Never miss an update

BCBG New Suede Cut Out Zippered 8890 Open Toe Sandles New Sandles Size 7 Color Carmel Brown 4abc026

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
Style: Open Toe
Width: Medium (B, M) Fastening: Zip
Pattern: Solid Heel Height: High (3 in. to 4.5 in.)
Color: Brown US Shoe Size (Women's): 7
Brand: BCBGeneration Material: Suede
Heel Type: Slim
Never miss an update

BCBG New Suede Cut Out Zippered 8890 Open Toe Sandles New Sandles Size 7 Color Carmel Brown 4abc026 -

    BCBG New Suede Cut Out Zippered 8890 Open Toe Sandles New Sandles Size 7 Color Carmel Brown 4abc026
    BCBG New Suede Cut Out Zippered 8890 Open Toe Sandles New Sandles Size 7 Color Carmel Brown 4abc026
    Man/Woman Lella Baldi Sandal sz 7.5 Reputation first Sufficient supply At an affordable price , Cole Haan Leopard Heels Faux Fur Patent Leather Womens Size 7.5 , Bruno Magli Womens Waldorf Blue Combo Peep Toe Slingback Heels Sz 10 Retail $290 , Made in Italia Platform Pumps Green Suede Shoes Size 41Very New Exotic US 9 Stripper Dancer platform Sliver Crystal Heels 7 InchesLANVIN GOLD CRACKLED LEATHER PUMPS ROUND TOE SIZE 39 / 9 M , Stuart Weitzman, 9 Ankle Wrap Strappy Stiletto Sandals Gold Leather Crystal HeelDr Martens ENGLAND Mary Jane Style Shoes Womens's Sz. 7.5 US / 5 UK , J. Reneé Pavone Satin Embroidered Pointy Toe Pumps Sz 9.5 US $90 NWOBTHEORY SNAKESKIN PUMPS, Brown Classic Leather High Heels Brazil Eu 36.5 US 5.5Salvatore Ferragamo Ginette Women's Nero Calf Heels Sandals Black Sling Back 7 B*Charles Jourdan Paris Women’s Gray Leather T Strap Pointy Toe Size 8.5MStuart Weitzman Chic Navy Aniline Pump Size 8M D2188/ , GUESS BY MARCIANO NWB SEXY BLACK SATIN PLATFORM STILETTO PUMP HEELS 9 $220Pleaser Women's Cocktail-501/C/M Platform Sandal - Choose SZ/ColorPRADA BLACK GENUINE LEATHER SHOES SIZE 7.5 M / 38 2.5" HIGH HEELSMIU MIU METALLIC GOLD SZ 37.5 / 7.5 M LEATHER SNAKESKIN SANDALS HEELS SHOES , Man/Woman tods 39 Year-end special promotions New products in 2018 Great choice , Gentleman/Lady Andrew Geller Olena Women's Heels Navy use High-quality materials Shopping promotionAnn Taylor Violetta Suede Bow Pump Iron Grey BNIB 7, 7.5 , Born Shoes Paula Round Toe Leather Pumps, Women's Size 9.5M, Grey , Pas De Rouge Women's Pumps Size 39 Suede Leather Black Round Toe 9 US Cute FunRosegold Nwb Sexy Black Grey Espadrille Open Toe Strappy Pump Heels 8 $158 , $139 Betsey Johnson Women's Shoe Size 7 M / 8.5 M Tribal Pattern Wedge SandalBarneys Co-op Meg Barne Tessuto Punti Nero 22 Sz 37 Womens Black Satin Heel EUC , Lauren Ralph Lauren Sz 6 B Zamora Brown Leather Pumps High 3.5" Heels Classicvtg charles jourdan shoes 8 orange slip on mules cutouts vintage - size 8Johnston & Murphy 'Isabel Bootie' Point Toe Eggplant Kid Suede US 8.5M , L.A.M.B. Women Size 7.5 Sandra Mule Heels Black Leather Strappy Platform Slip On
    BCBG New Suede Cut Out Zippered 8890 Open Toe Sandles New Sandles Size 7 Color Carmel Brown 4abc026 ->BCBG New Suede Cut Out Zippered 8890 Open Toe Sandles New Sandles Size 7 Color Carmel Brown 4abc026 -
    Women's FRYE Jamie Luxe Moto Shearling Boots Midcalf , Yippee Kay Yay by Old Gringo Women's Jamal Western Boot Beige 8 M US , Trussardi 77S561_169_BROWN-BEIGE Loafers Men's - colour Brown AU , Gentlemen/Ladies ASICS GEL EXALT 4 T7E5N-9697 WOMENS Clearance price At a lower price Explosive good goodsMen's/Women's FLAPPER-20 PU Satin Black bargain Let our goods go to the world The first batch of customers' comprehensive specifications , SPERRY TOP SIDER WOMENS BOAT SHOES KOIFISH LINEN OAT SIZE 9 , Women's Shoes Cynthia Rowley PREP Slip On Flats Loafer Leopard Haircalf , Crown Vintage Womens Miaa Almond Toe Loafers, Black, Size 7.0 , Ivanka Trump Dritz Patent Leather Strappy Pointed Toe Mary Jane Pumps, Black, 5M , Womens Leather High Chunky Block Heel Floal Peep Toe Slingback Shoes Sandals SZ , LANVIN Shoes 445457 Black 37 1/2 , Pleaser BEYOND-087 Platforms Exotic Dancing Red Criss Cross Pump High Heels , RX1 100 Womens Wholesale Lot Mixed High Heel Platform Evening Pump Sandal ShoesReebok Women's Print Premier Ultk Track Shoe, White/Skull Grey, 10 M USSeychelles Womens Quake Fashion Sneaker- Pick SZ/Color.Osiris NYC 83 Shearling Size 5 Black Pine Red BMX DC MOTO Skate Shoes $85 Box , Mens Nike Air Zoom Vomero 12 Blue White Running Shoes Sneakers 863762-401 Size 8Air Jordan 13 navy/carolina blue-flint grey Sz 10 136002 441 FAST SHIPPINGDress Leather Pointy Toe Tassels Fringe Formal Business Retro Men's Shoes 2018Adidas Y-3 Yohji Yamamoto Retro Boost AQ5495 Limited EditionROCKPORT ESSENTIAL DETAILS MEN'S BLACK WATERPROOF SLIP ON SHOES WIDE(W), V75100 , AUTHENTIC CHRISTIAN DIOR GENUINE LEATHER MEN SHOES SIZE 12 M MADE IN ITALYGentleman/Lady Merlutti Brown Moccasin Loafers durable product quality Acknowledgement feedback , Women's Shoes Bernie Mev Rigged Vivaldi Sneakers Black Velvet *New*ZARA WOMAN NEW AW18 CONTRASTING SNEAKERS SHOES 5405/301 , MBT shoes brown nabuk women sneakers BY260Women's Ankle Boots Mid Back Heel Pull On Pointy Toe Combat Leather Camouflage , Cole Haan Tall Boots Size 6 B Elinor Black Leather Style D42517 , Dolce Vita Maude Suede Ankle Boots - Women's Size 8, Dark Saddle , Merrell Women's Silversun Zip Waterproof Boot, Black, 5.5 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BCBG New Suede Cut Out Zippered 8890 Open Toe Sandles New Sandles Size 7 Color Carmel Brown 4abc026 -

    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.

    BCBG New Suede Cut Out Zippered 8890 Open Toe Sandles New Sandles Size 7 Color Carmel Brown 4abc026 -

    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
    BCBG New Suede Cut Out Zippered 8890 Open Toe Sandles New Sandles Size 7 Color Carmel Brown 4abc026