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575

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: Good Condition, some marks in leather, see pics
Style: Slingbacks Brand: Miu Miu
US Shoe Size (Women's): 37.5 Fastening: Slip on
Color: White Heel Height: High (3 in. to 4.5 in.)
Material: Leather Country/Region of Manufacture: Italy
Heel Type: Stiletto
Never miss an update

Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 -

    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575
    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575
    Gentlemen/Ladies Theysken's Theory Edna pumps size 37 Crazy price, Birmingham Medium cost Easy lifeJean-Michel Cazabat Gold Lame and Raffia Open Toe Wedge Heels Size 36 NEW$230 Charles David Womens Complex Pump D'Orsay Shoe, Black Patent, US 10Men/Women Jimmy Choo sandals High quality and cheap Preferred material unique , Man's/Woman's Demonia KERA-08 the most convenient Reliable performance Perfect processing , Womens Size 6.5 M Yves Saint Laurent Crocodile Print Leather High Heel Shoes Pum , RED Valentino Daisy Print Pumps Size 38.5,39,39.5 EU Retail .$450 Made In ItalyAnthropologie Guilhermina Rustica Cork Heels Sandals Shoes Size 9 $188.00COLE HAAN WMN'S AIR NATALIE SAN55 OPENTOE FASHION PUMP BLK NAPPA LTHR US SZ 10 MWomens Bling Shiny Strapy Sandals Rhinestone Diamond Stilettos Deep Toe OL Shoes , Salvatore Ferragamo Black Patent Leather Low Heel Size 7 AA Narrow Memory Nero , Donald J Pliner BLAIR Raspberry Purple Suede Peep Toe Platform High Heel - 9.5 M , NEW Stuart Weitzman Heel Slingback Peep Toe Gold Metallic Ladies 9N Narrow P49NEW RACHEL ZOE Sz 9 SAM TRI STRAP SUEDE MARY JANE HEEL PUMPS $298Womens High Heels Leather Strappy Stilettos Sandals Gothic Shoes Chic Roman NewSalvatore Ferragamo Wos Loafer Heels US 9 AAA Brown Leather Wing Tip Tassels 287Women's Hades Bolt Spiked Platform Pump Black Punk Goth Alternative SpikedGentleman/Lady Donald Pliner Lilia Leather Mule Special price High-quality materials value , Man/Woman Anyi Lu 41 Best-selling worldwide Optimal price Superb craftsmanshipGivenchy Sandal Heel Dark Brown Buckled Leather Size 38 Open Toe Stacked HeelJimmy Choo Strappy Metallic Bronze Sandal Heels Sz 38.5 , BCBG BCBGMAXAZRIA Womens MA-Michaela Ankle Strap Sandal Shoe,Elephant,US 10 , Occident Womens Pointy Toe Pumps Stripe Slingbacks Stiletto Heel Sandals Shoes J , New Ralph Lauren Collection Italy Brown Suede Bliara Strappy Sandals Shoes 35 BAnn Taylor Liya Leather Block Heel Sandal , Burberry Patent olive/Greenish pumps SIZE 37 US 7JEFFERY CAMPBELL STRAPPY 5.5" PLATFORM HEELS WITH ANKLE STRAP SIZE 6 , Women's - PRADA - Classic Brown Patent Leather Strappy Mary Jane Pumps Heels 6 , Men/Women CHEMBUR Shoes 833736 Beige 35 New varieties are launched fashionable Most practical
    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 ->Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 -
    Vintage PRADA Distressed Brown Suede Leather Knee High Womens 40 Made in ItalyCrocs Women's AllCast II Wheat Snow Boot, Wheat, 11 M USAdidas James Harden Vol 1 Yacht Party White BY4525 Size 4-11 Basketball ShoesMr/Ms Pleaser ADORE-701FL Comfortable feeling Price reduction A balance between toughness and hardnessGentlemen/Ladies Skechers Women's Cleo Bewitch Ballet Flat New market Stylish and fun British temperament , Mr/Ms Alegria Khloe - Grey - Womens Reasonable price Quality and quantity guaranteed List of explosionsBella Vita Women's Abi-Italy Slide Sandal Black Fabric Slides , Sanita Women's Professional Gwenore Clog,Black,36 EU/5.5-6 M US , Gentleman/Lady Amazing Bally Heels High quality and cheap New style At an affordable price , Alexandra Neel Shoes Snakeskin Sandals size 38.5 EUR , Gianvito Rossi Gold Leather Round Toe Ankle Strap Pump IT37/US7~RTL$795NIB Christian Louboutin Amazoutiful 120 Black Gold Studded Sandal Heel Pump 36.5Jimmy Choo Sage Pump, Purple, Vintage Red Leather, Womens Size 8 / 38Womens Chic Cow Leather Comfort Chunky Heels Open Toe Hollow Roman Sandals ShoesVionic Pacific High Tide White Slip-On Flip-Flop Sandal Comfort Shoe 39New , Adidas Originals Shoes Superstar Size 11.5 White Black Snake Pack S82731 , Royal Elastics Icon 1801 Leather White Silver Men Casual Shoes Sneaker 02081-008Gentlemen/Ladies Jordan barcelona size 10.5 durable Fast delivery International big name , Reebok Instapump Fury OG VP Black/Green-Grey Men's AR1448 SZ 13Vans Classic SK8-HI MTE Dx Winter Sneaker Men's Leather Shoes Scotchgard Warm , Nike Sb Dunk Low Crawfish Size 10.5 , NIKE HYPERCHASE SP FRAGMENT DEEP ROYAL BLUE-WHITE-WOLF GREY SZ 9.5 [789486-410]2016 Nike Air Jordan Retro 15 "2017 Release" Obsidian/White Shoes! Size 11 , NIKE AIR MAX 1 JEWEL WHITE BLACK SZ 5 MENS OR 6.5 WOMENS [918354 103] , Man's/Woman's Nike Sb Dunk High Reasonable price Stylish and fun Seasonal hot saleMens British style Leather Ankle High TOp Boots Chelsea Boots zip dress shoesValentino Garavani Men's Macro Studs Leather Mules - Size 11 NIB - $775The North Face Women's Litewave Fastpack Shoe Size 7Ariat Coniston Pro GORE-TEX Knee High Ebony Full Grain Leather , Women Faux Suede Knee High Boots Round Toe High Block Heel Platform Buckle Strap
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 -

    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.

    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575 -

    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
    Miu Miu White Leather Criss Cross Miu Sling Backs Size Criss Size 37.5 0bca575