Never miss an update

Splendid Sebastian High Top Zipper Lined 20775 marcanthony-20787 Fashion Splendid Sneakers, White, 6.5US Display 337e91a

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: Lightly soles. Images shown are of the actual shoes for sale.
Brand: Splendid Pattern: Striped
Width: Medium (B, M) US Shoe Size (Women's): US 6.5/UK 4.5/EU 37
Material: Leather Style: High Top
Heel Height: Low (3/4 in. to 1 1/2 in.) Shade: White
Color: White UPC: 886896207521
Never miss an update

Splendid Sebastian High Top Zipper Lined 20775 marcanthony-20787 Fashion Splendid Sneakers, White, 6.5US Display 337e91a -

    Splendid Sebastian High Top Zipper Lined 20775 marcanthony-20787 Fashion Splendid Sneakers, White, 6.5US Display 337e91a
    Splendid Sebastian High Top Zipper Lined 20775 marcanthony-20787 Fashion Splendid Sneakers, White, 6.5US Display 337e91a
    I35 Sammee17 Rhinestone Fashion Slip-On Sneakers, PewterNanette Nanette Lepore Winona Fashion Sneakers, Blush, 9 US , Nautica Canvey Slip On Low Top Sneakers, Navy, 6.5 US / 37 EU , BareTraps Britta Slip On Fashion Sneakers, Denim , Gentleman/Lady Keds Champion Dot Fashion Sneakers, Navy/White New product stable quality VariousTommy Hilfiger Frank3 Slip-On Fashion Sneaker 851, Black , 9 USKenneth Cole Kingvel Triple Strap Sneakers 894, White, 7.5 US / 38 EUI35 Sapphira Slip On Sneakers, New Blush , XOXO Velma Casula Slip On Sneakers, Navy Plaid, 8 US / 39 EUBandolino Hoshi Flat Slip-On Fashion Sneakers, Grey Multi , Calvin Klein Jaleh Slide Fashion Sneakers, Soft WhiteTommy Hilfiger Frank3 Slip On Fashion Sneakers 685, White, 10 US , Men/Women Easy Spirit Gogo Athletic Sneakers, Silver/Silver Louis, elaborate Order welcome At an affordable priceBandolino Hoshi Flat Slip-On Fashion Sneakers, Black MultiEasy Spirit Twist2 Slip On Sneakers, BlackNanetta Nanette Lepore Winnie Floral Slip On Sneakers, Silver, 10 USI35 Eliza Espadrille Low Top Sneakers, Pink Bloom, 7 USMen/Women BareTraps Holeigh Slip-On Comfort Sneakers, Navy Strong heat and wear resistance Comfortable touch Excellent function , BareTraps Britta Slip On Fashion Sneakers, Washed Denim , Womens Rocket Dog Madox Denim Peach Platform Espadrille Shoes Shu SizeSKECHERS EZ FLEX 2 A GAME BLACK PINKCarlos Carlos Santana Alegra Slip-On Fashion Sneakers, Black , Steve Madden Ecntrcqt Women’s Size 8.5 Blush Slip On Fashion Sneakers F4-587 , naturalizer Morrison Low Rise Fashion Sneakers 365, Black Brahma, 12 W USWomens Skechers Synergy 2.0 Black Walking Lightweight Leather Sneakers US 6-11Jessica Simpson Dalana Pull On Fashion Sneakers, BlackBetsey Johnson Spur Platform Fashion Sneakers, SilverSTEVEN Steve Madden Kai Slip On Sneakers 992, Black, 9.5 US , Steve Madden Sly Pull-On Sneakers 143, Grey Multi, 9.5 US ,
    Splendid Sebastian High Top Zipper Lined 20775 marcanthony-20787 Fashion Splendid Sneakers, White, 6.5US Display 337e91a ->Splendid Sebastian High Top Zipper Lined 20775 marcanthony-20787 Fashion Splendid Sneakers, White, 6.5US Display 337e91a -
    Barney's New York CO-OP Women's 37 6.5 Tan Camel Leather Booties Ankle Boots L4pMENS ASICS GEL KENUN MX MEN'S RUNNING/SNEAKERS/TRAINING/RUNNERS SHOESMr/Ms Vivobarefoot Primus Lite Grey Comfortable feeling The latest technology Elegant and stable packaging , Nine West Jena Over-The-Knee Boots, Cognac, 8 US Display , YVES SAINT LAURENT WOMENS SHOES. SIZE EU38 , JIL SANDER ELEGANT BROWN LEATHER WOMEN'S SHOES sz. 8 M MADE IN ITALYNIB Christian Louboutin Toerless Muse Black Suede Strappy Cage Ballet Flat 36Vintage Maserati Womens Slingback Heels US 7 Brown Leather Buckle Peep Toe Italy , TARYN ROSE black patent leather peep-toe heels pumps shoes size 38.5Stuart Weitzman Womens Singleton Adobe Leather Pump , J Slides Womens Edie Open Toe Casual Slide Sandals, White Cracked, Size 8.0 9BuTBlack Velvet Italian Platform Sneakers Size 41 , FLY London femme Yaga 618 Sandales, Rouge (Mousse Scarlet), 38 EU-Alegria Women's Venice Sandal Slickery 39 M EUFrench Connection Electra, Black, 9 US / 39 EU Display , Mens NIKE AIR ROYAL MID Brown Leather Hi Top Trainers 366384 203 , Nike Air Presto Royal Blue QS Men's 789870-413 Running Shoes Size S , DS Nike Air Max 1 Pompidou Center " By Night" size 10 US AV3735-001 , Ariat Mens Rambler New West 15 D EarthMen Metal Toe Oxford Pointed Toe Vintage Wing Tip Leather Shoes Ankle Boot MotorMen Woven Round Toe Wedding Formal Slip On Tassel Loafers Loafer Casual Shoes , Gentleman/Lady Vans Unisex Sk8-Hi Hi-Top Skate Sneakers Exquisite (middle) workmanship Won highly appreciated and widely trusted at home and abroad buy onlineslipper brown velvet embroidery moose art 600-2119 ElandTennessee Walker Horse Print (White) Running Shoes For Women-Free Shipping , Man/Woman Franco Sarto Women's Aberdale Practical and economical discount price Direct business , Brand New Womens AF1 Upstep PRM LX Athletic Fashion Sneakers [AA3964 001] , Adidas Nmd_r1 Pk W Womens CQ2040 White,White,BLUTIN Womens Size 11 , adidas Iniki Runner Womens In Aero Green/White, 5.5RARE~Converse JACK PURCELL LEATHER all Boot star Shoe~Womens sz 6Man's/Woman's GUC Size 7B Ariat boots Crazy price, Birmingham Latest styles Known for its excellent quality ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Splendid Sebastian High Top Zipper Lined 20775 marcanthony-20787 Fashion Splendid Sneakers, White, 6.5US Display 337e91a -

    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.

    Splendid Sebastian High Top Zipper Lined 20775 marcanthony-20787 Fashion Splendid Sneakers, White, 6.5US Display 337e91a -

    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
    Splendid Sebastian High Top Zipper Lined 20775 marcanthony-20787 Fashion Splendid Sneakers, White, 6.5US Display 337e91a
    Athletic Shoes