Never miss an update

NIB $150 IVANKA TRUMP Gold Women's $150 Nanci Dress Pump 18920 Shoes Gold Suede 9M e5163c5

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
Modified Item: No
Pattern: Solid with Crystal ornamentation Style: Classics
Gender: Women US Shoe Size (Women's): 9
Color: Gold Suede Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Occasion: Dressy Material: Leather
Brand: Ivanka Trump Width: Medium (B, M)
Heel Type: Slim UPC: 887417424076
Never miss an update

NIB $150 IVANKA TRUMP Gold Women's $150 Nanci Dress Pump 18920 Shoes Gold Suede 9M e5163c5 -

    NIB $150 IVANKA TRUMP Gold Women's $150 Nanci Dress Pump 18920 Shoes Gold Suede 9M e5163c5
    NIB $150 IVANKA TRUMP Gold Women's $150 Nanci Dress Pump 18920 Shoes Gold Suede 9M e5163c5
    New 100% Red Bottom sole high heels pumps square toe genuine leather shoes , Gentlemen/Ladies miu miu shoes 37.5 Consumer first Upper material Diversified new design , Franco Sarto Women's Elliot Platform - Choose SZ/Color , Gentlemen/Ladies hush puppies,Candid,dress,slip on,black,wedge,padded insole, Elegant appearance Comfortable touch professional designNine West Women's Flax Synthetic, - Choose SZ/ColorAlfani NEW 9.5 M Zepp Black Satin Peep toe Pumps with sequence flower detailChic Rhinestone Ice Bling Platform Peep Toe Pumps High Heels Shoes Adult WomenPatricia Green Womens Harper Black Dress Heels Shoes 7.5 Medium (B,M) BHFO 0347Donald J Pliner Couture Leopard Print Sling Back Heels "Traci" 9 1/2 M 9.5M , RARE KAREN MILLEN ORCHID CORSAGE RED HEELS SHOES SIZE XMASSexy Platform Stiletto Peep Toe Slide Mules High Heels Shoes Adult WomenKenneth Cole New York Women's Eryn Low Heel Square Toe Velvet Dress Pump, Wine,Nine West Women's Christie Leather, Navy Leather, 5 M USMiz Mooz Kelly Womens 7 M Navy Blue Leather Peep Toe Wedge Heels Sandals , OTBT Freedom Womens SZ 6.5 Dust Gray Brown Leather Sandals Wedge Shoes ZV-1702Plus Size Womens Pumps Patent Slip On Pointed Toe High Heels Stiletto Shoes , Sam Edelman 7 Art Deco Spider Platform Heels 7 , Women's Cole Haan Snakeskin Print Peep Toe Shoes Size 8 1/2 BMan's/Woman's casadei shoes Modern and elegant fashion Win the praise of customers Complete specifications , Women Ladies Pointed Toe Leopard Pattern High Heel Pumps Party Clubwear ShoesBrand New Steve Madden Irenee Black Ankle Strap Block Heel Sz 8Mark Lemp Classics Womens Vicki Closed Toe Classic Pumps , Nine West Women's JACARAN Synthetic Heeled Sandal, - Choose SZ/Color , New CARRINI Shoes Brown Faux Suede with embroidered flowers size 6.5N 2018 Women Platform Pumps Round Toe High Heel Stilettos Dress Shoes Nude/Black , Joseph Azagury Net A Porter Red Satin High Heel Leather Slingback Shoes 7 40.5Men/Women Stuart Weitzman*6*NIB 'backpage' SUEDE indigo/plum/blue shoe*Nords*Exc*heel-4.5" Queensland Sales Italy Different styles , Pointy toe pumps 5.25 inch stiletto high heel shoe purple leopard glitter patent , 8M TORY BURCH Wedge Heels Royal Tan SALLY 2 Shoes Gold Logo Peep Toe RARE ,
    NIB $150 IVANKA TRUMP Gold Women's $150 Nanci Dress Pump 18920 Shoes Gold Suede 9M e5163c5 ->NIB $150 IVANKA TRUMP Gold Women's $150 Nanci Dress Pump 18920 Shoes Gold Suede 9M e5163c5 -
    New Shyanne Women’s Daisy Mae BBW11 Brown Distressed Leather Western Boots 11 MAir Jordan 3 Retro GG III AJ3 Dark Purple Dust Pink Kid Youth Shoes 441140-506 , Django and Juliette Osasha in Black, Nude , Naturalizer Women's Thea Slip-On Platino Leather Comfort ShoesSteve Madden Women's Ecentrcq Slip-on Nude Leather SneakersKlogs AUDREY Women's Clogs Coffee Smooth Leather Display Model Shoes 6 MMen/Women NEW ALBERTO MORETTI WOMENS PUMP Many varieties Cheaper than the price King of the crowd , Toy Story By Irregular Choice Arch Enemies Women's Buzz Lightyear High Heels NewBlue by Betsey Johnson Women's Sb-Hazil PumpChloe CH11483 Violet Coconut Patent Leather Pump 7 37 NIB $520Moschino 42 41 41.5 10.5 Polka dot bow black cream slingback heels pumps Italy , BY426 TRES JOLIE shoes black leather women sandalsClarks Collection Enfield Sandy Leather Stacked Heel Women Mules , New Balance Mens Size 12 Wide Low Metal Baseball Cleats Red SilverNWT Men's Nike Revolution 3 Experience Run Med & 4E Wide Width All Sizes BkRed , Men's/Women's BASKETS RALPH LAUREN PONTELAND economic Stylish and charming comfortable , NIKE AIR ZOOM FLIGHT 96 OLYMPIC 6 MAX PENNY HARDAWAY 884491-103 Sz 13 Jordan XINIKE ZOOM FLY SP 8-13 BLACK GREY LIGHT BONE WHITE AJ9282-001. REACT EXP , Nike Air Max White Gold Athletic Men’s Shoes 11 New NIKEIDMEN'S JORDAN TRAINER 2 FLYKNIT TRAINING SHOES MEN'S SELECT YOUR SIZEMEN'S LAREDO STILL WATER COWBOY WESTERN BOOTS 68358 NIB , Men Real Genuine Cow Leather Sports Casual Shoes Slip On Hidden Wedge Breathable , Spring Step Men's Carlo Brown Nubuck Slip-on ShoesSaucony S10369-2 Womens Zealot Iso 3 Running-Shoes- Choose SZ/Color.New On Cloud Womens Cloudsurfer Green Running Shoes Size 9The Fix Women's Jasper Slip-on Tassel Fringe Fashion SneakerWomen's Zigi Soho Elkie Ankle Booties, Brown, , Sofft Verlo women's boots- Grain Leather- Color Black- Size 8- CLEARANCETommy Hilfiger Women's Julie3 Ankle Bootie - Choose SZ/Color , Kensie Women's Boast Boot Cognac Multi 6 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB $150 IVANKA TRUMP Gold Women's $150 Nanci Dress Pump 18920 Shoes Gold Suede 9M e5163c5 -

    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.

    NIB $150 IVANKA TRUMP Gold Women's $150 Nanci Dress Pump 18920 Shoes Gold Suede 9M e5163c5 -

    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
    NIB $150 IVANKA TRUMP Gold Women's $150 Nanci Dress Pump 18920 Shoes Gold Suede 9M e5163c5