Never miss an update

Miu by Miu Leather by Prada Mens Sandals size 9.5 Shoes Slip On Gray Leather Strap Summer Shoes d084828

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Material: Leather
Color: Gray Modified Item: No
Brand: miu miu Style: Strap
Upper Material: Leather US Shoe Size (Men's): 9.5
Never miss an update

Miu by Miu Leather by Prada Mens Sandals size 9.5 Shoes Slip On Gray Leather Strap Summer Shoes d084828 -

    Miu by Miu Leather by Prada Mens Sandals size 9.5 Shoes Slip On Gray Leather Strap Summer Shoes d084828
    Miu by Miu Leather by Prada Mens Sandals size 9.5 Shoes Slip On Gray Leather Strap Summer Shoes d084828
    New Balance SDL900OL D Green Yellow Men Women Sandal Shoes SDL900OLD , Keen Men's Newport Hydro-M Dark Olive/Antique Bronze 1018941 , Keen Rialto 3 Point Size US 9 M Men's Open Toe Sports Sandals Green Black , Gentlemen/Ladies TOGA VIRILIS Men's Shoes 056808 Black Good design Win highly appreciated Cost-effective , Saks Fifth Avenue By Magnanni Leather Sneaker, 12 , Keen Mens Uneek 1018700 Dress Blue Skydiver Size 13 , Man/Woman KEEN Men's Shoes 261723 Black 26cm Special price First grade in its class At an affordable price , DS 2016 SUICOKE DEPA-V2 / OG 022V2 GRAY NYLON TAPES/ VIBRAM RUBBER 8 SANDALSBirkenstock Gizeh Sandals Leather | regular or narrow | blue - red - brownTeva Mens Terra Omnium 2 Shoes 1019180 Black Olive Size 11 , Runway Real Leather Roman Gothic Rock Slides Sandals Beach Leisure Men Shoes szMERRELL MENS SANDALS SANDSPUR OAK BLACK GRANITE SIZE 13 , 500$ Bally Bonks White and Blue Leather Sandals size US 10 Made in ItalyMens High Top Roman Sandals Hollow Out Open Toe Zipper Wedge Heel Punk Shoes szTEVA MENS SANDALS TERRA FI 4 FIRETREAD MIDNIGHT SIZE 11 , CHACO MENS SANDALS Z/CLOUD 2 FOSTER IVY SIZE 9 , Mens Clarks Explore Part Mushroom Brown Leather Sandals Shu Size , Gianfranco Butteri Italian Leather Sandals New Collection Sizes 6,8,11TEVA MENS SANDALS HOLLIWAY TURKISH COFFEE SIZE 13Men's Salvatore Ferragamo Groove Slide Sandals size 11KEEN MENS SANDALS RIALTO OPEN TOE BLACK NEUTRAL GREY SIZE 13Allrounder by Mephisto Regent Tech Espresso Comfort Sandal Mens 40-46 NEW!!! , New Keen 1017032 Uneek Dress Blues / Neutral Gray Men's Sandals 12 US , Hot Mens Rivets Sandal Fashion Korea Buckle Roma Gladiator Solid Leather Shoes , KEEN MENS NEWPORT NEUTRAL GREY GARGOYLE SIZE 11.5OLUKAI MENS SANDALS NUI TRENCH BLUE CLAY SIZE 8 , Naot Footwear Andes Sandals Men's size 11 Walnut LeatherNEW Givenchy Money-Print PVC Men Slide Sandal, Olive color Size / US 8NEW Mens Doc Dr. Martens Kennet US Size 8 Sandals Black Womens 9 g1 ,
    Miu by Miu Leather by Prada Mens Sandals size 9.5 Shoes Slip On Gray Leather Strap Summer Shoes d084828 ->Miu by Miu Leather by Prada Mens Sandals size 9.5 Shoes Slip On Gray Leather Strap Summer Shoes d084828 -
    Europe Women Retro Punk Zipper Rivet Genuine Leather Shoes Flats Ankle Boots US8 , Free People Venture Ankle Boot Size 7 MSRP: $198 Women New LeatherLaredo Ladies Malinda Navy Blue Square Toe Western Boots 51136FRYE Ruby Chukka Womens Boot- Choose SZ/Color. , Man/Woman B35 Megan Peep To Booties, Black Quality queen Strong value Simple , adidas Originals Tubular Shadow W Black Pink Off White Women Casual Shoes CQ2464Brand new Signature Donald J Pliner Mens SHOES size 8 US M , Devi Kroell Snakeskin Leather Beige Cream Metallic Bronze Flat 37.5Alegria Seville Black Patent Leather Clogs Mules Size 40 , CHRISTIAN LOUBOUTIN Steckel cobalf blue suede spike stud boat shoes EU36.5 , Luxury Women's Pointed Toe Shiny Kitten Heel Bowknot Slingbacks Shoes Sweet GirlNEW $348 COLE HAAN Women's Stephanie Air Weave Pump Heels Shoes Sz 7.5Nine West 25022033 Womens Yellia Patent Dress Pump- Choose SZ/Color.TORY BURCH Printed Thin Flip Flops IRIS GARDEN 962 Size 9 NEW IN BOX , Pikolino's Women's Puerto Vallarta Leather Sandals 10 1/2 - 11 M 41 EUR $155 , 2006 Adidas XLab Black Leather Running Shoes Size 12 Excellent and Rare!NIKE AIR MOC ULTRA BR SZ 10 PALE GREY TART OFF WHITE 902777 002 , Nike Men's Air Trainer V. CRUZ QS Suede Shoes Orange Quartz 821955-800 bPetit Basset Griffon Vendeen Dog Print (White/Black) Running Shoes For Men- Expr , Man/Woman Adidas NMD_R2 PK - BY9410 High grade Price reduction Acknowledgement feedback , NIKE LEBRON 9 IX FREEGUM FREEGUMS WHITE/BLACK/RED SIZE 9Salomon Evasion 2 LTR Leather Mens Trekking Hiking Shoes Outdoor Trainer Sneaker , NIKE LEBRON XII 12 DOUBLE HELIX MERLOT PURPLE RED VOLT PINK POW 684593-607 11.5 , Air Jordan 1 Retro High OG X Nigel Sylvester 8.5 / / / 100% Authentic , NEW Mens Xelement Brown Leather Boots Motorcycle Work Harness Boots Brown 1458Skechers Men's Harsen Ortego Loafer Desert Slip-on Shoes , Fear of God Basketball Sneaker NIB Size 43 , BALENCIAGA SNEAKERS SZ 44E IN BOX (PHL029582) , Nike Women's Air Max Motion Lw Print Running ShoeTHE NORTH FACE Primaloft Womens Snow Boots Sz 8.5 Brown White Faux Fur Winter
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Miu by Miu Leather by Prada Mens Sandals size 9.5 Shoes Slip On Gray Leather Strap Summer Shoes d084828 -

    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.

    Miu by Miu Leather by Prada Mens Sandals size 9.5 Shoes Slip On Gray Leather Strap Summer Shoes d084828 -

    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
    Miu by Miu Leather by Prada Mens Sandals size 9.5 Shoes Slip On Gray Leather Strap Summer Shoes d084828