Never miss an update

adidas B Originals Women's Comfort - B Flip 19376 Flop Sport Sandal - Choose SZ/Color 088d18f

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: adidas Originals
Style: Flip-Flops Manufacturer: adidas Originals
Size Type: Regular MPN: B41746
US Shoe Size (Women's): Multiple Variations Model: B41746
Never miss an update

adidas B Originals Women's Comfort - B Flip 19376 Flop Sport Sandal - Choose SZ/Color 088d18f -

    adidas B Originals Women's Comfort - B Flip 19376 Flop Sport Sandal - Choose SZ/Color 088d18f
    adidas B Originals Women's Comfort - B Flip 19376 Flop Sport Sandal - Choose SZ/Color 088d18f
    Madden Girl Women's Brando Slide-On Sandal - Choose SZ/Colorcrocs 204461 Crocs Womens Swiftwater Graphic W Flat Sandal- Choose SZ/Color.Teva W EVO-W Womens Evo Sandal- Choose SZ/Color.Billabong Women's Tied up Flat Sandal - Choose SZ/Color , Very Volatile Womens Beaux Heeled Sandal- Pick SZ/Color. , Steve Madden SUNNER Womens Sunner Gladiator Sandal- Choose SZ/Color. , Aerosoles SHOWDOWN Womens Showdown Gladiator Sandal- Choose SZ/Color. , Splendid Womens Jessy Dress Sandal- Pick SZ/Color.Nine West Womens Vlora Synthetic Jelly Sandal- Pick SZ/Color.Report Women's Georgya Flat Sandal - Choose SZ/ColorNine West Womens Dress Sandal- Pick SZ/Color. , Nine West 25025487 Womens Xeron Leather Gladiator Sandal- Choose SZ/Color.Gentleman/Lady Reef Womens Sandal- Pick SZ/Color. Fine processing Fast delivery Current shapeJack Rogers Womens Marian Dress Sandal- Pick SZ/Color.Teva Original Sandal-W Womens Sandal- Choose SZ/Color. , Sanuk Maritime Funk Womens Flip Flop- Choose SZ/Color. , Nine West Womens Jadlin Leather Dress Sandal- Pick SZ/Color. , Dr. Scholl's Women's Parkway Dress Sandal - Choose SZ/ColorMan's/Woman's crocs Womens Platform Sandal- Pick SZ/Color. New product modern Recommended todayReef CUSHION LUNA Womens Cushion Luna Flip Flop- Choose SZ/Color. , Pleaser Womens Spiky-608 Platform Sandal- Pick SZ/Color.Naughty Monkey Womens Boardwalk Gladiator Sandal- Pick SZ/Color.Aldo ALDO Womens Rubicone Mule- Pick SZ/Color. , Pleaser Bordello by Womens Rosa-02 Sandal- Pick SZ/Color. , Skechers Cali 38458 Womens Parallel-Milk and Honey Wedge Sandal 8 , XOXO Womens Benedetta Heeled Sandal- Pick SZ/Color. , Jack Rogers Womens Sparkle Alana Jelly Flip Flop- Pick SZ/Color. , Seychelles Womens Standard Dress Sandal- Pick SZ/Color.Pleaser Womens Caress 456 Sandal- Pick SZ/Color. ,
    adidas B Originals Women's Comfort - B Flip 19376 Flop Sport Sandal - Choose SZ/Color 088d18f ->adidas B Originals Women's Comfort - B Flip 19376 Flop Sport Sandal - Choose SZ/Color 088d18f -
    Man's/Woman's NEW DANSKO WOMENS VERONICA BOOTIE Exquisite (middle) workmanship Beautiful best seller , $1090 Marni Booties Ankle Boots Sculpted Heel 2017 Recent 36.5 6.5 7Lakai x Baker Manchester Lean Shoes US SIZE FREE POST Hawk Skateboard Sneakers , AB692 VOILE BLANCHE shoes purple orange textile suede men sneakers , L.K BENNETT THEA NAVY BALLET FLATS Navy Size RRPWomen's DANSKO Hadley Pewter Mary Jane Sneaker SZ 9.5 /41 EUR M , crocs Olivia II Flat Womens Ballet Flat- Choose SZ/Color. , NEW Alaina Heart Heels Something Bleu for Anthropologie Size 10CHIE MIHARA SHOES CARINYO PLATFORM PUMP PURPLE SUEDE HEELS 40 $355 , Authentic Sergio Rossi Blue Suede Heeled Boots Shoes Crystal flower Size 38 , NEW Christian Louboutin Blue Suede Simple Pumps Sz 37.5/ us 6.5 , Jimmy Choo Neutral Bubble Strappy Suede/Metallic Sandal 38 US 8 $925Women's Nike Flyknit FSB Chukka running shoes sneakers size 6 NK04Nike Mens Size 8.5 Lunar Vapor Mike Trout 2 Metal Baseball Cleats Black $150NEW BOX NIKE FREE TRAIN VERSATILITY TB MENS SHOES WHITE BLACK SIZE 12.5 LEATHERNew Nike Zoom Kobe A.D. University Red Basketball Shoes (852425-608) sz 10 , Nike Sb Janoski Inuit 10 Lau Obsidian Reed Supreme Boost Aj1 Jordan Pigeon jeff , adidas Men's 360 Traxion Boa Golf Shoe - Choose SZ/Coloradidas Originals BY4245 Mens Matchcourt High RX Shoes ( M- Choose SZ/Color. , Camper Men's 12/ 45 EU Mauro Black Leather Driving Loafer Moc Toe Casual Shoes , 2018 Leather Casual Men Shoes Fashion Men Flats Round Toe Comfortable Office Men$150 NEW Mens US 11 11.5 Dansko Wesley Sneakers Black Vintage , Donald J Pliner Men's Darrin 3 Dark Gray ShoeMens British Style Casual Shoes Suede Leather Slip On Pointy Toe Dress Shoes[CN3594] Womens Reebok F/S Freestyle Lo Melody EhsaniEasy Street Women's Tessla Slouch Boot Black PolyurethaneBirkenstock Women's Yara Oil Leather Toe Loop Sandal Tobacco Oiled , Punk Womens Real Leather High Top Shoes Front Zipper Casual Ankle Boots Size HOTLucky Brand Womens Basel Leather Almond Toe Ankle Cowboy, Brindle, Size 8.0 gmZ9Womens Buckle Ankle Boot Ladies Roma Gladiator Punk Leather Low Heel Shoes Size
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    adidas B Originals Women's Comfort - B Flip 19376 Flop Sport Sandal - Choose SZ/Color 088d18f -

    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.

    adidas B Originals Women's Comfort - B Flip 19376 Flop Sport Sandal - Choose SZ/Color 088d18f -

    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
    adidas B Originals Women's Comfort - B Flip 19376 Flop Sport Sandal - Choose SZ/Color 088d18f