Never miss an update

Rare! Heel ZARA Beige Crystal Diamanté Jelly Studded Rare! Heels Studded Heel Sandals Euro 40 f42e1fa

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Lightly on an event
Shoe Size: UK 7 Brand: Zara
Upper Material: Suede Style: Strappy, Ankle Straps
EAN: Does not apply
Never miss an update

Rare! Heel ZARA Beige Crystal Diamanté Jelly Studded Rare! Heels Studded Heel Sandals Euro 40 f42e1fa -

    Rare! Heel ZARA Beige Crystal Diamanté Jelly Studded Rare! Heels Studded Heel Sandals Euro 40 f42e1fa
    Rare! Heel ZARA Beige Crystal Diamanté Jelly Studded Rare! Heels Studded Heel Sandals Euro 40 f42e1fa
    Badgley Mischka Roanna White Satin Women's Evening Peep Toe Heels Pumps US 8.5 MBadgley Mischka Bonanza Ivory Satin Women’s Evening Wedge High Heels Sandals 8.5Badgley Mischka Angel II Platino Suede Women's Evening High Heels Sandals Size 6Badgley Mischka Gala Latte Satin Women’s Evening High Heels Sandals Size 5.5 MCole Haan Juliana Pump 75 Black Suede Women’s Pumps Size 11 B ( Medium )Marni Ankle Boot Size 7 US 37 EU Women's Brown Leather Blue Heels , Party Party Dress Pumps: SERA1606 Comfort Evening Dance Heels with Sole StopperSam Edelman Yasmina Dusty Blue Suede Leather Buckle Strap Dress Sandal Size 6Womens 6.5 M John Fluevog Tan Leather Ankle Strap Sandals Studded Open Toe Pumps , J Crew 8 Etta Blush Nude Patent Leather Chunky Heels Pumps Round Toe EUC , Hush Puppies Women's Leonie Mariska Heeled Sandal, Metallic Crocodile Suede, 8 WLuxury Rebel Black Suede High Heel Shoes Size 8.5 with BoxPEDRO GARCIA Nude Satin Fray Fringe Trim Stiletto Heel Pump Shoes 38.5 US 8 , Sebastian Women's Ametist Double Strap Dress Pump, Ametist, 37 EU/6.5 M USBanana Republic Asymmetrical Strap Kitten Heel, Black SIZE 7 (E322) , Banana Republic Double Strap High Heel Sandal,Pink blush SIZE 7.5 M v817 , Calvin Klein Luigina 8 M Snake Patent Marine Blue Navy Ankle Strap Open Sandals , $225 New Sz.8.5 Via Spiga Women's Gold Leather Platform Sandal Heel Wedge ShoesWomen's Wedge heels Buckle Ankle strap Platform Open toe Summer Suede Sandals , DRIES VAN NOTEN Brown Reptile Embellished Silver VE Platform Pumps 37.5Via Spiga Selita Ankle Strap Pumps, Light Camel, 8.5 US / 38.5 EU DisplayFly London Yime Ankle Boots P500427000 Black Suede Leather Women's US 8Nina Women's Vinnie GM Dress Pump Champagne/Royal Gold 7.5 M USAlegria HAN 316 Raked Garden Low Boot Shoes Size US 9.5 -10 , Manolo Blahnik Shoe Women Sz 39 US 9 Neutral Heels Peep Sling Back Party Bling , Gentlemen/Ladies Nine West Women's Florent Suede Adequate supply and timely delivery Sales Italy Excellent functionSttuart Weitzman black flats, 10 A ANIB Alfani Dahliacor Coral Leather Slingback Peep Toe Platform Wedge Sandal 7.5 , Pleaser Women's Pumps Shoes Black Patent 15 M US ,
    Rare! Heel ZARA Beige Crystal Diamanté Jelly Studded Rare! Heels Studded Heel Sandals Euro 40 f42e1fa ->Rare! Heel ZARA Beige Crystal Diamanté Jelly Studded Rare! Heels Studded Heel Sandals Euro 40 f42e1fa -
    CLARKS Women's Carleta Crane Ankle Bootie Dark Tan 8.5 M US , New Balance Women's Maya Leather Sandal - Choose SZ/colorEMU Bronte HI Chestnut Suede Merino Wool Tall Boots Size 5 Brand New No Box , Strive Chelsea Women's Metallic Biomechanical Leather Dealer Ankle Boots New , BCBGeneration Raelynn Double Buckle Sandals, Black, 10 US / 40.5 EUCaparros Kenzo Front Bejeweled Bow Peep Toe Heels, Navy, 8 USTrotters Womens Jenn Leather Closed Toe Slide Flats Navy Size 5.5 , MVE Shoes Women's Stylish Round Toe Dressy Mid Heel PumpPin Up Couture BELLA-31 Women's Dark Brown Faux Leather Peep Toe Pumps SandalsWomen's Stilettos High Heel Slingback Knee High Boot Nightclub Shoes Sandal pumpPre-Owned Burberry Leather Ankle Boots Booties Heels Lase Up Platform EU39 $895AUTHENTIC CHRISTIAN LOUBOUTIN PIGALLE FOLLIES RED/ORANGE HEEL PUMP/37.5NEW Vionic Eve Womens 11 42 Jewel Sandals Bronze Faux Leather Orthoheel Vegan , Brooks Womens Multi-Color Running Shoes Size 9.5 (33230)Nike Free Inneva Woven Sport Grey/Total Crimson-Sail 579916-006 SZ 8.5Adidas SL Loop CT Burgundy/Black-Orange Q16405 Men'sAdidas Tango 17+ 360 Nemeziz Ultra Boost Legend Ink Soccer Shoes Mens Size 9.5 , LOS ALTOS BLACK 3X-TOE GENUINE TEJU LIZARD WESTERN COWBOY BOOT (D) 95DV0705 , John Deere Men's WCT Waterproof 11" Leather Steel Toe Work Boots Whiskey JD4602 , CYDWOQ USA Handmade Black Distressed LEATHER Men’s Oxfords Shoes SZ 41.5Dunham Shoes: Men's Waterproof Oxford Shoes MCT410 Brown Size US 7D #BR80 , J & M Johnston Murphy Sheepskin Brown Leather Shoes XC4 Dual Width US 13 Med , Moreschi Men Loafers Made In Italy Size 9 1/2Prada Fashion Sport Sandals Cross Strap Size 11.5 NIBGentleman/Lady DKNY Sneakers (Size 9) The color is very eye-catching online shop Quality and consumer first**NEW** Asics Kanmei 2 Womens Active Running Shoes (B) (001) , Gentleman/Lady Devious Women's Ballet-1025 Black Patent selling price Latest styles a wide variety of goodsBotte FUGITIVE chaussure à talon femme bottine cavaliére western motard CUIR 40Womens Fly London Yip Wedge Mousse Platform Leather Ankle Boot Mid Heel US 5-11 , New Womens Winter Fleece Lined Snow Mid-Calf Motor Boots Buckle Belts Warm Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rare! Heel ZARA Beige Crystal Diamanté Jelly Studded Rare! Heels Studded Heel Sandals Euro 40 f42e1fa -

    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.

    Rare! Heel ZARA Beige Crystal Diamanté Jelly Studded Rare! Heels Studded Heel Sandals Euro 40 f42e1fa -

    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
    Rare! Heel ZARA Beige Crystal Diamanté Jelly Studded Rare! Heels Studded Heel Sandals Euro 40 f42e1fa