Never miss an update

naturalizer Hanning Peep-Toe Comfort naturalizer Platform Pumps 249, 249, amasupercro-9018 Navy, 8 US d0a613b

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Display Shoe. Light scuffs in material of both shoes. The images shown are of the actual shoes for sale.
Brand: naturalizer Heel Type: Kitten
Style: Open Toe Material: Synthetic
Width: Medium (B, M) US Shoe Size (Women's): US 8/UK 6/EU 38.5
Color: Blue Pattern: Solid
Heel Height: Med (1 3/4 to 2 3/4 in) Shade: Navy
UPC: 017133524228
Never miss an update

naturalizer Hanning Peep-Toe Comfort naturalizer Platform Pumps 249, 249, amasupercro-9018 Navy, 8 US d0a613b -

    naturalizer Hanning Peep-Toe Comfort naturalizer Platform Pumps 249, 249, amasupercro-9018 Navy, 8 US d0a613b
    naturalizer Hanning Peep-Toe Comfort naturalizer Platform Pumps 249, 249, amasupercro-9018 Navy, 8 US d0a613b
    NWT ETIENNE AIGNER PACIFIC BLACK/WHITE LEATHER DRESS SHOES SIZE 10 MSRP $245chic women open toe slip on cut off velvet crystal heel diamond prom dress shoesWomen's Stilettos High Heels Pointy toe Spike Punk Rock Zipper Ankle Boots CHICCalvin Klein Bayana Lux Lizzard Nappa Grey Storm Pointed Ankle Strap Pumps 9.5 MSam Edelman Stillson Pumps - Women's Size 10 W, NudeSt John Collection Womens 7.5 Black Classic Heels Pumps Shoes Patent LeatherMen/Women Le Talon Shoes 749516 SilverxGold 36 Economical and practical fashionable Outstanding style , Fashion Women's Peep Toe Super High Heel Pumps Sandals Platform Patent Plus Size , DEVIOUS Sexy Extreme 6" Spike High Heel Red Shiny Pumps Shoes SCR01/R , Escada Wos Heels Slingbacks US 11 B Gold Leather Blue Fabric Stars Slip-on 233Neon Pink High Heel Ankle Strap Sandal Stripper Pole Dancer Stiletto UV ReactiveBORDELLO Teeze-22G Series 5 3/4" Heel Burlesque Stage Showgirl Platform PumpBordello TEEZE-06 Women's Baby Pink Patent High Heels Concealed Platform PumpsCharles by Charles David Womens Maxx Pointed Toe Classic, Berry Satin, Size 7.5Jessica Simpson Women's Kelii Dress Peep Toe Pump Heels, Several ColorsPLEASER TAB708UV/C/NP Sexy Neon UV Hot Pink Platform 7 1/2" Stripper Heels ShoesDolce Vita Rocker Leather Jacket Style Zipper Sandal Bootie Stiletto Heel sz 10 , TSUBO OVID STINGRAY LEATHER PLATFORM WEDGE HEELS, US 5.5/ ~NEW , Heels stiletto heel 22cm platform 9,5cm from 8 to 13.5 big size HSM USA , BERTIN - BOTTES CAVALIERES PETITS TALONS 3.8 CM TOUT CUIR VEAU NOIR 35 - NEUF , Womens Patent Leather Block Chunky Clear Heel Rhinestone Buckle Sandals Shoes SzBrand new GUESS open toe pump size 8 , Pippi Shoes 774800 Beige 35 1/2Rockport Total Motion 75mm Pointed Toe Pumps-Women's size 8.5 Black , Pleaser Pink Label PINUP-05 Platform Pump With Bow Size 9-16 , Bally of Switzerland Beige Leather Classic Pumps Size 8 AA US Near Mint , BCBGeneration Oakland 6 M Black Leather Pointed Stiletto Pumps Quilted Ankle New , NEW GUESS PATENT BLACK WITH ZIPPER PEEP TOE SHOES PUMPS,4" HEELS SIZE 7 AND 10Jessica Simpson COLAVITA Platform Wedge Heels sandal Powder Nude Patent Size 9.5
    naturalizer Hanning Peep-Toe Comfort naturalizer Platform Pumps 249, 249, amasupercro-9018 Navy, 8 US d0a613b ->naturalizer Hanning Peep-Toe Comfort naturalizer Platform Pumps 249, 249, amasupercro-9018 Navy, 8 US d0a613b -
    JOIE Womens 'Dalton' Tan Brown Suede Leather Short Booties Sz 37Fashion Women Over Knee High Boots Pointy Toe Side Zippers Buckle High Stilettos , Lauren Ralph Lauren Women's Nally Chelsea Burnished Calf Boot Size-9.5 NEW , WOMEN'S BOOTIES JEFFREY CAMPBELL 99 TWO SZ 7.5 BOOTIE SOLD OUT BLACKnike air jordan 3 retro mens hi top basketball trainers 136064 020 sneakersNike Tanjun Se 844908 103 Womens Running Shoes White Guava Ice Sneakers Trainers , Grace by Miss Sixty Jonart Court Shoes High Heels Sandals Wedge 37 , Fashion Women's Metal Chain Genuine Leather Flats Oxfords Mules Slides On shoesKlogs Myra Womens Leather Display Model Shoes Black/Lunar 7 M , Ellie Shoe Sexy High Heel Stretch Black Knee High Boot Inner Zipper 551-EMMA/BLKEasy Street Women's Sunset Peep-Toe Pump Black Satin 8 M US , Birkenstock Yara Strap Sandals - Women's Size 7 - Graceful Hibiscus , Crocs Women's LiteRide Sandal Navy/White Comfort SandalsPleaser Women's Revel 16 Bronze Satin Sandals , Men's/Women's Jordan Sixty Plus Sz 9.5 for you to choose special function Lightweight shoes07 Nike Dunk Mid Pro SB VAPOR BURGUNDY RED BRONZE GOLD WHITE BROW 314383-671 8.5 , Cole Haan Men's Grand Crosscourt II Sneaker Leather Shoes Casual ComfortNike Air Force 1 Foamposite Pro Cup Coral Stardust Black AJ3664-600 NEW 2018 SZ , Men Jump 75 Usa Shoes Zoo Fashion Blue Size 12ASTRO MOCK UP AIR JORDAN HI I 1 WHITE RED vi BLACK ORIGINAL OG 1985 CHICAGO NIKE , Nike Air Foamposite Pro One SZ 12 Volt 1 90 Max Penny 2 95 97 93 180 270 force , Dan Post Men Leather Ferrier Tan - Spice (DP69831)Man/Woman Nike Kick Around Good world reputation Lush design Full range of specificationsCamper Classic 250 GR Pelotas Black Leather Sneakers Trainers Comfort Sz , AB655 BARRETT shoes blue shiny leather men elegant , PUMA Ignite XT Women's Clearwater/Blue Coral/Sulphur Spring 18811901 , Nike Free RN Flyknit 2017 Women's Running Shoes 880844-006 , Tommy Hilfiger Womens Ebonie Closed Toe Mid-Calf Cold Weather Black Size 9.0 4crocs 202198 Womens Tall W Rain Boot 7 US/- Choose SZ/Color.Gothic Womens Flats Heel Leather Knee High BootsPunk Party Leather Chic Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    naturalizer Hanning Peep-Toe Comfort naturalizer Platform Pumps 249, 249, amasupercro-9018 Navy, 8 US d0a613b -

    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.

    naturalizer Hanning Peep-Toe Comfort naturalizer Platform Pumps 249, 249, amasupercro-9018 Navy, 8 US d0a613b -

    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
    naturalizer Hanning Peep-Toe Comfort naturalizer Platform Pumps 249, 249, amasupercro-9018 Navy, 8 US d0a613b