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/Color , Soludos 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 Beach , Clarks Women Black Leather Slip On Buckle Open Toe Flower Cut Out Sandal Sz 10 MRoxy 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 - 10 , Clarks Privo Lime Green Leather Strappy Sandals Slides Shoe Women's sz 6MALDO 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 S212Man/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 shoesKENDALL + KYLIE Women's Giaa Sandal, Silver, 10 Medium USTory Burch Logo Jelly Flip Flop Thong Sandals Women Size 8 US Masai RedWomens 9 9.5 40 Wolky Walking Sandals Purple Leather Slip-On Open Toe Wedge HeelART POMPEI, femme Sandales, Multicolore (MULTI SUN), 40Vince 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 -
    Cole Haan Women's Hayes Gore Ankle BootieLaredo Men's Prowler Cowboy Boot Square Toe - 7424Nine West Women's Davinia Fabric Espadrille Sandal - Choose SZ/Color , Keen Women's Brown Leather Mary Jane Slip On Shoes Sz US 7 / /BEAUTIFEEL WOMEN'S CHLOE LOW HEEL SLIP-ON LOAFER TASSEL SHOE , Womens Leather Gold Leaf Flat Heel Slipper Summer Shoes Sandals Pumps New loafer , Ted Baker Womens Salmon/orange Leather Heels 38.5 , Histina Black Leather Anne Klein Low Heel PumpAlice Olivia Roberta Cream Black PolkaDot Women's Platform Wedge Heel Sandal 7.5 , Italy Leather Slide Sandals Shoes MA&LO comfortable gorgeous , DOLCE & GABBANA MAUVE SATIN RHINESTONE ANKLE STRAP OPEN TOE HEELS SIZE 39.5 , Men's/Women's Carlos Santana Kalee Women's Sandals Black bargain International choice Breathable shoes , Unisa Tuhlip Women Open Toe Synthetic Sandals-Women's size 10M BlackMan's/Woman's NICHOLAS KIRKWOOD Shoes 549698 Black 36 Louis, elaborate Quality First negotiation , ECCO WOMEN'S COMFORTABLE SNEAKER SOFT TRED 7 CASHMERE AND REAL LEATHER , Adidas Alphabounce EM M Army Green/Running White BB9042 Men's SZ 8.5ASICS GEL KAYANO TRAINER MT SZ 8 GREY BLACK WHITE OREO TRAIL HN7P1.9090 , Men’s Nike Air Max 1 Essential Running Shoes Triple Black Size 11.5 537383-020 , Gentlemen/Ladies Converse 84 Thunderbolt Fine processing Primary quality a wide variety of goodsMen's Nike Air Blake Griffey Max 1 "Fresh Water" Athletic Basketball 354912 300Nike Air Jordan Thunder 4 size 14 lightly worn , NIKE AIR JORDAN 10 RETRO SUMMIT WHITE-SUMMIT WHITE SZ 11.5 [310805-104] , 2 Pairs CLARKS 15770 Men's 8.5 Brown Navy Blue Mesh Casual Boat Deck ShoesMerrell Size 7.5 Gray Sneakers New Womens ShoesMERRELL WOMENS TRAIL GLOVE 4 SHIELD HYPERNATURE SIZE 10 , Nike Blazer Mid VNTG Suede Vintage Particle Pink Women Shoes 917862-601 Sz 9Under Armour Women Verge Mid 2.0 GTX Shoes (7) AnthraciteRemonte Women's Liv 05 Sneaker , adidas Solar Glide - Women's Mystery Ink/Real Lilac/Clear Orange AQ0334 , NEW Bates Women's Black Leather 5" Tactical Sport Boots - Police - SWAT - E02762 ,
    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