Never miss an update

NURTURE women's Terrie Zip Denim Elastic M Banded WEDGE Denim SANDALS Back Zip Blue size 9 M fa713b4

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
Country/Region of Manufacture: Indonesia
Width: Medium (B, M) Style: Platforms & Wedges
Pattern: Solid Fastening: Zip in Back
Color: Denim/Nautical Blue Product Line: Terrie Denim
Occasion: Casual Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Brand: Nurture US Shoe Size (Women's): 9
Heel Type: Wedge Material: Denim Gore / Cork Upper / Leather Sock Lining
UPC: 0606942070721
Never miss an update

NURTURE women's Terrie Zip Denim Elastic M Banded WEDGE Denim SANDALS Back Zip Blue size 9 M fa713b4 -

    NURTURE women's Terrie Zip Denim Elastic M Banded WEDGE Denim SANDALS Back Zip Blue size 9 M fa713b4
    NURTURE women's Terrie Zip Denim Elastic M Banded WEDGE Denim SANDALS Back Zip Blue size 9 M fa713b4
    ANNE KLEIN Black Reptile Embossed Leather Sandals size 9.5 MJ. LITVACK Crosby Platform Wood SANDALS Womens size 38 / 7.5 Leather HEELS Shoes , Manolo Blahnik Womens Sandals Size 39 9 Silver Leather Rhinestones SlingbacksSergio Rossi Womens Sandals Size 37 7 Brown Leather Strappy Suede , NEW EASY STREET STACY WOMENS CAGED SANDALS WHITE SZ. 9W NIB , Aetrex Gray Leather Cork Casual Walking Comfort Sandal Women's Size 7Born Women’s Sandals TIZOC, Winter White Multi NIB Ret$84.00 , WOMEN'S BCBGENERATION ROSSIE CARIBBEAN SEA LEATHER SANDAL SIZE 10M SANDALS NEW! , Prada Wooden Clog Sandals With Black Strap Women’s Size 38 EU US 7.5ENZO ANGIOLINI GREYTI Gold Man Made Designer Sandals Wedges 7.0 M , Elizabeth and James Womens E-Silva Platform Sandal Shoe , iNWT Spenco Fusion Purple Black Women's Size 6 Flip Flops Slide Slip On Sandals , VIA SPIGA ELLE 2 WEDGE SLIP ON SANDAL 9Mnew STUART WEITZMAN 'Gumby' haze micro stretch slingback FLATS Shoes 5 - comfy , GUESS GEARIAN Silver Glitter Designer Sandals Platforms 8.0 MCrocs Women's Swiftwater Mesh Sandal W Flat, Smoke, 10 M USBearpaw Women's Aubree Ankle Strap Huarache Sandal Tan Faux Leather Sandals , SAS Tabby Sandals White Leather Women 9 MNIB $225 VINCE Travis Two Band Suede Sandals in Deep Blue; 5.5 M , Mr/Ms Steve Madden Gretchen Women's Heels Black Special purchase New products in 2018 Excellent stretchingMr/Ms Skechers Women's Reggae-soundstage Flip Flop Easy to clean surface Pleasant appearance Excellent workmanship , Clarks Sandals Women’s Brown Wendy Low Heel Leather Ankle Strap Size 12m NWBBearpaw Women's Nadine Toe Loop Sandal Black II Faux Leather Strappy SandalsRockport Cobb Hill Hattie Gladiator Sandals Women's Shoes Black Size 10 M , Womens BIRKENSTOCK Pink Plaid sandal clogs Birkis size 7 US 38 GUCSteven by Steve Madden Size 9 Black Leather Sandals New Womens Shoesmephisto Womens 39 Air Relax Bronx SandalAerosoles Women's Conchlusion Gladiator Sandal Black Snake 6.5 B(M) USDansko Lolita Brown Comfort Sandals from - Golden Gate Collection 42/11.5
    NURTURE women's Terrie Zip Denim Elastic M Banded WEDGE Denim SANDALS Back Zip Blue size 9 M fa713b4 ->NURTURE women's Terrie Zip Denim Elastic M Banded WEDGE Denim SANDALS Back Zip Blue size 9 M fa713b4 -
    Cotswold Mens Compass Neoprene Wellington Boots (FS4875) , Asics Onitsuka Tiger Mexico 66 SD [1183A036-101] Men Casual Shoes Cream/Paecoat , New Maria Rossi Eden Silver Womens Shoes Casual Sandals Sandals Flat , NIB Boden Icons Cynthia Embellished Black Gold Beaded Velvet Shoes Mules 42 $230MARINELLA 8B Rich Orange Suede Heels Made in Italy Pumps Pattern RARE , Christian Dior Lingerie Beige Womens Shoes Size 6 M Heels MSRP $830Men/Women New Balance Women's Revitalize Thong Sandal Consumer first Medium cost Fine wildCalvin Klein Jeans Women's Sailor Nubuck Fashion Sneaker - Choose SZ/Color , Adidas Mens PowerAlley 4 Baseball Cleats Red White Silver Metallic Sz 12 Q16486 , New SF Air Force 1 Mid 'Team Orange' - Nike - 917753 800 Leather Mens Mid Shoes , NEW BALANCE 530 SZ 8 BLACK OFF WHITE GUM BEIGE M530ATB , VANS A Tribe Called Quest Size 10.5 Tracklist Gum Bottom Skate Shoes NEW LimitedNike Zoom Kobe 7 System 2012 OPENING DAY size 11 488371 103 elite 9 mamba byrantmen's nike penny 3 size size 9 , Mens NIKE AIR MAX FURY River Rock Trainers AA5739 003 , [ADIDAS ORIGINAL] EQT SUPPORT 93/17 BZ0585 Men's US 7 - 10 Free Tracking , Men's Nike Swoosh HNTR Size 11 (832820 001) , Steve Madden Men's Nevins Boot - Choose SZ/color , Caterpillar Eon Mens Brown Leather Casual Trainers Cat Shoes Size , English Laundry Men's Pinner Fashion Sneaker, Black, 11.5 M US , Kenneth Cole men shoe,oxford business, or pleasure,11 M NEW, ON SALE ! SAVE $100 , Keen Womens Grey Purple Leather Utility Detroit Low Steel Toe Shoes Size 7.5Rockport BX1637 Womens Raelyn Knit Tie Fashion Sneaker 7 W US- Choose SZ/Color.Adidas By Stella McCartney Black Ultraboost Parley Sneakers Size 6.5ASICS Women’s GEL-Nimbus 19 Shoe- Blue/Purple/Violet/Sir BlueNike WOMENS Air Max 97 UL '17 Vast Grey Blue Pink Women Running , Dolce Vita Sutton Taupe Suede Zipper Booties 8 , Dr Doc Martens CHURCH MONKEY Vintage Smooth Ankle Boots WHITE Women Size 11Womens Block Med Heel Knee High Boots Chelsea Boots StretchyBack Zipper Shoes szChic Fashion Sexy 18cm Metal Heel Extreme High Heel Pointed Toe Lacing Women hot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NURTURE women's Terrie Zip Denim Elastic M Banded WEDGE Denim SANDALS Back Zip Blue size 9 M fa713b4 -

    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.

    NURTURE women's Terrie Zip Denim Elastic M Banded WEDGE Denim SANDALS Back Zip Blue size 9 M fa713b4 -

    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
    NURTURE women's Terrie Zip Denim Elastic M Banded WEDGE Denim SANDALS Back Zip Blue size 9 M fa713b4