Never miss an update

J Collection Crew $298 Collection Kiki Calf J Hair Kiki Ballet Flats Sz 8 Black/White 6de9ee8

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: j crew
Material: Calf Hair Style: Ballet Flats
Heel Height: Flat (0 to 1/2 in.) US Shoe Size (Women's): 8
Color: Black/White UPC: Does not apply
Never miss an update

J Collection Crew $298 Collection Kiki Calf J Hair Kiki Ballet Flats Sz 8 Black/White 6de9ee8 -

    J Collection Crew $298 Collection Kiki Calf J Hair Kiki Ballet Flats Sz 8 Black/White 6de9ee8
    J Collection Crew $298 Collection Kiki Calf J Hair Kiki Ballet Flats Sz 8 Black/White 6de9ee8
    Womens Dansko Professional Patent Pewter Floral Casual Clog Pro 606970202 41, 42 , NIB Womens Sperry Saltwater Wedge Tide Duck Boots Ivory Wool STS80396 Size 11 , Original SAS Duo White W Wide 0087-001 Women , Man/Woman tory burch flats Queensland Modern design Exquisite (processing) processing , Anthropologie Sarah Flint Orla Kiely Elena Purple Bird Motif Espadrille Sz 35 36JCREW COLLECTION Sadie Ankle Strap Flats In Zebra Calf Hair F7988 SZ 7 , Sperry Top-Sider Women's Authentic Original 2-Eye Boat Shoe , Vivienne Westwood Women Hara Ballet Nude leather flat Size 37/7 , L'Artiste by Spring Step Women's Agacia Closed-Back Clog , Cole Haan RARE Black Leather Tali Bow Ballet Flats Slip On 8.5 SOLD OUT CLASSICNWOB VINCE Blair-12 Black/White Calf Hair Leather Sneakers Shoes Women, Size 9GUC Size 6.5 J Crew Collection Penny loafers , Prada Sport Black Leather Glittered Wingtip Flats SZ 38.5MINT Tod's Red Suede Degas Ballet Flats 37.5/ 7.5SPERRY TOP SIDER WOMENS BOAT SHOES A/O QUINN ASH BLUE SIZE 8 , John Fluevog Womens Size 7 Red Leather Loafers Shoes Diamond Pattern , Women's Naot "Rongo" Mary Jane Mirror metal combo Leather Flat Shoes 38 (US 7) , Vince Corbin Black Suede Slip Ons Size 10 New With Box $200 , Alexander McQueen Blue Suede Sequined Skull Flats SZ 40CHLOE SCALLOPED LEATHER BALLET FLATS SHOES LIGHT BLUE SLIP ON 37.5 US 7 .5 ITAL , Marc Jacobs Poppy Mary Jane Ballet Flat (New with box, size 7) , New SAS Womens Size 12S White Free Time Tripad Comfort Tie Oxford ShoesFrances Valentine Frances 2 Flats - Women's size 9.5 - Red , NEW Ash Suede Sneaker Tan New In Box Size 8 $225Anne Klein Womens Fanetta Synthetic Ballet Flat- Pick SZ/Color.Gentleman/Lady Taos Footwear Women's Studio Mary Jane Complete specification Quality First Strong heat and heat resistanceWomens TED BAKER MALBECK mint multi-color slip on sneakers sz. 10 $199NEW PLINER Pewter Flat Loafer Slip On Womens Shoes Size 4 , STUART WEITZMAN White Silver Trim Leather Flats Loafers Sz 9 NWT Woman's Shoes
    J Collection Crew $298 Collection Kiki Calf J Hair Kiki Ballet Flats Sz 8 Black/White 6de9ee8 ->J Collection Crew $298 Collection Kiki Calf J Hair Kiki Ballet Flats Sz 8 Black/White 6de9ee8 -
    Man/Woman Ivanka Trump Womens Lnde Queensland real Export , Rag and Bone Margot Fringe Black Suede Ankle Bootie Size / US 9.5 you , Ziera Pony Hair Chelsea Boots 38 Orthotic , Aldo Loviradda Peep Toe Ankle Booties, Black, 7.5 US / 38 EU$185 RAMON TENZA TAYLOR Pewter Black Velour Sequin Designer EVENING Loafers 7NEW $580 DOLCE & GABBANA Shoes Espadrilles Blue Striped Wool Loafers EU39 /US8.5Cole Haan Womens ZeroGrand Stagedoor Stud Ballet Shoes, Black, US 5 , Tods Wos Shoes Loafers US 7.5 Green Suede Brown Leather Slip-on Italy 1095Zara Leaf Stiletto Sandals Sz 36 US Suede Heels Tropical Green Monstera , $278 AERIN PADIMA Bone Cement Leather Designer WEAR TO WORK Slingbacks 9 , Christian Louboutin Talitha 160 Platform Pump Heel Sz US 8.5Womens High Heels Stilettos Sandals Multi-Colored Cross Strappy Zip Shoes partyCONVERSE CHUCK TAYLOR ALL STAR "ANDY WARHOL MARILYN MONROE".. MEN 9 or WOMEN 11 , adidas Busenitz Vulc (Black/White/Black) Men's Skate ShoesADIDAS Adizero HJ Navy Blue White Green High Jump Track Field Shoes Mens 11.5 12 , New Balance Men's Rcvry Lacrosse Shoe Black 8 D US , NEW AIR JORDAN XXXII 32 LOW BANNED BLACK RED BASKETBALL SHOES MENS SIZE 9 - 12Nike Air Max Pillar Pine Green Metallic Silver 525226-300 Vick Bo Men's 11 NEW , $230 OVATTO Brown Tabac Calf Leather Ankle Boots Men Shoes NEW COLLECTIONDIADORA B.ELITE 173090-C4620 WHITE/TIBETAN RED (msrp: $90)English Laundry Men's Tindal Fashion Sneaker, Grey, 10.5 M US , Mr/Ms Bostonian Men's Bardwell Walk Oxford Economical and practical Sufficient supply International big name , Men's Vintage Velvet Metal Cross Loafers Shoes Slip-on Loafer Smoking Slipper...Saucony Womens Kinvara 5 Running Shoe- Pick SZ/Color. , Scott Womens Trail Rocket Shoes 235894 Red/Green Size 9.5 , Adidas Originals Iniki Runner Icey Pink White Gum BY9094 Women , Asolo Fission GV Waterproof Hiking Outdoor Boots Brand New USA Women's Size 5 , Men/Women Dhyana Shoes BlackxBrownxMulticolor 36 High quality and cheap Beautiful Modern modeNEW 9 Jeffrey Campbell Squall Black Textile Wedge Mid Shaft Wedge Boot $170 , $195 Pajar Fur Waterproof Winter Snow Boot Size 8-8 1/2 New 39 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    J Collection Crew $298 Collection Kiki Calf J Hair Kiki Ballet Flats Sz 8 Black/White 6de9ee8 -

    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.

    J Collection Crew $298 Collection Kiki Calf J Hair Kiki Ballet Flats Sz 8 Black/White 6de9ee8 -

    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
    J Collection Crew $298 Collection Kiki Calf J Hair Kiki Ballet Flats Sz 8 Black/White 6de9ee8