Never miss an update

Sexy Ultra Suede with High 21341 Heel Beige Platfom Booties with Suede Gold Zippers New 222e553

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Brand new without box. Never . No defects, scratches, wear, tear etc.
Brand: Cri De Coeur Color: Beige
Style: Ankle Boots Heel Height: High (3 in. and Up)
US Shoe Size (Women's): 7.5 Material: Faux Suede
Width: Medium (B, M)
Never miss an update

Sexy Ultra Suede with High 21341 Heel Beige Platfom Booties with Suede Gold Zippers New 222e553 -

    Sexy Ultra Suede with High 21341 Heel Beige Platfom Booties with Suede Gold Zippers New 222e553
    Sexy Ultra Suede with High 21341 Heel Beige Platfom Booties with Suede Gold Zippers New 222e553
    Women's Ankle Boots Mid Heels Down Square Toe Pull On Embroidered Casual WinterWomen's Chunky Block heel shoes Pointy toe Pearls Pull on Elastic Ankle bootsWomen's Special Slim heel shoes Pointy toe Sequins Pull on Knitted Fabric BootsWomen's Chunky Block heel shoes Square toe Rhinestones Sequins Ankle boots CHICWomen's Stilettos High heel shoes Pointy toe Patent Leather Over Knee High boots , Womens Red 5" High Heel Round Toe Sexy Over Knee Boots Size 5Women's High Stiletto Heel Shoes Pointed Toe Over Knee High Boots Thigh Suede , Women's Stilettos High heel shoes Pointy toe Side zip Fur Ankle High boots CHIC , Brown 4" Stiletto High Heel Round Toe Long Sexy Over Knee Boots Size 8Women Casual Fashion Sneakers Wedge Heel High Top Shoes Black White 5405_A0Sexy Womens Open Toe Hollow Buckle Rhinestone Flats Knee High Boots Sandal Shoes , Roman Hollow Out Women Ankle Boots Shoes Sandals High Stiletto Heel Multi-Colore , Jessica Simpson Womens rallee Closed Toe Ankle Fashion Boots Black Size 6.0Women Ankle Boots Shoes High Wedge Heel Buckle Strap Round Toe Sneaker Athletic , Women's Mid-Calf Boots Shoes Hollow Out Open Toe Casual Block Heel Sandals HotWomen's Slim High heel shoes Pointy toe Winter Fur Tassels Side zip Ankle bootsUnisa Womens Zali 2 Closed Toe Ankle Fashion Boots Black Size 9.5 YP46 , Womens Knee High Boots Wedge Heel Pull On Cuffed Fur Trim Winter Warm snow ShoesSexy Women's High Block Heel Shoes Mid-Calf Boots Transparent Round Toe Fashion , Women's Special Kitten heel shoes Pointy toe Side zip Casual OL Ankle boots 2018Qupid Women's Signal-20 Over The Knee Boot Nude Size 7.5 dBBEWomens Over Knee Boots Side Zip Round Toe Wedge Heel Fur top Warm Platform ShoesWomen's Flats shoes Round toe Pull on Fur Suede Casual Ankle Sneaker boots 2018 , Lucky Brand Womens Lk-Keezan NuBuck Round Toe Ankle Fashion Brindle Size 8.0 QWomen Pointed Toe High Block Heel Zip Embroidery Fashion Suede Ankle Boots 2018new ladies Black Stars 6"High Wedge Heel 2.5"Platform Sexy Ankle Boots Size 6.5 , Women's Low Block heel shoes Round toe Retro Buckle Rivet Side zip Suede Boots , Women's Over the Knee High heels Boots Thigh High Pointed toe Stiletto Sexy NewWinter Womens Knee High Boots Round Toe Low Block heels Side Zip Fur top shoes ,
    Sexy Ultra Suede with High 21341 Heel Beige Platfom Booties with Suede Gold Zippers New 222e553 ->Sexy Ultra Suede with High 21341 Heel Beige Platfom Booties with Suede Gold Zippers New 222e553 -
    ECCO Mens Intrinsic 3 Fashion Sneaker, Black Leather, 45 EU11-11.5 M US , Nina Armando Lisa - Black Ballet FlatsGentlemen/Ladies Aravon Women's WEF07BK - Choose SZ/Color High quality and cheap New products in 2018 Contrary to the same paragraphMan/Woman Upcurve Navy Fabric Anne Klein Flat Fine workmanship First batch of customers Simple , Man's/Woman's Trotters Women's Samantha Ballet Flat Outstanding features product quality Exquisite processing , Munro American RAMIE Suede Leather Hidden Wedge Heel Penny Loafers Black Sz 10.5 , NEW Cape Robbin Uneek Orange Velvet Holographic Sequins High Top Wedge Sneaker , Claudia Ciuti Made in Italy Black Leather Slides SIZE 8 M , Brooks Ghost 9 - Running Training Athletic Sneakers Women's 10 D Black/PurpleMens Nike Kevin dirant Sneakers Size 10.5 , Mens ADIDAS TUBULAR INVADER STRAP Beige Suede Hi Top Trainers BB5038 RRP .99 , Brooks Ghost 8 GTX Silver Red Black D Width Men Running Shoe 1102001D084Wolverine Work Boots Men Size 8.5 Black Nubuck Leather Waterproof Composite ToeRRL Double RL Mens Brown Leather Boots Size 8.5 $990 USANEW Danner Acadia Patrol 6" Boots Mens 10.5 D-Med Width Law Enforcement MilitaryMens 8 8.5 42 Ecco Reciprico Boat Moccasins Shoes Brown Leather Water Repellent , MEN'S New Balance MW779v1 LIFESTYLE trail walking SHOES Water-resistant leatherOboz Womens Luna Low Athletic Support Leather Hiking Trail Athletic Shoes Size 8Twisted X Boots Women's WLW0001 Leather Wrap Slip OnMERRELL Womens '1SIX8 Moc AC+' Shaded Spruce Low Top Sneakers Sz 9 - 232345OFFICINE CREATIVE Black/Bronze "RACE" Leather Sneakers Shoes sz.39.5/9 , Asics women's gel kayano 23 running shoes black silver pink glow size 7 usGolden Goose Deluxe Brand Women's Shoes Sneakers - G33WS631.M7 | White , Feather Knee High Boots Buckle Strap Suede Fashion Black Women's Pull On ShoesWomen's Shoes Jessica Simpson CLAUDS Ankle Boots Booties LION Split Suede CognacNine West "Botamyo" 9.5M Shiny Black Leather pointy toe Tall Boots MSRP $170 , VINTAGE 70'S ANTARTEX SHEARLING LAMB FUR BOOTS BLACK SUEDE RIDING ENGLAND 6 M , Fergalicious Women's Clover Ankle Bootie, Black, 7.5 M USWOMEN'S DURANGO RED BAR NONE WESTERN BOOTS DWRD018 , Marc Fisher Women's Cadis Ankle Bootie, Black, 8.5 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sexy Ultra Suede with High 21341 Heel Beige Platfom Booties with Suede Gold Zippers New 222e553 -

    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.

    Sexy Ultra Suede with High 21341 Heel Beige Platfom Booties with Suede Gold Zippers New 222e553 -

    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
    Sexy Ultra Suede with High 21341 Heel Beige Platfom Booties with Suede Gold Zippers New 222e553