Never miss an update

Diesel Fabric/Canvas 40 Women's Pump Kristaly Rubine Red/Pink Sz USA 9 9 Euro 40 Fabric/Canvas New e3b03ae

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: Diesel
Material: Canvas US Shoe Size (Women's): 9
Width: Medium (B, M) Style: Pumps, Classics
Color: Pink
Never miss an update

Diesel Fabric/Canvas 40 Women's Pump Kristaly Rubine Red/Pink Sz USA 9 9 Euro 40 Fabric/Canvas New e3b03ae -

    Diesel Fabric/Canvas 40 Women's Pump Kristaly Rubine Red/Pink Sz USA 9 9 Euro 40 Fabric/Canvas New e3b03ae
    Diesel Fabric/Canvas 40 Women's Pump Kristaly Rubine Red/Pink Sz USA 9 9 Euro 40 Fabric/Canvas New e3b03ae
    ZARA Woman 38 US 7.5 Black Polished Leather Sling Back Loafer Shoe , Prada Beige Orange Silver Tone Hardware Open Toe Sandals Wedges Size 39.5 9.5CHIE MIHARA Gray Suede Open Toe Wedge Sandal Pump Size 36.5 , a. TESTONI PUMPS Logo Ladies size 37.5 Brown Leather Heel Shoes Made in ItalyROBERT CLERGERIE Black Leather Platform Wedge Mules Womens 7 snake skin FranceLE COCO'' ITALY SOFT SUEDE PLATFORM HEELS/RUST-BURGUNDY-DK BROWN 40/10 PERFECTRed Chrome Stiletto High Heel Ankle Strap Stripper Dance Platform Women Shoes , Miu Miu Gray Brown Yellow Black Suede Open Toe Wedges Size 37.5 7.5Brown Perforated Fly London Wedge Heels with Green Trim 7.5 38 , Fashion Womens Stiletto High Heel Platform Buckle Strap Decorative Knight Boots , BCB Maxazria Women's Ma-Dart Natural Vachetta Pump Size US 10 MYSL vintage off white canvas logo heels mules w gold leather trim, 38 7.5 auth!Charles David Shoes Size 9 Womens New Vero Cuoio Strappy Sandals SilverAmalfi Pillow SilverWomen's Shoes White & Gold Leather Heels Pumps 8 B ItalyFranco Sarto Women's Danelly Pump , Diane Von Furstenberg DVF Women pumps 9M Green purple gold trim suede Shoes NWOB , Manolo Blahnik Black Leather Pointed Toe Carolyne Pumps Size 40 10 In BoxITALIAN "chocolA" DARK MAGENTA PATENT LEATHER POINTY STILETTO PUMPS*EU38*US7,5 , Donald J Pliner Tomm Nude Patent Leather Women's Heels Pumps Size US 7 M , Marc Jacobs Pump Heel Blue Size 6.5 Silver Heart Embellished Suede Mid Heel , EILEEN FISHER Poet Crisscross Pump Platinum 6.5 Dark Night , PIERRE HARDY $710 Stiletto PUMPS Ladies size 38 Blue Snake Open Toe Heel Shoes , Guess By Marciano New Womens Kawa2 Natural Fabric Open Toe Heels 6.5 M Shoes NWB , VANELi Womens FC-313 Leather Closed Toe Classic PumpsMen/Women Mandala Women's Platform Heels selling price Fast delivery Complete specificationsSTUART WEITZMAN Size 10 MAE Black Patent Platform Heels Pumps ShoesDevious DOMINA-420 Single Soles Black Leather Slide Slip On Pump High Heels , JESSICA SIMPSON TOPAZIO 2 LEOPARD PRINT LEATHER PLATFORM PUMPS HIGH HEELS SHOESGiuseppe Zanotti Women's Gold Beaded Strapped Slip On Heels Size 37
    Diesel Fabric/Canvas 40 Women's Pump Kristaly Rubine Red/Pink Sz USA 9 9 Euro 40 Fabric/Canvas New e3b03ae ->Diesel Fabric/Canvas 40 Women's Pump Kristaly Rubine Red/Pink Sz USA 9 9 Euro 40 Fabric/Canvas New e3b03ae -
    Women's Shoes Dr. Martens Pascal 8 Eye Boots 13512411 Cherry Red Virginia *New* , Rebooted Street Style Women's Combat Boots Martens Ankle Boots Punk Shoes , Ralph Lauren Collection PURPLE LABEL Suede Leather Shearling Boots 9 B , Men/Women TEEZE-41W Silver PU Multi Glitter New market High quality and economy International big nameGenuine Rabbit Fur Womens Winter Warm Casual Slip On Loafers Shoes Thicken MulesMINT 36 6 DANSKO OLENA BLACK CRACKLE SUEDE MARY JANE LOAFER SLIP-ONChristian Louboutin Master Key Black Silver Flats Slip-ons Sneakers Eu 38$230 COLE HAAN Cameron Sandal Shoes Womens Black Leather 6 NEW IN BOX , BALENCIAGA BROWN SUEDE WEDGE OXFORD SIZE 36Dolce Vita Womens henlee Open Toe Casual Slide Sandals , New Nike Classic Cortez Leather Forrest Gump 807471 103 Wmns Size 11.5 , NIB Valentino Rockstud Pink PVC Rubber Pool Slide Sandals Sz 37Nike Air Max 2015 Hot Lava sz 12.5 Anniversary Pack 698902-008 Running Shoes newNike Air Max Flair Up Tempo Running Shoes Gray/Purp/Volt AH9711-001 Size 10Mizuno Running USA Mens Wave Hitogami 4 Shoe D- Pick SZ/Color.Nike Air Monarch IV PR SZ 11 Weekend Campout Legion Green Team Gold AV6676-300 , Concepts X New Balance 998 “Grand Tourer” Men’s Size 10 Ronnie Fieg Kith M998CFXAir Jordan 14 Retro "Ferrari" - 654459 670 , Kenneth Cole Unlisted Men's Hope-Ful Slip-On Loafer - Choose SZ/ColorConverse John Varvatos Chuck Taylor 2 Striped Low Top Men Size 8men's shoes LIU JO 11 () sneakers blue textile suede AH377-D , Timex TW4B01800 Mens Expedition Analog Elevated Tan Leather Strap Watch , Tamarac Camper Slippers International Leather Brown Indoor Moccasin Men Shoes 9W , Nike Women's Air Max 1 SE 881101-001 New Athletic Shoes Size 8.5PUMA 36233904 - Basket Platform Metallic Size: - Color:New Balance Women's Trail Walking Boots Dark Brown WW1400DB Choose Size NIBAdidas Ultraboost Uncaged Sneaker White Size 6-9 Womens No NMD Boost Y-3 UltraNew Balance Women's 635v2 Cushioning - Choose SZ/ColorStaheekum Brand Womens Annika Closed Toe Ankle Cold, Annika Charcoal, Size 9.0Mr/Ms Lucky Brand Gabee Women's Boots Black elegant special promotion Elegant and stable packaging
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Diesel Fabric/Canvas 40 Women's Pump Kristaly Rubine Red/Pink Sz USA 9 9 Euro 40 Fabric/Canvas New e3b03ae -

    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.

    Diesel Fabric/Canvas 40 Women's Pump Kristaly Rubine Red/Pink Sz USA 9 9 Euro 40 Fabric/Canvas New e3b03ae -

    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
    Diesel Fabric/Canvas 40 Women's Pump Kristaly Rubine Red/Pink Sz USA 9 9 Euro 40 Fabric/Canvas New e3b03ae