Never miss an update

PRADA Purple Suede Leather Cut-Out Pumps Bootie 7.5 mogochinese-29998 Womens 37.5 Bootie/ 7.5 Zip Cone Heels ef14e16

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: EXCELLENT Condition!
Color: Purple Modified Item: No
Material: Suede, Leather EUR Shoe Size (Women's): EUR 37.5
Brand: PRADA Toe Style: Peep Toes
Style: Pumps, Classics Width: Medium (B, M)
Heel Type: Cone Heel Height: High (3 to 4 1/4)
Fastening: Zip Country/Region of Manufacture: Italy
US Shoe Size (Women's): US 7.5
Never miss an update

PRADA Purple Suede Leather Cut-Out Pumps Bootie 7.5 mogochinese-29998 Womens 37.5 Bootie/ 7.5 Zip Cone Heels ef14e16 -

    PRADA Purple Suede Leather Cut-Out Pumps Bootie 7.5 mogochinese-29998 Womens 37.5 Bootie/ 7.5 Zip Cone Heels ef14e16
    PRADA Purple Suede Leather Cut-Out Pumps Bootie 7.5 mogochinese-29998 Womens 37.5 Bootie/ 7.5 Zip Cone Heels ef14e16
    DOLCE & GABBANA Leopard Ponyhair Pumps (SIZE 39.5) , NIB Juicy Couture 8.5M metallic pink slingback Leather Shoes w/crystals ITALY , Gianni Versace Black Leather Silver Trim Slingback Stiletto Italy Women's 7.5 , PEDRO GARCIA Brown Suede Woven Platform Ankle Strap Sz 38Aquatalia Vianna Weatherproof Herb Green Suede Platform Shoe 34L08 , JCrew $248 Colette Suede D'Orsay Pumps Sz 6.5 Black Heels E0795 AVLRachel Zoe Women's Trixie Pointed Toe Leather Bootie Black Nappa Leather SizeVince Portia Black Womens Shoes Size 8.5 M Heels MSRP $375100% AUTHENTIC VALENTINO size 40 White Wedges , Jimmy Choo Glitter Open Toe Pimos 38.5 , Gentleman/Lady BCBG Max Azria Sandals Reputation first discount cheap price , Elie Saab Size 40 black Leather Stiletto Heels Shoes exelent shapeCHIE MIHARA * Stunning python heels / pumps / shoes * Size 40 - US 10 , NIB Tod's Women Sabot Masch Smaltat Debbie Heels Brown 38 , Jimmy Choo "Whisky" Brown Suede "Fenner" Platform Pumps SZ 38.5New GIUSEPPE ZANOTTI Brown Silk Jewel Strap Heels 37.5 7.5 $925Salvatore Ferragamo Black Suede Pointed Toe High Heel Pumps SZ 8 AAANEW Acne Studios size 9 shoes pumps heels 39 NWTEmilio Pucci Shoes Multi Colored Silk Print Pump Size 39 1/2Charlotte Olympia Women's Pumps Size 9 Cream Daphne Covered $845 New , Casadei Black Square Toe Pumps Womens 7 B High Heels Made in ItalyAlice & Olivia Brown Snake Leather Platform High Wedge Ankle Strap Heels 7.5 , NIB Ted Baker London Peetch Classic Pumps, Light Pink, sz. 10Manolo Blahnik Brown Snake Skin Kitten Heel Pumps 40 US 9 1/2 $895Women's Paul Andrew Black Suede & Gold Brocade Ankle Strap Block Heel Sandal 9.5 , Casadei Women’s 8.5/38.5 Black Metallic High Heel Pumps Italy $1349 , $400 Italy Sergio Rossi Blk Leather High Heel Platform Wedge Pump Sandal 38 8.5GdiG Green Naplack Patent Leather Pumps Block Heels Shoes Made In Italy Sz 37/ 7Womens TORY BURCH Grey Canvas Open Toe Wedges Sz. 10 B
    PRADA Purple Suede Leather Cut-Out Pumps Bootie 7.5 mogochinese-29998 Womens 37.5 Bootie/ 7.5 Zip Cone Heels ef14e16 ->PRADA Purple Suede Leather Cut-Out Pumps Bootie 7.5 mogochinese-29998 Womens 37.5 Bootie/ 7.5 Zip Cone Heels ef14e16 -
    Man/Woman Frye Smith Harness Short Moto Boot Crazy price Good market buy onlineSpring Step Women's Cymone Boot, Black, 38 EU/7.5-8 M US , PE Nation x Reebok Loaded Base Trainers , Blundstone SOFT TOE WORK BOOTS 200 Chestnut BROWN Leather-Size US 4,4.5,5 Or 5.5 , Mens Air Max LD-Zero - 848624004 - Triple Grey TrainersBlack Snakeskin TONY BIANCO Leather High Heels Open Toe Ankle Boots 8 $189 B44Brighton women's ballet style flat shoes heart silver lambskin size 8M, orig box , Cole Haan Gabby Leather Block Heel Sandals 8.5 $200 , Vintage Soft Single Thick Heel Handmade ShoesNIB DOLCE&GABBANA DARK OLIVE SUEDE POINTED TOE BUCKLE SLINGBACK PUMPS 37.5 ITALY , New Andacco Canni Womens Comfortable Flat Leather Sandals Made In BrazilWomen's shoes ballerinas leather model KAMILA Us Size 3.5 to 12 , 41604 auth CHRISTIAN LOUBOUTIN white PYTHON leather AMAL Sandals Shoes 40 , NEW!! Men's ADIDAS Response IT Training Shoe Sz 9NEW MEN ADIDAS ORIGINALS MUTUMBO DIKEMBE 55 RETRO [G99903] WHITE//AF BLUE-BLACKAdidas questar ride mens sneakers Size 13 , Mr/Ms AIR FOAMPOSITE PRO B blue Practical and economical New style Fine wildVALENTINO GARAVANI SHOES BROWN GRAINED CALFSKIN HANDMADE CHELSEA BOOT 8 41 NEW , Mark Nason Los Angeles Casual Shoe Navy Blue Burgundy White New Trendy Modern 13 , HUGO BOSS Hureb Textured Leather Loafers, men's Size 11, Black (Damaged)Mens Nightclub Punk Low Top Shoes Snake Pattern Formal Dress Leather Shoes SizeOriginal Vans Old Skool VN000D3HW00 White Canvas Casual WOMEN , Saucony Women's Ride Running Shoe, White Blue, 10 Wide US , Adidas Originals NMD R1 Sea Crystal Tactile Green Blue Petrol CG3601 Women , Men/Women WOMEN'S SHOES SNEAKERS NEW BALANCE [WR996SRW] Queensland Lush design Shopping promotion , Durango Mid Calf Brown Leather Cowboy Boots Women's Size 9.5 , Franco Sarto Women 7.5M Destiny Suede Woven Pattern Booties Ankle Boots new , Bogs Women's Rain Boots Living Gardens Blue Multi 72193-460Ivanka Trump Women's Kellyn Black Fabric Boot 9.5 M , STEVEN by Steve Madden Women's Criss - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PRADA Purple Suede Leather Cut-Out Pumps Bootie 7.5 mogochinese-29998 Womens 37.5 Bootie/ 7.5 Zip Cone Heels ef14e16 -

    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.

    PRADA Purple Suede Leather Cut-Out Pumps Bootie 7.5 mogochinese-29998 Womens 37.5 Bootie/ 7.5 Zip Cone Heels ef14e16 -

    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
    PRADA Purple Suede Leather Cut-Out Pumps Bootie 7.5 mogochinese-29998 Womens 37.5 Bootie/ 7.5 Zip Cone Heels ef14e16