Never miss an update

Adrienne Vittadini Adrienne Xiaogang 10 Wedge Cut Out 29990 Suede Boots Black Size 10 NEW $550 8496fe2

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: Adrienne Vittadini
Material: Suede Style: Fashion - Knee-High
Pattern: Solid US Shoe Size (Women's): 10
US Size: 10 Width: Medium (B, M)
Sub Style: Fashion - Knee-High Color: Blacks
Main Color: Black Heel Height: High (3 in. and Up)
Heel Type: Wedge UPC: Does not apply
Never miss an update

Adrienne Vittadini Adrienne Xiaogang 10 Wedge Cut Out 29990 Suede Boots Black Size 10 NEW $550 8496fe2 -

    Adrienne Vittadini Adrienne Xiaogang 10 Wedge Cut Out 29990 Suede Boots Black Size 10 NEW $550 8496fe2
    Adrienne Vittadini Adrienne Xiaogang 10 Wedge Cut Out 29990 Suede Boots Black Size 10 NEW $550 8496fe2
    Corral Ladies Sierra Tan Fringe and Studs Boot C1185AQUATALIA Womens Boots size 8.5 Black Suede Leather Wedges Rabbit Fur LiningStuart Weitzman LowLand Black Suede OTK Size 8.5M E583 , Gentlemen/Ladies Frye Reina Boots Crazy price Modern and stylish fashion a lot of varieties , Stuart Weitzman Basilico Pull On Ankle Boots 637, Black, 7.5 US , FENDI 'Tronchetto Nappa' Bootie boots black ankle Size 39 US 8.5 , Le CHAMEAU Olive Green Vierzon Rain Boots neoprene Lined France Sz EU39 / US8.5ALEJANDRO INGELMO SHOES MIA HIGH HEEL PLATFORM BOOTIES ANKLE BOOTS BLACK LEATHERDanner 62251 Women's Mountain 600 4.5" Rich Brown Performance Hiking BootsJimmy Choo Lindon Brown Patent Leather Low Heel Knee High Boots - Size 39 , Frye Carmen Buckle Tall Riding/Western Boots Brown Leather Size 9 , SOPHIA WEBSTER STELLA CRYSTAL HEEL SUEDE ANKLE BOOTIES SIZE 35.5 , NIB Dr. Martens Jadon Ankle-High CHERRY RED Smooth Leather BootLADIES NEW TIN HAUL SEE NO EVIL BROWN & TURQUOISE COWGIRL BOOTS 14-021-0007-1277 , Frye Vera Slouch Boot Black Leather Size 7.5 New In Box $378NIB stuart weitzman cityslicker black leather biker bootie 7.5Roberto Del Carlo Women Gray Suede Platform Wedge Ankle Boot Bootie Shoe 38 8FAST SHIP! NEW! SZ 7 $325 FREEBIRD BY STEVEN KNOX BROWN BOHO BOOTS BELTS CHAINSNWOB Tory Burch "Sofia" Buckled Riding Boot/Black Leather/Size 5.5MFreebird by Steven Circe Leather Ankle Boots Booties Rust Brown Womens Size 6 , Ariat 10018581 Sheridan 13" Vintage Bomber Tan Square Toe Cowgirl Fashion BootsCorral Women's Distressed Grey Shortie Boots C3089 Super Soft Leather! , Pour La Victoire Emannuelle Black Snake Knee High Womens Boots Size 6 M, NIBWomens Wings Cross Leather Western Cowboy Boots Rodeo Riding Biker Leather NewFreebird By Steven Tash Size 7 Women Leather Ankle Boot Brown/Multi $295Aquatalia by Marvin K Rhumba Anthracite Gray Suede Boots Size US 11 , Sartore Black Leather Round Toe Knee High Boots Size 38 8 , Rocco P Brown Ostrich Leather Lower Calf Length Boots Size 38.5/US 8.5 , NEW Rag & Bone Size 37 Dalia II Black Suede Ankle Bootie Boot Tie Chelsea $575
    Adrienne Vittadini Adrienne Xiaogang 10 Wedge Cut Out 29990 Suede Boots Black Size 10 NEW $550 8496fe2 ->Adrienne Vittadini Adrienne Xiaogang 10 Wedge Cut Out 29990 Suede Boots Black Size 10 NEW $550 8496fe2 -
    Men's/Women's Nine West Women's Herenow Boot Excellent craft Has a long reputation SimpleLarry Mahan Honey Brown Alligator Cowboy Boots - Wms Size 6.5B X Toe Excellent , MENS SKECHERS HARPER MELDEN CASUAL LIFESTYLE RELAXED FIT COMFORT SHOES , Royal Elastics NY Flat 1804 New York Litchi Grain Leather Nude Women 93882-110NEW Izoa Girl To Madrid Wedges Black - women's fashion.Dansko Sophie Black Sophie Shagreen 9841180200 Slides Sandals Size 43 NWOB , Womens High Heel Stiletto Pumps Rhinestones Pumps Bowknot Pointy Toe Buckle ShoeLucky Brand Women's Salana Strappy Suede Peep-Toe Pumps Black , VERSANI Shoes Size 8 1/2 Black Heels Pumps Ankles Straps Strappy Made Italy New , 100% Authentic Fendi Heels*Size 9* Retail $695**REDUCEDChristian Louboutin Fifi Mosaique 100 CR, Multicolor, Size: 36.5/6.5MEN'S New Balance 626 K2 Slip-Resistant Training Shoes Size 10.5 - New W/ Box , 2012 Nike SB Dunk High Pro Premium Doernbecher Sz 10 Warriors Heart UsedNew Balance MRL247WK D White Black Men Running Shoes Sneakers MRL247WKD , BT259 CESARE PACIOTTI 4US shoes blue suede leather men sneakers EUNike Air Jordan 4 Retro Royalty IV Sz 4-12 Black Suede Metallic Gold 308497-032New Balance MRL996 [MRL996GA] Classic Running Blue/Beige-Coral , Nike ROSHE RUN ROSHERUN FB CURRENT BLUE CHROME LIME YELLOW WHITE 580573-401 10Gentlemen/Ladies ECCO Men's Summer Sneak Fashion Sneaker durability the most economical uniqueKenetrek Linemen Extreme Work Boots Composite Safety Toe Waterproof Size 13 M , Nike SB Lunarendor Snowboard Boots - 586532-041 Black Blue Mens Size 13ANDERSON BEAN MEN'S BLACK SMOOTH OSTRICH SQUARE TOE COWBOY BOOTS 6358A USA MADE! , Allen Edmonds ASHTON Black Leather Split Toe Blucher sz 12 D MENS Made in US , NEW BALANCE 016 IDENTITY SNEAKERS WOMEN SHOES BROWN/BLUE W016BTC SIZE 8.5 NEW , Air Jordan 11 XI Retro PREM HC GG GS Heiress Stingray Black Gold AJ11 852625-030Giuseppe Zanotti Authentic Women US 7 White & Green Ski Buckle High-Top Sneakers , Man/Woman Moxie Trades Women's Maggie Taupe Suede/Mesh durability Win the praise of customers VariousFashion Women's Leather Stiletto Over The Knee Thigh Boots Knight Sexy Shoes SZSTEVE MADDEN CONCRETE BLACK LEATHER BOOTIE SIZE 6 , CORSO ROMA 9 Shoes 424426 Black 38
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adrienne Vittadini Adrienne Xiaogang 10 Wedge Cut Out 29990 Suede Boots Black Size 10 NEW $550 8496fe2 -

    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.

    Adrienne Vittadini Adrienne Xiaogang 10 Wedge Cut Out 29990 Suede Boots Black Size 10 NEW $550 8496fe2 -

    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
    Adrienne Vittadini Adrienne Xiaogang 10 Wedge Cut Out 29990 Suede Boots Black Size 10 NEW $550 8496fe2