Never miss an update

Fendi Silver Laminated Leather 36) Sandals (Size Leather Sandals 36) bc7e511

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Sandals
Color: Silver US Shoe Size (Women's): 36
Brand: Fendi Material: Leather
Heel Height: Medium (1 3/4 in. to 3 in.) UPC: Does Not Apply
Never miss an update

Fendi Silver Laminated Leather 36) Sandals (Size Leather Sandals 36) bc7e511 -

    Fendi Silver Laminated Leather 36) Sandals (Size Leather Sandals 36) bc7e511
    Fendi Silver Laminated Leather 36) Sandals (Size Leather Sandals 36) bc7e511
    PRADA Shoes 391236 Green 37 1/2 , Hogan HXW2000H790D0WC416 Sandals Women's Light Grey US , NIB Tod's Gommini slide sandal size 36Dolce & Gabbana C18933 AF344 8U937 Sandals Women's Multicolor US , 683615 MARC JACOBS STRAPPY MUSTARD BROWN CREAM 38 8Gentlemen/Ladies Hogan HXW2030I45A18I221G Sandals Women's Multicolor US Elegant shape Moderate cost Fine wildRALPH LAUREN Purple Label Women's Jerelle Bordeaux Ankle Strap Sandals $695 NEW , 54079 auth CHRISTIAN LOUBOUTIN brown blue orange AZUNIRACO Sandals Shoes 40.5 , BOTTEGA VENETA Strappy Sandals In Cigar Size 38 7.5 - EUCBalenciaga Orange Leather Wedge Strappy Sandals - Size 36.5 , Manolo Blahnik Tan Crocodile Susa Flat Sandals (Size 38.5) , Women's Shoes L'Autre Chose Bronze Cracklé Thong Sandal Spring Summer 2018DOLCE & GABBANA BLACK LEATHER POMPOM CRYSTAL SANDALS EU38 US 7.5 , Sergio Rossi A05900 MCAS01 6339 Sandals Women's Beige US , NIB MARC BY MARC JACOBS JELLY JEWELED RHINESTONE STILETTO ANKLE STRAP HEEL LC3NEW GIVENCHY Transparent Double Band Ankle Strap Sandals (Size 35)-MSRP $795.00!New Dior Black Braided Leather Platform Sandals Size 40.5 US 10.5Women's Shoes L'Autre Chose Bronze Cracklé Sandal Spring Summer 2018 , PEDRO GARCIA ISLEY WHITE LEATHER us $395 , PRADA Shoes 287138 Black 37 1/2Women's Shoes L'Autre Chose Light Grey Patent Leather Sandal Spring Summer 2018 , PRADA 1I733D Ivory Patent Designer Sandals Slingbacks 5.5 MMiu Miu black Leather Bolt heel Sandals Size 39.5 , MANOLO BLAHNIK Shoes 247990 Black 35 , Women's Shoes L'Autre Chose Light Blue Slingback Sandal Spring Summer 2018 , RALPH LAUREN Purple Label Women's Black Ankle Strap Leather Sandals $595 NEWMan's/Woman's GIVENCHY platform sandals SIZE 39 Reasonable price Fast delivery leading the fashion , L'AUTRE CHOSE BLUE SUEDE SLING BACK SANDALPRADA Shoes 221326 Blue 35 1/2 ,
    Fendi Silver Laminated Leather 36) Sandals (Size Leather Sandals 36) bc7e511 ->Fendi Silver Laminated Leather 36) Sandals (Size Leather Sandals 36) bc7e511 -
    Women shoes boots leather model EMA Us size 3.5 to 12Mi Piaci knee high boots, Black 39Asics FuzeX Rush [T768N-9690] Women Running Shoes Midgrey/Black-WhiteMen/Women Bueno Karalee Leather Espadrilles - Black Complete specification Comfortable touch Authentic guaranteeCrocs Women's Drew x Crocs Classic Tribal Print Clog Chevron ClogsDansko Professional Box Work Clogs - Women's Size 6.5/7 - WhiteWomens Sexy Clubwear Platfrom Strappy Sandals High Heel Buckle Roma Shoes PlusBritish Womens Low Block Heel Summer Side Zippers Bandage Roman Sandals Shoes be , Aerosoles Women's Shore Thing Dress Pump, Blue, Size 9.5 V3GICalvin Klein Shantell Rock Metal Heel - Women's Size 7 Silver , Womens Roman Strappy Flats Zipper Knee Boot Sandals Plus Size hollow out 2017 , Men/Women Prada Floral Footbed Leather Sandal, 40 Innovative design Price reduction Outstanding function , New Balance 775 V3 Womens Running Shoes Fitness Gym Workout Trainers Black , Ryka Women's Vivid RZX Training ShoeNew Mens Asics Gel Lyte III H6Y0L sz 11.5-13 Running Sneakers Black Red PlaidNew Mens Nike Air Vortex Vintage Trainers Bone Cargo Khaki BN 903896-006Asics Tartherzeal 6 [T820N-0790] Men Running Shoes Volt/Black , ADIDAS YEEZY BOOST 350 KANYE WEST PIRATE BLACK BLUE GRAY CORE ZEBRA BB5350 DS 11NEW Giorgio Brutini Shoes Slip On Loafers Velvet Navy Blue Size 10 M 176273 , New Nike Air Total Core TR 2 Women Training Running Shoes Sz. 6.5 - 649845-175NEW IN BOX VINTAGE ADIDAS MALICE Black/White Women’s Shoes Size 10Puma Fierce Strap Metallic Training Women's ShoesNike Air Max Sequent 3 Camo Womens AJ0005-101 Grey Punch Running Shoes Size 8NEW Women's Adidas Ultraboost X shoes All Terrain size 9 BLACK , Mizuno Women's Wave Legend 3 Running Shoe - Choose SZ/Color , Nike Free TR 7 Wild Child Womens 904651-102 White Rose Training Shoes Size 7 , WOMENS SAUCONY HAVOK XC LADIES CROSS COUNTRY RUNNING SPIKES SHOES , Moncler Women Fifi Low Top Sneaker Trainers Black Size 37Womens Block Low Heel Square Toe Suede Comfy Solid Over The Knee High Boots Size , NEW Kelsi Dagger Brooklyn KDB Kaiden Bootie Size 9.5 Suede Ankle Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fendi Silver Laminated Leather 36) Sandals (Size Leather Sandals 36) bc7e511 -

    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.

    Fendi Silver Laminated Leather 36) Sandals (Size Leather Sandals 36) bc7e511 -

    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
    Fendi Silver Laminated Leather 36) Sandals (Size Leather Sandals 36) bc7e511