Never miss an update

Japan Ginza Diana Diana black Classic Pumps Heels 4 3" Women's US SZ 4 black leather Cleavage d5fe236

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Shoes are in good condition
Country/Region of Manufacture: Japan Pattern: Solid
Style: Classics Shoe Type: Heels
Heel Height: High (3 in. to 4.5 in.) Gender: Women
US Shoe Size (Women's): 4 Color: Black
Material: Leather Occasion: Special Occasion
Width: Narrow (AA, N) Brand: Ginza Diana
Theme: Party Heel Type: Stiletto
UPC: Does not apply
Never miss an update

Japan Ginza Diana Diana black Classic Pumps Heels 4 3" Women's US SZ 4 black leather Cleavage d5fe236 -

    Japan Ginza Diana Diana black Classic Pumps Heels 4 3" Women's US SZ 4 black leather Cleavage d5fe236
    Japan Ginza Diana Diana black Classic Pumps Heels 4 3" Women's US SZ 4 black leather Cleavage d5fe236
    Fulinken 7 Color Size 5-9 Leather Fringe Tassel Pumps Casual Dress Womens Shoes , DEMONIA Womens Stacked Platform Mid Calf Boot Vegan Goth Punk BEAR-202 BlackNine West 25022958 Womens Valorie Pony Platform Pump- Choose SZ/Color. , JIMMY CHOO JAG GOLD PYTHON LEATHER OPEN TOE SANDALS SLINGBACK PUMPS/SHOES S 38 , NEW Anthropologie Billy Ella black tan Metallic Fabric Ankle Strap Heel Sandal 8 , Made in Italia Women's Blue Platform Pumps Bicolor Court Shoes Openwork , MANOLO BLAHNIK Black Cherry Patent Leather D'Orsay Buckle Heels Size 37.5 Italy , Bettie Page Cara Shoes - Red Retro Rockabilly Pin Up Vintage Inspired , ZARA BLACK HIGH HEEL MULES WITH BOW SIZE UK7 EUR40 US9 , Salvatore Ferragamo "Morning" Italian Plum Suede Leather Low Heel Women's 7 AAAkurt geiger shoes / patent leather heels/ UK:4 (RRP: NEW) , J.Crew Collection Valentina D'Orsay Blue Patent Leather Pump Mid Heel Italy Pleaser 8" black stretch side zip knee stripper bootsPLEASER Sexy Stripper Shoes Turquoise Chrome Cutout Jewel Platform 7" High HeelsDolce & Gabbana Womens Shoes Size 38 8 Off White Pumps Pointed Toe Heels , PLEASER Sexy 5 1/4" Heels Champagne Satin Shoes Pumps Rhinestone Embellishments , Zara Women Leather mid-heel slingback shoes 1221/301/092Men's/Women's NEW GIANMARCO LORENZI WOMENS PUMP Reputation first Clearance Lightweight shoesVANELi Womens FC-313 Leather Closed Toe Classic Pumps, Navy, Size 4.0 f2nY , PLEASER Sexy WIDE WIDTH Brown Shoes Platform T-Strap Sandals w/ Metal Rings , Miu Miu Beige Patent Leather Pumps Sz 9 , SoftWalk Women's Imperial II Dress Pump Black Size 12.0Made in Italia Women's Black T-Bar Pumps Faux Suede Adjustable StrapTaryn Rose Womens Tamara Soft Patent Pump- Select SZ/Color.BADGLEY MISCHKA MADALYN Black Silk Designer EVENING Open Toe Pumps 10Pleaser 7" silver chrome rhinestone gun heel sandalsVANELi Womens FC-313 Leather Closed Toe Classic Pumps, Cork-multi, Size 10.0 RWLSalvatore Ferragamo Boutique Brown Croc Print Leather Pumps Heels Size 11 2ABernie Mev Womens Legend Fabric Round Toe Classic Pumps Endure Size 6.5 ,
    Japan Ginza Diana Diana black Classic Pumps Heels 4 3>Japan Ginza Diana Diana black Classic Pumps Heels 4 3
    Frye Jane Women's Leather Tall Cuff Boot Sz 6.5B 4649 * , JIL SANDER - Black Soft Leather Knee High Wellington Stacked Heel Boots 7 37.5 , Mr/Ms Holster Blaze Nickel Strong heat and wear resistance low cost Human borderAUTHENTIC MIU MIU PUMPS YELLOW GRADE B USED-ATMoncler Josette Espadrilles Gold Leather, size EU40/UK7 - New with box, RRPGlitter Platform Stiletto Ankle Strap Sandals High Heels Shoes Adult Women , Schutz Women's Darleneh Dress Sandal, Platina/Gold SIZE 5.5 B (sh)Munro American Light Green Leather Open Toe Women's Sandal Size 8N , Valentino Garavani Heels Pumps Midnight Blue Patent leather Sz 7 Golden soles , 2017 New Womens Rhinestone Wedding Shoes Open Toe High Heels Strappy Party PumpsDIOR ~ Ladies Tan Nubuck Suede Clogs with Heel & Silver Logo with Peace Sign , PRADA PLATFORM SLING BACK SANDALS SZ 37.5 , 2016 Nike Air Zoom Chalapuka sz 10 TSS 9/10 TALARIA BLACK BROWN WHITEMen's Adidas Alphabounce Lea - Maroon/Trace Khaki/White - Width: med - Running , Nike DUNK HIGH PRM SHIELD Black Reflective Silver Medium Grey Discount (450) Men , adidas Originals Tubular Shadow Knit Men's Black/Black CG4562 , MENS UNDER ARMOUR HIGHLIGHT DELTA USA BLUE WHITE RED 1288059-410 SIZE 11.5 , Sperry Top-Sider Boat Shoe CVO Birch Sneakers Size Men’s 9.5 M US NEWStacy Adams Men's Florian Penny Loafer 25038 , Skechers 77069 Conroe Steel Toe Work Shoes Charcoal BlueMen Punk Rivet Leather Slip On Loafers Red Shoes Fashion Occidental Flats New , Dockers Mens Edson Leather Dress Loafer Shoe - Choose SZ/Color , NEW Nike Wmn's Flex 2016 RN Running Training Shoe Grey & Mint 830751 011 SZ 6 , Brooks Womens Glycerin Black Running Shoes Size 8 (27957) , Nike WMNS Flyknit Zoom Agility Blue Lagoon/White-Black Fabric $150 , New Womens 6.5 Converse CTAS Lux Mid Wedge Metallic Fuschia Shoes $70 556779CNike Air Max 90 size 7 YOUTH Royal Deep Blue 307793-408 Women Sneakers 8.5 9 , Nike Air Huarache Run Womens 634835-031 Grey Coral Blue Running Shoes Size 9.5S82055 Adidas Women UltraBOOST W blue icy blue blue night , Altra Women's Intuition 4.5 Sneaker, Black, 8.5 Regular US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Japan Ginza Diana Diana black Classic Pumps Heels 4 3

    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.

    Japan Ginza Diana Diana black Classic Pumps Heels 4 3" Women's US SZ 4 black leather Cleavage d5fe236 -

    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
    Japan Ginza Diana Diana black Classic Pumps Heels 4 3" Women's US SZ 4 black leather Cleavage d5fe236