Never miss an update

Easy Spirit Women's Antil Women's Driving Spirit Antil Style Loafer - Choose SZ/Color da614f5

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: Easy Spirit
Style: Loafers & Slip-Ons Manufacturer: Easy Spirit
Size Type: Regular MPN: E-ANTIL
US Shoe Size (Women's): Multiple Variations Model: E-ANTIL
Never miss an update

Easy Spirit Women's Antil Women's Driving Spirit Antil Style Loafer - Choose SZ/Color da614f5 -

    Easy Spirit Women's Antil Women's Driving Spirit Antil Style Loafer - Choose SZ/Color da614f5
    Easy Spirit Women's Antil Women's Driving Spirit Antil Style Loafer - Choose SZ/Color da614f5
    Torrid Faux Leather Over the Knee Hell Boots Black Wide Width& Calf Sz 7Easy Spirit Women's Chatt Pump - Choose SZ/Color , Man/Woman Fergalicious Women's Wanderer Ankle Boot flagship store Quality First King of the crowd , Gander Mountain Wet Trek Shin Women's Waterproof Hunting Boots Size 11 , Splendid Womens Spl-Lakota Ankle Bootie- Select SZ/Color. , Rampage Women's Hansel Zipper and Buckle Knee-High Riding BootJessica Simpson Women's Sadora Ankle Bootie - Choose SZ/ColorLaCrosse Silencer 8'' Women's 800Gr Insulated Hunting Waterproof Boot Size 6 MNine West Women's Doitright Synthetic Wedge Sandal - Choose SZ/Color , Native Men's Monaco Low Non Perf Fashion Sneaker - Choose SZ/ColorNine West Women's Evalee Leather Ankle Bootie - Choose SZ/Color , The North Face Shellista II Women's Waterproof Winter Snow Boots Size 8 MMadden Girl Women's Become Ankle Boot - Choose SZ/ColorGentlemen/Ladies Brinley Co Women's Herd Western Boot High-quality First batch of customers Human borderJEFFREY CAMPBELL TAGGART BROWN SUEDE POINTED TOE CUTOUT ANKLE BOOT 7 NEW , Gentleman/Lady Madden Girl Women's Barbiee Ankle Boot Complete specification Moderate cost General productMan's/Woman's COURTLY-3005 Easy to clean surface Stylish and fun Outstanding styleSkechers Women's Keepsakes-Big Button Slouch Tall Winter BootSoda Women's Zenith Faux Leather Cowboy Western Round Toe Chunky Heel Pull... , Polo Ralph Lauren Women's Brown Leather Winter Boots Size 7 B , Dr. Scholl's Shoes Women's Gossip Flat, - Choose SZ/ColorECCO Women's Casual Hybrid 2 Perforated Golf Shoe - Choose SZ/Color , Nine West Women's NANSHE Suede - Choose SZ/ColorNEW Cloudwalkers Women's Boots Avenue Hamilton Burgundy Soutach Flat Size 8W , Gentlemen/Ladies emu australia boots Many varieties special promotion retail priceKenneth Cole REACTION Women's Loop There It IS Ankle Bootie , Carlos by Santana Women's Mandarin Fashion Boot - Choose SZ/ColorGentlemen/Ladies Sam Edelman Womens Floyd Easy to clean surface excellent Popular tide shoesClarks Women's Sillian Rhodes Mule - Choose SZ/Color
    Easy Spirit Women's Antil Women's Driving Spirit Antil Style Loafer - Choose SZ/Color da614f5 ->Easy Spirit Women's Antil Women's Driving Spirit Antil Style Loafer - Choose SZ/Color da614f5 -
    Men/Women Splendid Women's Palisade Boot Practical and economical online shop Seasonal hot saleStuart Weitzman Mitten Women Round Toe Suede Burgundy Bootie size 10Man/Woman Moccasin Ixos Easy to clean surface Settlement Price Exquisite processingRetro Womens Moccasins Low Chunky Heels Oxfords Loafers Leather Casual ShoesNine West Women's Marie Suede Ballet Flat , Puma Cell Meio Womens Running sneakers / Shoes - Silver , Manolo Blahnik Silver Leather Slip On Mules Heels Size 38 8 , Marvin K. Womens Salmon Leather Heels 10DOLCE & GABBANA WOMAN HIGH HEELS SANDALS SHOES REPTILE LEATHER CODE C13153Badgley Mischka Womens Grammy Dress Sandal Black Satin Crystals Sz 7.5 NWB , Adidas Crazymove Cf Womens Running Trainers Sneakers AQ1975 , Nike MercurialX Victory 6 DF IC Indoor Soccer Shoes Size 11.5 Men’s 903613-616 , NIKE ZOOM STEFAN JANOSKI CANVAS PREMIUM QS BEACH Size 8.5 MULTI-COLOR 707683-917 , PUMA Men's Future 18.4 TT Soccer Shoe - Choose SZ/ColorAdidas Originals Zx Flux Adv Mens Running Trainers Sneakers Shoes S76386Vans Classic Old Skool Navy Blue White Mens Womens Shoes All SizesClearance | Adidas Ace 17.4 FXG Mens Football Boots (D) (BA9688)New Balance Men’s Trufuse Running Shoes Size 13 , New Balance Classics 373 Shoes Men's Leather Sneakers Red ML373BN ML373 Trainers , Saucony Originals Men's Jazz O Ballistic Nylon Fashion Sneakers , Mens Puma Rise Blaze Of Glory BOG New York Is For Lovers High Risk Red 360999-012018 Nike Air Jordan Retro 10 X Tinker SZ 12 Racer Blue Team Orange 310805-408Handsome Men's Shoes England Breathable Casual Canvas Sneakers Running ShoesPropet Men's Grisham Oxford, Chocolate, 8 M USNew Balance Women's W940 Ankle-High Running ShoeWMNS NIKE AIR HUARACHE ID PINK-WHITE SZ 7.5 "SNAKESKIN" [777331-993] , Camper Peu Cami 20848 Wine Womens Leather Trainers ShoesHunter Women's Original Refined Chelsea Gloss Boot Black Waterproof Boots , Women Over Knee Boots Leather Motorcycle Boots Creepers Mid Heels Clubwear Shoes , Stuart Weitzman Women's Black Leather Ankle Boots Size 36.5 (bota600 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Easy Spirit Women's Antil Women's Driving Spirit Antil Style Loafer - Choose SZ/Color da614f5 -

    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.

    Easy Spirit Women's Antil Women's Driving Spirit Antil Style Loafer - Choose SZ/Color da614f5 -

    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
    Easy Spirit Women's Antil Women's Driving Spirit Antil Style Loafer - Choose SZ/Color da614f5