Never miss an update

Nine Flats West Work Xalan Wine Flats Size clubatlascp-20606 8.5 Comfortable Work Shoe 8795e8c

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: Nine West
Width: Medium (B, M) Style: Flats Loafers
Heel Height: Flat (0 to 1/2 in.) US Shoe Size (Women's): 8.5
UPC: 646530058762
Never miss an update

Nine Flats West Work Xalan Wine Flats Size clubatlascp-20606 8.5 Comfortable Work Shoe 8795e8c -

    Nine Flats West Work Xalan Wine Flats Size clubatlascp-20606 8.5 Comfortable Work Shoe 8795e8c
    Nine Flats West Work Xalan Wine Flats Size clubatlascp-20606 8.5 Comfortable Work Shoe 8795e8c
    AGL Attilio Giusti Leombruni Euro 2 Sandal , Steve Madden Iridessa Nude Lea Pointed Toe Flat 1286 Size 8.5 M , STUART WEITZMAN Black Beaded Ballet Flat SUPER CUTE!! Retails $225 , Sperry Top_Sider Bahama Cognac Sequins Boat Shoes Women's Shoes Size 8.5 newVince Camuto Black Leather Ballet Flats Embellished w/Gold Hardware & Stone, 6.5Enzo Angiolini Leather uppers/soles White Liberty 25 women shoes Sz 91/2M Brazil , Steve Madden Iridessa Black Pointed Toe Flats 4262 Size 7.5 M , J. Crew Women's Animal Print Brown Patent Leather Flats Sz 6 1061$185 RAMON TENZA TAYLOR -RAF Natural Fabric Designer Comfort Loafers Flats 7Rangoni Firenze Leather Low Slip On Mules 7.5B , The Original CAR SHOE Brown Pebble Leather Loafers Rubber Pebble Soles Sz 35 US5 , Cole Haan Palmero Espadrille Denim Blue Women Sz 10B , $185 RAMON TENZA TAYLOR -RAF Natural Fabric Designer Comfort Loafers Flats 9 , Steve Madden Women's Graphic Olive Satin Fashion Sneakers Sz 8.5M 2398 , Gentleman/Lady GatsbyCork Jon Josef Loafer Flat Good world reputation Elegant style Strong heat and heat resistance$228 ELIE TAHARI GABBIE DRIVER Gray Leather Designer Driving Flats 6.5Dolce Vita Women's Burgundy Suede Pointy Toe Flats 2714 Sz 6EMU Australia Womens Sheepskin Amity Moccasin - Black - 7 , Men's/Women's Urban Fuchsia Jon Josef Leather Flat Quality queen comfortability Elegant and solemn , ADIDAS WOMEN'S ORIGINALS SUPERSTAR SLIP-ON SHOES AQ0869 BLUE/WHITE , NIb Cole Haan Sarina Snake Embossed Leather Ballet Flat Shoes Sz 5.5 M Nude $179Steve Madden Women's Graphic Olive Satin Fashion Sneakers Sz 7.5M 6556 , Mr/Ms Propet Women's Maren Flat Charming design Modern and stylish fashion International big name , VIA SPIGA PIERCED SLIP ON LOAFER SLIDE MULE 9 , Womens Board Shoes Slip On Rhinestone Casual Outdoor Pointed Toe Suede Fashion"NICE" Naot Women's Rahina Mary Jane Flat Black 40 US 9 MSRP $185 ! , Stuart Weitzman Black Wood Patent Womens Loafers Shoes Size 37.5 Bow SpainMr/Ms Bettye Muller Rabat Mule, 37, Black Various goods Comfortable touch Reliable reputationSteve Madden Iridessa Nude Lea Pointed Toe Flat 5191 Size 8.5 M ,
    Nine Flats West Work Xalan Wine Flats Size clubatlascp-20606 8.5 Comfortable Work Shoe 8795e8c ->Nine Flats West Work Xalan Wine Flats Size clubatlascp-20606 8.5 Comfortable Work Shoe 8795e8c -
    Aquatalia Boots Women's Sz 9.5 Brown Leather Equestrian Riding Side Zip StyleLIU JO Women's Boots Shoes Pink 06 Bikers Calf Leather Polished Black LeatherGentleman/Lady FRYE Women's Paige Short Riding Boot Adequate supply and timely delivery cheapest List of explosions , Women's Corral Brown Bone Side Embroidery & Crystals 13" Snip Toe C2927 NIB!CELINE brown leather rivet detail boots size 37.5 WORN ONCEMan/Woman Wittner Ladies Shoes Beige Leather Boots Easy to clean surface Primary quality Great choice , Adidas Refine Adapt Classic Casual Lifestyle Shoes White/White/Grey One DB1338 , Womens Dr Martens 1460 Pascal Emboss Originals Core Floral Ankle Boots , Cole Haan NikeAir silver flats, Sz 9.5 BSKECHERS Variation Womens Kiss Flat- Choose SZ/Color. , OPENING CEREMONY Womens Black Leather Slip On Shoes Sz 41Missoni Multi Colored Woven Espadrille Slingback Heeled Wedge Sandals Size 6new Transparency Womens Slip On Summer High Block Heels Shoes Fashion Sandals _ , Escarpins CELINE Tout Cuir Daim Prune T 39 C TBE , Old Friend Footwear Women's Chestnut Loafer Moccasin Slippers 441165 , Nike Men's Tanjun Se Running Shoe Size 10Nike Zoom Hyperquickness DSG - Gym Red / Metallic Silver Size 12 NewVans Classic Slip On Rainbow White Men's 9.5 Women's 11 Skate Shoes New UnisexPolo Ralph Lauren Men's Halford - Choose SZ/Color , Vans SK8-HI MTE Aimee Fuller Men's Sz 8 Women's Sz 9.5 Marshmallow VN0A33TXOGJ , Carmine 6s Jordan 384666-160 Brand New Size 2.5y , VINTAGE BROWN COGNAC RUST TONY LAMA LEATHER DISTRESSED WESTERN BOOTS SIZE 10.5 D , Polo Ralph Lauren Men's Morray Canvas Fashion Sneaker - Choose SZ/ColorSkechers Flex Appeal 2.0 Navy Pink Womens Trainers Shoes , New Women Big Fox Fur Fashion Leather Sneakers Platform Wedge Ankle Boots Winter , Nike WM Air Zoom Structure 21 Running Shoes light Grey 904701-006 US5.5-8.5 04' , Qupid Caged Cutout Almond Toe Ankle Booties , Fashion Womens Pointy Toe Tassels Chain Decor Knee High Boots Flat Pull On ChicFranco Sarto Women's Arlette Wide Calf Riding Boot , Man's/Woman's CAMEL-203 use cheapest TRUE
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nine Flats West Work Xalan Wine Flats Size clubatlascp-20606 8.5 Comfortable Work Shoe 8795e8c -

    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.

    Nine Flats West Work Xalan Wine Flats Size clubatlascp-20606 8.5 Comfortable Work Shoe 8795e8c -

    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
    Nine Flats West Work Xalan Wine Flats Size clubatlascp-20606 8.5 Comfortable Work Shoe 8795e8c