Never miss an update

VIONIC 'Rest Leather Nala' Black Leather Thong Sandals Sandals w/Embellishments w/Embellishments Sz. 5 M NIB 61481f1

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
US Shoe Size (Women's): 5
Brand: Vionic Color: Black
Fastening: Buckle Material: Leather
Style: Thong Width: Medium (B, M)
Heel Height: Low (3/4 in. to 1 1/2 in.) UPC: Does not apply
Never miss an update

VIONIC 'Rest Leather Nala' Black Leather Thong Sandals Sandals w/Embellishments w/Embellishments Sz. 5 M NIB 61481f1 -

    VIONIC 'Rest Leather Nala' Black Leather Thong Sandals Sandals w/Embellishments w/Embellishments Sz. 5 M NIB 61481f1
    VIONIC 'Rest Leather Nala' Black Leather Thong Sandals Sandals w/Embellishments w/Embellishments Sz. 5 M NIB 61481f1
    Men's/Women's Wanderlust Womens bessy Open Toe Casual Rich design First batch of customers Popular tide shoesAnthropologie Kelsi Dagger Flats Womens size 8M Sandals Leather Brown BuckleGENTLE SOULS 10 M Silver Leather Wedge heel Slingback Strappy Sandals Excellent , NIB - BORN 'TARVER' Women's LEATHER SANDALS Brown SIZE US 9 M/Sanita GAYA WAVE Black Leather Sandals Womens 38 7.5 8 - NEWSteve Madden Kimmie Platform sandals Olive Elastic New With Box! , Gentlemen/Ladies Dyeables Becky - Color - Black New Listing Modern design General productEric Michaels Peru High Heel Peep Toe Womens Sandals High Heel High Heel , Reef RF0A32XF RUS Voyage Sunset Rust Brown Women's Flip FlopsVIONIC Ladies 'PACIFIC BOLINAS' Tan Snake Slingback Sandals Sz. 8M NIB , Man/Woman Puma Slides Many varieties Attractive fashion As of the latest model , Fly London Yadi Black Patent Leather Cutout Peep-toe Wedge Shoes 37 6.5 7 , Teva Womens W Ysidro Stitch Sandal Black Leather Strappy Sizes US 1015120 , New Balance Women's Revive Sport Thong Flip-Flop - Choose SZ/color , Current FLY LONDON Begs Platform Slide sandal Cordoba Red sz 37 / 7 6.5 , Vince Camuto Women's Retana Suede Leather Wedges Nocturnal , Vionic TIDEII Tan Leopard Ladies Sandals W/Orthaheel Technology Sz. 12 M NIB , Olukai 20110-7340 : Ohana Sandal Women's Pewter/Black , Vionic Pacific Hightide White Toe Post Women's Sizes 5-11/NEW!!! , Flexus Kea Slide Sandal Leather Womens Comfort Sandals Low HeelVictoria's Secret Pink Metallic Ombre Shimmer Double Strap Sport Slides -S (5-6)Gentlemen/Ladies Lucky Women's KERALIN Wedge Sandal for you to choose Selected materials Preferential price , Women Vince Nico Crisscross Flat Slide Leather Black MSRP $195Reba Size 9 UNLIMITED Brown Leather Wedge Sandals New Womens ShoesBed Stu Joann Womens Rustic Teak Leather Wood Platform Sandals 8.5 Rare Wedges , VIONIC Ladies 'PARK ORCHID' Leather Thong Wedge Sandals-BLACK SZ. 6.5 M NIBReef Women's Cushion Bounce Court LE Flip Flops Black Leather Sizes 6-11VIA SPIGA Brown & Grey Leather Sandals Block Heels - Women's 6.5 - EUC , B-418 Birkenstock Mayari Birko-Flor Sandal (Women) Sz (US 8- 8.5) ,
    VIONIC 'Rest Leather Nala' Black Leather Thong Sandals Sandals w/Embellishments w/Embellishments Sz. 5 M NIB 61481f1 ->VIONIC 'Rest Leather Nala' Black Leather Thong Sandals Sandals w/Embellishments w/Embellishments Sz. 5 M NIB 61481f1 -
    Frye 'Melissa Trapunto' Boot- Black Leather- Size 8 B- $358 (B55)Yeezy Season 4 Strech Canvas Ankle Boot KW3024181Sacai 2789 Black Leather Mid Calf Boot With Kiltie , ASICS GEL WOMENS NIMBUS 20 BLACK WHITE CARBON SHOES **ALL SIZES BEST SELLERMerrell Zeolite Edge Shandal Black Subtle Green Women Outdoors Sandals J342312 , Ladies Clarks CloudSteppers Ayla Low Casual Slip On Shoes D FittingFrench Sole reform Womens Ballet Flats Blue/navy nappa 6.5 US / 4.5 UKAdam Tucker Womens Nikki Leather Closed Toe Ballet Flats, BlKNAP, Size 6.5 jvm4 , Isaac Mizrahi Live Brown Tan Suede Annie Moccasin Shoes NIB BRAND NEW , NWB $1185 Lanvin Gray Club Snakeskin + Black Suede High Heel 39.5 , SCHUTZ Women's Zeyna Pump, - Choose SZ/Color , ~ CHRISTIAN DIOR GREY-BLUE PYTHON PLATFORM PUMPS / HEELS (SOOO GOOD!) ~ 38 , STUNNING NEW $795 MANOLO BLAHNIK BROWN LEATHER SANDALS / HEELS , Skechers 12386 Black Pink Snergy 2.0 Air-Cooled Memory Foam Women's Shoes , Tory Burch Stretch Canvas Espadrille Sandals Awning Ivory/Blue size 11 , Rare Og A Bathing Ape Bape Cheetah Bapy Converse 24 Supreme Men 5 Wmn 7.5 KawsNike Lebron XII EXT RC QS Rubber City Shoes Size 7.5 Black/Chrome 744286-001 , New Balance 574 Men's Shoes Olive ML574EGOSkechers Equalizer 2.0 Lodini Mens Slip On Sneakers EWW- Select SZ/Color.Nike Kobe A.D NXT 360 Black Mamba , New Detroit Red Wings Men's Low Top ShoesDoc Martens Men's Coronado Oxford - Choose SZ/Color , Stacy Adams Gramercy Perfed Plain Oxford Black Leather Dress Shoes 20149-001 Men , Sneakers Femme samples shoes ETNIES NEW MID PLUS WHITE BLUE WOMEN , VANS WOMAN SNEAKER SLIP ON SHOES LEOPARD FANTASY CODE CLASSIC SLIP-ON ZMRFGZNIKE AIR MAX 2017 Women's Running Shoe 849560-001 Black/Anthracite/White s 11.5Air Max 97 Cristiano Ronaldo Portugal Patchwork (GS) AV4715-600 , NEW BALANCE WOMEN'S WW928 V3 WALKING SHOE WIDE D WIDTH WHITE NEW MULTIPLE SIZES , Salewa Womens Firetail EVO Mid GTX Shoe- Pick SZ/Color. , FitFlop Women's Ibiza Cork Leather Toe-Thong Sanda - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    VIONIC 'Rest Leather Nala' Black Leather Thong Sandals Sandals w/Embellishments w/Embellishments Sz. 5 M NIB 61481f1 -

    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.

    VIONIC 'Rest Leather Nala' Black Leather Thong Sandals Sandals w/Embellishments w/Embellishments Sz. 5 M NIB 61481f1 -

    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
    VIONIC 'Rest Leather Nala' Black Leather Thong Sandals Sandals w/Embellishments w/Embellishments Sz. 5 M NIB 61481f1