Never miss an update

Carlos by sunislandb-7237 Carlos Women's Santana Women's Wedges Melinda Platform Wedges Pink Brown 7.5 M 9da6313

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
Width: Medium (B, M) Country/Region of Manufacture: China
Pattern: Animal Print Style: Platforms & Wedges
Color: Pink Fastening: Buckle
Occasion: Dress US Shoe Size (Women's): 7.5
Brand: Carlos by Carlos Santana Heel Height: High (3 in. and Up)
Heel Type: Wedge Material: Leather
UPC: 049367329058
Never miss an update

Carlos by sunislandb-7237 Carlos Women's Santana Women's Wedges Melinda Platform Wedges Pink Brown 7.5 M 9da6313 -

    Carlos by sunislandb-7237 Carlos Women's Santana Women's Wedges Melinda Platform Wedges Pink Brown 7.5 M 9da6313
    Carlos by sunislandb-7237 Carlos Women's Santana Women's Wedges Melinda Platform Wedges Pink Brown 7.5 M 9da6313
    Cole Haan Womens Air Elke Slide Sandal Vintage Silver 11 NEW IN BOXLucky Brand "Candra" Ankle Strap Sandals 8.5 M Brown Synthetic New with Box , DV Dolce Vita Isolde Sandal Green Snake Gold Thong Post Stone Vamp Buckle LeatheTeva Tirra Red Gardient Womens Sandals US6 /UK4 /EU37 /JP23Taryn Rose Womens Shoes Size 7.5 Salene Platform Wedge Sandal Open Toe Brown , Marc By Marc Jacobs New Nathalie Black Womens Shoes Size 11 M Sandals MSRP $325Guilhermina Women's Rouge Red Raffia Leather Thong Sandal US Size 7 New W Box , Koolaburra 'Mae' Women's Black Leather Platform Sandals Size 11 $160 , Pelle Moda Womens Sandals Size 6.5M Latte Beige Suede April Ankle Strap New $165 , Naot Gold Stud Sandals - Women's Size 10, Brown NEWMan/Woman Loeffler Randall Gabby Women's Sandals Eclipse wholesale First quality Recommended today , Spring Step Saibara Mid Heel Leather Womens Sandals Mid Heel Mid Heel , TEVA ORIGINAL UNIVERSAL MOTO PERF LEATHER BRIGHT WHITE SANDALS WOMENS SIZE 9 USNew Bella Vita Define II Gold Metallic Floral Heel Pump US 9 Medium , Women's GENTLE SOULS Gold Metallic Leather Strappy Sandals Size 9.5 MClarks Qwin Adonia Sandal 8.5 M Navy Marine New with Box , Man/Woman Charles David Cally Sandal Good world reputation Primary quality As of the latest model , New Keen 1016733 Rose Sandal Gargoyle / Raven Women's Sandals 6.5 US , NEW Safari Girl Platform Tribal Design Woman's Sandals Flip Flops, Size 9 , Elegant Women's Mid Block Heels Roma Leather Open Toe Pumps Fashion SandalsTEVA ORIGINAL UNIVERSAL MOTO LEATHER BLACK SANDALS WOMENS SIZE 8 US , Dolce Vita DV Women's Kanna Ankle Strap Sandals Whiteish Leather Size 9.5 MBogs Amma Gladiator Sandal - Women's Size 7, TaupeTEVA TIRRA WOMEN SPORT SANDALS SLIVER /MAGENTA US 6 //NEW 7.5 Bed Stu Blue Distressed Leather Darla Slip On Loafers Free PeopleSTUART WEITZMAN Silver Gold Metallic T Strap Ankle Buckle Sandals Sz 6 B3992 , NEW BALANCE MAYA WOMEN'S SANDALS BLACK LEATHER PINK TRIM 7 , Mr/Ms Kelsi Dagger Lee Mule Sandals, Black sell Wholesale trade Tide shoes list , Wooden clogs Red color Suede OS2-PF US Shoe Size (Women's)
    Carlos by sunislandb-7237 Carlos Women's Santana Women's Wedges Melinda Platform Wedges Pink Brown 7.5 M 9da6313 ->Carlos by sunislandb-7237 Carlos Women's Santana Women's Wedges Melinda Platform Wedges Pink Brown 7.5 M 9da6313 -
    Pleaser Womens Ado1024rsf/Bpu Boot, Black Faux Leather/Silver/Black Matte, 7 MAerosoles Women's Square Foot Knee High BootVINCE 'Blythe' Over-The-Knee Suede Block Heel Boots, Pewter US 9 M $695 , Burberry Stowport Horn Navy Blue Suede Ankle Boots US 5.5 Bootie , NIKE AIR MAX 1 ID US 9 BLACK WHITEMen's/Women's NEW FRYE WOMENS MELISSA BELTED TALL Elegant appearance Lush design British temperament , Man/Woman Meermin Chelsea Boots Black 7.5E Hiro Excellent craft First batch of customers retail price , Adidas Ultraboost Triple Black Size 6 Ultra Boost Sneaker DsGentleman/Lady Silver Lining Kylie White Sandals Diverse new design cheapest Lightweight shoesDr Martens Doc Slip On Sandal Raina Black 14310001 The OriginalNEW DANSKO WOMEN'S HAZEL HOOK & LOOP MARY JANE GREY SUEDE 38 8 MEDIUM $145 , Skechers BOBS Women's B-Loved-Sparkle Linen Ballet Flat - Choose SZ/ColorLuichiny Size 8 M Kissy Kiss Beige Satin Open Toe Heels New Womens Shoes , Via Spiga Black Suede Wedge Heel Slip On Party Dress Shoe Womens SIZE 8 / , Womens Floral Rhinestones Cross Straps Wedge Heels Slope Roma Sandals Shoes Pink , Ivanka Trump Womens Dresses ID7B9DAZ Printed Floral Faux- Choose SZ/Color. , Womens summer unregular open toe shoes 100% real leather Rome style sandalsNIB Anthropologie Lucchese brown Distress Outside Zip Pearl Gator Lined Boot 7Miista Women's Patti Metallic Leather Sandals Platform Heels Retail $150 size 10Cole Haan Women's Anica Sling Sandal, - Choose SZ/ColorPUMA 10404601 Mens Adreno Iii FG Soccer Shoe- Choose SZ/Color.Scarpa Mens Mojito Shoes 32605/350 Black Size 42.5 , Columbia Men Casual Shoes Super Bonehead Vent Leather Pfg Elk$200 ECCO Men’s Black Leather Formal Shoes ,Size US 12-12,5 /Men's Clarks Formal Shoes Label - Tilden PlainMen New Punk Roman Flip Flops Rivet Buckle Slip On Flat Beach casual Sandals , Women's Tretorn Tournament Net for J.Crew Tennis Shoes Lilac Size 10Asics GEL-Kenun Gossamer Green/Hampton Green Sports Running Shoes T7C9N-6767 , NIKE Womens Nike Free Tr 8 942888-003 PURE PLATINUM/WHITE-IGLOO Womens Size 9 , Hunter 'Original Refined' Tall Glossy Rainboots SZ 6US/37EU Black ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Carlos by sunislandb-7237 Carlos Women's Santana Women's Wedges Melinda Platform Wedges Pink Brown 7.5 M 9da6313 -

    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.

    Carlos by sunislandb-7237 Carlos Women's Santana Women's Wedges Melinda Platform Wedges Pink Brown 7.5 M 9da6313 -

    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
    Carlos by sunislandb-7237 Carlos Women's Santana Women's Wedges Melinda Platform Wedges Pink Brown 7.5 M 9da6313