Never miss an update

Womens Floral Toe Multi Color High Party Heel Wedding Party Shoes Open Toe Wedding Platform Pumps 20a65c0

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
Pattern: Floral
Country/Region of Manufacture: China Width: Medium (B, M)
Heel Height: High (3 in. to 4.5 in.) Brand: Unbranded
Heel Type: Stiletto Style: Stilettos
Occasion: Party
Never miss an update

Womens Floral Toe Multi Color High Party Heel Wedding Party Shoes Open Toe Wedding Platform Pumps 20a65c0 -

    Womens Floral Toe Multi Color High Party Heel Wedding Party Shoes Open Toe Wedding Platform Pumps 20a65c0
    Womens Floral Toe Multi Color High Party Heel Wedding Party Shoes Open Toe Wedding Platform Pumps 20a65c0
    Escarpins Yves de Beaumond Paris T. 37 ½ Tout Cuir Beige Champagne (Blanc Cassé) , Ivanka Trump New Tirra Brown Womens Shoes Size 6 M Heels MSRP $120Man's/Woman's DYNAMITE-03 Big clearance sale Beautiful German OutletsGentleman/Lady women’s shoes Aldo Durling size 10 Durable service a variety of Seasonal promotion , Pin Up Couture BETTIE-22 Women's Black White Patent Heel Platform T-Strap PumpsUS Shoe Size Women Fashion Stilettos Peep Toe Pumps Heels Dress Casual ComfortAldo Kristina Pumps - Cobalt Blue Nubuck EU Sz 37.5 (US Sz 7) , Women's Shoes Jessica Simpson FINLAY Platform Heels Sandals Powder Nude SnakeKenneth Cole New York W/ Silver Technology New Cork Wedges Womens Size 7 MWomens Classic Pumps Slip on Wedding Crack Shoes Wedding Clubwear Stilettos 2017 , Sexy Patent leather Gladiator Strappy Calf High Heel Sandals sz 7.5/8-RARE! Goth , Womens Rivet High Heel Denim High Top Stiletos Camo ANkle Boots Shoes Sneakers 9 , Circus by Sam Edelman Women's Jennifer Bootie , Nine West Womens everina Fabric Closed Toe Ankle Strap Mary Jane Pumps , BETTYE MULLER Gray Katy Bis Espadrille Sandal Wedges Sz 40 / 10 US $228 , BORDELLO Teeze-35 5 3/4" Heel Burlesque Stage Showgirl Platform Pump , Pleaser SKY-308 Sexy 7" Heel Platform Ankle Strap Sandal Size 5-14Clarks Women's Vapor Mist Sandal Olive Green Size 7 - 9.5 WIDETed Baker Fluuri Floral Printed Peep Toes High Heel Shoes Size 8-USA,39-EUR,6-UK , BROOKS BROTHERS Career Brown Leather White Fabric Pumps Heels US 7 Minimal Wear , Women's Cow Leather Pointed Toe Cuban Heel Oxfords Pumps Front Zip Ankle Boots , Calvin Klein Womens 6M Yana Shoes Dusty Pink Patent Wedge Shoes , Marc Marc Jacobs Womens Shoes Size 36.5 6.5 Black Solid Leather Open Toe HeelsBarbara Bui Womens Wedges Size 36 6 Tan Suede Silver Stud Embellished Strappy , Clear High Heel Stiletto Women Mule Slide Peep Toe Rhinestone Upper Bikini Shoes , WOMENS BEIGE NUDE ADRIENNE VITTADINI LASER CUT SLINGBACKS US 7.5 , Stuart Weitzman Boots 6 US 37.5 EU Light Brown Leather Booties 3" Heel , 75% OFF ON UNITED NUDE LO RES NEON PINK HEELS WORTH US$249 WOW SHOES , Pleaser DELIGHT-601UVS Clear Neon UV Multi Hot Pink Beaded Platform Slide Heels
    Womens Floral Toe Multi Color High Party Heel Wedding Party Shoes Open Toe Wedding Platform Pumps 20a65c0 ->Womens Floral Toe Multi Color High Party Heel Wedding Party Shoes Open Toe Wedding Platform Pumps 20a65c0 -
    Nine West Women's Uptowngrl Fabric Over-The-Knee Boot , THE NORTH FACE WOMENS SIZE 10 SHELLISTA II MID WATERPROOF BOOTS SPLIT ROCK BROWNCarlos by Carlos Santana Roslyn Women US 9 Brown Knee High BootPunk Leather High Heel Womens Shoe Buckle Over Knee Thigh High Boot Black , Lucky Brand Womens Basel3 Perforated Leather Ankle Bootie , Erdem x H&M Floral Print Ankle Boots Leather 8.5 US 40 EU Rubber Soles BlackNike SB Shoes Zoom Stefan Janoski Elemental Pink Sequoia Skateboard SneakersWomens Fly London Salv Chelsea Boots PURPLE RUG BootsKat Maconie Valentina, leather, ankle boot, heeled shoes, colourblock, size 40 , Ahnu Women's 1014335 Flat Black 5 M USEcco Band Slip Ons - Women's Size 38 Black , PLEASER Sexy Blacklight UV Neon White Platform 2 Band 7" Heel Stripper Shoes , Heel Nine West Fields Block Heel Sandal Navy Patent , One Day SALE L.A.M.B. 'Warner' Black Pointed Toe Pump US 9 (original price $295)Oscar de la Renta Bootie Boots Shoes Sienna Black Calf Hair Sz 38 NEW NIB $1,250Report Womens Glaine Open Toe Casual Slide Sandals , $5400!!! NEW MANOLO BLAHNIK VALON bb BLACK ALLIGATOR CROCODILE SHOES 35.5 fit 36 , ADIDAS Derrick D Rose Basketball Shoes Men's Size 10 , 2017 Nike Air Jordan 13 Retro Bred Black True Red White Sz 11Nike Zoom Spiridon SPRDN CAVS Team Dark Red Maroon White Black Men sz 11.5 ShoesNIKE AIR JORDAN 11 RETRO LOW DEREK JETER RE2PECT BINARY BLUE AV2187 441 sz 11.5 , Men Shoes Ankle Boots Vintage New Trendy Brown Made in Italia 73426 Deal BDX , Adidas Yeezy Boost 750 Triple Black Kanye West Sneakers Men's Size 11 Brand New , Nike Air Trainer 1 MID PRM QS 607081-002 Black Leather Shoes Medium (D, M) MenStacy Adams Mens shoes Vander Blue Leather Plain toe oxford Dressy 25109-403 , NEW NIB VANS OLD SKOOL (DRIZZLE) SANGRIA SHOES SIZE 5 WOMENS 3.5 MENS KIDSNew Balance 580 Elite Edition Revlite MRT580GY Grey (msrp: $120) , Bearpaw Women's Jolene Slip-On Sand Suede Sneakersara Women's Amanda 32725 Slingback Grigio Nubuck Hook and Loop , $350 NEW Womens TORY BURCH BERGEN CRACKLED LEATHER DESERT CHUCKA BOOTS SHOES 8.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Floral Toe Multi Color High Party Heel Wedding Party Shoes Open Toe Wedding Platform Pumps 20a65c0 -

    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.

    Womens Floral Toe Multi Color High Party Heel Wedding Party Shoes Open Toe Wedding Platform Pumps 20a65c0 -

    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
    Womens Floral Toe Multi Color High Party Heel Wedding Party Shoes Open Toe Wedding Platform Pumps 20a65c0