Never miss an update

BCBGeneration Lux Calizi 6.5 Ankle Suede Black Lux Kid Suede Block Heel Ankle Cuff Sandal New 5fd81de

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
Brand: BCBGeneration
Color: Black Style: Sandals
Heel Type: Block US Shoe Size (Women's): 6.5
Heel Height: High (3 in. and Up) Width: Medium (B, M)
Material: Suede UPC: Does not apply
Never miss an update

BCBGeneration Lux Calizi 6.5 Ankle Suede Black Lux Kid Suede Block Heel Ankle Cuff Sandal New 5fd81de -

    BCBGeneration Lux Calizi 6.5 Ankle Suede Black Lux Kid Suede Block Heel Ankle Cuff Sandal New 5fd81de
    BCBGeneration Lux Calizi 6.5 Ankle Suede Black Lux Kid Suede Block Heel Ankle Cuff Sandal New 5fd81de
    Carlos Santana New Womens Halo Leopard Print Heels Shoes 6.5 Medium2018 Fashion Glisten square Toe Stripe Bowknot Low heel Casual pumps Party Size , Calf Hair D'Orsay Kitten Heel Size 7M Tiger Animal Print Leather Upper & Liningcrazy womens peep toe hollow out strange heel platform British sandals shoes bar , Men/Women STARDUST-701 Guarantee quality and quantity Primary quality Current shape , Women's Highest Heel 5.25" Heel Pump Black Kid PU Size 10 Shoes , $140 TOPSHOP Goat Leather Bailey Point Court Shoes - Sz 8DOLLHOUSE Women's Platform High Heel Black shoes. size 11(caitlyn) , Adrienne Vittadini Women's Fenton Leather Oxford Shooties, Size US 8.5 M , NEW Women's Sexy High Heel Pumps Stiletto Pointed Toe Club Party Wedding Shoes , Pleaser 6" criss cross black matte slinback sandals , New Nina New York Womens Frosti Black Silver Open Toe Heels Shoes 5.5 Medium , $155 MAXSTUDIO LESPOS Taupe Leather Designer Mary Jane Round Toe Pumps 8.5 , BARACHINI sandale noire cuir satin NEUVE Valeur 169E Pointures 36,40 , Jessica Simpson Women's Segel Platform Pump, Powder Nude, Size 7.5 B , Jessica Simpson Women's Jezalynn Black Slim Strap HIgh Heel Single Sole SandalsDolce And Gabbana Black And Tan Basket Weave Open Toe T-Strap Wedges Size 6 , BAIT Womens But Another Innocent Tale Teal 40s & 50s Pin up Inspired Heels 8Fashion Womens Grace Beads Rhinestone Mid heel Ankle Strap Wedding Party Sz 4-11 , L.A.M.B Tan Canvas Grey Leather Strappy Back Zip Tie Detail Stilettos Size 8Vince Camuto New Womens Milesy2 Khaki Combo Open Toe Heels 9.5 M Shoes NWB*Demonia 5" Steampunk Brown Buckle Cog Sprocket Gear Platform Pumps Gothic 8 , VTG Martinez Valero Snake Skin/Print Womens Shoes Sz. 7 MPleaser High Heel Black 6" Heel strappy Platform Sandal KISS-254/B/MWomens Pointed Toe Patent Leather Rivets Studs Slingback Pump Heels Shoes Sandal , Women's Chic Shiny Sequins Slip On Club Proms Pump Pointy Toes High Heels ShoesJessica Simpson Cristabel Buff Leather Wedge Ankle Strap Sandals , Louise et Cie Nadia Bow Black Leather Pumps Heels Womens Size 8 M* , Two Lips Womens Rapture Suede Wedge Heels red 6.5
    BCBGeneration Lux Calizi 6.5 Ankle Suede Black Lux Kid Suede Block Heel Ankle Cuff Sandal New 5fd81de ->BCBGeneration Lux Calizi 6.5 Ankle Suede Black Lux Kid Suede Block Heel Ankle Cuff Sandal New 5fd81de -
    Gentlemen/Ladies Boot Nine West Kirtley Green Suede Beautiful color new Shopping promotionAriat Women's Quickdraw Badlands Brown/Wicker Full Grain Leather Cowboy BootsAdidas Men Running Shoes Questar Ride Cloudfoam Training Trainers Black DB1345Lucchese Ladies N4559 5/4 Black Mad Dog Goat C-WidthMen's Shoes High Top Sneakers SERAFINI Gold Edition Sport 4704G Leather WhiteKenneth Cole Womens Olivia Espadrilles, Pink Rose Gold 610, 9 UK , Moxie Trades Women's Alice Work Boot Pink Nubuck Leather , NIB $275 Pour La Victoire Cece Dress Suede Pump Heels Ocean Blue Size 10 , Man's/Woman's DELIGHT-601RS Modern technology Reliable performance classic style , Nine West Women's Flax Synthetic Dress Pump, Off White/Red Orange, 6 M USnew BETSEY JOHNSON 'Raffles' black open-toe PLATFORMS heels shoes - ADORABLENEW IN BOX WOMEN'S 9.5 J CREW AVERY GLITTERY TWEED PUMPS HEELS , Donald J Pliner Women's Talia Pointed-Toe Closed Pumps Black Suede Size 5.5 MYSL Yves Saint Laurent TRIBUTE 105 Platform Suede Kid SAFRAN Sandals Shoes 39 , Dansko Iris Strap Sandal, Blue Nubuck, New in Box, Size 36 (5.5-6) $120New Balance Fresh Foam Arishi Men Running Shoe Wide 7 4E BlackVans SK8 HI 46 CA El Jefe Black/Incense Men's Shoes 7 , MEN'S VANS SK8-HI (CANVAS)G GRAPE LEAF VNOA38GEMHNSHOES SIZE 8 , Nike FL-RUE Ultra XT2 Mens Triple White 880994 100 Running Sneakers Trainers NIBOsiris Men's NYC 83 CLK Skate Shoe , Adidas Originals Tubular Doom PK Primeknit GLOW in the DARK!Navy(11.5)NEW BB2393 , Reebok Question Mid BD3875 Gold Standing Room Only Basketball Shoes Men's 9 new , BUTTERO Men's Shoes 729562 Black 41 1/2Tommy Hilfiger Mens Liston Shoe- Select SZ/Color.Antonio Cerrelli 6712 Mens Faux Eel Look Dress Shoes Elegant Camel Light BrownNew SKECHERS Street Rise Fit Women's Sz 7.5 Shoes Prima Glitter BoxNike Check Canvas Trainers Womens Maroon Sports Trainers SneakersMCM VISETOS COLLECTION JAGUAR BLACK WOMENS LEATHER SNEAKERS NEW SIZE 6.5-7Nike Air Zoom Vomero 13 Womens 922909-009 Grey Blue Pink Running Shoes Size 7Man's/Woman's DELIGHT-1018SK Aesthetic appearance Attractive fashion Beautiful and charming ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BCBGeneration Lux Calizi 6.5 Ankle Suede Black Lux Kid Suede Block Heel Ankle Cuff Sandal New 5fd81de -

    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.

    BCBGeneration Lux Calizi 6.5 Ankle Suede Black Lux Kid Suede Block Heel Ankle Cuff Sandal New 5fd81de -

    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
    BCBGeneration Lux Calizi 6.5 Ankle Suede Black Lux Kid Suede Block Heel Ankle Cuff Sandal New 5fd81de