Never miss an update

Pelle mogochinese-24360 Moda Women's US Paloma Heeled Sandal, Navy, 8 M Moda US 15605b4

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
Brand: Pelle Moda
Color: Navy Style: Heeled Sandals
Size: 8 B(M) US MPN: PALOMA-VL-438-8 M US
Model: PALOMA-VL US Shoe Size (Women's): 8 B(M) US
UPC: Does not apply EAN: 0808448324906
Never miss an update

Pelle mogochinese-24360 Moda Women's US Paloma Heeled Sandal, Navy, 8 M Moda US 15605b4 -

    Pelle mogochinese-24360 Moda Women's US Paloma Heeled Sandal, Navy, 8 M Moda US 15605b4
    Pelle mogochinese-24360 Moda Women's US Paloma Heeled Sandal, Navy, 8 M Moda US 15605b4
    Ellie Shoes Women's 521-Spring-W Heeled Sandal - Choose SZ/ColorSoludos Tall Wedge Linen Wedge Sandals - Women's Size 5.5 - BlackShellys London Women's Eden Platform Slide Sandal, Black, 40 EU/9 M US , Women's Clarks Bendables White Leather Slide Sandals-11M Slip On BeachClarks Women Black Leather Slip On Buckle Open Toe Flower Cut Out Sandal Sz 10 M , Roxy Women's Mattie Slide Sandal - Choose SZ/Color , Easy Spirit Women's Marvela, Gold, 8.5 M USVictorias Secret Pink Double Strap LEOPARD Sandal Slides Flip Flop NWT L 9 - 10Clarks Privo Lime Green Leather Strappy Sandals Slides Shoe Women's sz 6M , ALDO Women's Yilania Flip-Flop, - Choose SZ/ColorMr/Ms Women's Frye Sandals Size 7.5 3470203 Quality queen high quality a lot of varieties , Volatile Women's Pleasant Flat Sandal - Choose SZ/ColorIvanka Trump Women's Monday Flat Sandal - Choose SZ/Color**Born Siene Wedge Sandals - Women's Size 9M, Black , Clarks 8M Women Collection BROWN Shoe MULE Slide Slip On Loafer CLOG Casual S212 , Man/Woman G by GUESS Womens Jerzy High-quality auction Non-slipVince Camuto Women's Patinka Heeled Sandal, Demure, 7.5 Medium US , Nautica Women's Longshore Wedge Sandal - Choose SZ/ColorWomen casual shoes 2017 platform solid new arrival summer woman shoes , KENDALL + KYLIE Women's Giaa Sandal, Silver, 10 Medium USTory Burch Logo Jelly Flip Flop Thong Sandals Women Size 8 US Masai Red , Womens 9 9.5 40 Wolky Walking Sandals Purple Leather Slip-On Open Toe Wedge HeelART POMPEI, femme Sandales, Multicolore (MULTI SUN), 40 , Vince Womens Size 7 Navy Westcoast Slide Comfort Flats Sandals Shoes F4-97Clarks Annadel Eirwyn Women's Size 6.5W Navy Nubuck Wedge Sandals Shoes X14-1695 , Clarks Sandals Slides Black Leather Women 9B 86780 Mules Open Toe Wedges Slip OnSAS Trio 11N Sandals Shoes 3 Strap Buckle Tripad Comfort Navy Blue USA Leather , Vince Womens Size 10 Black Westcoast Slide Comfort Flats Sandals Shoes F4-101 , DANSKO PETROL SOPHIE WOMENS SANDALS SHOES NEW IRIDESCENT 40 GITS 9.5 TO 10
    Pelle mogochinese-24360 Moda Women's US Paloma Heeled Sandal, Navy, 8 M Moda US 15605b4 ->Pelle mogochinese-24360 Moda Women's US Paloma Heeled Sandal, Navy, 8 M Moda US 15605b4 -
    Hush Puppies Women's Fidda Maisie Combat Boot , Franco Sarto L-TECH-STON WASH COW Tall Flat Riding Boots New , Adrienne Vittadini Patino Heeled Sandals, Almond, 8 USOff The Beaten Track 25918 Womens Salem - Mint - 6.5JP Crickets Beige Canvas Pink Club Loafer Women's Size 6 , **Sigerson Morrison Viata Flats - Women's Size 7 B, NudeMan's/Woman's BETTIE-23 Promotion excellent Export , MANOLO BLAHNIK Black Pony Hair Slingback Heel - Size 6 , PIERRE HARDY Shoes 296923 Green 38 , New in Box ETRO Black Suede Leather Strappy Heels Shoes 38 8 , Vans Authentic One Piece DX (Havana Perf) Navy Leather Men's 11.5New Balance Men's MSONIBS US 14 D Black Mesh Running Sneakers Shoes $110.00 , Under Armour Micro G Speed Swift 2 Size Men’s 10.5New Balance MW928 Walking Shoe - Men's Size 13D, White/Gray , Reebok Men's Plus Runner Woven Sneaker - Choose SZ/Color , Nike Men's Air Vrtx '17 Wolf Grey/Black Dark Grey Running Shoe 8.5 Men UsNIKE AIR FORCE 1 MID ID WHITE-BLACK-GREEN SZ 11.5 [808788-993] , Fila Men's F-13 Weather Tech Hiking Boot, Wheat/Espresso/Medium Gold, 11 M USNIKE ZOOM LEBRON VI 6 ASG MIDNIGHT NAVY 361164-411 mvp ohio big apple chalk ctk , adidas PW HUMAN RACE NMD NERD EE8102 US 6.5 PHARRELL WILLIAMS JAPAN Limited NEWLos Altos Men's 6X Toe EEL Genuine Leather Cowboy Western Boots , NEW LAREDO DOVER MEN'S US 10 EE SQUARE TOE Western Cowboy Leather Work Boot A6Gentleman/Lady Kiss Rare Rock Band Shoes Packaging diversity stable quality Vintage tide shoes , Kith x Diamond Supply Co Asics Gel-Lyte V teal - mens 9NIKE WOMENS INTERNATIONALIST Ice Blue-Grey-Red running training sneakers newNIKE WOMEN'S ROSHE ONE JCRD PRINT 845009-300 NSW Olive Flak/Black-Celery SIZE 71805 adidas RUN LUX CLIMA Women's Training Running Shoes CQ0817 , Journee Collection Jester-01 Women Boot Grey Size 10 MWomen European Embroider Zip Block Crystal Rhinestone Over The Knee Boot ThighB Makowsky Nellie Brown Suede Oxford Autumn Winter Wedge Boot Booties Sz 9 Wide ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Pelle mogochinese-24360 Moda Women's US Paloma Heeled Sandal, Navy, 8 M Moda US 15605b4 -

    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.

    Pelle mogochinese-24360 Moda Women's US Paloma Heeled Sandal, Navy, 8 M Moda US 15605b4 -

    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
    Pelle mogochinese-24360 Moda Women's US Paloma Heeled Sandal, Navy, 8 M Moda US 15605b4