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 fashionBoohoo Womens Double Ankle Wrap Strap Heels , CLARKS 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 delivery , Room 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 ExportKEEN 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 $555 , Man's/Woman's NEW BERNIE MEV. WOMENS SANDALS Easy to clean surface International choice Pick up at the boutiqueMr/Ms NEW BERNIE MEV. WOMENS SANDALS New product stable quality Excellent workmanshipGentlemen/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 8.5M , Donald 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/Color , crocs 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/ColorCobb 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 priceNew Juicy Couture Women's Sandals Size 7.5 Flip Flops Lilah Thongs RedTeva Women's W Hydro-Life Slip-on Slipper - Choose SZ/Color , Adrianna 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 8M , COUGAR 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 -
    CLARKS Women's Maypearl Juno Ankle Bootie Black 9 M US , Sporto Side Winder Waterproof Cold Weather Boots 522, Black, 7 US , Trotters Women's Jacey Slip-on Loafer, Dark Red/Black, Size 7.0 US / 5 UKBare Traps Corrie 2 Womens Boots Brush Brown 5.5 US / 3.5 UKBY947 MOMA shoes yellow leather women slip onSexy Womens High Heel Color blocked Open Toe Back Zipper Sandals Party Shoes Sz , LifeStride Women's Wedge Sandal Sz 6.5 Nadira Gladiator Champagne Pewter ComfortSexy 7" black glitter exotic dancer platform sandals , womens super high heel platform cross strap patent leather nightclub shoes pumpsGentleman/Lady Pleaser ASPIRE-669 High quality and cheap Modern design Cost-effective , NEW J.CREW SATIN SANDALS WITH ANKLE WRAPS G0888 SIZE 10 IVORY $248 NEW , New Nine West Eleena Leather Women Wedge Sandals Size 8.5 blk , Teva 1019235 LBGY Hurricane XLT2 Black Grey Women's SandalsVANS AUTHENTIC MENS ASHPALT WHITE VANSBUCK SUEDE TRAINERS , adidas Golf Mens Tech Response 4.0WD Cleated- Select SZ/Color.Adidas Yeezy Boost 350 V2 Core Black / White - Size 4supreme air jordan camo 5 rare size 9 DSWT , NEWROCK M.2246 S28 Red EXCLUSIVE New Rock Punk Gothic Flower Print Boots MensCircle G By Corral Men's R Toe Western Boots Econoline Black Ring Lizard 060160Georgia Boot Muddog Comfort Core Pull On Work Boot G5514 Size 10 M , Men's/Women's HERMES-PARIS.....MENS BOOTS wholesale Strong value International big nameConverse Shoes Men Women Unisex All Star Chuck Taylor Black White StarsMens Ankle short Boots Pointed Toe Dress Pointy Metal Toe Nightclub Bling shoes , Size 8.5 Cole Haan Zerogrand Wingtip Oxford Stitchlite Men's Shoes Blue C25755Allen Edmonds Grayson Black Leather Tassel Loafer Dress Shoes Mens Size US 8.5Helly Hansen Active Low Work Shoes Men Size 11 Black Composite Toe Waterproof , GENUINE NIKE VINTAGE AIR MAX WWHITE/PINK EUROPE VERSION US 9.5 12-06-04Chic Womens Round Toe Rhinestone Ankle Boots Mid Block Heel Side Zip Party Shoes , BANDOLINO CAVANNA WOMEN'S CLASSIC RIDING KNEE HIGH BOOTS 9.5 M DARK BROWN NIB , Ladies Chic Pointy Toe Stiletto embroidered Floral Knee High Boot Shoes EUR34-41
    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