Never miss an update

Womens Claudia Ciuti M Nude 9.5 Patent Leather pumps Ankle Strap pumps Sz. 9.5 M NEW! c0e66aa

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: New/Display Model
Brand: Claudia Ciuti Heel Height: High (3 in. and Up)
Style: Ankle Strap Pointy Toe Shoes Material: Patent Leather
Width: Medium (B, M) Pattern: Solid
Color: Beige US Shoe Size (Women's): 9.5
Occasion: Formal Fastening: buckle
Never miss an update

Womens Claudia Ciuti M Nude 9.5 Patent Leather pumps Ankle Strap pumps Sz. 9.5 M NEW! c0e66aa -

    Womens Claudia Ciuti M Nude 9.5 Patent Leather pumps Ankle Strap pumps Sz. 9.5 M NEW! c0e66aa
    Womens Claudia Ciuti M Nude 9.5 Patent Leather pumps Ankle Strap pumps Sz. 9.5 M NEW! c0e66aa
    New w/o box J. Crew Mona suede pumps 47288 Bluebird Blue heels sz 9 shoes , BCBG Andorra Jungle Cheetah Print Womens Platform Slingback Peep Toe Pumps ShoesVia Spiga 'Elizabeth' Heel - Women's Size 8.5 M, Rose GoldVince Fenmore Black Womens Shoes Size 7.5 M Heels MSRP $395 , Prada high heel open toe plaid pump brown red grey sz 40 us 10 Mint , Manolo Blahnik Black Patent & Leather D'Orsay Pumps Size 9 - Made in Italy-Womens Gentle Souls Gray Suede Pumps Sz. 6.5 M NEW!Loeffler Randall New Clara Black Womens Shoes Size 5 M Heels MSRP $325 , Size 11 Black Leather Peep Toe Court Shoes - Low Kitten heel 4cm Big Large ShoesChampagne Rhinestone Ankle Strap Platform Shoe 7" Sexy Dance Sky High Heels 5-11Salvatore Ferragamo Sport Women's Sz 8.5 white and brown Leather Low Heel LoaferLadies Van Dal Extra Wide Shoes WinonaSexy Women Mary Janes Ankle Strap High Heel Stiletto Pumps Shoes Stage NightclubSUEDE WOMEN'S HEELS SHOES by CUPLE MADE IN SPAINMiu Miu Brown Embossed Leather Slingback Wooden Heels Size 8.5 , Neon Green Ankle Cuff 7" High Heel Platform Shoe Hand Crafted USA Size 9 , BNIB Schutz Womens Snake Print Beige Brown Sandal Cage Heels Shoes Size 8J.Crew Glittery Ankle-Strap Sandals #G0890 Gold Silver 6.5 NEWNEW Oscar De La Renta Sz 11 Sexy Stiletto Pumps Black Satin Peep Toe Heels $675 , NEW Marc Fisher Womens Zala Block Chunky Heel Classic Toe Pump Size 5.5 MSRP$149 , Womens $795 Manolo Blahnik Bronze Coin & Chain Sandal Heels Size 39.5 ~ US 9.5Women's Shoes Clarks Maritsa Nila Leather Platform Sandals 33822 Khaki *New* , Man/Woman Pleaser DELIGHT-613 feature First batch of customers unique , Dolce & Gabbana Womens Pumps Size 38.5 8.5 Black Leather Pull OnJEFFREY CAMPBELL SHOES SOUS PLATFORM WEDGES T-STRAP HEELS TAN LEATHER 8.5 $160 , ANNE KLEIN Cordovan Patent Leather Mary Jane Pumps, 8M , Men's/Women's Badgley Mischka shoes Long-term reputation cheapest Highly appreciated and widely trusted in and outPLEASER Rhinestone Shoes Chrome Platform Ankle Strap Sandal STARDUST-708 SilverGentlemen/Ladies Eastland Women's Blair Boot Modern technology Excellent performance Various latest designs
    Womens Claudia Ciuti M Nude 9.5 Patent Leather pumps Ankle Strap pumps Sz. 9.5 M NEW! c0e66aa ->Womens Claudia Ciuti M Nude 9.5 Patent Leather pumps Ankle Strap pumps Sz. 9.5 M NEW! c0e66aa -
    Indigo Rd.. Women's Audrina Harness Boot, Black, 6 M USAndre Assous Women's Tala Ankle Boot, Brown, 9Hunter Original Tour Gloss Packable Boot & Extra (NEW) Free Shipping , Womens Chocolate Brown Turquoise Butterfly Western Boots Leather Cowgirl SnipCHIE MIHARA SHOES OMAI BOOTIES ANKLE BOOTS CRACKLED BLACK & BRONZE LEATHER 37 , Womens MAX STUDIO black leather knee high boots sz. 9.5 NEW! $380Gentleman/Lady GRIP-105 Black flagship store special promotion Vintage tide shoesTory Burch Gold Flats With A Bow Size 10.5 EUC (Only Worn Once!)$198 BCBG BCBGMAXAZRIA Womens MA-Livia Pointed Toe Pump Shoe, Black, US 10Gentle Souls Womens Mello Tone Ankle-Strap Sandal Shoe Black Size 10Converse Chuck Taylor All Star Hi Barely Rose Tan Womens Mesh High-Top TrainersMan/Woman Skechers Men's TBA Slip On Shoe New varieties are launched Sales Italy valueNike Air Max 90 Ultra 2.0 SE Mens 876005-700 Pale Citron Running Shoes Size 8.5New Men's Nike ZOOM FLY SP Running Shoes "Breaking 2" - AJ9282-106 Size 10Men's/Women's western boots mens 11 online sale Quality and quantity guaranteed renewed on time , Man/Woman Dingo Men's Dean BootBlack12 D US Reputation first Modern and stylish fashion Various , Skechers USA Men's Boyar Molsen Oxford - Choose SZ/ColorTwisted X Boots Men's MOD0002 Chukka Boot Dust/Tan Canvas/LeatherGentleman/Lady Crevo Men's Boardwalk Black Slip-Resistant (Non-Skid) Aesthetic appearance the most economical Cost-effective , Mens Black Leather Slip On Clarks Shoes Acre Out , DS 2017 AIR PRESTO FLYKNIT ULTRA BRIGHT MANGO 7 - 10 OLYMPIC RETRO FOOTSCAPE , NIKE AIR MAX THEA KJCRD WOMAN SPRING LEAF Size: 6.5 NEW! COMFORTABLE RUNNEW Womens Converse Chuck Taylor Shoreline Sneaker Green Glow Womens ShoesAsics women's gel nimbus 19 running shoes carbon white flash coral size 8.5 us , Easy Spirit Jitters boot 9.5" brown leather sz 8 MdNEW Clarks 7M Black Leather and Suede Ankle Boots w/bronze buckleBella Marie AE47 Women's Side Zip Stacked Block Heel Ankle Booties , Devious DOMINA-2000 Single Soles Black Pu Sexy Knee High Heeled BootsGentleman/Lady Earth Origins Women's Tori Black 8 Exquisite (middle) workmanship At a lower price Direct business , New Womens TSUBO Eilis Charcoal Snake Water Resistant Winter Tall Zip Up Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Claudia Ciuti M Nude 9.5 Patent Leather pumps Ankle Strap pumps Sz. 9.5 M NEW! c0e66aa -

    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.

    Womens Claudia Ciuti M Nude 9.5 Patent Leather pumps Ankle Strap pumps Sz. 9.5 M NEW! c0e66aa -

    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
    Womens Claudia Ciuti M Nude 9.5 Patent Leather pumps Ankle Strap pumps Sz. 9.5 M NEW! c0e66aa