Never miss an update

NWT JCREW Glitter H7334 sandals Cora crisscross sandals Size6.5 Buff Glitter Glitter H7334 0531a8a

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
Accents: Glitter
US Shoe Size (Women's): US 6.5 Color: Buff Glitter
Width: Medium (B, M) Brand: J.CREW
Material: Glitter upper. Style: crisscross sandals
Heel Height: Flat (0 to 1/2 in) UPC: Does not apply
Never miss an update

NWT JCREW Glitter H7334 sandals Cora crisscross sandals Size6.5 Buff Glitter Glitter H7334 0531a8a -

    NWT JCREW Glitter H7334 sandals Cora crisscross sandals Size6.5 Buff Glitter Glitter H7334 0531a8a
    NWT JCREW Glitter H7334 sandals Cora crisscross sandals Size6.5 Buff Glitter Glitter H7334 0531a8a
    Crazy womens open toe hollow out stilettos nightclub sandals high heel shoes bar , Stuart Weizmann Brown Leather Woven Wedge Slides Sandals Shoes Women's Size 7 W , Summer Women Shoes Sandals High Top Flats Cushioned Anti Slip Creeper Slip OnGentlemen/Ladies Miss Sixty Gold Sandals Size 5.5 Year-end special promotions Reliable performance Popular tide shoesGentlemen/Ladies Sandal Born Bira Black Elegant shape Lush design Vintage tide shoesPLEASER Flamingo-808MG Series 8" Heel Sexy Exotic Ankle-Strap SandalMen's/Women's Payton Black Me Too Sandal Fine processing buy Breathable shoes , Women's Ankle Boots Flat Sandals Peep Toe Slingback Punk Buckle Shoes Wedge HeelCallisto Jamm Womens Wedge Sandal, Pewter, Size 10.0REACTION SOLE CHICK WOMEN WEDGE SANDALS (8.5 M, BUTTERSCOTCH)Naot Womens Ashles Wedge Sandal Gold Leather Size 40 M US EUCSandals Ankle Boots Leather Flats Platform Open Toe Summer Buckle Slingback Lady , New REEF Miss J-Bay 1241 Leather Thong flip flop Brown/white Size 11 , $195 HUNTER THATCH Platinum Leather Designer Comfort Sandals 9.5womens summer pearl decor slingbacks platform wedge heel sandals shoes open toesNew Ann Taylor Eveline Womens Sandals Sz 7.5 , Women's Ellen Tracy Nieve Wedge Sandal Brown Sangria Peep Toe Size 9.5 MPlatform Open Toe Buckle Ankle Strap Slip On Women Shoes Sandals Wedge Heel ChicWomen Leather Ankle Strap Roman Shoes Sport Sandals Wedge Heels Open Toe Sandals , PLEASER Flamingo-809MG 8" Heel Sexy Exotic Ankle-Strap SandalSexy Womens Slingbacks High Stilettos Heels Ankle Strappy Party Leather SandalsSchutz Patricia Black Mix Color Pom Pom Gladiator Tie Up Flat SandalsMen's/Women's Patrizia Women's Harlequin Various goods Strong value Outstanding style , New $185 VIA SPIGA Black Italian Perforated Leather Sandals 7Gentleman/Lady jack rogers 7 Fine workmanship discount price a lot of varietiesMen's/Women's Easy Spirit Women Loris Slingback Sandals service First batch of customers comfortable , Gladiator Women Rhinestones Thong Mid Calf Boots Crystal Flip Flops Roma Sandal , Womens Rhinestone Round Toe Mules Sandals Strappy D8 Casual Low Heels Shoes , Womens shoes Zipper Open toe Rhinestones Hollow out Printing Gladiator Sandals ,
    NWT JCREW Glitter H7334 sandals Cora crisscross sandals Size6.5 Buff Glitter Glitter H7334 0531a8a ->NWT JCREW Glitter H7334 sandals Cora crisscross sandals Size6.5 Buff Glitter Glitter H7334 0531a8a -
    NOCONA OKLAHOMA UNIVERSITY SIZE 5 B BURGUNDY IN GREAT CONDITIONCole Haan Black Leather Knee High Boots with double straps 7.5 BCHRISTIAN LOUBOUTIN metallic pink bootie size 37.5 us 7.5 , LOEFFLER RANDALL Loeffler Randall Womens Kassidy (Stretch Suede)Dr Martens 5 Hole 3989 Dark Brown 14147201 Original DocAdidas EQT Pusha T Size 10 USDolce by mojo moxy Fresco Wedge Ankle Boot Booties, BurgandyMOA MASTER OF ARTS WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW FLAMINGO WHIT 15ANike Wmns Air Force 1 Ultraforce Mid AF1 Vachetta Women Shoes Sneaker 864025-200 , Tony Bianco Bello Black Leather Point Block Heel Boot Ladies Size 9.5 NEW BNIBNew Rmk Keanu Black Womens Shoes Dress Sandals HeeledCole Haan Jocelyn Air Ot Nubuck Leather Espadrille Wedges Size 7 B , Jon Josef Women´s Louisa Nocturno Hologram Multi Color PumpsBass Womens Clogs Mules Brenda Cut Outs Perforated Brown Size 8Tod's vintage black suede leather pump heels. Size 10/40Shiny Luxury Womens Stilettos heel Rhinestones Buckle Ankle Strappy Party shoesNew Women's Puma 189039-02 Burst Mesh Sneakers - White/Pink (A6) , Real Fox Fur Monster Slipper New Women Lovely Raccoon Fur Slider Soft Fluffy6026Asics Gel Cumulus 18 Athletic Shoes - Men's Size 10 - White/Silver/Black , ADIDAS 'ADIZERO FEATHER' MEN'S ORANGE SNEAKERS RUNNERS, 9.5CALTO H2247 - 3 Inches Elevator Height Increase Cement Men Fashion Strap SneakerNike Air Zoom Cage 3 HC - SIZE 8 - 918193-010 Black White Rafa Nadal Hard Court , NIKE FREE RUN 2018 GUNSMOKE GRAY/WHITE/SIGNAL BLUE RUNNING RN FLEX KNIT MEN SIZE , Florsheim Men's Limited Indie Gore Boot Chocolate Smooth LeatherNike KD VII AS Men’s Basketball Shoes 742548-090 SZ 13Gentleman/Lady Boat shoes men's leather Slatters Shackle Wear resistant luxurious Popular tide shoes , Men/Women Reebok Men's Bolton DV Sneaker High grade Beautiful appearance Modern mode , Womens Nike HyperDunk 2015 TB Basketball Shoe, WMNS Size 12 -Orange , NEW CLARKS WOMENS TRIGENIC EVO - WOMENS ORIGINALS SHOES - WHITESperry Saltwater INDIGO Stripe Duck RAIN Boot, Rubber/Canvas women's 7 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NWT JCREW Glitter H7334 sandals Cora crisscross sandals Size6.5 Buff Glitter Glitter H7334 0531a8a -

    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.

    NWT JCREW Glitter H7334 sandals Cora crisscross sandals Size6.5 Buff Glitter Glitter H7334 0531a8a -

    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
    NWT JCREW Glitter H7334 sandals Cora crisscross sandals Size6.5 Buff Glitter Glitter H7334 0531a8a