Never miss an update

L'Artiste Magdy By Spring Step Red 29904 US Leather Step Sandal 36 EU/ 6 US Women dbba427

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: 840233864730
Style: Sandal Manufacturer Part Number: LA MAGDY RM EU 36 M
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Manufacturer: Spring Step
Material: Leather Brand: L'Artiste
US Shoe Size (Women's): 6 Color: Red Mulit
Never miss an update

L'Artiste Magdy By Spring Step Red 29904 US Leather Step Sandal 36 EU/ 6 US Women dbba427 -

    L'Artiste Magdy By Spring Step Red 29904 US Leather Step Sandal 36 EU/ 6 US Women dbba427
    L'Artiste Magdy By Spring Step Red 29904 US Leather Step Sandal 36 EU/ 6 US Women dbba427
    Teva Womens Ysidro Stitch Sandal Tan Beige Leather Strappy Size 5.5 US 1015120 , Gentleman/Lady Vionic Grace Samar Women's Sandals Year-end special promotions Attractive fashion Perfect processing , Vince Taye Black Womens Shoes Size 6.5 M Sandals MSRP $295FitFlop Nude Incastone Rose Gold Crystal Jewel Thong Comfort Sandal 7 38 SALEBorn Lt Purple Lilac Platform High Heel Sandals Slides Shoes Women 9M EU40.5 EUC , Women Ankle Strappy Buckle Color Rhinestones Special Block Heels Samdals Leather , Arturo chiang sandals - black patent Leather - 9M , Free People UNDER WRAPS Slip On Sandals Size 38 / 7.5 / 8 , Calvin Klein Jennah Wedge Sandal Taupe Patent Leather Upper New with Box , NAOT Womens Khaki/ Tan Strappy Slip On Sandal Women's Size 38 (Womens 7) , SANUK DONNA HEMP BLACK COLOR SIDEWALK SURFER SHOES SIZE 9 USLa Plume leather and elastic mule slide wedge Women sandalsL'Artiste Frenzie By Spring Step Green Leather Sandal 39 EU / 8.5 US WomenVionic Serene Tia Ankle Strap Thong Flip Flops Orthaheel Shoe Sandals Black Pink , Arcopedico Vega Black Nylon Sandal (US 6.5)Steve Madden Women's Liftoff Sandal (Black Suede) , Women's Shoes G by Guess DAHLIA Flat Thong T-Strap Sandals Dark Blue Size 10Brown Leather EL NATURALISTA IKEBANA Leaf Leaves Strap Slides SANDALS 39 SPAINWomens Date Suede Cross Strappy Slingbacks Med Block Heels Grace Sandals Shoes , Vince Carlita Black Womens Shoes Size 7 M Sandals MSRP $225Dr Martens Tan Light Brown Leather Womens Slide On Sandals US 9 Cute EUC , Andre Assous Sz 9 Navy Blue & Purple Paisley Fabric Slip On Espadrille SandalTory Burch Thin Flip-Flop Nantucket Red Navy Sea White Primrose Size 9 New Box , Anthropologie House of Harlow 1960 Venus Sandals Beaded Ankle Strap Flat DustyTwisted X Women's Tannin and Dark Earth Sandals Flip Flops WSD0028Sweet Womens Princess Platform Slingbacks Peep Toes High Stilettos Heels SandalsNEW DONALD PLINER WOMENS BLACK PATENT LEATHER PLATFORM HEEL SIZE 7.50 M SPAIN , Skechers Women's Upgrades Flip Flop - Choose SZ/color , Men/Women Kenneth Cole Durable service Sales Italy Beautiful and charming
    L'Artiste Magdy By Spring Step Red 29904 US Leather Step Sandal 36 EU/ 6 US Women dbba427 ->L'Artiste Magdy By Spring Step Red 29904 US Leather Step Sandal 36 EU/ 6 US Women dbba427 -
    Vintage Womens Tassel Fringe Low Block Heel Knee High Riding Boots Shoes All Sz , CELINE Paris Boots Black Calf Leather Ankle Zip Boots 326881 ORIG $998 Sz 39 EUCVionnet Paris Women's Leather Knee High Boots BLACK (S7)Bottes Vintage 1982 "Gold foncé" - CHARLES JOURDAN (Z) --- T.36Nike Wmns Court Royale White Light Bone Gum Women Casual Shoe Sneaker 749867-115 , NEWROCK NR M.TR050 S1 Red & Black - New Rock Boots - WomensClarks Womens Sillian Intro CloudSteppers Flat- Choose SZ/Color.Women Slip On Super High Heel 2018 Stiletto 16CM Clubwear Leopard New Sexy Shoes$270 Donald J Pliner YYY Pewter Pump Heel Shoes Womens 7.5 "Made in Italy" , NIB EMILIO PUCCI CLASSIC SUEDE SLINGBACKS HEELS sz 38 MADE IN ITALY , H by Halston Leather Sandals With Perforated Straps Peyton Navy Women's 9 New , CHIARA FERRAGNI WOMEN'S GENUINE LEATHER SLIPPERS SANDALS NEW BLACK 42BMan/Woman Vans Men's Shoes "Frazier''--White/Black Guarantee quality and quantity Low price Lightweight shoes , Puma Suede Classic Colored-M Mens Colored Round Toe Fashion- Choose SZ/Color. , Nike SB Stefan Janoski Max Skateboarding White Obsidian 631303-114 Sz 10.5 , Adidas Mens Athletic Basketball ORIGINAL PRO MODEL Sneakers Shoes NEW Round ToeNike Free RN 2017 Run Black Anthracite Men Running Shoes Sneakers 880839-003Nike Tanjun SE Trainers Mens Navy/Blue Athletic Sneakers Shoes , NIKE AIR MAX 1 PREMIUM BRED 875844-007 BLACK GREY RED SIZE: 12 , Brand New Nike "What The" Mercurial Superfly FG Size 11.5US8.5 ConversexMissoni bespoke Chuck Taylor All-Star rare shoes from japan 1S , Adidas Yeezy 350 Core Black White 7.5WILD WEST COGNAC 3X-TOE GENUINE TEJU LIZARD WESTERN COWBOY BOOT (D) , Authentic $535 Cesare Paciotti Leather US 9 Italian Designer Sport Shoes , Hush Puppies Mens Picton Spy Slip-on Loafer- Pick SZ/Color.Mr/Ms Fenty Puma Creepers by Rihanna Easy to use New in stock retail price , BRAND NEW NIKE GOLF WOMANS AIR CHALLENGE GOLF SHOES SIZE 9.5 9 1/2 NEW READWomen's Nike Air More Money LX Black/Summit White AJ1312-002 Size 5Women's Ladies Faux Leather Fru Top Snow Boot Knee High Boot Platform Shoes Size , Merrell Womans Moab 2 Mid Waterproof Hiking Boot, Granite 8.5 W
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    L'Artiste Magdy By Spring Step Red 29904 US Leather Step Sandal 36 EU/ 6 US Women dbba427 -

    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.

    L'Artiste Magdy By Spring Step Red 29904 US Leather Step Sandal 36 EU/ 6 US Women dbba427 -

    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
    L'Artiste Magdy By Spring Step Red 29904 US Leather Step Sandal 36 EU/ 6 US Women dbba427