Never miss an update

Calvin Vable Klein Vable Ankle-Strap 22667 Square Toe Platform Sandals/ 801, Black, 7.5 US/ c0324fb

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: Display Shoe. , minor wear on soles. The images shown are of the actual shoes for sale.
Brand: Calvin Klein Heel Type: Slim
Style: Ankle Strap Pumps Material: Leather
Width: Medium (B, M) US Shoe Size (Women's): US 7.5/UK 5.5/EU 38
Color: Black Pattern: Animal Print
Heel Height: Very High Heel (4 1/2 in or More) Shade: Black
UPC: 888542686889
Never miss an update

Calvin Vable Klein Vable Ankle-Strap 22667 Square Toe Platform Sandals/ 801, Black, 7.5 US/ c0324fb -

    Calvin Vable Klein Vable Ankle-Strap 22667 Square Toe Platform Sandals/ 801, Black, 7.5 US/ c0324fb
    Calvin Vable Klein Vable Ankle-Strap 22667 Square Toe Platform Sandals/ 801, Black, 7.5 US/ c0324fb
    Anne Klein AK Sport Women's OPALIZE Reptile Pump - Choose SZ/ColorGiuseppe Zanotti Gold Metal Mesh With Crystal Heart Slide Heels 39.5 Italy US 9Vince Camuto Women's Karlan Wedge Sandal Smoke Show 11 M US , Stuart Weitzman Heist Black Nappa Pumps Size 6M E283 , ALDO Women's Scorzarolo Dress Sandal - Choose SZ/ColorAnne Klein Women's YANNAH Leather Pump - Choose SZ/ColorNEW BeautiFeel 10 Black Patent Leather Strappy Cushion Heels Pump Antislip SoleVia Spiga Studio Black Suede Women's Leather Chunky Heels SHOE Size 9 1/2 New!Black STUART WEITZMAN Patent Leather WEDGE HEELS Pumps Sz 5.5 35.5 , Fly London Cherry Red Leather Slip on Comfort Wedge Shoes 40 10 NWOT PaygMen's/Women's Tory Burch Womens Shoes Not so expensive Modern design Maintenance capability , BCBG BCBGeneration Size 9 Black Leather Heels New Womens Shoes , Nine West Women's Mimosina Synthetic Sandal Pink 9.5 M US 40 EU Rose Gold , Salvatore Ferragamo Brown Suede Leather Pumps 8 3A w/ boxWOMENS YVES SAINT LAURENT PEACH,GRAY SNAKESKIN LEATHER SANDAL HEELS SIZE 36 , New Tabitha Simmons Floral Strappy Espadrillo Platform Wedge Sandals Sz 40 US 9MSteve Madden Women's Valencia dress Sandal - Choose SZ/ColorEUC Size 7.5 Black Schutz Espadrille Wedge , Stuart Weitzman Chic Pyrite Nocturn Pumps Size 9N D2872/ , Gentleman/Lady Nina Women's Thea Dress Pump High grade auction best seller , Man/Woman escarpins Gino Rossi Beautiful color Let our products go to the world Direct businessSam Edelman, Ciara Leopard BRAHMA, Color: Leopard, Size: 8M Retail Price $130Nine West Women's Pruce Metallic Heeled Sandal - Choose SZ/ColorMan's/Woman's women high heels shoes size 10 Excellent value low cost Brand feast , Men's/Women's Cole Haan Claudine Suede Pump Innovative design Online Good quality , Kenneth Cole New York Women's Brooke Shine Glitzy Stiletto Dress Heeled Sandal,Salvatore Ferragamo 7.5 2A Pewter Leather Pumps Italy , Roberto Cavalli Italy Brown Leather Crystal Strappy Heels sz 36 US sz 5.5 MStuart Weitzman Black Crossover Strap Peep Toe Zip Tab Heels Sz 9.5M ,
    Calvin Vable Klein Vable Ankle-Strap 22667 Square Toe Platform Sandals/ 801, Black, 7.5 US/ c0324fb ->Calvin Vable Klein Vable Ankle-Strap 22667 Square Toe Platform Sandals/ 801, Black, 7.5 US/ c0324fb -
    CLARKS Women's Crewso Madie Dress Pump - Choose SZ/colorLa Canadienne Phinn Boots - Women's Size 5.5 M, BlackMaison Martin Margiela 22 VIRGIN WOOL&LEATHER CYLINDER HEEL BOOTS US 9 , Adidas Yeezy Boost 350 V2 Blue Tint US 8Betsey Johnson Ivee Ankle Strap Sandals, BlushGentleman/Lady SCHOOLGIRL-50G Glitter Red Moderate price Wholesale trade TRUEVince Camuto Hadria Women Pointed Toe Leather Black Flats - 7.5 - NIB , French Sole Womens Gumdrop Closed Toe Wedge Pumps, Black Cartizze, Size 5.0 Q2QuVera Wang Lavender Nina stiletto Platform Sandal Size 10M NEW STUNNING ITALY , Women's BIALA 227554 black leather slingback wedge espadrilles sz. 38 M , Adrianna Papell Women's Morgan Platform Dress Sandal, Gunmetal, 8.5 M USU 4.5-10.5 Women's Roman Summer Sandals Rhinestones Gladiator Flip Flops ShoesSize 7 Wedge Sandals Flip Flop Thong Teva Mush Womens Teal Multi-Color , Used Worn Size 14 Nike Air Force 1 Low CMFT PRM QS Shoes Black Atomic RedAdidas Adizero LJ 2 Mens Track & Field Shoes Long Jump Blue Green AF5648 Sz 15Saucony Mens Nomad TR Running Shoe- Pick SZ/Color.Nike Zoom Pegasus 35 Turbo [AJ4114-140] Men Running Shoes White/Blue Hero , Adidas Solar Hu Glide White Pharrell Williams BB8044 Size 11.5 , Mens Dingo Gaucho Rev up Western Zip Boot sz 14 EW New With Tags Free Shippingadidas Originals Men's Seeley Fashion Sneakers - Choose SZ/Color , Ecco Men's Sport Sandals Gray Size ( ) New !!!Bandolino Womens Armory Ankle Strap Sandal Raspberry Faux Suede Buckle Fastening , Fila Womens Memory Narrow Escape Cross-Trainer Shoe- Pick SZ/Color.Nike Air Max Thea Womens Sz 12 White/Black 599409-103TWIN-SET WOMAN CASUAL SNEAKER SHOES FREE TIMR LEATHER CODE CS6PGP , Merrell Siren Sport Q2 GTX Gore-Tex Pomegranate Purple Women Outdoors J46558NIB $945 VALENTINO STAR Low Top Sneaker Shoe Women's Trainers Canvas White 38 -8Hoka One One Womens Tor Ultra Hi WP Shoes 1008335 Blue Jewel/Medieval Blue 8.5Splendid Hamptyn Brown Womens Shoes Size 5 M Boots MSRP $178United Nude Black Gray Suede Strappy Ankle Stilletto Boots Size 39 9 NWOB
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Calvin Vable Klein Vable Ankle-Strap 22667 Square Toe Platform Sandals/ 801, Black, 7.5 US/ c0324fb -

    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.

    Calvin Vable Klein Vable Ankle-Strap 22667 Square Toe Platform Sandals/ 801, Black, 7.5 US/ c0324fb -

    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
    Calvin Vable Klein Vable Ankle-Strap 22667 Square Toe Platform Sandals/ 801, Black, 7.5 US/ c0324fb