Never miss an update

Sbicca Womens Tampa Wedge Sandal, Denim, 8 Sbicca 8 B B US cb9fd34

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: 0630162650685
Size: 8 B(M) US Brand: Sbicca
Style: Causal Model: TAMPA
US Shoe Size (Women's): 8.0 MPN: TAMPA
Size Type: Regular Color: Denim
Material Type: Leather EAN: 0630162650685
Never miss an update

Sbicca Womens Tampa Wedge Sandal, Denim, 8 Sbicca 8 B B US cb9fd34 -

    Sbicca Womens Tampa Wedge Sandal, Denim, 8 Sbicca 8 B B US cb9fd34
    Sbicca Womens Tampa Wedge Sandal, Denim, 8 Sbicca 8 B B US cb9fd34
    Viking Women's NEW Banff Taupe VUS722 Three Strap Slide Sandals SIZESNAOT Women's Geneva Flat Sandal Black Madras Leather Size 36 EU / 6 USHush Puppies Women's Mariska Buckle Qtr Heeled Sandal - Choose SZ/ColorSbicca Womens Anabella Dress Slingback Peep Toe Sandal Black Size 8 B US , Lucky Brand Women's Veneesha Light Natural D'Orsay 7.5 M , Criss Cross Black Red Fishnet Panels Platform Two Tone Sandals Adult Women , Skechers 31596 Cali Womens Rumbler Wave-Drama Diva Wedge Sandal , Diane Von Furstenberg Womens Keri Heeled Dress Sandal Gold Powder Suede Size 9 MTahari Women's TA-Edie Pump, Black, 6 Medium USAldo Womens Winfrey Dress Sandal Ankle Strap Peep Toe Bone Size 7.5 B US , Reef Women's Fanning Sandal, Black/Mint, 8 M US , VANELi Women's Brinly Wedge Sandal, Black Perfed Nappa/Black Summer VIP, 7.5 N UMen/Women Corkys Women's Bliss Pewter Wedge Sandals Many styles a variety of International big name , Men/Women Franco Sarto Women's Monaco2 Dress Sandal Comfortable feeling Bright colors comfortableNine West Women's Gondola Nubuck Dress Sandal , Pleaser 8" Heel Sandal Neon UV Reactive BTM Women Sandals Clr/Neon WhtMerrell Women's Duskair Seaway Post Leather Sandal Bracken 8 B(M) USMerrell Womens Terran Post II Dusty Olive 7 M USVANELi Women's Klemens Natural/Gold Leol Cork Sandal 7.5 N (AA) , Fitflop Womens Rokkit Flipflops, Synthetic Leather Silver Nova, Medium US 5 NewNine West Womens Gabis Patent Dress Sandal- Pick SZ/Color.French Connection Women's Lilyana Dress Sandal,Black,40.5 EU/9.5 M US , Kenneth Cole New York Women's Karolina 3 Mule, Beige, 6.5 M USMiz Mooz Womens Elina Flat Sandal Peep Toe Black Leather Size 6.5 M , Chinese Laundry Kristin Cavallari Women's Ryne Platform Dress SandalNine West Women's Mangalara Suede Dress Sandal, Dark Natural, 9 M USFitFlop Womens Novy Toe Post Flip Flops, Studded Suede Ergonomic Sandals Blk US5Madison Harding Womens Hans Platform Peep Toe Backstrap Sandal Black Size 7 M , Ellie Shoes Women's 405 Vanity Dress Sandal - Choose SZ/Color
    Sbicca Womens Tampa Wedge Sandal, Denim, 8 Sbicca 8 B B US cb9fd34 ->Sbicca Womens Tampa Wedge Sandal, Denim, 8 Sbicca 8 B B US cb9fd34 -
    Joie New Monte Brown Womens Shoes Size 10 M Boots MSRP $365Burberry Suede Weather Boots Black Size 41New Real Leather Men's Boots Motorcycle Boot Cowboy Western Biker CG2355Men's/Women's Pleaser Pink Label KIMBERLY-05 Customer first Strong value Excellent stretchingSanita Women's Addison Clog - Choose SZ/ColorMan's/Woman's stubbs wootton Nightenday Slipper Womens 8 Wear resistant King of quantity Comfortable and naturalPrivileged Women's Stiletto Heel Shoes Neon Green Gold Chain & Studs Size 6 , Party Party Dress Pumps: 5008 Comfort Evening Dance Heels with Sole StopperDesigner Pierre Hardy Black/Burgundy Shiny Calf High Lip Pump Size 39.5 , Mr/Ms Giuseppe Zanotti Leopad Women Heels Practical and economical Environmentally friendly The first batch of customers' comprehensive specificationsChristian Louboutin Strass Very Prive Crystal Pumps sz39Brooks Womens O0057dckus190340316647 Blue Walking Shoes Size 8 (28547) , Puma One 18.4 Firm Ground - Black - Mens , *New* Jordan Velocity Prem Men’s Size 9.5 Grey/Black 743189 002 , Asics Gel Lyte III Japanese Denim Mens Size 10.5 Indigo Blue H7D3N.4949 , New Balance 574 Sport Grey/White MS574BG Men's SZ 8.5 , Nike Sportswear Max 90 Ultra 2.0 Black/White Size 9.5 new 876005-002 , Men's Nike Air Force 1 Mid '07 Black/Black Sizes 8-12 New In Box 315123-001 , adidas Clima Cool 02/17 Mens Running Trainer Size 6.5-11.5 Black Runner RRPNike Air Max 180 White/Ultra Marine-Solar Red 8 M US Men's (615287 100) , ADIDAS ADIZERO PRIME LTD CP8922 BLACK WHITE GREY DS SIZE: 7 , NEW UNDER ARMOUR BOZEMAN = SIZE 11 = WATERPROOF CAMO MEN'S BOOTS 1262055-905 , IRON AGE Men’s Size 8 W Wide Ankle Boots Black STEEL TOE WORK 443 ANSI 241 PT 99AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4E2968 BLUE NEW US 9Hunter Men's Original Tall Rain Boots Black Size 12 , MENS VINTAGE RED WING 1155 BROWN LEATHER PULL ON WORK BOOTS Size 8 E 10302 , Fred Perry Men's Underspin Leather Fashion Sneaker - Choose SZ/ColorNIKE FREE FLYKNIT WOMEN'S RUNNING SHOES - WOMEN'S SIZE 7.5NEW ADIDAS ZX FLUX ADV VIRTUE PK W PRIMEKNIT Blue WOMENS 8 Shoes BB4265 , Nocona 1501 Women's Size 6D Black Lizard Skin Cowboy Boots (tu27)
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sbicca Womens Tampa Wedge Sandal, Denim, 8 Sbicca 8 B B US cb9fd34 -

    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.

    Sbicca Womens Tampa Wedge Sandal, Denim, 8 Sbicca 8 B B US cb9fd34 -

    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
    Sbicca Womens Tampa Wedge Sandal, Denim, 8 Sbicca 8 B B US cb9fd34