Never miss an update

ZARA Black Dotted Mesh 29360 Flat Flat Shoes Size US10 US10/ New e920d03

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
Style: Flat
Color: Black US Shoe Size (Women's): 10
Brand: ZARA
Never miss an update

ZARA Black Dotted Mesh 29360 Flat Flat Shoes Size US10 US10/ New e920d03 -

    ZARA Black Dotted Mesh 29360 Flat Flat Shoes Size US10 US10/ New e920d03
    ZARA Black Dotted Mesh 29360 Flat Flat Shoes Size US10 US10/ New e920d03
    Propet Women's Cameo Flat WCX014L Silver Sage Slip On Shoes Sizes 6.5-11 M, W , Demonia 3" Platform Pink Vegan Leather Heart Spike Creepers Shoes 6 7 8 9 10 11Soludos Canvas Platform Smoking Slipper Embroidered Lemon Chambray Women’s Sz 8 , Dansko Mens Clogs Slide on Mule Black Leather Shoes Size 46 US 12.5-13Taryn Rose Edith Calf Leather Loafers, Women's Size 10M, BlackVionic Women's 366 Romi Snug Navy Suede Loafers Slip on Shoes US 7.5 New , Donald J Pliner RikiSP-KS Natural Kid Suede Ballerina Style Flats w/ Bow-NewSofft Size 6 M MALILA Black Leather Espadrille Flats Loafers New Womens ShoesWomen's Burgundy Cole Haan N*ke Air Penny Loafer Shoes, Size 7B , sz 6.5-7/ 37 NEW DANSKO SLIP-ON CLOG SHOES WOMEN'S MAVIS BROWN NUBUCK $145 , New J Crew Womens Metallic Silver Suede Flats Slip Ons Loafers Size 6.5 E0772 , DR.COMFORT Flute Women Dress Shoes 10.5 Wide Diabetes Therapeutic Black MSRP$139 , Rockport Cobb Hill Collection Sharleen Black Mary Jane CG8224Munro Cerise Womens Smoking Loafers Velvet Floral Sz 10 , STUBBS & WOOTON Rose Red Ivory Needlepoint Leather Trim Flats Shoes sz 10Naot Leather Mary Jane Flats Loafers Shoes - Black - US 7-7.5 , COLE HAAN WOMEN'S ZERØGRAND WINGTIP OXFORDS (W00945) BLAZER BLUE 7 MEDIUM $230Ted Baker London Thfia Floral Slip On Sneaker - Women's Size 8.5 FloralLady Couture Women's Rousso 3" Rhinestone Wedge Sneaker Shoes Silver , Bearpaw Mallory Women's Strappy Mary Jane Flats Shoes Size 10 , Splendid Striped Malibu Boat Shoe Dusty Rose Size 8 2S02503 NIB , Seychelles Women's Tigers Eye Flat Penny Loafer - Size 6, WhiskeyTOD'S Womens Suede Of White Driving Moccasins Italy Size US 7 with crystals , ZEE Alexis Women's DANIELLE-A Women's Fashion SneakerClarks Red Embossed Leather Patty Tanya Slip on Mule Clogs New , Man's/Woman's SAS 6 Black Slip-On Loafers Women's Good design Affordable Strong heat and heat resistance , JCrew Gemma Cap Toe Flats 7 ballet shoes f5518 ivory burg navy , Cole Haan Black Leather Ballet Flats Women's Shoes Size 8.5 B EUC $130 , Rockport Womens Total Motion Hidden Wedge Black Pump Size 7.5 US/38 EU MSRP $120 ,
    ZARA Black Dotted Mesh 29360 Flat Flat Shoes Size US10 US10/ New e920d03 ->ZARA Black Dotted Mesh 29360 Flat Flat Shoes Size US10 US10/ New e920d03 -
    Womens Snakeskin Sexy Over knee ABoots Zip Thigh High Shoes Pointed Toe StilettoWomens Gladiator Hollow Heel Mid-half Boot Shoes 02W Stilettos Sandals Nightclub , New Mollini Quonut Tan Womens Shoes Casual Boots AnkleDansko Brown Leather Shoes Women's Size US 7-8 Slip On Wedge LoafersGentlemen/Ladies MANOLO BLAHNIK Hangisi Flat sz 35 Cheap discount A balance between toughness and hardnessWomen's Pointed Toe Low Top Stiletto High Heel Occident Work OL Ankle Shoes B69Pleaser Delight 1018 6in heel black patent leatherPedro Garcia Cara Castoro High Heel Suede Chelsea Boots Black Sz 40.5 * , Gentlemen/Ladies Indian Rajasthani Style Women's Leather Jutti High quality and cheap Let our products go to the world Elegant and solemn , shoes gianvito rossi size 10 pink leather woman pumpsNEW Nike FS Lite Run 3 Women's Running Blue Sneakers Shoes Sz 7.5NEW Eileen Fisher Willow Espadrille wedge sandal size 7 , Brooks Mens Cascadia 11 GTX Blue Mesh Running Athletic Trail Shoes Size 10.5Nike SB shoes 724941-644 Size 10.5 redNIB Men's New Balance MRL247BK Running Shoes NEW2015 Nike Lebron 13 GS USA Sz 6Y (4894) 808709-4611995 Adidas Equipment Adventure Sandal ORIGINAL US Size 12 BLACK , Nike Air Jordan 1 Retro High All Star Chameleon OG AS Black 907958-015 Size 12 , Air Jordan Retro 1 Mid 554724-032 Men's Sizes US 9 ~ 13 / Brand New in Box!!Carhartt Men's CMA6331 6" Work Boot Composite Toe Black Leather , Laredo Men's Flagstaff Grey/Black 10 D US , Calvin Klein Men's Channing Perforated Suede Slip-On Loafers NavyMan/Woman Men's Clarks Formal Shoes Gadwell Stride Complete specification range Upper material Explosive good goodsNeil M Men's Capri II Black Full Grain Leather Slip-on ShoesBIRKENSTOCK PROFI BIRKI 43/M10L12 R New! 074011 , New Balance Women 530 Elite Edition Pinball purple teal W530PIANIKE FLYKNIT LUNAR 3 SZ: WMNS 10 (698182 007) , Sz 11.5 Women's Nike Air Force 1 "Pewter Pink" (307109 102) Pre Owned 9/10 Cond , New Nike Flyknit Max Multi-Color Women's Running Shoes Size 8 620659-005CAMPER women boots sz 8.5 Europe 39 green canvas S6852 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ZARA Black Dotted Mesh 29360 Flat Flat Shoes Size US10 US10/ New e920d03 -

    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 Black Dotted Mesh 29360 Flat Flat Shoes Size US10 US10/ New e920d03 -

    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 Black Dotted Mesh 29360 Flat Flat Shoes Size US10 US10/ New e920d03