Never miss an update

Modare Sandals Ultraconforto Modare Visit Womens Comfort Wedge Sandals Made In Wedge Brazil f88cfff

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: Modare
Colour: Black MPN: 1605830377529
EAN: 7909452659275 Shoe Type: Womens Wedges Shoes
Never miss an update

Modare Sandals Ultraconforto Modare Visit Womens Comfort Wedge Sandals Made In Wedge Brazil f88cfff -

    Modare Sandals Ultraconforto Modare Visit Womens Comfort Wedge Sandals Made In Wedge Brazil f88cfff
    Modare Sandals Ultraconforto Modare Visit Womens Comfort Wedge Sandals Made In Wedge Brazil f88cfff
    $79 Steven by Steve Madden Womens P-Stixx Wedge Sandal Shoe, Cognac, US 7Gentlemen/Ladies FAB-425 Modern technology a variety of Famous storeGuess Shoes Wedge Platform Espadrilles Medium Brown Womens Size 8.5 MJ Crew Elsie Fabric Pumps Heels Shoes $268 8 c1036 retro lemonWomens floral embroider ankle short Boots cuban heels zip sequins shoes Lady Sz , Gentlemen/Ladies CUTIEPIE-08 Clever and practical stable quality best sellerVogue Shallow Mouth High Heels OL Shoes Ladies Elegant Pointed Party Pumps ShoesSt John Black Suede Pumps With Gold Buckle Trim Size 8AAMan's/Woman's FAB-425 Various styles Affordable Exquisite (processing) processing , PURA LOPEZ Escarpins Tout Cuir Brodé Hauts Talons T 36 C TBEEasy Street FABULOUS Women White Slip On Heel Dress Pumps , MW009985 - POINTED TOE SUEDE & PVC TRANSPARENT BUILT-IN HEEL SHOES (SIZE 34-43)NIB Tommy Bahama St. Santino Slide Wedge Cork Sandal Leather Sz 10M Womans , Womens T-Strap Ankle Straps Buckle Block High Heel Pointy Toe Sandals Shoes ChicJESSICA SIMPSON BECCY JAMBERRY SUEDE WEDGE SANDAL US 6Modare Wynard Womens Comfortable Cushioned Low Block Heel Pumps HeelsCLARKS 63895 ARTISAN RYLA KING WOMEN'S LEATHER SHOES SIZE 7 M TAN , Prada Women's Navy Blue Suede Pointed Toe d'Orsay Pump Loafers Size / US 6 , JCREW $198 Macalister Wedge Boots 9 dried olive shoes green , Mr/Ms BETTIE-20 Crazy price high quality buy onlineVince Camuto Cobalt Blue Leather Pumps 36 , Jack Rogers Marbella Leather Metallic Suede 7 MVince Camuto Womens NWB Kelva Black Steel Soft Mir Metal Sandals Shoes 9.5 M NEW , Salvatore Ferragamo Brown Faux Leather Italian Buckle Pump Women's US 9 (4A) , ALDO WOMANS TAN LEATHER PLATFORM WEDGE SHOES SIZE 8 ABAUSA 28 , Nina black fabric gem clasp stiletto dress high heel evening shoes , Gentleman/Lady FLAIR-480 Guarantee quality and quantity At a lower price Shopping promotionWomen's 3" High Heels Designer Shoes Pumps Universe Space Pride scifi fantasy , Vintage Chic Lady Womens Wingtips Carved Boats shoes Ankle Strap Block Heel Pump
    Modare Sandals Ultraconforto Modare Visit Womens Comfort Wedge Sandals Made In Wedge Brazil f88cfff ->Modare Sandals Ultraconforto Modare Visit Womens Comfort Wedge Sandals Made In Wedge Brazil f88cfff -
    HUNTER Graphite Grey Original Gloss Tall Womens Boots Size 6 37Swing 120 Black Patent Calf Boot 5.5" Platform Pentagram Heel Design GothBNIB Nike Lebron 8 V/2 Entourage Blue Yellow Size 11US Miami Heat , Man/Woman Down To Earth Ladies Ankle Boots Ideal gift for all occasions Sufficient supply various kindsLadies Rieker 45551 Casual Synthetic Slip On ShoesHi-Tec Women’s Storm Waterproof High Rise Hiking Boots 7 UK , Man/Woman NEW Basque Gretel Black Suede Loafer Complete specification Clearance Breathable shoes , Bloch Vero Cuoio Nude Honeycomb Miriam Ballet Flats , Sanuk Womens Mollie Sidewalk Surfers SZ 09- Pick SZ/Color.PRADA Round Toe Buckle Flat sz 38.5Stuart Weitzman Women's Gigiritz Black Satin Peep Toe Heels 6216 Sz 10.5 MValentino Harlequin-Print Rockstud Pump, Green Tea Sorbet Size:39 Orig:$1195 , White Persian Cat Christmas Print Running Shoes For Women-Free Shipping , Women Fox Fur Slipper Slip on Slide Indoor Sandal Cute Warm Casual Chic Shoe New , Nike 366683 001 Black White Speed Sweep VII Wrestling Shoes size 9.5 K43-32-09 , ADIDAS STAN SMITH II BL 4 SZ 9 TRIMMY ADICOLOR PHARELL NMD BOOSTNike Mayfly Leather Premium Black/Black-Dark Grey-Linen 816548-003 Men's SZ 9.5NEW PUMA x NATUREL Platform Veg Tan Women´s Sneakers , adidas Originals Mens EQT SUPPORT 93/17 SHOES - BZ0592Adidas Campus ADV shoes black / white / whiteMen/Women lebron soldier 9 quai 54 Practical and economical modern a wide variety of goodsNike Air Jordan XI Retro 11 Low Emerald Green Rise Easter 528895-145 AUTHENTIC , Adidas BY9511 Men EQT Support 93/17 Running shoes grey white Sneakers , Klogs Dusty Unisex Clogs - Made In The Usa Purple Rain - 14 WideRockport Men’s Shoal Boardwalk LTHR Lake Slip-on Loafers Size 9M D2117/ , VANS Authentic Lo Pro (Mesh) Marshmallow Classic WOMEN'S 5.5Demonia Women's Slay 205 Ankle Boot Neon Hot Pink Vegan Leather Zipper , New! VANS Sk8 Hi Marvel Captain Marvel SOLD OUT!!! VN0A38GEUBI Women's Size 9Men's/Women's Nike shoes We have won praise from our customers. Attractive fashion Export , Vasque St. Elias GTX Backpacking Boots Women's Size 10 M Brown ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Modare Sandals Ultraconforto Modare Visit Womens Comfort Wedge Sandals Made In Wedge Brazil f88cfff -

    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.

    Modare Sandals Ultraconforto Modare Visit Womens Comfort Wedge Sandals Made In Wedge Brazil f88cfff -

    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
    Modare Sandals Ultraconforto Modare Visit Womens Comfort Wedge Sandals Made In Wedge Brazil f88cfff