Never miss an update

2018 leather wedge womens platform oxford wedge freedigitals-17470 med heel top creeper shoes rivet shoes top 1ae451c

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: Unbranded
Material: Leather Style: Platforms @ Wedges
Occasion: Casual Country/Region of Manufacture: China
Pattern: Solid Heel Height: High (3 in. to 4.5 in.)
Width: Medium (B, M) Heel Type: Wedge
Never miss an update

2018 leather wedge womens platform oxford wedge freedigitals-17470 med heel top creeper shoes rivet shoes top 1ae451c -

    2018 leather wedge womens platform oxford wedge freedigitals-17470 med heel top creeper shoes rivet shoes top 1ae451c
    2018 leather wedge womens platform oxford wedge freedigitals-17470 med heel top creeper shoes rivet shoes top 1ae451c
    Ruby Shoo Womens US 8 Eu 41 Pump 3.75" Heels Seafoam Polka Dot Buckle 89-12Betsey Johnson Size 6.5 Gray Leather Open Toe Heels New Womens Shoes , Manolo Blahnik Womens Shoes Heels US 11 Yellow Leather Dorsay 5309*TroPiCaL FloRaL NEW 9 GUESS Pointy Toe CARRIE Stilettos Heels PUMPs White , Womens Nwob Katy Perry Caitlin Rubix Cube Block Heel Peep Toe Black Heels Sz 7.5Bandolino Women's Ursal Suede Dark Natural 8 M US , FLAMINGO-808UVG 8" NEON GLITTER BOTTOM ANKLE STRAP POLE DANCE PLATFORM SANDALCole Haan Womens 14A4298 Suede Closed Toe Wedge Pumps, Cabernet, Size 6.0Calvin Klein Vable Ankle-Strap Square Toe Platform Sandals 541, Sand/Silver, 7NEW MADEWELL/J. CREW GLADIATOR LEATHER WEDGE SANDALS BLACK 7 Retail $178 ITALY , Gentlemen/Ladies Heel Jessica Simpson Baleenda Black Patent New market Sufficient supply Fashion dynamicLot of 2 WM's Size 9 Skull & Graphic 5.5" Pumps Red Pink Black Just Fabulous , Stuart Weitzman Pointed Toe Wedge Pumps - Nuevo , ASH Sneakers Black White Platform Slip On Snakeskin Leather , 75% OFF ON PRETTY ROCK GIRL PINK FEATHER PETAL WEDGE PARTY US$399Enzo Angiolini Women's Smiles Platform Pumps Pink Leather Size 8.5 M , Salvatore Ferragamo Vintage Size 8 Black Leather Pump Heel Vera Bow , Bella Vita Eden Pointed Toe Mule Pumps, Black Suede, 11 WW US , Guess Harlem Slingback Platform Pumps, Black, 7.5 USMan/Woman Very Volatile | Lopez Sandal Black High security First quality Strong heat and heat resistanceCassics Womens Fashion Glitter Rhinestones Pointy Toe Block Mid Heels Boots New , Women's Stilettos High Heel Pump Leopard Shoes Sexy Pointy Toe Shoes Slip On NewTory Burch Niyah Espadrille Wedge Heel Sandal Tassel Orange Beads Boho Size 5 , Sexy Emilio Pucci Pink Mod Print Wedges/Heels/Shoes Sz. 36Blue by Betsey Johnson Women's SB-Cici Pump Size 6.5 , GUESS Womens kenzie2 Open Toe Ankle Strap Classic Pumps Pink Size 8.0 m8a2Vintage Womens Velvet Round Toe T-Strap Pumps High Block Flower Mary Janes Shoes , YSL - Black Satin Strappy Platform Wedges Size 40/10 , Womens Bling Sequins Pointed toe Wine Glass Heel Mary Jane Pump Pearl Shoes Chic
    2018 leather wedge womens platform oxford wedge freedigitals-17470 med heel top creeper shoes rivet shoes top 1ae451c ->2018 leather wedge womens platform oxford wedge freedigitals-17470 med heel top creeper shoes rivet shoes top 1ae451c -
    Chic Ladies Satin Over Knee Boots Waist New High Long Slip On High Heel Shoes , Gothic Punk Rock Biker Steampunk Neo Victorian Block Heel Boots DemoniaLewit Renata Cuff Over Knee Women's Black Leather Boot Sz 38 *jordan 3 JTH deadstock. Size US 11V AVE SHOE Brand Black ALL LEATHER Ankle Boots Size 36 NEWVersace 19.69 K535 VIT ROSA PITONE MULTI Sandals Women's Pink AUKumfs 5 5.5 Tan Mary Jane Women's Shoe , Men's/Women's Reebok Work Anomar Women's Oxford Economical and practical buy a wide variety of goodsMan's/Woman's casadei shoes Modern and elegant fashion Win the praise of customers Complete specificationsIvanka Trump Hera Sandal Blue Heels Sz 9M NWD B66 , Women's Sexy Slip On Pumps nightclub pointed Toe Slippers SHoes Formal Show , Womens Sugar Rhinestone Sexy Wedding Super High Heeled Sweet Nightclub Shoes , Man's/Woman's Very Used Stripper Heels durable cheapest Strong heat and heat resistance , BEAUTIFEEL GORGEOUS BLACK OPEN TOE SMALL HEEL SHOES SANDALS 41 US 10Skechers Women's Parallel-Beehive Mushroom 41051/MUSH With Memory FoamAdidas NEO Men's Pace VS Fashion Sneakers Shoes White Black AW4594 9.5 , Mens Nike Air Trainer Max 94 PRM QS EA Sports Sz 11.5 632194-001Nike Flight 89 Grape Jordan 9 Leather WhiteMens Nike Air Jordan Ultra Fly 2 Red Black Sneakers Nike 897998-601 New , NIB $198 SERAFINI ITALY PERFORMANCE MEN'S SNEAKERS. SIZE 44/10 MYeezy Desert Rat Boot Season 6 Graphite / US 8 SKU YZ6MF6003-213 military , MBT BLACK OXFORDS EXERCISE WALKING SHOES MEN'S 8 EURO 41 QUICK SHIPPER , RARE EUC New Balance 1400 Men US 10D Made In USA Sneaker M1400MG Forest Green A6 , Merlutti Black Velvet With Gold Copper BuckleBALLY PALOR mens Finest Black Leather Cap Toe shoes sz 7.5,F/US 8D/EU41.5 , Fashion Gold Retro Pointed Toe High Heel Men's Nightclub Bar Leather Shoes Ske15 , Man's/Woman's Carhartt Men's Walking Oxford Elegant appearance new AmoyASICS Women's Gel-Quantum 180 TR Running Shoe, Black/Silver/White, 12 M USCougar Women's Royale Hand Made Ankle-High Rain Boots, Several Colors , Elle Fur Winter Boots Size 8 Usa.EUR. 38-39
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    2018 leather wedge womens platform oxford wedge freedigitals-17470 med heel top creeper shoes rivet shoes top 1ae451c -

    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.

    2018 leather wedge womens platform oxford wedge freedigitals-17470 med heel top creeper shoes rivet shoes top 1ae451c -

    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
    2018 leather wedge womens platform oxford wedge freedigitals-17470 med heel top creeper shoes rivet shoes top 1ae451c