Never miss an update

new ANNE KLEIN Italy 'Hadden' black black mogochinese-8958 suede FUR LINED mules slides shoes Italy 324490b

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: Anne Klein
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Style: Mules
Material: Suede Width: Medium (B, M)
Country/Region of Manufacture: Italy Color: Black
Never miss an update

new ANNE KLEIN Italy 'Hadden' black black mogochinese-8958 suede FUR LINED mules slides shoes Italy 324490b -

    new ANNE KLEIN Italy 'Hadden' black black mogochinese-8958 suede FUR LINED mules slides shoes Italy 324490b
    new ANNE KLEIN Italy 'Hadden' black black mogochinese-8958 suede FUR LINED mules slides shoes Italy 324490b
    Handmade Women Princess White Floral Bridal Wedding High Heels Shoe lAURBanana Republic Womens Size 10 Slingback Block Heels Pumps Career Shoes GrayNine West Halenia Cork Platform Wedge Red Patent Leather Upper Women’s US Sz-10MKaty Perry The Richie $ Black Mesh shoes heels New Receipt Size 6.5M women'sManolo Blahnik Women's Brown/Beige Heels 39 1/2 US 9 Mules Button Slip-on Shoes , Guess Leopard Heel Pumps Black Womens SZ 8 M , POUR LA VICTOIRE Shoes Portia Platform Stiletto Pumps Black Patent Heels 9 EUC , Cole Haan Air Morgan Leopard Haircalf Loafer Pumps 6 SALESteve Madden Women's Kierra Fashion Black Nubuck Heels Sandals Shoes Sz: 10Men's/Women's Lella Baldi Sandal sz 9 Modern and elegant fashion Sufficient supply Complete specifications , DANSKO Leather Clogs Professional Black Padded Stapled Women's 37 (6.5-7)Ivanka Trump Carra Black White Pointed Toe Hight Heels Pumps Women's Size 7M EUC , new CLAUDIA CIUTI 'Giusy' black strappy mules heels shoes Italy$120 KENNETH COLE PEARL RED PATENT LEATHER PUMP SZ 8.5M , NEW DAVID TATE BROWN SUEDE LEATHER PUMPS SIZE SIZE 8 W WIDE $105 , NIB-$148 Ann Taylor Flor Suede Woven Open Toe Block Heel - Brown Toffee - Size 8 , 6" Black Patent Platform High Heels Fetish Pinup Girl Shoes Pleaser Delight-685 , Rachel Roy Fabiola Black & White Peep Toe Leather Platform Heels Size 8.5 , T Bar Badgley Mischka Black Satin Sandals Shoes Stiletto Twisted Cage 37.5 , EUC HOGAN womens patent leather wedge/platform black sz.38 shoes Italynew STEVE MADDEN Kia brown leather open-toe colorful platforms heels shoes SEXYNew Peacock Thick High Heel Platform Crystal Jeweled Evening Dress Sandal ShoeCARLOS SANTANA Vegas Brown Leather Metallic Print Peep-Toe Heels Shoes 7.5 NIB , POUR LA VICTOIRE 'Zimmer' Blue Snakeskin Leather Platform Heels Pumps Shoes 8 MKensie Womens Annamaria Black Dress Pumps Shoes 6.5 Medium (B,M) BHFO 8168 , Stuart Weitzman Khaki Canvas Tortoise Platform Heels Slides 8.5 BANNE KLEIN WOMAN'S LEATHER BLACK WHITE CASUAL DRESS 4" SLINGBACK HEEL SZ 10 MED , NEW PHILOSOPHY DI ALBERTA FERRETTI SHOES sz. US 6 IT 36 MADE IN ITALY , NIB Brighton Rome Black Shiny Sandal Heel Size 6 ,
    new ANNE KLEIN Italy 'Hadden' black black mogochinese-8958 suede FUR LINED mules slides shoes Italy 324490b ->new ANNE KLEIN Italy 'Hadden' black black mogochinese-8958 suede FUR LINED mules slides shoes Italy 324490b -
    Rieker by Remonte Boots Women's Elaine 58Gentleman/Lady Lakai - Tony Hawk Proto economic Lush design Popular recommendationNIB Christian Dior Jadior Black White Logo Checkered Espadrille Slip On Flat 35 , Stuart Weitzman Womens Tealess Heels 7.5C Wide Black Crepe T Strap w/Box $199Born Tepati Metallic Leather Handcrafted Slip On Casual Sandals Size 6Janet & Janet Women's Italian Dressy/Casual Mid Heel Sandals 7601 , Skechers Quantum Flex Men Sz 9.5 Brown Leathers Athletic Sneakers Shoes F5-519 , Adidas Aerobounce 2 Running Shoes AQ0534 Men Size 10 New!Nike Metcon DSX Flyknit 2 Black/Crimson 924423-005 Mens Sz 10 , Nike iD Jordan Super.Fly V 5 UNC Size 12.5 Retro Air 881844 992 Blake GriffinNIKE Men's Air Penny II (White/Black/Varsity Royal) Basketball Shoe SZ 9 Men US , New Nike Metcon 4 97453-207 Ridgerock/Black/Element Gold Camo Training Shoes , Adidas NMD C1 Chukka Black Suede Japanese Boost Desert Shoes US 5.5 Eur 35Yeezy Boost 700 Wave Runner Size 12 , Rockport Men's Style Leader 2 Moc Toe Slip-On Loafer- Black-8.5 M , Nike Internationalist Nike ID 828826-993 Women Shoes Size 8.5NIKE FLYKNIT WOMEN`S SHOES TRAINING RUNNING ATHLETIC NEW SZ 9; 9.5Men's ALLEN EDMONDS 'Strand' Black Leather Cap Toe Oxfords Size US 9 - DPUMA Womens Match Basic Wns Fashion Sneaker- Select SZ/Color.Retro Women's Embroidery Fashion Wedge Heel Sneakers Suede Floral Casual Shoes , Reebok Classic Ortholite 3D Ultralite Black White Blue Confetti Sneakers Size 10 , WOMENS THE NORTH FACE ENDURUS TR TRAIL HIKE RUNNING SHOE SIZE 7 NWB , New Balance XC900 v4 Spike Women's Pisces/Bleached Lime Glo WXCS900L Sz 6 $90Womens Nike Air Max 1 Ultra 2.0 Flyknit - SIZE 5 - NEW - 881195-001 Gold WhiteNew Balance Wmns 574 Sport NB women lifestyle sneakers NEW black yellow WS574-RD , Merrell Women's All Out Blaze 2 Waterproof Hiking Shoe - Choose SZ/ColorRetro Womens Flat Warm Ankle Boots Riding Girls Round Toe British Casual ShoesFashion Rivcet Low Chunky Heel Leather Pointy Toe Zippers Womens Ankle Boot Sz , Ladies Justin Red Leather Western Cowgirl Boots sz: 6 B (X) , adidas Women's W Climacross Boost Ftwwht Golf Shoe - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    new ANNE KLEIN Italy 'Hadden' black black mogochinese-8958 suede FUR LINED mules slides shoes Italy 324490b -

    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.

    new ANNE KLEIN Italy 'Hadden' black black mogochinese-8958 suede FUR LINED mules slides shoes Italy 324490b -

    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
    new ANNE KLEIN Italy 'Hadden' black black mogochinese-8958 suede FUR LINED mules slides shoes Italy 324490b