Never miss an update

Calvin Klein Womens Brady Brady Klein Platform Pump- Pick Calvin SZ/Color. 6d02e35

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
UPC: 0889655182640
Style: Causal Brand: Calvin Klein
US Shoe Size (Women's): Multiple Variations Model: 34E9477-CAR
Size Type: Regular MPN: 34E9477-CAR
Material Type: Leather
Never miss an update

Calvin Klein Womens Brady Brady Klein Platform Pump- Pick Calvin SZ/Color. 6d02e35 -

    Calvin Klein Womens Brady Brady Klein Platform Pump- Pick Calvin SZ/Color. 6d02e35
    Calvin Klein Womens Brady Brady Klein Platform Pump- Pick Calvin SZ/Color. 6d02e35
    Gentle Souls Shoes Size 8.5 Brown Textured Leather Closed Toe Pumps HeelsPleaser ADORE-709MCT Women's Black Crushed Velvet Dual Tinted Platform SandalsVnt Salvatore Ferragamo Black Leather Pumps Sz.9AAA / 39.5 Slip On Shoes$159 VIA SPIGA COMPOSE Toffee Brown Suede Designer WEAR to WORK Pumps 10PIKOLINOS BROWN LEATHER MULES WOMEN 37 SIZE 7Asos Highgate Red Velvet Plaited Mules US6-11 Sold out Bloggers Favoritewomens square toe mesh slip on leather block high heel pumps shoes office 2018Taryn Rose Size 7 Black Nappa Patent Leather Cap Toe Dress Ballet Flats ShoesRockport Total Motion Hidden Wedge Suede Pumps, Women's Size 6M, BlackRocket Dog Women's Trumble BootWomens Pearls High Wedge Heels Suede Pumps Mules Platform Open Toe Slip On ShoesMan/Woman black patent Heeled sandals durability Modern design International big nameJessica Simpson Women Floral Bethany Wedge Size 8.5/39.5 , Clarks Carlita Quinn Women's Black Ankle Boot - Size 8M , PLEASER Delight-685 Series 6" Heel Sexy Exotic Platform PumpWENDY WILLIAMS BLACK FACETED BROOCH SHOES SIZE 8 1/2 M - NEWIRON FIST MIDNIGHT MERMAID OCEAN BEACH SKULL PLATFORM HEELS PUNK GOTH SHOESStuart Weitzman Womens Shoes Size 8.5 Brown Velvet Classic Pumps Heels Casual , Aldo Barlas Blue Pump 7M, MSRP $100Women's Genuine Leather Shoes Pearl Bee Rivet Shoes Loafers Black/Brown HOT 2018TALBOTS SHOES DARK BLUE LEATHER OPEN TOE PUMPS !SIZE 7 M/37 !MADE IN ITALY ! , $195 MILLY SPERRY Top-Sider SOUTHPORT Tobacco Designer Fashion Wedge Sandals 8.5 , Madewell 1937 AVA Black Suede Ankle Cuff Pointy Toe Pump Women US 7 Minimal WearMarc Fisher Demika Perforated Cognac Suede Womens Ankle Strap Heels Size 9 MValentino Classic Bowtie Peep Toe Pumps -sz.9.5/9! , Brown T-Strap Open Toe Andrea High Heels with Half Platform and Robust HeelPLEASER Delight-687 Series 6" Heel Sexy Exotic Platform Pump , Cole Haan Tali Grand Wedges-Women's size 11(AA) BlackPrada Vero Cuoio Bone Pointed Toe Kitten Heel Stilletos, Size 36.5 (6.5) Elegant
    Calvin Klein Womens Brady Brady Klein Platform Pump- Pick Calvin SZ/Color. 6d02e35 ->Calvin Klein Womens Brady Brady Klein Platform Pump- Pick Calvin SZ/Color. 6d02e35 -
    Women Hunter Steamboat Black Black Sheepskin Leather Waterproof Boots Size 7Women's Minnetonka 5-Layer Fringe ZipOn Boot Brown 1652FRYE Women's Flynn Omaja Short Inside Zip Ankle Boot - Choose SZ/ColorShoes Igi&Co Sandal 78752 00 Woman Silver Flower Zeppa Fashion Casual Elegant , TOD'S MEN'S LEATHER LOAFERS MOCCASINS NEW MY COLORS NEW GOMMINI 122 BLACK F25 , EL CHARRO COWBOY BOOTS SIZE USA 8.5 MEXICO , Puma Womens Platform Kiss Ath Lux WNs Low-Top Sneakers, Black Black, 3.5 UK , Mens Merrell Traveler Tilt Convertible Espresso Leather Adjustable Casual Sandal , Car shoes by Prada suede brown boots, size 7,AUS 9.5, worn onceDansko Vegan Canvas Mary Jane Clogs Blue Size 38 USNIKE FREE WAFFLE GREY VOLT MENS RUNNING SHOES US 8 **FREE POST AUSTRALIA , Man/Woman Colin Stuart Shoe The color is very eye-catching Carefully selected materials Modern and elegantCarlos by Carlos Santana Felicity Black Womens Shoes Size 7.5 M Heels MSRP $89 , Women Pumps Platform Round Toe High Heels Pumps Black Shoes Woman US Size 4-10.5ANNE KLEIN-BLACK SUEDE LEATHER PUMPS HEELS -SZ 6MHunter Abaco Wedge Slingback Espadrille Shoes Tan Black Leather Jute Peep Size 8Nike Air Huarache Run PRM (Desert/Sail-Burgundy Ash) Men's Shoes 704830-202 , Men's Brand New Converse CTAS 70 HI Athletic Fashion Sneakers [157482C] , Air Jordan 5 V Retro SZ 8.5 Blue Suede Game Royal Black 136027-401New in Box Men's Keen Utility Sheridan Insulated Comp Toe Brown Size 7 EEMen's Skechers Mark Nason Filey 68127/CHAR Charcoal Memory Foam Slip On Sz 7-14Allen Edmonds Shoes 11.5 Leather Brown Black Tassels Loafers Nashua Slip On Mens , Ralph Lauren Purple Label TRYSTAN Black Vachetta Leather Shearling Boots 10 DNew fashion Mens Pointed Toe Buckle Leather British Shoes boot Dress Formal b139New Balance WW847V2 Walking Women's Size 8.5 A2, White , J Slides Women's Pollie Sneaker Blush Pink 8.5 M US 39 EU Platforms , Nike Women's Free TR Connect 2 Black/White/Grey Training shoes 638680 005 SZ 8 , Womens Winter Warm Flat Heel Over Knee High Boots Faux Leather Shoes Pull On , Women Ankle Boots Punk Rock Multi Buckle Spike Real Leather Motorcycle Shoes Hot , Blazin Roxx Women's Cacti Round Toe Rain Boots, Rubber
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Calvin Klein Womens Brady Brady Klein Platform Pump- Pick Calvin SZ/Color. 6d02e35 -

    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.

    Calvin Klein Womens Brady Brady Klein Platform Pump- Pick Calvin SZ/Color. 6d02e35 -

    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
    Calvin Klein Womens Brady Brady Klein Platform Pump- Pick Calvin SZ/Color. 6d02e35