Never miss an update

Zara Size Toe Basic Collection Womens Womens Size 38 Pointed Toe Heel Black and Blue Suede 23be2c3

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 with tags. No Box. Never . Excellent condition.
Brand: Zara Material: Suede
US Shoe Size (Women's): 7.5 Style: Pumps, Classics
Heel Height: High (3 in. to 4.5 in.) Color: Black
EUR Shoe Size (Women's): EUR 38
Never miss an update

Zara Size Toe Basic Collection Womens Womens Size 38 Pointed Toe Heel Black and Blue Suede 23be2c3 -

    Zara Size Toe Basic Collection Womens Womens Size 38 Pointed Toe Heel Black and Blue Suede 23be2c3
    Zara Size Toe Basic Collection Womens Womens Size 38 Pointed Toe Heel Black and Blue Suede 23be2c3
    J Lo Jennifer Lopez Marisa Snake Skin Strappy High Heels Womens Sandals 9.5 M , DIANE von FURSTENBERG Slingback Neutral Nude Triangle Cut Out Leather 9MDonald J Pliner Tan/Gold Slingback High Wedge Heel Strappy Sandals Size 9.5MGuess by Georges Marciano western style mules color desert brown Sz 6FRANCO SARTO SHOES sz 10 BLACK PATENT VEGAN HEELS ANKLE BORDEAUX HEELS , Pasito Womens Size 39 Espadrilles Wedge Heel Brown Gold Shimmer Fabric Uppers , NEW!! Womens K9 By Rocketdog Black Pumps 4" Heels Size 7.5M US 37.5M EUR , Vince Camuto Women Size 8.5 Sarika Burgundy Patent Leather Platform Pumps $118Dark Charcoal Gray Metallic Woven Leather STUART WEITZMAN Backless Heels 9 M , Cole Haan Juliana Heels Kitten Cap Toe Blue Suede Women 7.5 B , Micheal Kors High Heels Gray Metallic Patent Leather T-Strap Closed Toe Sz 9.5M , DKNY Pearlized Irridescent Holographic Exotic Stiletto Pumps 36 , New Korea Women Ankle Boots Buckle High Block Heels Fashion Casual Leather Shoes , $175 Martinez Valero Corona Black Leather Rosette Heels Slingbacks Sz 9 , Betsey Johnson Holly T-Strap Beaded Sandals FS61, Champagne, 8.5 US DisplayGiuseppe Zanotti Design Womens Pumps Size 7 Brown Canvas Sheer Peep Toe , WALTER STEIGER BLACK LEATHER & RED EMBROIDERY CLASSIC PUMP HEELS SIZE 10 BVictorian Trading Co Sz 12 Ruthie's Edwardian Tie Oxfords Shoes CreamWomen's Shoes Tory Burch High Heels Slip On Leopard Animal Print Size 8 MGIANMARCO Lorenzi Steel High Heels Extreme Stiletto Platform Shoes 40Marc Jacobs Italy Black Leather Suede Platform Pumps Heels Size 9.5 , BCBG MaxAzria strappy heels pink taupe NEW NWT Italy Size Sz 9 , ISABELLA FIORE Floral Wedge Heels Sandals Size 8 Made In Italy Brown Tan NWT , FABULOUS STUART WEITZMAN GOLD SANDALS ,WORN ONCE,SIZE 8ELAINE TURNER Charlotte Champagne Peep-Toe Cork Wedges $275 NEW , Joan & David Tan and Gold Snake Look Leather Platform Sandal Size 9 EUC , Christian Dior Lolita Peep Toe 12cm Heels Nude/ Gold Nappa Leather 38.5/38 , Softspots Safia Peach Perforated Mary Jane Pump Size 9.5 WYVES SAINT LAURENT Champagne Metallic Leather Mesh Pointed Pumps Sz 8 Italy ,
    Zara Size Toe Basic Collection Womens Womens Size 38 Pointed Toe Heel Black and Blue Suede 23be2c3 ->Zara Size Toe Basic Collection Womens Womens Size 38 Pointed Toe Heel Black and Blue Suede 23be2c3 -
    Man/Woman Saks Fifth Avenue Boots Sz 8.5 Adequate supply and timely delivery auction Official websiteREBECCA MINKOFF Women's Inez Taupe Fringe Over-the-Knee Boots $495 NIB , Corral Women's Tan Overlay & Studs Square Toe Boots G1348CONVERSE CHAUSSURE CHUCK TAYLOR ALL STAR LIFT CLEAN LEATHER LOW TOP - BLKWHT - 3 , Report Gwyneth Over-The-Knee Boots 966, Tan, 9.5 US , Stuart Weitzman Marymid Patent Shoe Size 37 BRAND NEW , Marc By Marc Jacobs Red Leather Heels , Ariat Womens Heritage Western X Toe, Style: 10010265, Size: 7.5BPropet TravelActiv Slip-On - Tan - WomensWomen Leather Super High Heels Open Toe Platform Shoes T Strap Buckle Clubwear 8 , Cole Haan Davis Open Toe 75mm Pump - Women's Size 8 B - Gunmetal GlitterES115 Jeffery Campbell Sesto Black Suede Size 11 , Women's Miu Miu Feather Ankle Flat Sandal Neutral Size 9/39 7953 , Dsquared Women's Black Strappy Biker Sandal Heel Shoes Size 6.5 7.5 8.5 9Men's Nike Flex 2016 RN New Sz 15 830369-006 Athletic Tennis Shoes black redMENS NIKE AIR MAX 90 ULTRA 2.0 FLYNIT 875943 007 SIZE 8~13adidas EQT SUPPORT 93/17 - Pink - MensAdidas Originals Men's Pharrell Williams Tennis Hu Shoes Size 9 us CP9764Nike Air Jordan 13 Retro 2012 Bred Size 11.5 With Box. , Nike Air Zoom Vapor X Clay Tinte Mandarina White Girl Women's Trainers All Sizes , AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4E2968 RED NEW US 8G.H. Bass & Co. Men's Benedict Chukka Boot - Choose SZ/Color , 50125 Pebble Skechers Shoes EWW 4E Wide Width Big & Tall Men Memory Foam Leather , New Stacy Adams Men's Brecklin Cap Toe Slip On Tan Leather Dress Shoes 25056-240 , Allen Edmonds "ADDISON" Loafers 10.5 E Brown (416)Reebok Women's Guresu 2.0 Cross Trainer, Infused Lilac/Twisted BER, 9.5 M USWOMEN'S SHOES SNEAKERS BASKET PLATFORM RESET WN'S [363313 02] , INC International Concepts Fabbaa Women's Boots CappuccinoNine West 'Clara' Black Leather Buckled Knee High Riding Boot Women Size 5 MVince Camuto Women's Jaran Riding Boot 10M/40 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Zara Size Toe Basic Collection Womens Womens Size 38 Pointed Toe Heel Black and Blue Suede 23be2c3 -

    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.

    Zara Size Toe Basic Collection Womens Womens Size 38 Pointed Toe Heel Black and Blue Suede 23be2c3 -

    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
    Zara Size Toe Basic Collection Womens Womens Size 38 Pointed Toe Heel Black and Blue Suede 23be2c3