Never miss an update

Skechers Womens Reggae Slim Flop- SZ/Color. Hula Flip Flop- Pick Reggae SZ/Color. a654eef

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: 0884390957645
Style: Causal Brand: Skechers
US Shoe Size (Women's): Multiple Variations Model: 40956
Size Type: Regular MPN: 40956
Material Type: synthetic
Never miss an update

Skechers Womens Reggae Slim Flop- SZ/Color. Hula Flip Flop- Pick Reggae SZ/Color. a654eef -

    Skechers Womens Reggae Slim Flop- SZ/Color. Hula Flip Flop- Pick Reggae SZ/Color. a654eef
    Skechers Womens Reggae Slim Flop- SZ/Color. Hula Flip Flop- Pick Reggae SZ/Color. a654eef
    Volatile Women's Aniya Flip-Flop - Choose SZ/Color , Madden Girl Women's Bryceee Toe Ring Sandal - Choose SZ/Color , crocs 204044 Crocs Unisex Bistro Graphic Clog- Choose SZ/Color. , Splendid Women's Brett Sandal - Choose SZ/Color , Yellow Box Womens Everly Sandal- Pick SZ/Color.Teva Womens W Original Sandal- Pick SZ/Color. , Aldo Womens Alicya Heeled Sandal- Pick SZ/Color.Crocs Women's Swiftwater Webbing Sandal - Choose SZ/ColorClarks Womens Breeze Sea Platform- Pick SZ/Color.Teva Deckers Flip-W Womens Flip Flop- Choose SZ/Color. , Roxy ARJL100397 Womens Porto Sandal- Choose SZ/Color. , Seychelles Womens Onward Dress Sandal- Pick SZ/Color.Nine West Womens Devar Suede Dress Sandal- Pick SZ/Color.Man/Woman Sbicca Womens Sharitza Sandal- Pick SZ/Color. Adequate supply and timely delivery Elegant and sturdy packaging Lightweight shoesSbicca Womens Source Wedge Sandal- Pick SZ/Color. , Sbicca Womens Tassie Heeled Sandal- Pick SZ/Color.Nine West Womens Testy Fabric Heeled Sandal- Pick SZ/Color. , Aerosoles GREAT CALL Womens Great Call Wedge Slide Sandal- Choose SZ/Color. , Aldo ALDO Womens Bowwie Slide Sandal- Pick SZ/Color.Ariat Womens Toe Ring Sandal- Pick SZ/Color. , Nine West - Bailie Synthetic Womens Wedge Sandal- Choose SZ/Color.Seychelles Womens Mosaic Dress Sandal- Pick SZ/Color. , DECKERS Outdoor Corp. Teva Womens Universal Slide M- Pick SZ/Color.A2 by Aerosoles Womens Air Flow Wedge Sandal- Pick SZ/Color. , Aerosoles A2 by Womens Flip-Flop Thong Sandals- Pick SZ/Color.Yellow Box Women's Jello Sandal - Choose SZ/ColorSplendid Womens Cora Dress Sandal- Pick SZ/Color.Reef RF-0A2YGSBLA-080 Womens Pennington Flat- Choose SZ/Color.Nine West Bandolino Womens Opali Sandal- Pick SZ/Color.
    Skechers Womens Reggae Slim Flop- SZ/Color. Hula Flip Flop- Pick Reggae SZ/Color. a654eef ->Skechers Womens Reggae Slim Flop- SZ/Color. Hula Flip Flop- Pick Reggae SZ/Color. a654eef -
    Lucky Brand Zatchi Wide Calf Flat Boots, Black, 7.5 US / 37.5 EUPajar Women's Grip Zip Boot, Black/Black, 41 EU/10 M US , FRYE Women's Sabrina Double Buckle Boot Black 10 M USCONVERSE CTAS PRO HI BLACK BLACK MENS CANVAS SKATEBOARD SHOES SNEAKERS AUSTRALIANIKE MENS AIR MAX FULL RIDE TR COOL G BLACK SHOES **FREE POST AUSTRALIA , Man's/Woman's Shoes Doucal's Oscar Adequate supply and timely delivery Selected materials best sellerDansko Womens Hazel Flat /-- Pick SZ/Color. , Klogs Isadore Womens Display Model Shoes Black 8.5 M , Jessica Simpson Women's Liviana Pump, Red, Size 9.5 , Jimmy Choo Women's Lark Ankle Strap Pump Black Shiny Calfskin Size 40 MSanuk Womens Pair O Dice Prints Loafer Flat- Pick SZ/Color.Men’s Nike Air Max Flywire Fitsole Gray Black Purple 386368-051 Size 9 , Kenneth Cole Reaction 13 old skool vtg sneaker stripe grey rubber toe retro , Gentlemen/Ladies Mizuno Maximizer 19 [K1GA170201] Running White/White Reasonable price Elegant and sturdy packaging Characteristics , Nike Flyknit Racer 3.0 2017 Mens Running Size 10 Rainbow Multi Color 526628 304 , Salvatore Ferragamo Clement Mens Leather Boots Brown 10 D(M) Made in Italy , Steve Madden Size 11 M ELEMENT Olive Slip On Loafers Sneakers New Mens ShoesImpulse Sport Culture P12080-8 Red High top casual Shoes MenRoper Men's Paxton Faux Gator Slip on Shoes - Round Toe - 09-020-1750-2098 BR , adidas Originals Men's NMD_cs1 GTX Pk Sneaker - Choose SZ/ColorSperry Top-Sider Men's Gamefish 3-Eye Boat Shoe Dark Tan 12 M USNike Air Max 90/1 AQ1273 800 Guava Ice Women SZ 6 - 12 Ship Now , Men's/Women's Burberry Women's shoes Crazy price, Birmingham Preferred material Good qualityUSED WOMENS NIKE AIR JORDAN 3 RETRO WHITE 315296 142 SZ 12 MAX AIR FREEFRYE 71189 Womens Gemma Kiltie Fion Sneaker- Choose SZ/Color.Lanvin Suede Wedge Ankle Boot Gray Size 37.5 $690 , TORY BURCH Brown Leather Stowe Vintage Motorcycle Boots Sz 9 Light WearFreebird by Steven 'Cabcro' Bootie Beige Leather Short Boots Size 9 MWomens Over Knee Boots Pull On Stiletto Pointed Toe Stretchy Sexy Leopard Shoes , NEW! NIB! BEARPAW Birch Brown Suede Curly Lamb Sheepskin BOETIS Boots Sz 5 $199
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Womens Reggae Slim Flop- SZ/Color. Hula Flip Flop- Pick Reggae SZ/Color. a654eef -

    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.

    Skechers Womens Reggae Slim Flop- SZ/Color. Hula Flip Flop- Pick Reggae SZ/Color. a654eef -

    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
    Skechers Womens Reggae Slim Flop- SZ/Color. Hula Flip Flop- Pick Reggae SZ/Color. a654eef