Never miss an update

Dansko Womens Black Leather Mary Jane Comfort Leather Shoes Wedge Comfort Size 41 US Wedge a5a567c

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, slight wear & scratches around the toe areas
Modified Item: No Pattern: Solid
Country/Region of Manufacture: China EUR Shoe Size (Women's): EUR 41
Style: Comfort Color: Black
Fastening: Slip On MPN: Does Not Apply
Heel Height: Low (3/4 in. to 1 1/2 in.) Occasion: Casual
US Shoe Size (Women's): US 10.5 Brand: Dansko
Material: Leather Toe Type: Round Toe
Width: Medium (B, M) Heel Type: Wedge
UPC: Does not apply
Never miss an update

Dansko Womens Black Leather Mary Jane Comfort Leather Shoes Wedge Comfort Size 41 US Wedge a5a567c -

    Dansko Womens Black Leather Mary Jane Comfort Leather Shoes Wedge Comfort Size 41 US Wedge a5a567c
    Dansko Womens Black Leather Mary Jane Comfort Leather Shoes Wedge Comfort Size 41 US Wedge a5a567c
    STEVEN MADDEN GOLD STUDDED OXFORDS SIZE 6New Dr Comfort Patty Diabetic Therapeutic Extra Depth Oxfords Casual Shoes 11 XW , Tod's Women's Driving Shoes Sz 6.5 Italy Perforated Brown Gommino Casual Slip OnNEW AGL Attilio Giusti Leombruni Black Suede Flats w/Rhinestone Cap Toe 36/US 6CC Corso Como Jackey Flat - Women's Size 9.5M - Black , Ecco 9 Touch 2.0 Scale Ballerina Flat Navy Blue Leather Loafer Slip On New , NEW - Cole Haan Genuine Leather Woman GRANT driver - Blazer Blue in Size 6B , Salamander Dublins/Gizeh 38 L 7 Metallic Leather Antrazit Soft FootbedCARMEN SALAS Spain -Genuine Leather Platformed Flats-Size 39/9M-Brown-Very NiceSalvatore Ferragamo Sz 7 B Black Leather Gancini Bit Logo Flat Shoes Loafers ITSAS 'Simplify' Slip On Loafers Black Croc Leather Sz 7.5W WIDE Worn Twice! , London Sole Ballet Gray Black Cap Toe Shoes Leather Size 37. 5 USWomen Cole Haan ZERØGRAND Wingtip Oxford Retail $198 Gray Size 9.5 - Barely WornJCrew $128 Slingback Flats Snakeskin-Printed Leather Sz 7 Ivory Black F4857 , M.GEMI LIGHT BLUE LEATHER SHOES/DRIVING MOCCASINS S 41/10 EUC MADE IN ITALY/SALE , Rag & Bone Kent Dune Suede Platform Espadrilles Sneakers sz: 38 US 8 - $350 , Jessica Simpson Women's Mandalaye Ballet Flat Black 8 M US , Tommy Hilfiger AW ANDEENA Navy Blue Multi Fabric Women's Sneakers -$0 Free ShipNEW In Box Tory Burch Size 9 Risa Espadrille Blue Floral Flats Canvas SummerAGL Attilio Giusti Leombruni Toe Cap Ballet Flat Rouge US 8.5 Red , Dansko Vegan Canvas Mary Jane Clogs Blue Size 38 US , Turquoise Fluevog Integrity Amie Ballet Flats 7.5 , Trotters Sizzle Women's Slip On, White, Size 11.0J Crew 8.5 Marcie Suede Wedges Platform Beige Tan NEW $148 SandalsCamper Serena Flats - Women's Size 9.5/10 - Gray , RED VALENTINO Designer Women's Hummingbird Embroidered Denim Slip-on Sz 35 , Sanuk Women's Brook Tx Slip-on Loafer Natural Boho 7 M USTrotters Women's DEA Ballet Flat, Blush, Size 7.5 , ISAAC MIZRAHI CROC EMBOSSED BROWN FLATS LOAFERS MADE IN ITALY SZ: 8.5 NEW ,
    Dansko Womens Black Leather Mary Jane Comfort Leather Shoes Wedge Comfort Size 41 US Wedge a5a567c ->Dansko Womens Black Leather Mary Jane Comfort Leather Shoes Wedge Comfort Size 41 US Wedge a5a567c -
    Women Suede Block High Heels Embroidery Round Toe Side Zipper Mid Calf BootsNike W Air Vapormax Flyknit 2 [942843-002] Women Running Shoes Dark Grey/BlackFire Sale- NWOB- 1.STATE Womens Celvin Nubuck 9MNIB TORY BURCH Louisa Python Print Ballet Flat, Multicolor Size 7SEMLER Bronze Leather Slip-on Walking Shoes Size US7 /2 H EUC , Women's Shoe Clarks Azella Theoni Snake Print Espadrille Slip On 25832 Beige NewGentlemen/Ladies Elastane Pointy Toe Stiletto Pump Guarantee quality and quantity fashionable Perfect processingCharles David Womens cally Open Toe Classic PumpsBURBERRY Bridle Winchester Espadrille brown leather Wedge heels shoe sz 40MANOLO BLAHNIK 40.5 Essa Beige Leather Cutout Sandals Strappy Heels 10 , Jessica Simpson JS-BANSI Womens Bansi- Choose SZ/Color.L'Amour Des Pieds Burgogne Granite Graphite Caviar Gray Silver Leather ComfortNew HUMAN Race Sports Running Shoes Top Athletic NMD X Men High Quality , NIKE MERCURIALX PROXIMO II 2 DF IC SOCCER Sz 8 ELECTRIC GREEN 831976-305Shoes adidas Eqt Support Adv White Men CP9558Stephen Curry Under Armour SC30 UA Curry 3 Mid Mens Basketball 1269279-400 DS18 RARE Nike Fly Stepper 2k3 Premium Pure Platinum Shoes 677473 004 Mens Size 12Men's Nike Free 4.0 Flyknit "pure platinum" 631053010 Sz. 12 *RARE* New w/ Box , VANS SK8 HI ZIP unisex new rare model 28cm from japan (326 , AIR JORDAN 4 RETRO X TRAVIS SCOTT CACTUS JACK 308497-406 US10.5/UK9.5/EUR44.5Wolverine 1883 Men's Angelo Oxford - Choose SZ/Color , STICO WSS-610 Brown Non-Slip Safety Shoes Work Boots Breathable ComfortKOREA_RR , Skechers USA Men's Diameter Hensen OxfordBlack7.5 M US , PRADA $690 men's LOAFERS DRIVER NEW shoes 100%AUTENTICH MADE IN ITALY CPS16American Curl Christmas Running Shoes For Women- Free ShippingBaskets model 99333 Zoki - Matter - Shoes , Gentlemen/Ladies New Balance Women's Ww840v2 Walking Shoe Not so expensive delicate Diversified new design , STEVE MADDEN METTAL LEATHER ANKLE BOOT SZ 6 $169.99 , MUK LUKS Women's Lori Winter Boot, Army Green, 7 M USPendleton Women's Heritage Tall Acadia National Park Boot in Black Sz 6-9 NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dansko Womens Black Leather Mary Jane Comfort Leather Shoes Wedge Comfort Size 41 US Wedge a5a567c -

    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.

    Dansko Womens Black Leather Mary Jane Comfort Leather Shoes Wedge Comfort Size 41 US Wedge a5a567c -

    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
    Dansko Womens Black Leather Mary Jane Comfort Leather Shoes Wedge Comfort Size 41 US Wedge a5a567c