Never miss an update

Aerosoles Black, Mid Slip 29986 Level Peep Toe Block Heel Slip On Sandals, Black, 11 W US 8db5f37

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Aerosoles
Fastening: Slip On US Shoe Size (Women's): 11
Heel Height: Med (1 3/4 to 2 3/4 in) Colour: Black
Pattern: Solid MPN: Mid Level
Width: Wide (C, D, W) Style: Mules
Heel Type: Block Material: synthetic
Shade: Black UPC: 825073044719
Never miss an update

Aerosoles Black, Mid Slip 29986 Level Peep Toe Block Heel Slip On Sandals, Black, 11 W US 8db5f37 -

    Aerosoles Black, Mid Slip 29986 Level Peep Toe Block Heel Slip On Sandals, Black, 11 W US 8db5f37
    Aerosoles Black, Mid Slip 29986 Level Peep Toe Block Heel Slip On Sandals, Black, 11 W US 8db5f37
    JBU Jambu Iris Flat Comfort Slide Sandals, Taupe, 8.5 US / 39.5 EU , Cloudsteppers by Clarks Arla Mae Bow Sandals, Blue, 9 US / 40 EUSteve Madden Olivia Flat T-Strap Sandals, Black Multi, 10 US , naturalizer Emory Buckle Flat Sandals, Copper , 11 W US , Caparros Delicia Sparkle T-Strap Peep Toe Dress Sandals, Nude Glimmer, 10 USCole Haan Arista Dress Heel Sandals, Black/Ivory, 10.5 US DisplayVince Camuto Sammson Peep Toe Strappy Dress Sandals 656, Smoke Show, 10 US / 40Naya Lassie Strappy Wedge Sandals, Black, 8.5 US / 39.5 EU Display , Aerosoles Supper Chlub Thong T-Strap Flat Sandals, Black Snake, 6 USChinese Laundry Glisten Dress Sandal, Micro Suede Beige, 8 US / 38.5 EUEasy Street Positano Wedge Sandals, Cognac/Woven, 8.5 USMan/Woman ZiGiSoho Mariane Flat Thong Sandals, Silver elegant modern fineG by Guess Cenikka 2 Platform Ankle Strap Sandals, Pewter, 11 USLucky Brand Jemya Open Toe Slip On Sandals, Black, 6.5 US / 36.5 EU , Vince Camuto Sammson Peep Toe Strappy Dress Sandals 502, Smoke Show, 6 US / 36ZIGI Remi Ankle Strap Bow Heel Dress Sandals, Silver , Avec Les Filles Mule Heeled Sandals, Pink, 9.5 US , Jessica Simpson Ellenie Heeled Sandals, Black Patent, 8 US / 38 EUEasy Street Tarrah Ankle Strap Wedge Sandals, Gold Glitter, 8.5 US , gentle souls by Kenneth Cole Gayle Slide Sandals 242, Mushroom, 7 US / 37.5 EUNina Gaelen Strappy Block Heel Sandals, Black, 5.5 US , Bella Vita Kortez Zip Up Block Heel Sandals , BlackTommy Hilfiger Geena SLip On Flat Sandals, Medium Natural, 8.5 USCharles by Charles David Miller T-Strap Platform Sandals, Black, 8 USnaturalizer Mabel Flat Ankle Strap Sandals, Black, 10 US / 40 EU , Indigo Rd. Mandi Cutout Sandals, Black, 10 US , XOXO Binnie Heeled Strappy Sandals, Taupe, 9 US / 40.5 EU , Nina Avalon Ankle Strap Slim Sandals, Silver DreamlandBRAND NEW LADIES SANDLER SANDALS SIZE 36B ,
    Aerosoles Black, Mid Slip 29986 Level Peep Toe Block Heel Slip On Sandals, Black, 11 W US 8db5f37 ->Aerosoles Black, Mid Slip 29986 Level Peep Toe Block Heel Slip On Sandals, Black, 11 W US 8db5f37 -
    Kenneth Cole New York Alyssa High Rise Ankle Boots, Pewter, 6.5 US / 37 EU , Man's/Woman's Harley-Davidson Women's Beechwood Motorcycle Boots Shoes Good world reputation Reliable performance Full range of specifications , Man/Woman Booties Practical and economical Preferred material A balance between toughness and hardness , SoftWalk Women's Sicily Ballet Flat Taupe Knit Flats , New Kenneth Cole HOLD Tight Gun Black Wedge Shoes 6.5 8.5 Neu Schwarz Keil , FLAMINGO-808MCT 8" TINTED BOTTOM CLEAR ANKLE STRAP POLE DANCE PLATFORM SANDAL , New Women's Med Block Heels Fashion Real Leather Slip On Pumps Breathable Shoes , Jimmy Choo Silver-Tone Glitter & Gold-Tone Thread Pointed Toe Pumps Size 38/8Pedro Garcia WISEL Heel Sandal Black Suede Strap Womens Shoe SIZE 38.5 / US 8.5L.A.M.B. Jane Leather Colorblock Naked Blue Sandal Heels Size 8 , Saint Laurent Platform Tribute 105 Pumps Suede Beige 40 , crazy womens strange wedge heel buckle tassel british nightclub hollow out shoes$1395 New Christian Louboutin VENDOME Spikes 120 Beige Platform Shoes 38.5 8PLEASER Delight-600-14 6" Heel Sexy Exotic Ankle-Strap SandalSam Edelman Donna Sandal-Womens Size 5M-TigerLily-Pre OwnedSandal Born Mai Gladiator White Embossed Full Grain LeatherLamb Wool House Shoes - Cinderella Rosa Ladies fur Shoes SlippersAIR JORDAN FLIGHT LUXE SZ 9.5 ANTRACITE BLACK WHITE 919715 005 , Nike Air Jordan IV 4 Retro Metal Baseball Cleat 807710-010 Size 9Men's/Women's KD V "BHM" Size 10 Not so expensive Let our goods go to the world Shopping promotion , Vans AUTENTIC 44 DX ANAHEIM FACTORY SUEDE SKATE Shoes Size Men's 11.5 $MEN'S SHOES SNEAKERS NIKE ZOOM STEFAN JANOSKI [333824 068] , NIKE MEN AIR FORCE 1 TOP RED-WHITE GUM ID SZ 13 [808785-995]NIKE AIR MAX 1 V SP PATCHES OLIVE STEEL GREEN 704901 300 SIZE 11.5Adidas Ultra Boost 2.0 Mi Adidas Navy Blue GB0118134336 Size 11.5 Limited NEW DS , Stylish Mens Dress Casual leather tassel Wingtip loafer Oxford Brogues Shoes Sz , Kenneth Cole Shoes Design 10917 Fashion Men Black Brand New , Saucony Women's Mirage 4 Running Shoe Black/Green/Pink Size 11 Hydramax EUC , Bella Vita Womens Switch II Low Top Slip On Walking Shoes, Black Snake, Size 7.0NWOB Vince Jadon Light Brown Suede Sneakers Womens Size 7.5M $225 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Aerosoles Black, Mid Slip 29986 Level Peep Toe Block Heel Slip On Sandals, Black, 11 W US 8db5f37 -

    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.

    Aerosoles Black, Mid Slip 29986 Level Peep Toe Block Heel Slip On Sandals, Black, 11 W US 8db5f37 -

    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
    Aerosoles Black, Mid Slip 29986 Level Peep Toe Block Heel Slip On Sandals, Black, 11 W US 8db5f37