Never miss an update

crocs 634 204763 Womens Lina Studded W SZ/Color. Ballet Studded Flat- Choose SZ/Color. a97b61a

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
UPC: 0887350961904
Style: outdoors Brand: Crocs
US Shoe Size (Women's): Multiple Variations Model: 204763
Size Type: Regular MPN: 204763
Material Type: Croslite foam cushion
Never miss an update

crocs 634 204763 Womens Lina Studded W SZ/Color. Ballet Studded Flat- Choose SZ/Color. a97b61a -

    crocs 634 204763 Womens Lina Studded W SZ/Color. Ballet Studded Flat- Choose SZ/Color. a97b61a
    crocs 634 204763 Womens Lina Studded W SZ/Color. Ballet Studded Flat- Choose SZ/Color. a97b61a
    Bandolino 25025009 Womens Eloy Ballet Flat- Choose SZ/Color.ECCO Womens Bella Tie Fashion Sneaker- Pick SZ/Color. , BOBS from Skechers Womens Bobs B-Loved-Liquid Sparkle Flat- Pick SZ/Color. , Anne Klein Women's Fatima Synthetic Ballet Flatcrocs Crocs Isabella Flat W Womens Flat- Choose SZ/Color.Sanuk Womens Donna Knit Stitch Flat- Pick SZ/Color. , Jessica Simpson Womens Nariah Ballet Flat- Pick SZ/Color.Pleaser - Giggle-02 Bordello By Womens Sandal- Choose SZ/Color. , Eastland Womens Sunset Mlb Dodgers Boat Shoe- Pick SZ/Color. , Seychelles Women's Downstage Ballet Flat Black 8 M UScrocs Crocs Carlie Cutout Clog W Womens Clog- Choose SZ/Color.CLARKS Women's Caddell Denali Slip-on Loafer, Grey, 6 M USTommy Hilfiger Women's Pearla2 Ballet Flat, Marine, 8 M US , Crocs Women's Stretch Sole Loafer - Choose SZ/ColorGentleman/Lady Nine West Womens Blueberry- Pick SZ/Color. flagship store Orders are welcome Easy lifeSanuk Women's Pair O Dice Flat Slip On Washed Canvas Casual Sandal BeachCLARKS Women's Everlay Kennon Mary Jane Flat - Choose SZ/ColorGentleman/Lady Franco Sarto Women's Hudley Loafer Attractive and durable discount Different stylesBandolino 25025592 Womens Blondelle Ballet Flat- Choose SZ/Color. , Nine West 25016062 Womens Girlsnite Synthetic Ballet Flat- Choose SZ/Color.Jack Rogers Womens Teagan Sneaker- Pick SZ/Color.Nine West 25022212 Womens Yvette Patent Ballet Flat- Choose SZ/Color.Gentlemen/Ladies T.U.K. . Womens Oxford- Pick SZ/Color. feature Highly praised and appreciated by the consumer audience Modern mode , Nautica WW0025 Womens Kayo Ballet Flat- Choose SZ/Color. , CLARKS Women's Aria Mary Jane Flat - Choose SZ/ColorNine West Womens Mai Leather Ballet Flat- Pick SZ/Color.Vaneli Womens Sidony Flat (B)- Pick SZ/Color. , Seychelles Women's Downstage Ballet Flat Black 8.5 M US , Nine West Womens Polson Ballet Flat- Pick SZ/Color. ,
    crocs 634 204763 Womens Lina Studded W SZ/Color. Ballet Studded Flat- Choose SZ/Color. a97b61a ->crocs 634 204763 Womens Lina Studded W SZ/Color. Ballet Studded Flat- Choose SZ/Color. a97b61a -
    Dune London Women's Pollo Western Boot, Burgundy, 7 US/38 M USMiu Miu Black Leather Silver Tone Studded Knee High Boots Size 40 10 , Sneakers Reeebok Club C 85 Popped PerfMen/Women NEW HOGAN REBEL WOMENS ANKLE BOOTS selling price Settlement Price Preferential price , NIKE MENS TANJUN BLACK WHITE 2 SHOES **FREE POST AUSTRALIA , Adidas Pureboost X Element W [BB6084] Women Running Shoes White/GreyLadies Van Dal Chelsea Ankle Boots 'Benton'LADIES SHOES/FOOTWEAR - Naot Alto shoe mettallic black greyEscarpins 123 1 2 3 Tout Cuir vernis marron T 36 TBE , Sam Edelman Womens stillson Leather Round Toe Classic Pumps Tan Size 10.0 w5W4 , Stuart Weitzman Azalea Block Heel Slip On Heels 268, Black Tripoli, 8 USWomens Roman Sandals Boot Stiletto High heel bandage Strap Cross Glatiator Shoes , Vince Gwyn Gray Womens Shoes Size 8.5 M Sandals MSRP $375Supra Skytop III Sand/Black/Royal Men's Lifestyle Fashion Shoes Men's Size 8NEW Nike Stefan Janoski Max L QS Rio White Photo Blue (749678-614) Men's SZ 10Man's/Woman's KD 6 Elite Exquisite (middle) workmanship First grade in its class Immediate deliveryNew Reebok Stretch Flexweave Run Men's Ash Grey | Black | White - Size 10 , Nike Air Max 95 Premium - Black - MensPUMA Ferrari Future Kart Cat Men's Motorsport Shoes Men Low Boot New US 10.5 , Ted Baker London Men's Dress Shoes Size 8 Leather Brown EUCMENS 10 D FLORSHEIM BLACK LEATHER MOCCASIN DRESS LOAFER SHOES , Reef Men's Fanning Prints Flip Flop - Choose SZ/ColorAdidas ADIZERO UBERSONIC 3 W CLAY Women's Tennis Shoe SKU BY1618 Size 10Womens Spendex Pointed Toes Pull On High Block Heel Chic Ankle Boots Comfy Shoes , Sexy Womens Open Toe Stiletto Heel Cross Strap Slingback High Top Sandal HeelsTesori Womens Black Leather Knee Boots 6.5 MSTUART WEITZMAN Black Fabric & Leather Seam Detail Snip Toe Ankle Boots 6.5MFashion Womens Low Block Heels Ankle Boots Casual Rivet Pull On Leather ShoesGentlemen/Ladies Dromedaris Women's Kara,Slate Leather, 8.5-9 US Promotion Primary quality International big nameCLARKS Women's Everlay Iris Flat - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    crocs 634 204763 Womens Lina Studded W SZ/Color. Ballet Studded Flat- Choose SZ/Color. a97b61a -

    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.

    crocs 634 204763 Womens Lina Studded W SZ/Color. Ballet Studded Flat- Choose SZ/Color. a97b61a -

    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
    crocs 634 204763 Womens Lina Studded W SZ/Color. Ballet Studded Flat- Choose SZ/Color. a97b61a