Never miss an update

Macarena Espadrilles Khaki - Espadrilles - Style thefansshop-24407 No: G453 PATR165-cI 0ec42d5

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: Macarena
MPN: Does not apply
Never miss an update

Macarena Espadrilles Khaki - Espadrilles - Style thefansshop-24407 No: G453 PATR165-cI 0ec42d5 -

    Macarena Espadrilles Khaki - Espadrilles - Style thefansshop-24407 No: G453 PATR165-cI 0ec42d5
    Macarena Espadrilles Khaki - Espadrilles - Style thefansshop-24407 No: G453 PATR165-cI 0ec42d5
    Fashionable women exposed toe slippers casual suede low heel shoes lazy shoesChic Casual Women Loafers Round Toe Slip On Floral embroider Sport Athletic Y264 , Trassel Women's Round Toe Muffins Slip On Casual Platform Loafers Shoes Ths01 , Womens Winter Thicken Casual Loafers Slip On Fur Lined Warm Suede Shoes FlatsMarco Tozzi Patent And Metallic Embossed Womens Black Synthetic BroguesFashion Womens Square Toe Flat Heel Leather Oxfords Sneakers Casual Loafers size , LADIES SHOES/FOOTWEAR -Cherry Kerrie black multi sandal , Women Ankle Stripe Buckle Creepers Soft Suede Platform Wedge Heel Casual ShoesLadies Skechers On The Go 600 Toe Post Thong Lightweight Flip Flops All Sizes , New Spring Womens Loafers Leather Flats Pumps Boat Shoes Casual Slip On Fashion , Punk Womens Leather Rivet Pointed Toe Flats Shoes Tassels Casual Slip On Loafers , Leather slip on comfort flats Just Bee Shoes Coble PrintsWomens Girls Round Toe Platform Pearl Decor Suede Creepers Hidden Heel Shoes New2018 Fashion New Women's Girls Sneakers Sport Breathable Athletic Casual Shoes , Luxury Women Slip On Flats Heel Rabbit Fur Trim Lining Velvet Snow Shoes US4.5-8 , NEW Naturalizer Brittany Vintage Mauve Round Toe Ballet Flats Womens US Size 6WLadies Mixed Colors Pointy Toe Flat Heel Buckle Strap Casual Ballet Shoes vogue , New Chic Women's Peep Toe Pom Ball Boho Shoes Summer Sandals Low Black Heels szWomens Pointy Toe Real Suede Leather Elastic Strap Flats Ballet Dancing Shoes , Women's Pointy Toe Slip On Rhinestones Flats Ballet Casual Shoes Loafer US 8 , Womens Flats Heel Mules Pearl Rhinestone Pointy Toe Slip On Casual Loafers ShoesGiani Bernini Womens ODEYSA Closed Toe Slide FlatsAlfani Womens aleaap Closed Toe Ballet Flats , Marc Fisher Womens Sunny2 Fabric Pointed Toe Slide FlatsLadies Casual Blingbling Sequin Ballet Loafers Ankle Strap Pointy toe Flats Shoe , Women sTRAP Rivet Low Flat Heel Slip On Round Toe Vellvet Moccasins Ballet ShoesLeather Women Mules Embroidery Flowers Metal Decor Flats Slippers Shoes hot , Man's/Woman's Cherry ESSAM Gold Slip On Shoe Adequate supply and timely delivery Fine art Quality and consumer first , Chic Women's Leather Round Toe Slip On Casual Wedge Heel Fashion Sneakers Shoes ,
    Macarena Espadrilles Khaki - Espadrilles - Style thefansshop-24407 No: G453 PATR165-cI 0ec42d5 ->Macarena Espadrilles Khaki - Espadrilles - Style thefansshop-24407 No: G453 PATR165-cI 0ec42d5 -
    VINTAGE SHOE CO. Sophie Red Distressed Leather Engineer Biker Ankle Boot Women 7Women's Cole Haan Grand Os 228603 Hinckley Gray Leather Ankle Boots Sz. 8 B , BNIB MIMCO "Beat" Sling-back Donkey Boots Nubuck Toe size 39 RRP $349 , Demonia Shaker-52 Shiny Black Hologram Vegan Leather Platform Boots - Gothic,Got , NR 37 PUMA GLYDE MD HIGH ANKLE BOOT LITTLE BOOT WOMAN WOMAN GIRL 354049-01 , Sofft Women's Somers II Slip On Blush M-Vege Leather Comfort ShoesEasy Spirit Kable Slip On Low Wegde Flats, Black/BlackAnne Klein Women's Rosalie Fabric Pump - Choose SZ/ColorMan's/Woman's Karen Millen Purple Satin Strappy Sandals High quality and low overhead New in stock Global salesNew In Box authentic GIUSEPPE ZANOTTI patient leather high Heels Size 38 (EU).Nike Vapor Untouchable Pro Football Cleats White Black Oreo SIZE ( 844816-102 ) , Nike Air Max Lebron X Low Bright Citrus Basketball Shoes 579765-800 Size 8.5 , Altra Men's Lone Peak 3.5 Running Shoe, Blue, 10 D US , Nike Air Jordan Retro 1 High OG The Return Sz10 Sand Dune Gorge Green 768861-206Stacy Adams Golato Cap Toe Double Monk Strap 25117 Cognac Hornback Print Leather , Adidas alpha bounce AC8274 Men Running shoes white sneakersNEW BALANCE 1500 MADE IN ENGLAND M1500CBK PRISM PACK , Air Jordan 3 Retro OG True Blue White/Fire Red Sizes 8-12 854262 106Nike Zoom Kobe V 5 Prelude Finals MVP Sz 14 Bruce Lee Big Stage Barcelona AS PERoper Men's American Flag Western Boot - Choose SZ/Color , Sanuk Men's The Sea Man Slip-on Loafer - Choose SZ/Color , Mens 14 D M Allen Edmonds Nashua Tassel Kiltie Loafer Shoes Leather Slip-On MocsDOUCAL'S Richelieu Derby Tout Cuir Suèdé Noir T 42 TBE , NIKE W BLAZER LOW LX SZ: WMNS 8 #AA2017 202 RETAIL: $95.00Nike Free RN Flyknit 2017 Running Black/White 881973 003 Sz 7Y , Nike Womens Blazer Low PRM Trainers 454471 Sneakers Shoes 104NIKE WOMAN AIR MAX THEA PRINT WOMAN SIZE 10.0 NEW RARE AUTHENTIC RUNNINGNike Free RN Flyknit 2017 Womens 880844-012 Ice Flash Running Shoes Size 9.5Vaneli Sport BlackSuede Women's Boots NEW Size US 6.5MTotes Women's Waterproof Donna Black Boot Sz 7M #H14 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Macarena Espadrilles Khaki - Espadrilles - Style thefansshop-24407 No: G453 PATR165-cI 0ec42d5 -

    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.

    Macarena Espadrilles Khaki - Espadrilles - Style thefansshop-24407 No: G453 PATR165-cI 0ec42d5 -

    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
    Macarena Espadrilles Khaki - Espadrilles - Style thefansshop-24407 No: G453 PATR165-cI 0ec42d5