Never miss an update

Via Spiga Women's Adelina Backless Adelina Slip-On SZ/Color Loafer - Slip-On Choose SZ/Color 0745edc

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: Via Spiga
Style: Loafers & Slip-Ons Manufacturer: Via Spiga
Size Type: Regular MPN: Adelina Backless Loafer
US Shoe Size (Women's): Multiple Variations Model: Adelina Backless Loafer
Never miss an update

Via Spiga Women's Adelina Backless Adelina Slip-On SZ/Color Loafer - Slip-On Choose SZ/Color 0745edc -

    Via Spiga Women's Adelina Backless Adelina Slip-On SZ/Color Loafer - Slip-On Choose SZ/Color 0745edc
    Via Spiga Women's Adelina Backless Adelina Slip-On SZ/Color Loafer - Slip-On Choose SZ/Color 0745edc
    Tieks Size 6 Slate Grey Gray Croc , NWB! Patricia Nash Multicolor Leather-Upper Padma Espadrilles Flat Shoes 9.5Amalfi by Rangoni Womens Olmar Closed Toe Loafers , NWOB Tod's Gommini Brown Penny Loafer Driver Moccasin Flats Shoes Size 38 8Gentlemen/Ladies ERDEM-x-H&M-Floral-Slip On - Jacquard-Shoes-Sneakers (BRAND NEW) Queensland buy Speed ​​refundArche Drick Sandal Sand Beige nubuck size 40 us 10Lanvin Paris Red Patent Leather Ballet Flats Womens 39 EU/ 9 US - EUC , Jimmy Choo Wheel Black Patent and Military Suede Degrade Slippers $545 , Arche France Palmaz Noir/cedrat/sapphire patent Sandal Size 41 US Women’s 10Repetto Camille Ballerina Ballet Flat Blue Size Patent Leather , ROBERT CLERGERIE Feydo Burgundy Patent Leather Derby Creeper Oxford 10.5/40.5GIUSEPPE ZANOTTI BLACK SATIN CRYSTAL JEWELS SLIP ON FLATS SHOES WOMEN'S 7.5 B , EJAYS Vintage BLUE Leather Women's Boat Shoes SZ 7.5M BY ENDICOTT JOHNSON , CAMPER TWINS peu senda gray tweed wool women size 8Katy Perry The Mabel Black patent Flat Shoes US 9Prada Black Pointy Toe Skimmer Ballet Flat * 8.5 * Patent Leather Womens 38.5 , CAMPER ISADORA T-Strap Leather Flat - 22563-028 EU Sz.42 , Stuart Weitzman Women’s Chicpearl Black Suede Ballerina Flats Size US 8 MTory Burch Bryce Flate Thong Sandal/ Vegan Leather in Spark Gold 7.5 , New Authentic Black NORTH FACE Traction Mule Outdoor Slipon Shoes 7 Big Fit 8Cole Haan Women's Pin Genevieve Weave - Choose SZ/Color , $348 AGL Attilio Giusti Leombruni Size 38 8 Black Gold Cap Toe Ballet Flats , BOTTEGA VENETA BALLERINES CUIR NOIR PT 39 / SOLDÉES !!Tory Burch Reva Brown Leather Ballet Flat Size 7C , SEE BY CHLOE BROWN Leather-trimmed suede espadrille platform sneakers SZ 41 nice , NEW! Donald J. Pliner Gorgeous VEEO Leather Metallic Flats Driving Loafers 6 M , Man's/Woman's Blue Prada moccasins New Long-term reputation Fast delivery classic style , Tory Burch Blue Carlyle Woven Ballet Flats Sz 6.5 , L.K. Bennett Naomi Slip On Shoes - Women's Size 8 Black
    Via Spiga Women's Adelina Backless Adelina Slip-On SZ/Color Loafer - Slip-On Choose SZ/Color 0745edc ->Via Spiga Women's Adelina Backless Adelina Slip-On SZ/Color Loafer - Slip-On Choose SZ/Color 0745edc -
    Muck Boot Women's Reign Tall Snow Boot Black Purple Knee High Riding Boots , David's Suede Knee Hight Boots - Size 37.5 , Fruit - Ankle boots - 320771 - BlackMan's/Woman's Born Womens 'Zuniga' Motorcyle Boot Consumer first modern fine , Shoes Gola Harrier CMA192ME207 Man Sneakers Suede Marine Blue WhiteRudsack Baddow Genuine Rabbit Fur Trim Winter Boot, Womens Size 10 / 41SKECHERS WOMENS ULTRA FLEX STATEMENTS BLACK WHITE WIDE SHOES 2018*FREE POST AUSTMiu Miu - Satin bow - Glittered gold pumps - IT40 - RRP $1150Delman Women's Charm Lemonade Leather Ballerina Bow FlatNew in Box Casadei Ladies Nude Leather & Jewel Sandal 1LI60DNEW!! Circus By Sam Edleman White Sandals 4" Block Heel Size 8.5M US 38.5M EURNIB Valentino 40 9.5 10 Leather Beatles Star Studded Smoking Flat Loafer ShoeMan's/Woman's CLARKS Women's Laureti Pearl Pump Year-end special promotions Cheaper than the price Different styles and stylesNIB Tory Burch Gigi Pumps Shoes Patent Leather BLACK GOLD 8 M Runs Large , **Sam Edelman Gem Sandals - Women's Size 10M - Brown/Black/White DAMAGED , Mizuno Wave Horizon Women's Running Shoes Size US 8 M (B) Silver / GreenNike Air size 9.5 White Gray Red 304743-102 VGS , ADIDAS D ROSE 8 SZ 9 DERRICK ROSE BASKETBALL GREY BLUE WHITE BOOST CQ1617New Nike Air Max 90 Royal Mens Premium Cushioned Trainers , PUMA Men's Cell Surin 2 Premium Sneaker - Choose SZ/Color , NEW MENS NIKE ZOOM ELITE 9 RUNNING SHOES TRAINERS BLACK / WHITE / COOL GREYMens Nike Air Vapormax Flyknit 2 Running Shoes Trainers Golden Beige/Racer Blue , Men Knee High Combat Military Riding Boots Side Zip Motorcycle Chukka Boots SizeMen's Justin Brown Alligator Western Cowboy Boots 12 B (h522) , Vintage Summit Pro-Sum Mens leather shoes size 9.5 , Gentleman/Lady Adidas 8K sport sneakers red/pink/white SALE Crazy price New style Elegant and solemnNew Adidas Ultra Boost ST Athletic Shoe Women's Indigo CQ2133 Sz. 10AC910 MBT shoes black leather women sneakers , Vasque Women's Sundowner GTX Red Oak Hiking Shoes , JUSTICE WOMEN'S SUEDE LEATHER BEIGE FUR LINED BOOTS SIZE 9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Via Spiga Women's Adelina Backless Adelina Slip-On SZ/Color Loafer - Slip-On Choose SZ/Color 0745edc -

    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.

    Via Spiga Women's Adelina Backless Adelina Slip-On SZ/Color Loafer - Slip-On Choose SZ/Color 0745edc -

    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
    Via Spiga Women's Adelina Backless Adelina Slip-On SZ/Color Loafer - Slip-On Choose SZ/Color 0745edc