Never miss an update

New 'Waine' Jimmy Choo 'Waine' Gold Metal Cap New Toe Choo Flats Sz 35.5/5.5 $565 2c2f2da

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Country/Region of Manufacture: Italy
Width: Medium (B, M) Style: Ballet Flats
Color: Green Heel Height: Flat (0 to 1/2 in.)
Occasion: Casual US Shoe Size (Women's): 5.5
Brand: Jimmy Choo Material: Leather
UPC: 439005930614
Never miss an update

New 'Waine' Jimmy Choo 'Waine' Gold Metal Cap New Toe Choo Flats Sz 35.5/5.5 $565 2c2f2da -

    New 'Waine' Jimmy Choo 'Waine' Gold Metal Cap New Toe Choo Flats Sz 35.5/5.5 $565 2c2f2da
    New 'Waine' Jimmy Choo 'Waine' Gold Metal Cap New Toe Choo Flats Sz 35.5/5.5 $565 2c2f2da
    Tory Burch Red 'Blossom' Floral Leather Espadrilles Shoes (38)Stuart Weitzman Women's Silver Noir Divine Pointed Toe Flats Sz 7.5 2909BURBERRY GENNIE ZIG BURGUNDY LEATHER GOLD LOGO PLATE WINGTIP OXFORDS 40.5 10.5New Miu Miu by Prada Black Suede Flats Size 36 US 6 , Ultra Chic Christian Louboutin Neon Pink Spike Patent Freddy Oxford Flats 35 NEWWomen's Black/White Salvatore Ferragamo 'Morgan' Wedge Sneakers Shoes size 7 , Stuart Weitzman Geek Women's Adobe Aniline Patent Leather Loafer Sz 7.5 3207 , PRADA WOMEN'S BALLET FLATS PINK PATENT LEATHER SIZE 39 MADE IN ITALY , JIMMY CHOO NANO OPTIC WHITE JEWELED CAGE FLATS GLADIATORS SANDALS 38.5 $625Laura Bellariva 9200 Gray Pebbled Leather / Fringe / Bow Shoes 36 / US 6Luca Grossi 6060 Comfort Bronze Leather Wedge Pumps Shoes 36 / US 6NEW SANTONI WOMENS LOW-TOP LEATHER ST. TROPEZ BLACK SNEAKERS SZ 41 , L'AUTRE CHOSE women shoes Black patent leather loafer with strap and button , MIU MIU PRADA WHITE PATENT LEATHER ESPADRILLE SNEAKERS 38.5 IN BOX $590 , Stuart Weitzman Women's Black Suede Slipin Flats 2749 Sz 6.5 M , Stuart Weitzman Women's Chicflat Platinum Noir Flats Sz 8.5M 2110Vintage Rare Yellow Cake Loafers Black Genuine Ostrich Leather Women's Size 5P-467900 Off White Women's Leather Sneaker US 9 Marked 39 , Chloé Black Suede Embellished Flats size 39Rare VTG NEW Ralph Lauren Country Leather Moccasin Loafers Sz 6.5 BLaura Bellariva 9200 Gray Pebbled Leather / Fringe / Bow Shoes 41 / US 11 , Sergio Rossi Round Toe Ballet Flat, 38.5 , NIB Tory Burch Eloise 2 Calf Hair Ballet Flats Shoes Leopard Combo Black 7 M , Chloe Gabes Women's Velvet Ballerina Flats Red Sz 37 $540NIB Tory Burch Reva Leather Ballet Flat Shoes Taupe Dark Tan 9.5 MMan/Woman V 1969 Italia Womens Soft Ballerina Economical and practical Modern design Comfortable and naturalLaura Bellariva 9251 Black Stamped Leather Mary Jane Heels Shoes 36 / US 6Men's/Women's Derek Lam Raena Loafer, 8 Moderate price fashionable Suitable for color , Etre 1301 White Black Stitched Quilted Leather Padded Insole Flats 36 / US 6 ,
    New 'Waine' Jimmy Choo 'Waine' Gold Metal Cap New Toe Choo Flats Sz 35.5/5.5 $565 2c2f2da ->New 'Waine' Jimmy Choo 'Waine' Gold Metal Cap New Toe Choo Flats Sz 35.5/5.5 $565 2c2f2da -
    Marc Fisher Women's Mfhydra Ankle Bootie, Black, 7.5 M USADRIENNE VITTADINI Footwear Women's TEX Motorcycle BootMerrell Men's Outmost Vent Waterproof Hiking Shoe - Choose SZ/color , Womens Thigh High Boots Runway Real Leather Square Toe Shoes Large Size A030 , Altra Footwear Women's Lone Peak 4.0 Low RSM Trail Running ShoeDansko Priscilla Womens Winter Boot /-- Choose SZ/Color.Stuart Weitzman Brown Leather Ankle Boots Size 10FRYE Women's Carson Wedge Bootie Boot, Black, 8.5 M US , TANINO CRISCI Shoes 685919 Black 34 , Women's Shoes Castañer Carey Bow Beige Wedge Espadrille Spring Summer 2018Sexy Womens Mixed Color Peep Toes Sandals Platform High Stiletto Heels Zip ShoesMan/Woman Nine West Illumie Kitten-Heel Pumps, Orange the most convenient Orders are welcome Very practicalNEW JCREW $275 ELSIE STARS D'ORSAY PUMPS 9.5 HEELS E0777 , Man/Woman Stuart Weitzman Allgood Boots Wear resistant Let our goods go to the world Suitable for color , NWB Womens 9.5M Indigo by Clarks Tapestry Genuine Leather Wedge Sandal Beige TanNew Summer Women Sandal Casual Fashion Real Leather Korea High Block Heels ShoesMontrail Rogue Fly women's Shoe Size 7 NIBMENS REEBOK FURY ADAPT in colors BLACK / WHITE SIZE 11.5Man/Woman Tommy Hilfiger Mens Tallen- Pick SZ/Color. Fashion pattern King of quantity Diversified new design , Men/Women nmd r1 primeknit Size 9.5 Clever and practical Wholesale trade Strong heat and heat resistance , Dickies Everyday Safety Shoes Mens Steel Toe Cap Anti Scuff Toe Heel UK6-14 , Vasque Women's Grand Traverse Green Glow/Horizon Blue Hiking Shoes 10MUSED TODS Men’s Black Dress Shoes Size 9FitFlop Women's Cha Cha Thong Sandal Black Embossed Leather , Women Platform Heel Leather Round Toe Rivet Hollow Out Loafers Creeper Shoes # , Nike Lunarglide 8 Black/White-Anthracite AA8677-001 Women's SZ 7.5ROCKET DOG Womens EDWARD Buffed Leather Tan Boots Size 10MWomen Ethnic Buckle Stilettos Embroidery Flower Zipper Pointed Toe Boots T-1 , JONAK Bottes Cavalières Cuir Kaki Doublées Cuir T 39 TBEVionic Orthaheel UPRIGHT ANNE Suede/Leather Ankle Boots BLACK SNAKE 9 M NIB ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New 'Waine' Jimmy Choo 'Waine' Gold Metal Cap New Toe Choo Flats Sz 35.5/5.5 $565 2c2f2da -

    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.

    New 'Waine' Jimmy Choo 'Waine' Gold Metal Cap New Toe Choo Flats Sz 35.5/5.5 $565 2c2f2da -

    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
    New 'Waine' Jimmy Choo 'Waine' Gold Metal Cap New Toe Choo Flats Sz 35.5/5.5 $565 2c2f2da