Never miss an update

Onex Women's 6Kib Alexandria Women's Dress Sandal Tan Size Onex 9.0 6Kib e019613

Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. 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: Insole has minor stain / Please refer to last 3 images.
Brand: Onex Color: Tan
Style: Pumps, Classics US Shoe Size (Women's): 9
Width: Medium (B, M) Pattern: Solid
UPC: 792354052902
Never miss an update

Onex Women's 6Kib Alexandria Women's Dress Sandal Tan Size Onex 9.0 6Kib e019613 -

    Onex Women's 6Kib Alexandria Women's Dress Sandal Tan Size Onex 9.0 6Kib e019613
    Onex Women's 6Kib Alexandria Women's Dress Sandal Tan Size Onex 9.0 6Kib e019613
    Thalia Sodi Camiila Women Open-Toe Leather Tan Mary Janes Silver Size 10.0 , Grasshoppers Womens Clover Stripe Stone Open Toe Casual Pewter Size 11.0 , Anne Klein Womens Harmonia Open Toe Casual Slingback Sandals Navy Size 6.0 , Haflinger Womens Bio Emma Open Toe Casual Slingback Sandals berry Size 5.5Thalia Sodi Womens Darria Open Toe Special Occasion Black Metallic Size 7.0 , Naughty Monkey Women's Saint Elmos Ankle Bootie Sand 6 M US Black Size 8.0 W , Chinese Laundry Womens Leo Open Toe Special Occasion T-Strap Silver Size 11.0 , White Mountain Womens Morsel Leather Open Toe Casual Slide Blue Size 11.0Sam Edelman Women's Abbie Ankle Bootie Black Size 6.5 xd32 , CLARKS Womens Brinkley JoJo Open Toe Casual GreyStone Size 11.0 , Haflinger Womens pansy Fabric Open Toe Casual Slide taupe/pansy Size 5.5ZIGI SOHO Womens Remi Open Toe Special Occasion Ankle MulFX/Glitter Size 7.5Dr. Scholl's Womens harlin Closed Toe Casual Mule Sandals Black Size 9.5 KPQHChinese Laundry Womens magic Closed Toe Casual Mule Sandals Black Size 6.0 , Naturalizer Womens Belize Open Toe Casual Slingback Sandals Cream Size 8.5 , Marc Fisher Womens Milan Leather Peep Toe Mules Black Size 9.5 , Jessica Simpson Womens Jamilee Open Toe Casual Platform Sandals Tan Size 9.0 GImpo Womens Ruby Open Toe Casual Platform Sandals simply tau Size 7.0 nnzZ , Minnetonka Womens silverthorne Open Toe Casual Grey Size 5.0 , Kenneth Cole New York Women's Roxanne 2 Embroidered Flat Hot Pink Size 9.5 , Callisto Womens Spring Open Toe Casual Ankle Strap Nude Patent Size 10.0 , Nina Womens Finessa Open Toe Casual Strappy Sandals Latte Dreamland Size 7.5 5ALDO Women's Shorr Heeled Sandal Light Pink Size 7.5 , Impo Womens Glexa Split Toe Casual Slide Sandals Praline Size 6.5Kelly & Katie Womens valdena Fabric Peep Toe Special Occasion Silver Size 6.0 , Steve Madden Womens Reno Open Toe Casual Ankle Strap Sandals Black Size 6.0 yHLifeStride Womens Monaco Open Toe Casual Ankle Strap Sandals Black Size 7.0 , Proxy Tiffney Women's Sandal Black-white Size 8.5Callisto Women's Fancye Ankle Bootie Sand Suede Size 8.0
    Onex Women's 6Kib Alexandria Women's Dress Sandal Tan Size Onex 9.0 6Kib e019613 ->Onex Women's 6Kib Alexandria Women's Dress Sandal Tan Size Onex 9.0 6Kib e019613 -
    Ariat Women's Terrain H2O Hiking Boot Copper 8 B(M) US , Alfani Womens Viollet Ankle Booties Mulberry 7WTwisted X Boots Women's WRS0028 Ruff Stock Cowgirl Boot Tooled/Brown Tooled , salvatore ferragamo Ankle Boots, Size 39, Musk Suede, Chain Detail , Gentleman/Lady Pleaser STARSPLASH-708 service Let our goods go to the world German Outlets , Lanvin Beige Brown Calf Hair Round Toe Animal Print Ballet Flats Size 38 8G.H. Bass & Co. Women's Felicity Ballet Flat, Silver, Size 7.5Man/Woman SCALLOP-709CH Guarantee quality and quantity First batch of customers Fashion dynamic , Manolo Blahnik Black Pointed Toe Mule Suede Patent Leather Kitten Heel 38 1/2Ivanka Trump Liah Slingback Block-Heel Pumps size 8.5 NWB , VERSACE JEANS amazing fashion black leather heels pumps women's shoes $230Nicholas Kirkwood Snake Embossed Leather Slingbacks Sz:39 Retail $895 NEW , Ryka Women's Verve Slip On SneakerNIKE Blazer Low Bold Berry Purple Pink Everyday Walking Shoes NEW Womens Sz 6.5MENS NIKE SHOX DELIVER RUNNING SHOES SIZE 9 , Vans Old Skool (Suede/Canvas) White/Gum Size US 13 Men's VN0A38G1QW3New Mens Nike Air Jordan 7 Retro Metal Baseball Cleats Size 10.5 Black/WhiteNike Dunk Low Pro Sb Dark Mocha Chino Size 10 2005 , Men/Women Nike Men's Dunk Ultra Casual Shoe New varieties are launched Beautiful appearance businessAIR JORDAN 7 RETRO "HARE" 2015 304775-125Judge Dredd & Judge Death 2000 AD Comic MENS Black Martin BootsLacrosse over boots Fulton Brogue over shoes boots , air jordan 18.5 PE player exclusive Mike Bibby NBA 12usVintage HY-TEST St Louis, safety steel toes,light tread, leather size 9 shoes.Helly Hansen Terreng Low Work Shoes Mens Size 10 Composite Toe Mesh Black OrangeMan's/Woman's Diesel casual shoes the most convenient low cost Seasonal hot sale , Mr/Ms Harley-Davidson Women's Jenkins Sneakers Shoes Complete specification Win the praise of customers Shopping promotion , Spring Step Women's Alert White Leather Walking Shoes , Blondo Women's Baxton Waterproof Suede High-Top Fashion Sneaker , New SKECHERS Adorbs Women Boots Sz 8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Onex Women's 6Kib Alexandria Women's Dress Sandal Tan Size Onex 9.0 6Kib e019613 -

    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.

    Onex Women's 6Kib Alexandria Women's Dress Sandal Tan Size Onex 9.0 6Kib e019613 -

    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
    Onex Women's 6Kib Alexandria Women's Dress Sandal Tan Size Onex 9.0 6Kib e019613