Never miss an update

Sanita 4455 Women's Thalia Flex Wedge Sandal, Cognac, 36 Thalia 36 EU/5.5/6 M US 7226874

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: Sanita
Color: Cognac Style: Platforms & Wedges
Size: 36 EU/5.5/6 M US MPN: 457214-210
Model: 457214 US Shoe Size (Women's): 36 EU/5.5/6 M US
UPC: Does not apply EAN: 0190947009027
Never miss an update

Sanita 4455 Women's Thalia Flex Wedge Sandal, Cognac, 36 Thalia 36 EU/5.5/6 M US 7226874 -

    Sanita 4455 Women's Thalia Flex Wedge Sandal, Cognac, 36 Thalia 36 EU/5.5/6 M US 7226874
    Sanita 4455 Women's Thalia Flex Wedge Sandal, Cognac, 36 Thalia 36 EU/5.5/6 M US 7226874
    Miz Mooz Women's SHILOH Sandal, Whiskey, 39 M EU/8.5 USBos. & Co. Womens Calem Platform Dress Slingback Sandal Orange 38 MPour La Victoire Women's Pica Espadrille Sandal, Copper, 8 M USCrocs Women's Sanrah Hammered Met W Flat Sandal, Black/Black, 8 M US , Diba Womens True Sea Dress Pump Sandal Peep Toe Cognac Brown Veg Size 8 M US , Cobb Hill Rockport Women's Hannah CH Sandal, Sand, 9.5 W US , Easy Street Women's Pilot Heeled Sandal - Choose SZ/ColorDolce Vita Women's Vana Espadrille Sandal, Off White Leather, 7.5 M US , US Shoe Size Women Slide Comfort Plus Casual Low Wedge Wide Width Brown, BlackLucky Brand Women's Jillah Mule, Glazed, 10 M US , Dolce Vita Women's Lada Espadrille Wedge Sandal - Choose SZ/Color , Joie Womens Laban Slide Sandal Shell Size 39.5 M USTouch Ups Women's Jenna Wedge Sandal, White, 9.5 M USCrocs Women's Capri V Graphic Sequin Flip - Choose SZ/Color , Roxy CAYMAN SANDALS Womens Slide Sandal- Choose SZ/Color. , Skechers On-The-Go 600 - Radiant Black Bbk Womens Hook And Loop Strap Size 6MKaty Perry Women's The Jackie Heeled Sandal, Black, 5 Medium US , Easy Street Women's Fantasia Heeled Sandal, Red, 8 2W USAnne Klein 25025712 Womens Sansa Suede Heeled Sandal- Choose SZ/Color. , Gentleman/Lady Skechers Women's On-The-Go 600-Monarch Slide Sandal Innovative design cheapest fineKenneth Cole New York Womens Jullian Platform Slide Sandal Taupe Size 7.5 M USSkechers 31542 Cali Womens 2nd Take-Time Travel Slide Sandal- Choose SZ/Color. , LifeStride Women's Invest Dress Sandal - Choose SZ/ColorMUK LUKS Women's Sue Ellen Wedge Sandal,Multi Sequin Polyester- US 7Sam Edelman Womens Mae Platform Sandal Moss Green Suede Size 10 MUS Shoe Size Women Solsoft Low Platform Wedges Back Zipper Comfort Casual SandalSudini Womens Britt Wedge Slingback Sandal Peep Toe Black Size 7.5 M US , Teva Women's Hurricane XLT Sandal,Black,8 M USVery Volatile Women's Primm Heeled Sandal - Choose SZ/Color ,
    Sanita 4455 Women's Thalia Flex Wedge Sandal, Cognac, 36 Thalia 36 EU/5.5/6 M US 7226874 ->Sanita 4455 Women's Thalia Flex Wedge Sandal, Cognac, 36 Thalia 36 EU/5.5/6 M US 7226874 -
    Sancho Boots - Sancho Boots VERACRUZ BROWN 40 Euro / 9 US , 8200Fox racing casual shoes motion elite assault black camo mens size 7Nikelab Womens Lunarepic Flyknit Shield Running Trainers 881678 Shoes 300Men's/Women's Pikolinos 8531 PIKOLINOS ANKLE BOOT Reliable quality At a lower price The first batch of customers' comprehensive specificationsNEW womens Paraty Peep Toe Wedge Platform Espadrille Made in BrazilGentlemen/Ladies Loafer LifeStride Viana Black wholesale modern professional designAerosoles Women's Smart Move Flat, White Leather, 7 W USMOSCHINO 'CHEAP & CHIC' Womens Olive Green Leather Suede Oxfords Sz 37.5 , Melissa Shoes Womens Aranha Quadrada Black 9 M , 37/6-6.5 Ecco Kelly Ballet Flat Black Oiled Leather , Womens Irregular Choice Winchester Pink Black Mid Heel Court Shoes Shu SizeStuart Weitzman Green Whipstitched Python 'Dc Pincho' Platform Pumps SZ 8.5 NEWBCBGeneration Womens Bova Sandal Shoes, Black Cut Snake/Elastic, US 6 , Christian Louboutin Very Prive 120 White Satin 38.5 Bridal Wedding Worn Once!Chloe Camille Spring 2014 Runway Cork Platform Shoes - 37 , Steve Madden Ellis Slip On Sneakers 239, Metal Multi, 8 US , Nike Men's Lunar Force 1 Fuse Leather Sneakers 599839-001 NIB NWT Retro Kicks , Diadora Flamingo 2 - Purple - Mens , Men's Adidas Tubular Instinct Boost Size 10 BB8401 Core Black/White NEW In BoxAir Jordan 1 Mid Speckle 554724 049 Mens Sizes 7.5-11 Shoes Brand NewMizuno Wave Inspire 12 Black Yellow Silver Mens Running Shoes J1GC16-4406Nike Air Jordan Retro VIII 8 Take Flight Sequoia Max Orange Black 7 UNDFTD LotNike Free RN 831508-101 Men's Sizes US 6 ~ 15 / Brand New in Box!!!NIKE KOBE 5 5 RINGS LAKERS sz 11.5 , Maison Margiela Men's Replica Finger-Paint Low-Top Sneaker, White/Black Sz 12 , Men's Florsheim Shoes Belfast Cap Toe Oxford Cognac Leather 14228-221Nike Women's Free RN CMTR 2017 Premium Running Shoe Cobblestone/Black AA1622 001 , Nike WMNS Flex Contact [908995-001] Women Running Shoes Black/White , Reebok Crossfit Nano 8 Flexweave CN1043 Women's Sizes US 5 ~ 11 / New in Box! , $179 MARC FISHER VERIFIES Dark Brown Suede Designer Fashion Wedge Boots 5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sanita 4455 Women's Thalia Flex Wedge Sandal, Cognac, 36 Thalia 36 EU/5.5/6 M US 7226874 -

    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.

    Sanita 4455 Women's Thalia Flex Wedge Sandal, Cognac, 36 Thalia 36 EU/5.5/6 M US 7226874 -

    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
    Sanita 4455 Women's Thalia Flex Wedge Sandal, Cognac, 36 Thalia 36 EU/5.5/6 M US 7226874