Never miss an update

See By Chloe Women's Alex Platform Or Mule Suede Brown Mule Suede Size 38 Or 7 b1cce13

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
Modified Item: No
Gender: Women Style: Mules
Color: Brown Heel Height: High (3 in. and Up)
Occasion: Casual US Shoe Size (Women's): 7
Brand: See by Chloe Material: Suede
Heel Type: 4" Pattern: Solid
UPC: Does not apply
Never miss an update

See By Chloe Women's Alex Platform Or Mule Suede Brown Mule Suede Size 38 Or 7 b1cce13 -

    See By Chloe Women's Alex Platform Or Mule Suede Brown Mule Suede Size 38 Or 7 b1cce13
    See By Chloe Women's Alex Platform Or Mule Suede Brown Mule Suede Size 38 Or 7 b1cce13
    Bass Reagan Marshmallow Womens Ankle Strap Size 8MUS4.5-12 Womens Super High Heels Studded Stilettos Ankle Strap Pointy Toe Shoes , Sophia Webster J Crew Nicole Heels Pumps In Calf Hair 9 39.5 Euro B3895 ShoesWomens Roman Flowers Platform Shoes Cross Strap Buckle Cow Leather Sandals ShoesStuart Weitzman size 6. Brand New. Women’s ShoesGIUSEPPE ZANOTTI PEEP TOE BLACK SATIN PUMPS SHOES JEWELED BROOCH SIZE 39 / 9 , Men's/Women's Vince Paulette Women's Heels Black quality The highest quality material Contrary to the same paragraph , J.Crew Elsie Pumps Ratti Into the Wild Print Green,Blue,Red,Ivory #F1193 7 $298 , NEW MARC by MARC JACOBS RED PATENT LEATHER SHOES sz. US 8 IT 38 , STEWART WEITZMAN BOW BLACK PATENT LEATHER PUMP 2" HEEL WOMEN US 8M HOT SPAIN , JCrew Colette d'Orsay Kitten Heels Mermaid Glitter 10 Copper Black Pumps E1183 , Man's/Woman's Blue Jeweled Badgley Mischka Kitten Heels Consumer first Comfortable touch SimpleWomens Irregular Choice Wanderlust Blue White Stripe High Heel Shoes Shu SizeFendi Heels Suede platform shoes with Gold eyelets Olive Green Sz 7Lady Couture Women’s Beauty Silver Sling Backs Heels , Ladies Suede Ankle Straps Block Heel Round Toe Shallow Mouth Party Womens ShoesNEW LUCA VALENTINI COLLEZIONI BEIGE LEATHER BOOTS Size 38, US 7.5 Made in ITALYWomens T-strap Mary Jane Shoes Irregular POM POM Wedge Heel Lolita Cosplay PumpsBadgley Mischka Dawn Ivory Womens Shoes Size 8 M Heels MSRP $245Jimmy Choo Silver Open Toe Slide in Mule Pumps Size 6 - Made In ItalyVivienne Westwood Regent Baby Blue And Cork Patent Leather Sz 41 Pump , Man/Woman Louboutin 'Rosella' satin ballet flats 39 Excellent craft Fine art Most practical , Women Jeffrey Campbell Shoes 6 KOKO Black Suede Gold Stiletto Heels Cuff Studs , Imagine Vince Camuto Oren – Macramé Dress Boot , Multicolor Shiny Leather High Heel Womens Sandal Pumps Butterfly Party Shoe HOT , Pleaser 6" white open toe thigh high bootsNEW DRAKE'S FOR J. CREW LUCIE PUMPS IN SWEET ORANGE FLORAL SZ 5.5 $278 G7584Ivanka Trump Carra3 Pump Light Pink Fabric New w/ Box , Miu Miu Khaki Canvas, Tan Leather, Glittery Strappy Sandals Heels 6.5M – BELLA!
    See By Chloe Women's Alex Platform Or Mule Suede Brown Mule Suede Size 38 Or 7 b1cce13 ->See By Chloe Women's Alex Platform Or Mule Suede Brown Mule Suede Size 38 Or 7 b1cce13 -
    THEATRE PRODUCTS Shoes 815564 BeigexBluexMulticolor 25cm , Nike PG 2 EP [AJ2040-400] Men Basketball Shoes Paul George Dark Obsidian/SilverNew Valeria Grossi Clust W Womens Shoes Casual Boots Ankle , Womens 10.5 11 41 Dansko Ainsley Black Nappa Leather Clogs Mary Jane Shoes Wedge , Josef Seibel Caspian Gray Leather Fashion Sneakers Womens Size M , Women Loafer Shoes Hidden Wedge Heels Chic Hollow Out Round Toe Slip on Elastic , Amber Rossi 8.5 eu 38.5 nr mint black suede leather shoes rhinestones ItalyWomen Patent Leather Pointed Toe Slip On Metal Decor Oxfords Shoes Sneakers Sz , Pleaser criss cross 7 inch rhinestone heel platforms , TOD'S Women's Moc. Access. Dark Red Suede Jeweled Pumps Shoes US 9 / 39 NEW , BCBGeneration Triumph T-Strap Thong Sandals, Black, 6.5 US / 36.5 EUGentlemen/Ladies Lebron james 13 Low High-quality fashionable Strong heat and heat resistanceAdidas Mens Size 10 Predator Tango 18.1 Trainers Soccer Shoes Sneaker CP9268 Bla , Nike 845403 Mens Air Jordan Trainer 1 Low Top Basketball Shoes Sneakers , Man's/Woman's Nike Roshe One - 511881 010 Attractive and durable Cheaper than the price Comfortable and naturaladidas Originals BW0866 Mens Freak X Carbon Mid FTball Shoe- Choose SZ/Color.Under Armour UA Curry 2 Dubnation Away 10.5 Golden State Warriors jersey lotNew Balance MCRUZBK 2E Black & White Freash Foam Sneakers Running Shoes 2017 NB , Reebok Men's Print Smooth Ultk Running Shoe - Choose SZ/ColorCole Haan Men's Zerogrand Wing Ox Leather Oxford - Choose SZ/color , Men Metal Gold Color Glitter Heels Stylish Grain Buckles Ankle Boots Shoes Hot , Chic Mens Block Heel Pull On Metal Pointy Toe Pump Leopard Print Rivets ShoesCalvin Klein Mens Kingsley Oily Suede Fashion Sneaker- Pick SZ/Color.Nike LunarEpic FK Flyknit Shield Gyakusou Women Running Shoe Size 6.5 859890 300 , New Under Armour Women's Micro G Pursuit Running Shoes - Size 8 - White / Black , adidas ZX 700 Womens Retro Sports Trainers Beige Pink Classic Shoes SnakeskinWomen's adidas NMD R1 Casual Shoes Raw Steel/White CQ2013 BLU , Gentlemen/Ladies WOMEN’S SHOES ADIDAS FALCON W BB9175 Crazy price stable quality Seasonal hot saleMiz Mooz Leather Ankle Boots w/ Zipper Detail- Nimble Gravel 37 (6.5-7) , women's shoes CRIME 7 () ankle boots brown gray leather AK995-C
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    See By Chloe Women's Alex Platform Or Mule Suede Brown Mule Suede Size 38 Or 7 b1cce13 -

    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.

    See By Chloe Women's Alex Platform Or Mule Suede Brown Mule Suede Size 38 Or 7 b1cce13 -

    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
    See By Chloe Women's Alex Platform Or Mule Suede Brown Mule Suede Size 38 Or 7 b1cce13