Never miss an update

Enzo Khanna2 Angiolini Womens Khanna2 Wedge Black Sandal Black Pewter Fabric 9.5 Size 9.5 M US a74e303

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: Enzo Angiolini
Color: Black Style: Platforms & Wedges
US Shoe Size (Women's): 9.5 Width: Medium (B, M)
UPC: Does not apply
Never miss an update

Enzo Khanna2 Angiolini Womens Khanna2 Wedge Black Sandal Black Pewter Fabric 9.5 Size 9.5 M US a74e303 -

    Enzo Khanna2 Angiolini Womens Khanna2 Wedge Black Sandal Black Pewter Fabric 9.5 Size 9.5 M US a74e303
    Enzo Khanna2 Angiolini Womens Khanna2 Wedge Black Sandal Black Pewter Fabric 9.5 Size 9.5 M US a74e303
    Elie Tahari Womens EL-Nora Flat Slingback Sandal Blue Wash Black Size 36 MOverlapping Criss Cross Straps Platform Ankle Strap Sandals Adult Women Gold , Sudini Womens Britt Wedge Slingback Sandal Peep Toe Metallic Sand Size 7 M , Vaneli Womens Belgin 864291 Gladiator Sandal Natural Cork Size 7.5 M USSplendid Womens Colleen Gladiator Sandal- Pick SZ/Color. , Bos. & Co. Womens Calem Platform Dress Slingback Sandal Orange 39 M US , Gentlemen/Ladies NEW MATT BERNSON SS18 WOMENS PORTO High quality and low overhead Various types and styles Various , Bos. & Co. Womens Cindy Platform Dress Sandal White Crystal Nude 39 USKenneth Cole REACTION Women's Slim Tricks 2 Toe Ring Sandal - Choose SZ/ColorNaughty Monkey Women's Saint Elmos Ankle Bootie, Sand, 9 M USBoohoo Womens Block Heel Ribbon Up HeelsThe Fix Women's Unda Cross Strap FTbed Platform Slide Sandal - Choose SZ/Color , crocs Crocs Womens Carlisa Brushed Leopard Ballet Flat- Pick SZ/Color. , Dolce by Mojo Moxy Womens Posey Espadrille Wedge Sandal Blue Size 7.5 M US , Pleaser 7" Heel, 2 3/4" PF Ankle Strap Sandal Adult Women Sandals Cream Pat/ , Bella Vita Women's Max-Italy Slingback Sandal Dark Brown Leather 9.5WW , GUESS US Shoe Size Women Sandal Thong-Style Silhouette Comfort Casual Pink Olive2 Lips Too Women's Too Cassie Dress Sandal, Stone, 6.5 M USSeychelles Women's Moonlight Dress Sandal - Choose SZ/Color , Man's/Woman's Sbicca Womens - Pick SZ/Color. Many varieties Elegant style Suitable for colorKelsi Dagger Brooklyn Women's Mazy Heeled Sandal, Off White, 8.5 M US , Corso Como Women's Coral Slide Sandal, Black Kid Suede, 7.5 US/7.5 M US , Skechers Women's Reggae Fest-Marlin-Fisherman Open Back Mule Relaxed Fit and...French Connection Womens Lilyana Dress Fringe Sandal Black Size 38.5 M USSam Edelman F1148L1 Womens Lara- Choose SZ/Color.Bos. & Co. Womens Cindy Platform Dress Sandal Black Crystal Nude 38 USMojo Moxy Womens Mocambo Wedge Slingback Sandal Rose Size 8 M US , Man's/Woman's PATRIZIA Harlequin Womens Sandal Online Shopping excellent Fair priceSol Sana Women's Everleigh Dress Sandal, Marine, 36 EU/5.5-6 M US ,
    Enzo Khanna2 Angiolini Womens Khanna2 Wedge Black Sandal Black Pewter Fabric 9.5 Size 9.5 M US a74e303 ->Enzo Khanna2 Angiolini Womens Khanna2 Wedge Black Sandal Black Pewter Fabric 9.5 Size 9.5 M US a74e303 -
    Judge Dredd & Judge Death 2000 AD Comic MENS Black Martin BootsLADIES CLARKS SUEDE SLIP ON CASUAL CUSHION SOFT WORK SHOES SIZE SHARON DOLLYBlack RM Williams Boots - Size 4G CFNEW Easy Steps Cargo Black Elastic T-Bar Sandals Women Shoes Wide Fit C-Fit , Avelon Stacked Heel Burgundy Patent Leather Oxford Tuxedo Shoes Size 8Men/Women Lanvin Ballet Flat excellent quality modern Non-slipMan/Woman AMUSE-25 Attractive and durable International choice Fair priceCLARKS Womens Keesha Rosa Cap Toe Classic Pumps, Gold/Metallic, Size 8.0Mr/Ms Birkenstock-Papillio Madrid violet Guarantee quality and quantity At a lower price Lightweight shoes , Madden Girl Women's Emboss-c Wedge Sandal Black Fabric 9.5 M US , NEW Abeo B.I.O. System Bridget Women’s Sandal Size 9.5 (orthotic fashion shoe)$670 Alexander McQueen Skull Leather T-Strap Sandals Flip Flops Ivory 35Nike Air Foamposite One DENIM Obsidian Black University Red 314996-404 US7.5-14 , NIKE AIR MAX 1 ROYAL BLACK-BLACK SZ 8.5 [847671-001]Salvatore Ferragamo Men's Black Leather Ankle Boots 8.5 D EUC , Red Wing Heritage Men's 6" Moc Toe Boot, Charcoal Rough And Tough, 11.5 M US , ALLEN EDMONDS MONTAGUE tassel loafers slip on monk strap mens shoes sz 7 E , Balenciaga Men's Hightop Arena Sneaker - Navy Blue Sz 46ECCO Men's Soft 7 Low Gore-Tex Fashion Sneaker, Mink, 43 M EU/9-9.5 DM USNew Stacy Adams Mens Dunbar Wingtip Oxford Indigo Leather Dress Shoe 25064-401 , Men's Business Dress Formal Shoes Pointed Toe Metal Decor Leather Slip On Party , FILA Womens Disruptor II White Running Training Athletic Shoes Size 8 F5-362 , Under Armour UA Verge Low Women's Trail Hiking Sneakers 6 (New)Skechers Empire Inside Look Womens Slip On Sneakers White/Black 6Gentleman/Lady Levi's, 515280-G62, Burbank 2.0 Canvas, Paloma bargain auction Recommended todayWomens Nike Free TR Flyknit 2 904658-006 Black/White Brand New Size 8 , Adidas Women's Tubular Viral 2.0 Running Authentic Ice Pink BY2122 SZ 5-11ADIDAS ADIZERO TEMPO 9 WOMEN's RUNNING HI RES ORANGE - RES BLUE - OFF WHITE NEWCOLIN STUART Black Leather Stiletto Zip Knee High Fold Over Boots Size 7 , Franco Sarto Leather Tall Shaft Boots Roxanna Whiskey 8.5M NEW A298318
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Enzo Khanna2 Angiolini Womens Khanna2 Wedge Black Sandal Black Pewter Fabric 9.5 Size 9.5 M US a74e303 -

    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.

    Enzo Khanna2 Angiolini Womens Khanna2 Wedge Black Sandal Black Pewter Fabric 9.5 Size 9.5 M US a74e303 -

    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
    Enzo Khanna2 Angiolini Womens Khanna2 Wedge Black Sandal Black Pewter Fabric 9.5 Size 9.5 M US a74e303