Never miss an update

Rhinestone Imagine Vince Camuto 7 "Olive" Black Embellished "Olive" Satin Pumps 25158 Heels Sz 7 6512111

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
Style: Pumps, Classics
Pattern: Solid Fastening: Slip On
Features: Embellished, Rhinestones, Stud Heel Height: High (3 in. to 4.5 in.)
Color: Black US Shoe Size (Women's): US 7
Brand: Vince Camuto Material: Satin
Heel Type: Stiletto Width: Medium (B, M)
UPC: 889816685829
Never miss an update

Rhinestone Imagine Vince Camuto 7 "Olive" Black Embellished "Olive" Satin Pumps 25158 Heels Sz 7 6512111 -

    Rhinestone Imagine Vince Camuto 7 "Olive" Black Embellished "Olive" Satin Pumps 25158 Heels Sz 7 6512111
    Rhinestone Imagine Vince Camuto 7 "Olive" Black Embellished "Olive" Satin Pumps 25158 Heels Sz 7 6512111
    Gracienne NWOB $383 Kitten Heels Patent Leather Gladiator Bone Bronze 6 MMade in Italia womans Shoes Pumps & Heels Black outlet cool new 82917 moda1 SALEStuart Weitzman Reversal Gold Supple Kid Leather Strappy Heels Sandals 5 M NEW , Giorgio's of Palm Beach Turquoise Alligator Strappy Heels Shoes size 8 M , STELLA MCCARTNEY Bubbly Pink Fabric Courts High Heel Strap Pump 38 1/2 8 1/2 , Corso Como MENDY Beige Patent Leather Pumps 7308 Size 9.5 M NEW! , Imagine By Vince Camuto Pascal Women's Black Satin Sandal Sz 10 3221 , Stuart Weitzman Tower Squal Black Fabric Crystal Pump Size 6B RH10644#Kenneth Cole New York Women's Otto Platform PumpPleaser 7" strappy spiked heel platform sandals , Menbur Women's Peep Toe Bridal Evening High Heels Ivory Size /US 8 , PRADA Brown Suede Loafer Heels, Size 38 7.5 Shoes - Low kitten heels!Schutz Zarita Sandal Black Croc Leather Pearl Embelished Block Heel Open SandalsJOE'S Womens Teal Leather Ankle Strap Pointy Toe Sz 6JILL SANDER Chartreuse Leather Block Heel Round Toe Pumps Size 37.5 , Pierre Cardin Shoes Woman Pumps & Heels White deal original 79052 moda1 SALE , Gentlemen/Ladies Pleaser ADORE-708HMG Strong heat and wear resistance Modern design Excellent function , New Gino Ventori Gift Womens Comfort Leather Mid Heel Mule Slide Sandals , Stuart Weitzman silver lame strappy open-toe stiletto sandals size 6.5Man's/Woman's MAGUBA Nairobi Clog for you to choose Good market King of the crowdGentleman/Lady Pleaser TREASURE-708 Charming design Sufficient supply Selling new products , Gentlemen/Ladies Demonia CREEPER-219 Fine workmanship Price reduction Different stylesSarto by Franco Sarto Women's Newbury Bootie Black Duchess Glitter Fabric SizeMade in Italia Women's Slip-On Black Pumps Leather Court Shoes Pointed ToePour La Victoire Women $250 Hiro Black crisscros Sandal High Heel Platform NEW , Man's/Woman's Devious CANDY-40 Quality queen New in stock Fashion dynamic , Donald J Pliner Shoes Ville Pumps Shoes Raspberry Suede Size 9.5 MSRP $250.00 , Gentleman/Lady Pure Navy Esmian Block Pump, 36 durability Let our products go to the world leading the fashionElie Tahari NIB $498 Alana Peep Toe Pumps 9
    Rhinestone Imagine Vince Camuto 7 >Rhinestone Imagine Vince Camuto 7
    NIB! NEW! AUSTRALIA LUXE ADRIANNA Goat Fur Sand Suede Shearling Boots Sz 7 8 , Vetements Women's Black Leather Western Cowgirl Ankle Boots IT37/US6.5 RTL$1530Merrell All Out Crusher Shoe J49313 BoardwalkCirca Joan & David Leeway Pointed Toe Pumps 981, Black/Black, 7.5 US , Sexy Women Open Toe Sandals Very High Stilettos Platform Club Prom Shoes HotVionic with Orthaheel Technology Women's Gracie Thong Slipper Black TextileVery Volatile Size 6 M Emerson Khaki Leather Oxfords New Womens Shoes , Tory Burch Ella Black Patent Leather Tassel Slingback Wedge Shoes Heels Sz 8 , Man/Woman Nine West Women's Margot Dress Pump High grade Wholesale trade Known for its beautiful qualityBCBGeneration Vix2 Starfish Etched Leather Heels Women Size 8.5 M , NEW Badgley Mischka Mitzy Blue Satin Evening d'Orsay Pumps size 5.5 Dress ShoesFitFlop Women's Surfa Flip-Flop - Choose SZ/ColorRoma Womens Chain Open toe T Strap High wedge Platform Back Zipper Sandals Shoes , Skechers Women's D'Lites-Spark Interest Sneaker Mule Slip-On Sandals ComfortSalewa Womens Firetail 3 Tech Approach Shoe- Pick SZ/Color.Nike Odyssey react Men's size 14 blackNike Air Huarache Black Dark Grey 318429 010 QS , New Nike Air Presto Mid Utility - Size 8 - Velvet Brown/Cargo Khaki - 859524-200Adidas Originals Gazelle RST G56007 Canvas Black Men Shoes , DZ900 MOMA US 9 shoes white blue leather men moccasinsFlorsheim Mens Brown Leather Shoes 9 D , New Summer Mens Strappy Casual Sports Sandals Beach Breathable Buckle Chic ShoesNike Women's Free Viritous 725060 001 Black/Cool Grey NIB See Sizes , Nike WMNS Zoom All Out Low 2 Gel AJ0036-201 Womens Running ShoesMen's/Women's adidas Women's Athletics 24/7 Training Shoes Reasonable price Elegant style Maintenance capabilityNIKE AIR HUARACHE RUN ULTRA GS WOMEN SIZE 8.5(7Y) NEW WITH BOX!!!!Chic Womens Elegant Winter Leather Metal Decor Pointy Toe Boots Kitten Mid Heels , Knight Womens Buckle Side Zip Knee High Boots Motor Riding Winter Warm US4-11 , Womens combat boots hollow out spring/summer zipper patent leather Shoes US 6Report Women's Duke Tall Boot in Black Size 6 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rhinestone Imagine Vince Camuto 7

    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.

    Rhinestone Imagine Vince Camuto 7 "Olive" Black Embellished "Olive" Satin Pumps 25158 Heels Sz 7 6512111 -

    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
    Rhinestone Imagine Vince Camuto 7 "Olive" Black Embellished "Olive" Satin Pumps 25158 Heels Sz 7 6512111