Never miss an update

New! BCBGMAXAZRIA Suede Ankle Strap Blue Suede 12544/Silver Stiletto Stiletto Sandal - 37 EUR, 7 US 169b2bd

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Authentic and in great condition! There may be minor dust on suede from storage. Please see photos.
Style: Sandals EUR Shoe Size (Women's): EUR 37
Fastening: Buckle Color: Blue
Heel Height: High (3 in. to 4.5 in.) Brand: BCBGMAXAZRIA
US Shoe Size (Women's): US 7 Heel Type: Stiletto
Material: Leather UPC: Does not apply
Never miss an update

New! BCBGMAXAZRIA Suede Ankle Strap Blue Suede 12544/Silver Stiletto Stiletto Sandal - 37 EUR, 7 US 169b2bd -

    New! BCBGMAXAZRIA Suede Ankle Strap Blue Suede 12544/Silver Stiletto Stiletto Sandal - 37 EUR, 7 US 169b2bd
    New! BCBGMAXAZRIA Suede Ankle Strap Blue Suede 12544/Silver Stiletto Stiletto Sandal - 37 EUR, 7 US 169b2bd
    Man's/Woman's Karen Millen Purple Satin Strappy Sandals High quality and low overhead New in stock Global sales , FINGER BONE 5.5" HEEL 2 STRAP MJ.STUD, SPIKE, SKULL, BUCKLE CHROME 7 8 9 10 , CHARLES JOURDAN JILLIAN STRAPPY SANDAL WOMEN'S VANILLA/PLATINO US SIZE 7.5 NEWLoeffler Randall Women's Maren Leather Heeled Sandals Retail $395 size 10 , Vince Haley Women Block Heel Sandal (9M, Whiskey)Stuart Weitzman Purple Suede Peep Toe Pumps Size 6ALICE + OLIVIA 40 9 9.5 Dina Nude Patent Blush Leather Pointy Heels , Stuart Weitzman 'Frolic' Rhinestone Sandals silver sz 38 US SZ 7.5 new , chic Multicolor Leather High Heel Womens Sandal Pumps Butterfly Party Shoes E031NIB BED STU Kalah NECTAR LUX Platform Sandal Heels Sandals Womens 10 M , Munro American Womens heels size 10 M made in USANEW Anthropologie Intentionally Pony Hair Ankle Strap Open Toe Heels Size 37 BlkMr/Ms Bella Vita Womens PRU-Italy for you to choose First grade in its class have fun , STUART WEITZMAN, GLOBOWLING, BLACK PEAU, 9 1/2 M , Lea-Gu Sandals Shoes -50% Leather MADE IN ITALY Woman White 553259- , Hades Footwear BULLET CRIMSON IXX MACHINA MCQUEEN ORION OXFORD POLARO RAVEN , Via Spiga Women's Black Leather High Heel Sandals Sz 7.5M 1349 , Steve Madden Women's Black Patent Zoey Ombre Pumps Sz 7.5M 1700Lanvin Black White Embossed Lizard Round Toe Wedges SZ 37Man/Woman Steve Madden Aaria Heels Natural Pink Ideal gift for all occasions Online export store professional design , Cole Haan Women's Silver/Cream Open Toe Slingback Wedge Shoe 1826 Size 10BGiuseppe Zanotti Vintage Jeweled 2 Strap Stiletto Sandal in Gold Size: 8.5 USJIMMY CHOO PEEP TOE SNAKE SKIN HIGH HEELS SHOES. , STUART WEITZMAN, FABULOSITY, BEIGE ASTRO SERPENTINE, 8 1/2 MGiuseppe Zanotti Floral Jewel Vintage Sandal in Silver Size: 9 USSteve Madden Womens Salsaa Open Toe Heeled Sandal Shoe , Benjamin Adams Lola Pumps-Women's size 9 M BlushPOUR LA VICTOIRE, BONITA WEDGE SANDAL, SADDLE BROWN, WOMENS, US 9.5 M, EURO 39.5DOLCE & GABBANA Sandals Green Velour & Snakeskin Size 38.5 RWW 243 ,
    New! BCBGMAXAZRIA Suede Ankle Strap Blue Suede 12544/Silver Stiletto Stiletto Sandal - 37 EUR, 7 US 169b2bd ->New! BCBGMAXAZRIA Suede Ankle Strap Blue Suede 12544/Silver Stiletto Stiletto Sandal - 37 EUR, 7 US 169b2bd -
    Columbia Women's Buga Plus III Omni Heat BootGIVENCHY Black+Tortoiseshell Open-Toe Platform Ankle Boot Bootie 7.5-37.5 NEWRag & Bone Classic Newbury Bootie in gray Suede sz US 9.5 /COLE HAAN NIKE AIR LEATHER WATERPROOF SNOW BOOTS SIZE US 10 SUPER HOT UNIQUENW1 London Dual Tone Mens Brogues Wine New Shoes , Madden Girl Women's Rate Riding Boot, Stone Paris, Size 6.0 US / 4 UKVince 5.5M Nina Snake-Embossed Leather D'Orsay Flats Python-Embossed Leather , ARRAY Womens Freedom Leather Square Toe Loafers , MISSONI WOMEN'S SHOES MULTI COLOR FABRIC & LEATHER MULES US SIZE 6.5 MCHARLOTTE OLYMPIA LIGHT GREEN TRIM BLACK SUEDE LEATHER HEELS 37 , Worishofer Women's 562 Slingback Sandal Opal Eur 42 US 10.5 M MSRP $69.00 , Sperry Top-Sider Women's Seabrook Surf Breton Stripe Flat Sandal , Man's/Woman's BELLE-308SD Many varieties cheapest Elegant and robust menuSaucony Grid 9000 HT Original Running Shoes Men's Sz 9 M Black S70347-1 , New Adidas Mens VS SET DB0086 WHITE/BLUE/RED US M 8.5 - 10.5 TAKSE , Shoes Trase Sd DC Shoes Pink Men ADYS300172-LTP , Nike CK Racer Mens Running Shoes Lifestyle Sneakers Pick 1 , Nike Kd 5 V BHM VNDS Black History Month Size 11.5 Jordan 1 2 3 4 6 7 8 9 10 11 , Nike Romaleos 3 Weightlifting Shoes White Volt Black 852933-100 - Men's 14 - NewNike Air Footscape Mid Utility DM Green Abyss/Deep Bergundy AH8689-300 SZ 10AIR JORDAN 1 RETRO LS 315794-611 sport red/white-varsity red 1 Size 8 , VNDS Men’s Nike Air Jordan 10 Retro Lady of Liberty Statue 705178-045 Size 132012 Nike Air More Uptempo Olympic Size 12 414962-401 , 7106 Bottes python Sendra MARRON Natur antic jacinto-natur ant.***PROMO*** , men's shoes DI MELLA 12 () elegant brown suede BZ33-EAllen Edmonds "EASTPORT" Boat Shoes 7.5 D Tan (567)PUMA 18948901 Womens Ignite Dual Swan WNS Cross-Trainer Shoe- Choose SZ/Color.NIKE AIR ZOOM STRUCTURE 19 WOMAN SIZE 12.0 NEW RUNNING COMFORTABLENEW Jessica Simpson Women's Loring Stretch Over The Knee Boots Heels Black 7.5 , Steven by Steve Madden Womens Danese Ankle Boot Shoes, Camel Suede, US 11
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New! BCBGMAXAZRIA Suede Ankle Strap Blue Suede 12544/Silver Stiletto Stiletto Sandal - 37 EUR, 7 US 169b2bd -

    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.

    New! BCBGMAXAZRIA Suede Ankle Strap Blue Suede 12544/Silver Stiletto Stiletto Sandal - 37 EUR, 7 US 169b2bd -

    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
    New! BCBGMAXAZRIA Suede Ankle Strap Blue Suede 12544/Silver Stiletto Stiletto Sandal - 37 EUR, 7 US 169b2bd