Never miss an update

New 29922 Lola Canales Eve Womens Comfortable In Soft Soft Leather Sandals Made In Spain 1258f7d

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Lola Canales
Colour: Black/Silver MPN: 1714231738425
EAN: Does Not Apply Shoe Type: Womens Sandals Shoes
Color: Black/Silver
Never miss an update

New 29922 Lola Canales Eve Womens Comfortable In Soft Soft Leather Sandals Made In Spain 1258f7d -

    New 29922 Lola Canales Eve Womens Comfortable In Soft Soft Leather Sandals Made In Spain 1258f7d
    New 29922 Lola Canales Eve Womens Comfortable In Soft Soft Leather Sandals Made In Spain 1258f7d
    Versace 19.69 4044 NATURALE Sandals Women's Camel AUNew Planet Shoes Powder Womens Comfortable Leather Sandals , Ladies Beige Combi Slip On Rieker Open Toe Sandals Mules 63425 , Gentlemen/Ladies Gioseppo Pom Pom Sandal - Omahas High quality and low overhead Highly praised and appreciated by the consumer audience Global sales , Gentleman/Lady Crocs BALLERINA mod. CARLIE FLAT Violet Comfortable feeling Online a lot of varietiesClogs Lacquered BLACK headband embroidered Made in Italy 35/42 Heel 13 GM958 , New Earth Bonfire Womens Comfortable Leather Gladiator Flat Sandals , Ladies Easy B Wide Fit Heeled Sandals 'Tamsin' , New Merrell Siren Q2 Strap Womens Comfort Sandals With Adjustable Straps , Size 11 (/ ) Orange and Metallic Flat TBar Sandals Made in SpainLadies Red Leather Riptape Closed Toe Rieker Sandals Shoes 44858BIRKENSTOCK BIRKI'S SKORPIOS SKULL GREY FLIP-FLOPS SANDALS KIDS WOMEN'S MEN'SBirkenstock SLIPPER ALMERE BLACK PATENT 323173 black mod. 323173Kustom Womens Footwear Anika Black Sandal RRP $129 New in BoxAndacco Cairns Womens Comfortable Flat Leather Sandals Made In Brazil , AUTHENTIC KENZO BEACH SANDALS F75.2SD104.P51 WHITE BLACK GRADE NS USED - AT , FITFLOP TM FITFLOP FLIP-FLOPS SUPERJELLY Pink CURED pink mod. NUDE , Sergio Rossi 3274 Sandals Women's Gold AU , XBZG 13 womans shoes high heel wedding bride shoes designer inspired UK Stock , Modare Ultraconforto Iris Womens Comfort Slide Sandals Made In Brazil , Vans Classic Slip-on Checkerboard Kids Black White Canvas Slip On , Versace 19.69 4014 ANTILOPE Sandals Women's Taupe AUSize 11 (/ ) Navy & Tan Floral Laser Cut Flat Sandals Made in SpainVersace 19.69 DP0768 VERNICE SINT BIANCO Sandals Women's White AU , New Scholl Orthaheel Tonga Ii Womens Supportive Comfortable Thongs SandalsMan's/Woman's Tod's XXW0KW07730RM0U604 Sandals Women's Blue AU Excellent craft new ExportSCHOLL SLIPPER SHAILA BLACK WITH BEADS WOMAN , Gentlemen/Ladies Sandal Real Kat Maconie wholesale Year-end sale Known for its beautiful qualityLADIES SHOES/FOOTWEAR -Cherry Lorrane brown multi sandal size 38/7
    New 29922 Lola Canales Eve Womens Comfortable In Soft Soft Leather Sandals Made In Spain 1258f7d ->New 29922 Lola Canales Eve Womens Comfortable In Soft Soft Leather Sandals Made In Spain 1258f7d -
    LAREDO MYRA 11" WOMEN'S SQUARE TOE WESTERN BOOTS 51091 * ALL SIZES - NEWA.S. 98/Free People Eastern State Womens Brown Leather Moto boot(39/8.5-9M) $399 , Fashion Women Ankle Boots Slim Kitten Heels Leather Booties Pointed Toe Shoes BN , Ladies Skechers Flex Appeal Trainers Love Your Style '117281' , Laura Vita Donuts 018 Womens Black White Leather Sandals , New Tory Burch Chelsea Leopard Calf Hair Ballet Flats 5.5New Womens Ariat 10015239 Santa Cruz Mule Sand Leather Clog , Klogs Bistro Men's Clog With Arch Support - Made Chestnut - 9 MediumEmbroidered Flower Round Toe Womens Pumps Block Mid heels New Shoes Plus SZ Slip , Summer New Womens Real Leather Mules Fabric Casual Buckle Sandals Fashion ShoesNIKE fitsole 2 487343-470 Size 7.5 Blue Florescent GreenASICS GEL CONTEND 4 shoes for men, Style T715N , NEW, GEL CUSHION, US size 11Nike 922933-400 Men's Air Max Uptempo 97 AS QS University Blue White Size 11 , NIKE SHOX GRAVITY LUXE NZ BLACK-BLACK-GREEN STRIKE MEN'S SIZE 9US AR1470-003 , Reebok INSTAPUMP FURY AFFILIATES "BEAMS" ar1840 navy/white/royal/grey Size 6.5 , DEADSTOCK Adidas Yeezy Boost 500 SUPERMOON SUPER MOON Yellow DB2966 Size 12AIR JORDAN 5 RETRO DMP "RAGING BULL RED SUEDE" 136027-601 varsity Size 10 , Man's/Woman's DS AIR MOC SAMPLE Customer first Quality and quantity guaranteed Authentic guaranteeNEW Dr Martens Marchant Mens 3-Eye Butt Seam Oxford Shoes 8 Dark Brown MSRP$130 , Brand New Converse Mens shoes JP Johnny FS Hi Stretch Limo Size 46 BCF511Mens Pointy Toe Metal Nightclub Shoes Low Top Slip On Graffiti Punk Shoes Size , Hand Made Men Black leather Chelsea boots, Men black ankle boots, Men bootsWomen's Superga Cotu Classic Gray Sage Sneaker Sz 7 NWT CanvasAdidas Women Running Shoes Lite Racer CLN Fashion Sneakers Boots Gym New BB6893BX316 GUESS shoes burgundy velvet women sneakers , OTBT Women's Metaphor Shootie Bronze Leather Open Toe ShoesNike Air Huarache City Womens Style : Ah6787 Gym Red/Speed Red/Black Size 8 , Luichiny Play 2 Win Taupe Leatherette 4.5" Heel Knee Boots Stretch Panel 7-11Roman Womens Zipper Leather High Top Shoes Chunky High Heels Ankle Boots PumpsChic Womens Elegant Pointy Toe Tassel Kitten Mid Heels Back Zipper Ankle Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New 29922 Lola Canales Eve Womens Comfortable In Soft Soft Leather Sandals Made In Spain 1258f7d -

    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.

    New 29922 Lola Canales Eve Womens Comfortable In Soft Soft Leather Sandals Made In Spain 1258f7d -

    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
    New 29922 Lola Canales Eve Womens Comfortable In Soft Soft Leather Sandals Made In Spain 1258f7d