Never miss an update

NEW Retail $225 VINCE Maxwell 2 8 Italian SZ Satin Ballet NEW Flats Shoes Fawn SZ 8 697363a

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Beautiful Condition, butter soft Floor item
Brand: Vince Heel Height: Flat (0 to 1/2 in.)
Style: Ballet Flats Color: fawn taupe
US Shoe Size (Women's): US 8 Fastening: Slip On
Width: Medium (B, M) EUR Shoe Size (Women's): EUR 38
Material: Satin l leather Heel Type: Block
UPC: Does not apply
Never miss an update

NEW Retail $225 VINCE Maxwell 2 8 Italian SZ Satin Ballet NEW Flats Shoes Fawn SZ 8 697363a -

    NEW Retail $225 VINCE Maxwell 2 8 Italian SZ Satin Ballet NEW Flats Shoes Fawn SZ 8 697363a
    NEW Retail $225 VINCE Maxwell 2 8 Italian SZ Satin Ballet NEW Flats Shoes Fawn SZ 8 697363a
    WOMENS B Brian Atwood Avignon Floral Captoe Ballet Flats SIZE 6.5US5-10 Women Genuine Leather Flats Buckle Round Toe Mules Shoes Oxfords LoafersCole Haan ‘Roccia’ Women's Snake Print Moccasin Sz 37.5 EU / 7.5 US $180 NWOB , Madewell The Jessie Sandals Black Size 8 Buckle Witchy $128 Sold Out!2019 New Womens Round Toe Slip On Flats Patent Leather Shiny Casual Loafers ShoeBanana Republic Women's "AMBRELL" Bow Suede Flats in Steel Grey Sz 6.5M (NWB)Tommy Hilfiger AW KATRINA Medium Brown Color Women's Casual Shoes - $0 Free ShipAthleta So Nice Sneaker by Seychelles, Indigo SIZE 7.5 v4NEW! Gorgeous! Taryn Rose Bobo Ballet Flats Woven Leather in SIlver Pewter sz 8 , Clarks Women's Keesha Donna Mule size 9.5 wJCrew Velvet Bow Gladiator Flats Shoes $198 10 black glitter e4669 NEW , Black Tan Vintage 30s Oxfords Hipster BoHo Saddle Shoes Womans size 7 8 9 10 11 , Hot Chocolate Design. Chocolaticas Patilla/ Watermelon. US 7. Women shoesGabor Fashion Women GenuineLeather Caramel Brown Flat EUR40// US 8.5AGL Attilio Giusti Leombruni White/ Red / Black Ballet Flat Shoes 6*NEW!* Born 'Julianne' Ballet Flats Light Gold Crackle Leather Stud Accents 8M , AUSTRALIA LUXE COLLECTIVE BOMBAY SHEARLING BEVA COLOR SHOES-US 8-MSRP $365-NEW , Attilio Giusti Leombruni AGL Ballet Bow Flats Nude Patent Leather US 7.5 , New Tory Burch Delphine Embellished Red Loafer Flats Size 6 , Mr/Ms Eastland Women's Lucy - Choose SZ/Color Excellent craft Moderate cost Very good colorWomens Bowknot Slip On Oxfords Low Chunky Heels Leather Shoes Loafers MoccasinsNEW SAS Coco 7M black bow ballet flats loafers womens ladies shoes C4312366Treadair Womens Mary Jane Shoes Black Leather Buckle Pink Black Sz 5-6 SC8 , Juicy Couture Prima Woven Leather Peep-Toe Flats Shoes 6M NEW $228 , FitFlop Women's Shoes Uberknit Mary Janes Neon Blush/Urban White US 7.5 NWBDEREK LAM 10 Crosby Black & White Leather Pointed Toe Loafers Women's Size 9.5M , Born Concept(b.o.c)Norda Leather Floral Clogs/Mules Women's Shoes Size 9 M new , NIB Melissa Ultragirl Ballet Flat Bow BLACK Flats Sz 10New Seychelles Suede Pom-Pom Slip On Sneakers Womens 9 Aqua Blue Shoes
    NEW Retail $225 VINCE Maxwell 2 8 Italian SZ Satin Ballet NEW Flats Shoes Fawn SZ 8 697363a ->NEW Retail $225 VINCE Maxwell 2 8 Italian SZ Satin Ballet NEW Flats Shoes Fawn SZ 8 697363a -
    New in Box Dansko Candice Milled Nubuck Brown Waterproof Boots Size 41 10.5 11Aquatalia Danica Waterproof Suede Boot, 10.5, BlueLoeffler RANDALL Perforated Summer Low Wedge Tall Boots 10.5 I LOVE SHOESMuck Boots Arctic Weekend Prints (quilted Print) Womens Wellies - Navy / , KURT GEIGER HIGH HEELS SHOES BOOTS GENUINE SUEDE & LEATHER WORN ONCE BLOGGERSWomens Square Toe Patent Toe Tassel Loafers Black Comfy Flats Pearl Decorate , Women Pointy Toe Back Zip Real Leather Shoes Party Formal Block High Heel Chic , 6" Red White Platform Sneaker Shoes Boots Soccer Stripper Heels size 7 8 9 10 11 , Bernie Mev. Black Pewter Women's Woven Slip On Pumps , $325 STUART WEITZMAN MIDTANGA Silver Snake Leather Designer Strappy Sandals 5.5YVES SAINT LAURENT Tribute 105 Boots (SIZE 35) , BURBERRY PRORSUM AW11 WOMENS ALLIGATOR PLATFORM SHOES HEELS WEDGES LEATHERCalvin Klein Women's Dalali Heeled Sandal - Choose SZ/ColorAir Jordan Trunner LX High AA1347 725 Wheat White Men SZ 8 - 11 ! , Nike x Atmos Men's Air Max 1 Red Curry 908366-600Mens 8 M Johnston & Murphy Copeland Water Resistant Chukka Boots Brown Leather , Crocs Offroad Sport Kryptek Highlander Clog - Choose SZ/Color , NIB New Balance MRT580HC 90s Grafitti Pack Limited Edition Sneakers RRP $180 , VT643 John Lobb - WILLOUGHBY - Regal Purple Suede - E - 8000 Last (FADED) , Rivet Punk Mens Real Cow Leather Gladiator Slippers Mules Shoes slippers Black , WOMENS/ LADIES PUMA CLASSIC SUEDE SNEAKER DARK GREY LIGHT PURPLE SIZE 7 1/2Gentlemen/Ladies K-Swiss Women's ST329 CMF High-quality In short supply Modern mode , Nike Womens Internationalist Light Bone Trainers 872922 004 , Asics Gt 2000 6 Sneakers Womens ShoesAir jordan 5 Retro (GS) Grape 5yAdidas Gazelle Casual Shoes W Womens BA9596 OWHITE,White,GOLDMT Womens Size 9.5 , adidas Originals Superstar Women's White/Chalk Coral/Off White CG5462 , Paul Green Womens Shoes Size 3 5.5 Brown Distressed Leather Ankle Boots , Ariat Canvas And Leather Sojourn Gingersnap Khaki Boots Size 8.5B Style 10012898 , New Diane von Furstenberg Over-the-Knee Shearling Fur Black Boot size 7.0 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Retail $225 VINCE Maxwell 2 8 Italian SZ Satin Ballet NEW Flats Shoes Fawn SZ 8 697363a -

    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.

    NEW Retail $225 VINCE Maxwell 2 8 Italian SZ Satin Ballet NEW Flats Shoes Fawn SZ 8 697363a -

    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
    NEW Retail $225 VINCE Maxwell 2 8 Italian SZ Satin Ballet NEW Flats Shoes Fawn SZ 8 697363a