Never miss an update

BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4

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: Great condition!
Style: Mary Janes Color: Gray
Heel Height: Flat (0 to 1/2 in.) Occasion: Casual
US Shoe Size (Women's): US 11 Brand: Bzees
Width: M)
Never miss an update

BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 -

    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4
    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4
    Nine West Winetta Gray Suede 9 Slip-On Embellished Ballerina Moc Shoe Nice!! NIBTapeet by Vicini Y15003G Ballet Flats Shoes Size 7 & 8 NEW $322 , Munro American Ashlie Gold Crosshatch Womens Flats Slips Ons Size 9.5 M New USA , Womens Enzo Angiolini Liberty Peach Color Shoes IT.U.K. Womens Viva Lo Sole Creeper Black Suede With Leopard Vamp size US 7 NEW , MR. SEYMOUR WOMENS SHOES BRONZE BROWN LEATHER FLATS 7AAA CASUAL SHOE NIBDansko Professional Black Patent Leather Nursing Clog Mule Womens 11.5 - 12 / 42TEVA HYDRO-LIFE SLIP-ON BLACK / Grey Gray OUTDOOR WOMENS FLATS SHOES 1018309 , Vince Camuto Kyah Gold Womens Shoes Size 8.5 M Flats MSRP $99 , NEW Cole Haan Ballet flats pink suede size 4 , SAS Women's Tripad Comfort Red Leather Slip On Loafers Size 7W Made in USA(OBO) , Merrell Encore Chill Stitch Clogs Womens US 6.5 Chocolate Slip Ons ShoesFS NY Patent Leather Flats Ivory White Tan Capped Toe Bow Ballet Flats 8M Spain , Soft Walk Black Leather Wedge Comfort Slide On hoes Clogs Women's Size 8M , NEW Butterfly Twists Cara Dogtooth Flat Ballerina Womens 5 Shoes Slip On Ballet , NEW Vintage Women's Shoe Original Penny Loafer Burgundy Leather 9 M POLO CLUB , Clarks Brown Suede Mary Jane Tamitha Aster Comfort Shoe 7.5 New , NEW Ellen DeGeneres ED Chapa Mule Slip Ons Women US 9 White $98.00Gentlemen/Ladies Antonio Melani Shoes elegant Online export store Outstanding style , Mephisto Womens Sz 9 Black Loafers Block Heel Slip On Shoe 122-12NWT Talbots Fun Brown Leather Ankle Boots 10M , L'Artiste Grenadine By Spring Step Black Leather Shoes 37 EU / 7 US Women , ARRAY Womens Freedom Leather Square Toe Loafers, Yellow, Size 8.5 b0Fx , Cole Haan Air Polly Womens Canvas Patent Ballet Shoes 10 NEW IN BOXSWEAR LONDON Viennetta Erica Venetian Brown Leather Loafer Slip Shoe Women 8 40H by Halston Camel Brown Suede Alice Hidden Wedge Ballet Flats NEWL'Artiste Valeria By Spring Step Black Leather Shoes 37 EU / 7 US WomenAetrex Essence Women’s Black Alligator Patent Leather Women’s Loafers 7/38 Sr6 , Zerogrand Cole Haan Wingtip Oxford Black Suede SIZE 8B
    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 ->BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 -
    Frye Wyatt Disc Short Boot in Cognac, 8.5 BRAND NEW , CONVERSE CHAUSSURE CHUCK TAYLOR ALL STAR OX - Red - 36 (886952782597) , MENS UNDER ARMOUR SPEEDFORM SLINGRIDE MEN'S SNEAKERS/TRAINING/RUNNING SHOES , Wmns Nike Air Max 2017 849560 503 Womens Running Shoes Plum Fog Sneakers Trainer , Skechers Womens Ez Flex 3.0 Majesty Comfort Memory Foam Shoes , Man's/Woman's KISS-209LG Black Glitter Silver Various goods Low price A balance between toughness and hardnessDemonia Creeper-206 Black Vegan Suede Heart Platform Shoes - Gothic,Goth,Punk,Bl , Lady Couture Women's Onyx Rhinestone Closed Toe Evening Slingback Heels WhiteNEW, GIUSEPPE ZANOTTI CHAMPAGNE SNAKE FINISH PUMPS, 36.5, $725NIB Christian Louboutin Pigalle Follies 100 Black Grey Camouflage Pump Heel 35.5 , Sexy Womens Open Toe Sandals Shoes Slingbacks Ankle Buckle Hollow Out Pumps Size , Women’s sandals suede model ICHA by HGilliane Design Us 3.5 to 12ASICS Gel-Lyte III GL3 “Black/Silver”HN538 Sz 11.5US! VNDS/Used 9/10 Condition! , NIKE AIR MAX 90 ESSENTIAL MIDNIGHT NAVY/MIDNIGHT NAVY SIZE MEN'S 9.5 537384-412Nike Air Trainer Max '91 Haystack/Team Red-Velvet Brown 309748-700 Men's SZ 9.5 , Men's Air Jordan Retro 1 '97 TXT Flat Pewter/Electric-Yellow 8-12 NIB 555071-045 , Nike Dunk High 312423 041 Size 8 DSCONVERSE PRO LEATHER UND UNDFTD UNDEFEATED TAFFY BROWN GOLD WHITE 137374C DS 7.5 , KOBE TWO 2 ADIDAS GRAPHITE BLACK SPACE BOOTS SHOES SNEAKERS WITH BOX SIZE 9.5 , Men's 7 AERO GLIDE Brown Leather Boots Pre-owned Minor wearKenneth Cole New York Women's Kam 6 Fashion Sneaker, White Combo, 9.5 M US , adidas Originals ZX Flux Women’s Running Shoes White Mint Size 8.5 *NEW , Women's Nike AirMax 1 Cut Out PRM Size 11 [644398 100] Sail/Mango/Orange , New Womens Nike Air Huarache Training Shoes Black/White/Black All Sizes , DISNEY MOA MASTER OF ARTS WOMAN CASUAL FREE TIME SNEAKER SHOES LEATHER MD91 M08BThirtyTwo Women 86 Ft Snowboard Boots (7) BlackWestern Chief Women's Basic Buffalo Four Eye Duck Boots TW4 Red Size 8MWomens Block High Square Heels Pointy Toe Back Zip Ankle Boots Formal Suede ShoePleaser DREAM-438 Ankle/Mid-Calf Boots Red Patent Gladiator Cage Stiletto HeelsETIENNE AIGNER, CHIP RIDING BOOT, OXFORD BROWN, US LEFT 7M, RIGHT 8.5M, MISMATCH ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 -

    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.

    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4 -

    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
    BZEES Women's Magical 19432 Comfort Mary Janes Cloud Comfort Walking 11M Shoe Gray Size 11M ecbd5c4