Never miss an update

Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a

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: Unbranded
Material: Synthetic Style: Mary Janes
Occasion: Casual Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Width: Medium (B, M) Heel Type: Block
US Shoe Size (Women's): US SIZE
Never miss an update

Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a -

    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a
    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a
    Delman Vintage Block Heel Pumps Shoes Olive Womens Size 7 , OLD WEST 130218 NWT TAN W/ TEAL LEATHER CARVING COWBOY BOOTS SZ 9Mr/Ms Demonia Crux-07 Platform Heels - Gothic,Goth,Punk,Black,Buckle Best-selling worldwide Attractive fashion Exquisite processing , Sexy Open Toe Women Buckles High Heels Punk Zip Sandals Boots Stilettos Shoes SzStuart Weitzman Womens Brown Suede Heels 7 M Made In Spain , Via Spiga Women's Black Leather Slingback Silver High Heels Size 9 M ShoesSexy Hollow Out Stiletto Strappy Womens Sandal Boots Pumps Banquet Shoes Black , New Vitality Womens 10AAA Brown Genuine Lizard Leather Heeled Pump ShoesWomens Open Toe Sandal High Heel Stilettos Pumps Gladiator Shoes US SZ 4.5-12Womens High Top Mixed Colors Retro Strappy High Chunky Heels Roman Shoes I100 , Womens Spiffy Wedge Heel Shoes Cream Slip On Size 9 Made in Spain with Box , Alegria Pewter Dazzler Leather Flair Mary Jane Wedge Shoes 9.5 NewRoman Womens Summer Party High Heels Back Zippers Stilettos Gladitor Sandals Sz , Women Buckle High Block Heel Hollow Out Ankle Boots Shoes Patent Leather SandalsMen/Women Fabulicious CHIC-06 Great variety Pleasant appearance Immediate deliveryWomens Fashion Sandals Stilettos Strappy Boots Pointy Toe Sexy Hollow Out PumpsBettye Muller New Barrow Brown Womens Shoes Size 10 M Heels MSRP $295 , Via Spiga Women's Black Kitten Heels Size 7.5WJoan & David Women's Suede Peeptoe Cork Wedge Shoes (11 B(M), Pink) , BENJAMIN ADAMS Womens Ivory Satin Open Toe Platform Pumps Sz 7.5 , 6" Adrienne Maloof Metallic Platform Stiletto Heels Shoes Size 5.5M Bronze Gold , Cleopatra Leather Gladiator Pumps by Monticello Shoes (Size 7) , $325 STUART WEITZMAN MIDTANGA Silver Snake Leather Designer Strappy Sandals 5.5 , Stuart Weitzman Women's "MIRAMAR" BLACK PATENT SANDAL SHOES 6.5N NARROWJeffery Campbell Havana Last "Rock Me" Wedge HeelsTORY BURCH GIGI METALLIC LEATHER LOGO PUMP SIZE 8.5 GOLD , PLEASER High Heel Glitter Ankle Bootie Peep Toe Platform DELIGHT-1018G SilverWomen's Shoes RALPH LAUREN HALLIE Strappy Platform Heels Sandals Leather Tan 9.5 , Gentle Souls Women's Hey Gabe Black Silver Ankle-Strap Sandal Leather T Strap
    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a ->Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a -
    Tory Burch Black Leather Knee High Gold Logo Medallion Dress Boots Women 7.5 BAigle Miss Juliette Bottillon Women Work Wellington Boots, Multicolour, 3.5 UK , NAOT 6.5 White Slip On Flat , ANTHROPOLOGIE J SLIDES sz 7 SNEAKER GARDEN DESIGN RAFFIA COMFORT FASHION $99Gentlemen/Ladies Bally Womens Shoes Size 6M Aesthetic appearance Online Known for its beautiful quality , LKNW Women's Brown Classic BRUNO MAGLI Leather Pumps Heels 6 ITALY , $165 IMAGINE Vince Camuto URIELA Light Brown ALL Leather Designer Wedge 9Maison Margiela Womens Gray Slingbacks Size 5.5 (422627)NIB Christian Louboutin Pijonina 100 Black Suede Scalloped Peep Heel Pump 35.5 , Chic Women Rhinestones High Heel Open Toe Pumps Party Ankle Strap Sandal Shoes , Reebok Classic CL Harman Run S CM9204 Black/Gum Men's shoes Fast ship H SS1213 , Puma Men's Tsugi Disc Ankle-High Training ShoesNike Tiempo 94 FC Black/White 685199-002 Men's SZ 11New Balance Mens Size 12 Fuel Cell V1 White Grey Running Athletic Sneaker Shoes , Kith x Adidas Soccer Nemeziz 17.1 TR FLAMINGOS PINK FIEG AC7509 yeezy , NIB Vans SpongeBob Checkered Limited Edition Vault Authentic - Last Ones!!!REEBOK COURT VICTORY PUMP SIZE 8 PACKER SHOES US OPEN QUEENS SEINFIELD KRAMER DSXtratuf Men's XT Legacy 15 in. Side Gusset Copper/Tan Size 9 Boot , Mens Spirit Leather Motorcycle Boots Short Harness square toeVTG-1970s Patent Leather Crocodile Design Pimp Disco Buckle Shoes Men 10D sku9Men's Casual Dress Korean Leather British Style Crocodile Shoes Breathable Shoes , Merrell All Out Blaze Sandal-Women's Size 8.5 Brown Sugar , Women New Balance WX66BK Running Medium Black Silver 100% Authentic Brand NewNew Balance Women's Fresh Foam Cruz v1 Running Shoe, Aubergine/Sea Salt, 7 D USCalvin Klein Windy Boot - Women's Size 9.5, Black , Tommy Bahama Kaja Wedge Bootie, size 7M, retail $158 , Yellow Box Womens sunny Fabric Closed Toe Ankle Fashion Boots Taupe Size 8.5 kMen's/Women's Hunter Original Short Navy Womens Boots Elegant and sturdy set meal Medium cost Non-slip , Women's Max Studio Draping Black Leather Knee High Boots Shoes Size 8.5 M NEW , PLEASER ILLUSION-1018 1019 1012 Sexy 6 1/2" Textured Heel Platform Ankle Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a -

    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.

    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a -

    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
    Women's Rhinestone Pumps Chunky Wedding Mid Heel Ankle Strap Ankle Buckle Shoes Wedding Floral Pumps 2258c2a