Never miss an update

Steve mogochinese-19476 High Madden Womens Treasure High 19498 Heel Sandal Shoes, Rose Gold, Size US 6 231 d2a4a2e

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: one time
Brand: Steve Madden Material: leather
Style: Pumps Pattern: Solid
Width: Medium (B, M) US Shoe Size (Women's): 6
Color: Rose Gold Country/Region of Manufacture: China
Never miss an update

Steve mogochinese-19476 High Madden Womens Treasure High 19498 Heel Sandal Shoes, Rose Gold, Size US 6 231 d2a4a2e -

    Steve mogochinese-19476 High Madden Womens Treasure High 19498 Heel Sandal Shoes, Rose Gold, Size US 6 231 d2a4a2e
    Steve mogochinese-19476 High Madden Womens Treasure High 19498 Heel Sandal Shoes, Rose Gold, Size US 6 231 d2a4a2e
    Stuart Weitzman Beige Fabric and Leather Slingback Pumps Front Buckle Size 7.5MPleaser pole dancer 8 inch platform shoesWomen Leopard Printing Platform High Heel Sexy Nightclub Patent Leather Shoes Sz , Jessica Simpson JS-BARLETT Womens Barlett Wedge Pump- Choose SZ/Color.Chic Womens Bling bling sequin chunky heels Slip on Court Party Boat Shoes NewMarc Fisher Womens Marlo Leather Closed Toe Classic Pumps , Man's/Woman's COCKTAIL-508 Outstanding features Carefully selected materials Outstanding styleWomen Platforms Stilettos Nightclub Loafers Casual Pumps Chic Real Leather ShoesPLEASER Sexy 5" Heels Ivory Satin Pump Ankle Booties Wedding Bridal ShoesMan/Woman AMUSE-22 New varieties are launched a good reputation in the world Different styles and stylesWOMENS BLUSH RHINESTONE NINA STRAPPY PLATFORM STILETTOS HEELS US 9 , NEW Leather "Naturalizer" Natalie Heel Classic Pumps - Shoes - Gold - Size 9 , Escarpins Trotteurs JAIME MASCARO Tout Cuir Noir et Blanc T 40 TBEWomen High Heels Pumps Round Toe slim Transparent Sexy Club Shoes Plus Size 4-15 , GUESS Honora 2 Pumps- Women's size 8.5 M Black , Pleaser Milan-01 Womens Milan 1 Pump- Choose SZ/Color.Gentleman/Lady LUMINA-38 We have won praise from our customers. New style classic styleWicked Witch IRON FIST Platform Heels Size US 6 Sequined Black And Purple , Men's/Women's BETTIE-23 Diverse new design The latest technology List of explosionsWomen salvatore ferragamo black heels classic shoes size 9 AA DS 77085 c51Zapatos de Mujer Tacón Alto De Moda 2018 Sapatos Femininos Salto Alto , Nine West Flax Bronze Gold Brown Black Animal Pointed Toe Stilettos Pump 9 M NewMarni Sandal Wood Platform Strappy Snakeskin Taupe Size 36 , Women New fashion Alluring wedges Open Toe Zipper Rhinestones leather Shoes R852$135 IVANKA TRUMP ACADIA Medium Pink Designer Strappy Sandal Heels 7.5Man's/Woman's Franco Sarto Women's Fenwick Pump Various goods Lush design Cost-effective , Chic Womens High Heels Stilettos Patent Leather Shallow Pumps Party Dress ShoesGrace Rhinestones Creepers Ladies Loafers Bohemia Ethnic Shoes Wedge Sandals New , Gentlemen/Ladies AMUSE-20 economic Stylish and charming Most practical
    Steve mogochinese-19476 High Madden Womens Treasure High 19498 Heel Sandal Shoes, Rose Gold, Size US 6 231 d2a4a2e ->Steve mogochinese-19476 High Madden Womens Treasure High 19498 Heel Sandal Shoes, Rose Gold, Size US 6 231 d2a4a2e -
    Hunter Limited Rag & Bone New York Black-Blue Low Zipper Rain Boots US5 EU35NEW ROCK TR001 S24 VINTAGE FLOWER BLACK STEEL HEEL ANKLE GOTHIC BOOTS , Lanvin Grey Suede Ankle Boots- Size 38 , Mizuno Wave Rider 20 Mens Running Runner Shoe (D) (51) WAS $200!Maison Margiela 22 Shoes 078321 BrownxBeige 40 , SKECHERS ULTRA BOUNCE BOOTS BLACK SUEDE GENUINE LEATHER SNOW WATERPROOF LADIESLadies Gabor Ballet Flats Label 32.613 -WCesare Paciotti White Leather Women's Shoes- Size 36 1/2 , Made in Italy. , Penny Loves Kenny Women's Frank Floral Patch Combat BootCHRISTIAN DIOR Black Suede Strappy Platform Pump 9 NIBMen's/Women's MARNI Shoes 596949 GreenxMulticolor 35 Ideal gift for all occasions online shop Various latest designsEtnies Skate Shoes - Barge LS - Skateboarding Trainers Black Camo Red Navy , Man/Woman - Beautiful design product quality Highly appreciated and widely trusted in and outadidas Men's Adicross V Golf Shoe, Brown/White/EQT Green, 9 M US , SALE NIKE PG 1 PAUL GEORGE ELEMENTS SUEDE MEDIUM OLIVE GREEN BLACK 911085 200Air Jordan Retro 1 Mid Armory Navy Blue White Basketball Shoes 554724-421 Size 9Nike AIR JORDAN 13 RETRO Shoes "Golden Harvest" Wheat -414571 705 -Sz 10.5AIR JORDAN 6 RETRO "MAROON" 384664-116 off white/new maroon 6 Size 10.5NIKE Shox Classic II 343900-111 White/White-metallic Silver Mens Sz 10 Limited , Nike off-white the ten Vapor Max from japan (5476Fammz MB2 Men Man Motorcycle Riding Police Patrol Leather Tall Knee High Boots , Justin Cowboy Western Boots 9D USA - Full Quill Ostrich Style No 8925 USEDNew In Box Brunello Cucinelli Leather With Suede Boots Beautiful Shoes!! , Nine West 25026045 Womens Pylot Denim Fashion Sneaker- Choose SZ/Color.Gentlemen/Ladies Pleaser Women's Indulge 520 Black Patent Modern technology Beautiful appearance Different styles and styles , Adidas BW0297 Women Aerobounce Running shoes black white SneakersNIKE Womens Air Max 95 Se Prm AH8697-600 PORT WINE Size 8.5 , Steven Steve Madden Distressed Silver Metalic Knee High Boots Size 7 M SANDERWomen's GC Shoes Jolie Over-the-Knee Boot Black Size 9.5 #NJCHD-459 , Pleaser ASPIRE-1018 Womens Black Faux Leather Matte Platform Open Toe Ankle Boo ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Steve mogochinese-19476 High Madden Womens Treasure High 19498 Heel Sandal Shoes, Rose Gold, Size US 6 231 d2a4a2e -

    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.

    Steve mogochinese-19476 High Madden Womens Treasure High 19498 Heel Sandal Shoes, Rose Gold, Size US 6 231 d2a4a2e -

    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
    Steve mogochinese-19476 High Madden Womens Treasure High 19498 Heel Sandal Shoes, Rose Gold, Size US 6 231 d2a4a2e