Never miss an update

Womens MANSFIELD Shoes Slip FREE On Slip Loafers 26210 Black Sz 9M Leather ITALY Heel FREE SHIP b2f6f4c

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: Very good condition. No rips, tears, stains, or holes. Leather uppers have no scratches.
Color: Black Brand: Mansfield
Material: Leather Country/Region of Manufacture: Italy
Style: Loafers & Moccasins Occasion: Wear to Work
Width: Medium (B, M) US Shoe Size (Women's): 9
Heel Height: Flat (0 to 1/2 in.) Pattern: Solid
Never miss an update

Womens MANSFIELD Shoes Slip FREE On Slip Loafers 26210 Black Sz 9M Leather ITALY Heel FREE SHIP b2f6f4c -

    Womens MANSFIELD Shoes Slip FREE On Slip Loafers 26210 Black Sz 9M Leather ITALY Heel FREE SHIP b2f6f4c
    Womens MANSFIELD Shoes Slip FREE On Slip Loafers 26210 Black Sz 9M Leather ITALY Heel FREE SHIP b2f6f4c
    Anne Klein Sport Ulisa Black Square Toe Ballet Flats , New AGL Attilio Giusti Leombruni D558034 ballet black leather slip ons 11 , YSL Yves Saint Laurent HOLLY 05 BALLERINA COTTON VICHY Plaid Ballet Flats 35 1/2 , New w/o Box J. Crew Fabric gemma flats blue floral embroidered sz 7 sample , Klogs Bristol Womens Clog Shoes Black KPR 6 M , Jambu Size 6 M Ruby Fur Brown Leather Loafers New Womens ShoesNEW $170 Cole Haan StudioGrand Ballet II Flats Shoes in Blazer Blue Leather 7 , Zara Woman Blue Striped Mules Slides Size 6.5 NWTRivieras Shoes Flats Cream Blue Red Slip On Sneakers Mesh Size US 10.5 , Donald J Pliner Honey Square Toe Loafers 512, Black, 8.5 USMan/Woman Lucky Women's LK-CORDEENA Combat Boot Many styles Highly praised and appreciated by the consumer audience Good quality , Mephisto Cool Air Debbie Platinum Leather sz 39 US 8.5 Sneakers Walking Shoes , Mt Emey Therapeutic Comfort Diabetic Women's Black Leather Shoes 9202 SZ 8.5 3EKlogs Landing Womens Clog Shoes Black 8.5 MB.O.C. by Born Peggy leather clogs black sz 6 M/W NEW , Ahnu Wms Gray Blue Mesh Mary Jane Shoes 9 , WOMENS 7.5 B COLE HAAN BLACK LEATHER LOAFERS SHOES, barely worn , AGL Womens Icon Distressed Metallic Leather Embossed Cap Toe Ballet Flats 39.5 , Gentlemen/Ladies Coolway Kesey Flats-Women's size 8 Brown for you to choose High quality and economy Vintage tide shoes , New ISOLA Biel Women Flats Dress Shoes Sz. 8 (MSRP $150) Blue , Tommy Bahama Size 9.5 Tan Suede Loafers New Womens Shoes , Karma Pumps Women Mary Janes Light Olive US 7 /UK4.5 /EU37.5NEWS CHACO GALA MARY JANES SHOES WOMENS 9 BLUE STYLE J104608 FREE SHIPNEW Aravon AAG03 Dolly Leather Mary Janes, Women's Size 11AA, Black , Klogs Cardiff Womens Clog Shoes Black Wigwam 9.5 WVince Torin Casual Slip On Shoes - Women's Size 6.5 M, Graphite (REPAIR) , Dansko Manda Slip Ons - Women's Size (US 6.5) - BeigeNEW Dansko Black White Gray Silver Metallic Tweed Chenille Clogs Shoes 37 / 7SAS Black Leather Moccasin Oxfords Women's Size 8.5 M
    Womens MANSFIELD Shoes Slip FREE On Slip Loafers 26210 Black Sz 9M Leather ITALY Heel FREE SHIP b2f6f4c ->Womens MANSFIELD Shoes Slip FREE On Slip Loafers 26210 Black Sz 9M Leather ITALY Heel FREE SHIP b2f6f4c -
    Tacco Comfort Womens Boots Tall Brown Leather Pull On Heels Italy 1512 , Cobb Hill Ashlyn - Women's Dress Boot - All Colors - All SizesPaul Green 'New York' Bootie - Size / US 9.5 - $330Maison Martin Margiela Payaya Suede/Leather Pull On Wedge Boot , NEW LADIES WOMENS BEIGE SUEDE LEATHER HIGH WHITE BROWN STILETTO HEELS SHOES , HKR Women Loafers Slip On Platform Sneakers Comfort Suede Driving Moccasins S... , Clarks Preslet Grove Dark Brown Leather Womens Size 11 MNaot Womens Size 9 Mary Jane Adjusted Strap Pumps Black Leather Made In IsraelNew Womens Pointy Toe Leather Stiletto Heel Zip Knee High Boots Pumps Shoes SzZARA BLACK STUDDED DIAMANTE HIGH HEEL COURT SHOES SIZE UK7/EUR40/US9Man/Woman Fabulicious LIP-108SD We have won praise from our customers. Won highly appreciated and widely trusted at home and abroad Fashion dynamicVans Tanner Court Mid DX Black and Gum Men's US Size 8Men's Saucony Shadow Original Casual Shoes Grey/Black S2108-69 GRY , $150 ASICS Tiger Men's GEL-Kayano Trainer Knit Shoes Black Green Sz 10 HN7Q4NIKE FREE RN COMMUTER 2017 RUNNING SNEAKER MEN SHOES WHITE 880841-007 SZ 10.5 NUNike Mens PG 1 Paul George Pure Platinum Scale Gum Grey 878627-008 Sz 17Jordan Retro 5 "Metallic Gold" White/Black-Metallic Coin (GS) (440888 133)Nike Vapor Untouchable 3 Elite Flyknit Football Cleats AH7408-106 Alabama Sz 11 , Skechers Men's Outland 2.0 Girvin Hiking BootAALD01 aladdin shoes size 36-43 tailor madeHEY DUDE MENS WALLY WASHED STEEL BLUE SIZE 122017 Mens Black Velvet Loafers Slip on Sneakers Floral Embroiery Shoes Sz , New Prvt. Label: by Mezlan M brown (4796) , Nike Lunarelipse + 2 shoes sneakers new 487974 105 size 11.5 , Women Adidas S82250 Stan Smith Running shoes white black sneakers , Under Armour UA Women's Block City Volleyball Shoes Navy Blue 1290204 410 Sz 6 , adidas NMD_R1 W Shoes Black Women B37649Prada Womens 5.5 US 36.5 EU Nevada Bike Casual Sneakers Shoes Orange GrayTahari Black Suede Pointed Toe Ankle Bootie Size 10M 3.75” Stacked Block Heel , Women's Via Spiga Black Calf Leather Kacey Riding Boots Size 7.5 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens MANSFIELD Shoes Slip FREE On Slip Loafers 26210 Black Sz 9M Leather ITALY Heel FREE SHIP b2f6f4c -

    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 MANSFIELD Shoes Slip FREE On Slip Loafers 26210 Black Sz 9M Leather ITALY Heel FREE SHIP b2f6f4c -

    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 MANSFIELD Shoes Slip FREE On Slip Loafers 26210 Black Sz 9M Leather ITALY Heel FREE SHIP b2f6f4c