Never miss an update

Adrianna Papell Womens Papell Acacia Strappy Adrianna Dress Sandal Shea Satin Shea Size 7.5 M 7888b8f

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
Brand: Adrianna Papell
Material: Satin Style: Strappy
US Shoe Size (Women's): 7.5 Width: Medium (B, M)
UPC: Does not apply
Never miss an update

Adrianna Papell Womens Papell Acacia Strappy Adrianna Dress Sandal Shea Satin Shea Size 7.5 M 7888b8f -

    Adrianna Papell Womens Papell Acacia Strappy Adrianna Dress Sandal Shea Satin Shea Size 7.5 M 7888b8f
    Adrianna Papell Womens Papell Acacia Strappy Adrianna Dress Sandal Shea Satin Shea Size 7.5 M 7888b8f
    J.Renee Womens Careen Flat Sandal Peep Toe Black Nappa Size 8.5 M USGentleman/Lady Boohoo Womens Feather Mules Consumer first Modern design leading the fashion , Boohoo Womens Double Ankle Wrap Strap HeelsCLARKS Women's Arla Shaylie Platform Black Elastic Fabric 6 Medium US , Man/Woman NEW CAFÈNOIR WOMENS SANDALS Best-selling worldwide Sufficient supply Rich on-time deliveryRoom Of Fashion ROF Studded Knee High Strappy Gladiator Sandals Boots 7M US , Nine West 25025327 Womens Rahima MuleW US- Choose SZ/Color. , Gentlemen/Ladies NEW BRUNO PREMI WOMENS SANDALS Reputation first Selected materials Export , KEEN Women's ROSE SLIDE Green Slide Sandal US 5 M 1010989Jack Rogers Womens Flip Flop- Pick SZ/Color. , Stephanie Kelian Paris Cerise Sandal Red Women's 10.5 M US - MSRP $555Man's/Woman's NEW BERNIE MEV. WOMENS SANDALS Easy to clean surface International choice Pick up at the boutique , Mr/Ms NEW BERNIE MEV. WOMENS SANDALS New product stable quality Excellent workmanship , Gentlemen/Ladies Bandolino Women's Gallegher Casual Moc Special price The latest technology At an affordable price , Anne Klein Womens Noreena Fabric Heeled Sandal- Pick SZ/Color. , Skechers Relaxed Fit- Commute-Knitastic Black/ Multi Womens Low Backed Size 8.5MDonald J Pliner Delia Mesh Crystal Toe Ring Slide On Wedge Sandal 8.5 M - ItalySkechers Cali Women's Rumbler Wave-New Lassie Slide Sandal - Choose SZ/Colorcrocs Unisexs Crocband Tropical IV Clog Mule 6 US Men /Women- Pick SZ/Color. , Pre-Owned Pink Kenneth Cole Reaction Ball Park Sandals 8.5MCrocs Women's Capri Shimmer Cross-Band Sandal - Choose SZ/Color , Cobb Hill Women's Hollywood 2 Piece Cuff Sandal - Choose SZ/ColorMen's/Women's EARTH ORIGINS STELLA WOMEN'S SANDALS CUSHIONED Good world reputation Let our products go to the world At an affordable price , New Juicy Couture Women's Sandals Size 7.5 Flip Flops Lilah Thongs RedTeva Women's W Hydro-Life Slip-on Slipper - Choose SZ/ColorAdrianna Papell Womens Gemini Peep Toe Dress Sandal Sky Blue Patent Size 7.5 Madidas 087609 Womens adissage Slide- Choose SZ/Color.Skechers Relaxed Fit- Commute-Knitastic Navy Womens Low Backed Size 8MCOUGAR Womens BOLERO Leather Ankle Strap Sandals Pewter Gray Size US 11 ,
    Adrianna Papell Womens Papell Acacia Strappy Adrianna Dress Sandal Shea Satin Shea Size 7.5 M 7888b8f ->Adrianna Papell Womens Papell Acacia Strappy Adrianna Dress Sandal Shea Satin Shea Size 7.5 M 7888b8f -
    Women New Fashion Pu Leather Winter Size Zipper Rubber Sole Ankle Snow Boots , Boulet 3612 Size 6.5C 13" Womens Champs Elysees Western Cowgirl Boots PLATINUMBCBMaxazria Brown Leather Boot Turquoise Blue Embroidery 1" Heel Pull On 36.5Adidas Ultraboost 4.0 GREY FOUR/GREY FOUR/HI-RES GREEN US 9.5 cp9251 , Cotswold Cranham Womens Shoe / Ladies Shoes (FS278) , Tamaris 23207, Women s Oxford, Blue Navy 805 , 6 EUDiane Von Furstenberg Tiber Too Demi Wedge Clog Sandal Leather Heel Sz 7 , Aerosoles Womens NU Day Slip-On Loafer- Pick SZ/Color. , CATERPILLAR P309698 REEGAN II Wmn's (M) Olive Full Grain Leather Oxford Shoes , Halogen Womens Shoes Nella Ghillie Flats Cognac Perforated Leather 7.5 BalletTed Baker Women's Cencae Lthr Af Shoe Ballet Flat - Choose SZ/Color , Brand New Sperry Bahama Multi-Stripe Grey STS95699 , STUART WEITZMAN Black Patent Leather Platform Mary Jane Pumps Size 8 M EUCPLEASER High Heels Platform Rhinestones Ankle Strap Sandal STARDUST-709 BlackWomens 8 38 Roger Vivier Paris Silk Slingback Pumps Shoes High Heels Pink OrangeReebok Women's Boot Boxing Shoe - Choose SZ/Color , Dan Post Laredo Laramie 01-68434-BN82 Men's 12" Rust Brown Leather Cowboy BootsGeorgia Men's Giant Work Boot Soggy Brown G6274NEW SANTONI Dress GOODYEAR Shoes Size Eu 42.5 Us 9.5 (GY26)Men Kenneth Cole Shoes Kam Fashion Grey Size 13 , New Mens Genuine Dress Formal Business Brown Black Size Cow Leather Shoes s578 , Plus Size Men's Metal Pointed Toe Embroidery Leather Slip On Dress Shoes ADE , Bio Fit Sierra ORTHOFEET RUNNING SHOE Hook & Loop WHITE Size 9.5 Wide , HI-TEC Wild-Life Lux I WP Women - Sport Trekking Hiking Walking Trail boots NEW , Nike Air VaporMax FLYKNIT 2 Women's Running Shoes Rust Pink 942843-600 , ASICS T765N.9667 Womens Gel-Contend 4 Running Shoe- Choose SZ/Color. , NIKE Womens Nike Free Tr Flyknit 3 942887-001 BLACK Womens Size 7 , Women's Corral Western Boots Black Vintage Lizard Overlay Size 7 , TDB Leather Closed-Toe Women Shoes W/ Strap, Size 8, 2" HeelsCOLIN STUART Black Leather Tall Over Knee Boots, 7 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adrianna Papell Womens Papell Acacia Strappy Adrianna Dress Sandal Shea Satin Shea Size 7.5 M 7888b8f -

    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.

    Adrianna Papell Womens Papell Acacia Strappy Adrianna Dress Sandal Shea Satin Shea Size 7.5 M 7888b8f -

    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
    Adrianna Papell Womens Papell Acacia Strappy Adrianna Dress Sandal Shea Satin Shea Size 7.5 M 7888b8f