Never miss an update

Sanuk SZ/Color Women's Pair O Dice Leather Sanuk Loafer classictaic-27598 Flat - Choose SZ/Color 61fa174

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: Sanuk
Style: Loafers & Slip-Ons Manufacturer: Sanuk
Size Type: Regular MPN: 1019551
US Shoe Size (Women's): Multiple Variations Model: 1019551
Never miss an update

Sanuk SZ/Color Women's Pair O Dice Leather Sanuk Loafer classictaic-27598 Flat - Choose SZ/Color 61fa174 -

    Sanuk SZ/Color Women's Pair O Dice Leather Sanuk Loafer classictaic-27598 Flat - Choose SZ/Color 61fa174
    Sanuk SZ/Color Women's Pair O Dice Leather Sanuk Loafer classictaic-27598 Flat - Choose SZ/Color 61fa174
    CLARKS Women's Leisa Sadie Mule Black Leather 10 M USCoconuts by Matisse Women's Brie Ballet FlatNine West 25020161 Womens Ananie Fabric Pointed Toe Flat- Choose SZ/Color.BOBS from Skechers Womens Bobs World-Daisy and Dot Flat- Pick SZ/Color. , Crocs Inc 12299-6Z1-480 Womens Cap Toe Wedge- Choose SZ/Color.Skechers BOBS from Women's Pureflex Fashion Slip-On Flat - Choose SZ/ColorSkechers BOBS Women's Plush-Art Hissstory Ballet Flat - Choose SZ/ColorMen's/Women's Nine West Women's Xande Synthetic Clog Packaging diversity Quality First List of explosionsSkechers 49002 Womens Relaxed Living-Comforter Mule- Choose SZ/Color.Earth Womens Taye Slip-On Shoe 11 BM US, Frost GreySanuk Womens Brook Tx Slip-on Loafer- Pick SZ/Color. , Skechers Women's Cleo Bewitch Ballet Flat - Choose SZ/ColorGentlemen/Ladies Bernie Mev Women's Velocity Ballet Flat Durable service Strong value Current shapeFRYE Women's Lola Perf Logo Slid Sneaker - Choose SZ/Color , BOBS from Skechers Women's Highlights-Jewel Rock Ballet FlatGentleman/Lady Softwalk Women's Jupiter Mary Jane,Navy,9 M Promotion Various types and styles businessSkechers 48889 Womens Cleo Garter Dazz Ballet Flat- Choose SZ/Color.CLARKS Women's Darleigh Myra Sneaker - Choose SZ/Color , CLARKS Women's Delana Amber Mule - Choose SZ/Colorcrocs 203433 Crocs Womens Eve W Ballet Flat- Choose SZ/Color. , BOBS from Skechers Women's Squad-Rhinestone Emb Fashion SneakerSkechers Women's Bikers-Witty Knit Ballet Flat - Choose SZ/ColorSeychelles Womens Tigers Eye Flat Penny Loafer- Pick SZ/Color.Clarks Moccasin Womens Slip-On Loafer- Choose SZ/Color.Dr. Scholl's Women's Friendly Ballet Flat - Choose SZ/ColorTeva 1018309 Womens W Hydro-Life Slip-on Slipper- Choose SZ/Color.Easy Street Women's Calm Mule Navy Burnish 9.5 W USSkechers Womens Earth Fest-Sustainability Flat- Pick SZ/Color.STUART WEITZMAN Animal Print Pony Hair Horsebit Loafers Size 6.5 M
    Sanuk SZ/Color Women's Pair O Dice Leather Sanuk Loafer classictaic-27598 Flat - Choose SZ/Color 61fa174 ->Sanuk SZ/Color Women's Pair O Dice Leather Sanuk Loafer classictaic-27598 Flat - Choose SZ/Color 61fa174 -
    MOA MASTER OF ARTS WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW DISNEY WHITE 9B3 , DKNY WOMEN SHOES BOSLEY HIGH-TOP SNEAKERS ATHLETIC BOOTS 23452277 , Man's/Woman's C & M DIA SWEATER Navy/Cream quality new Very good classificationSam Edelman Women's Florence Ballet Flat, Black Leather, 11 M US , Winter Knee High Women Pointed Toe Flock Fur Tassel High Heels Shoe Plus Size 46Cole Haan Black Leather Patent Leather Heels Women's Size US 6.5 B Open ToeWomens Elegant Chic Preals Ankle Strap Pointy Toe Block Low Heels Dating Shoes , C0 NWOB TED BAKER LONDON Neevo 4 Nude Patent Leather Heel Dress Pumps Sz 40 $185THIERRY RABOTIN BURNT ORANGE BLUE SUEDE PEEP TOE SLINGBACKS SHOES WOMEN'S 37.5 , Gentleman/Lady Teva Shoes 566175 Purple 23cm Easy to use modern renewed on time , EVERLAST BIG EV MENS SHOES/SNEAKERS/TRAINERS SPORTS/CASUAL EBAY AUSTRALIA!NIKE FREE ORBIT II SP COOL GREY SHOES MEN'S SIZE 11 STYLE 657738-090ONEMIX Men's Air Cushion Running Shoes Casual Athletic Sneakers 8 DM US White , Vans SK8-Hi Decon Nubuck VN0A2Y2YKCA Flaming Multi White Unisex Vault New , New Balance 574 Sport Men New Black White Casual Lifestyle Sneakers MS574-FCBKith Collete X Blades Of Glory. Size 10 newNike Dunk High Pro SB JORDAN J-PACK BLACK GAME ROYAL BLUE WHITE 305050-018 DS 11New Nike Air Jordan 10 Rio city Brazil Retro Basketball shoe Men Size 9.5NEW Nike Epic React Flyknit Triple Black Racer Blue AQ0067-004 Men's Size 8-15 , Air Jordan 6 "Countdown Pack" - 322719 161Cole Haan Country Leather Loafers Shoes Sz 11 M Brown Slip On Mens 1A1NEW NIKE STREET GATO AC Men's Shoes Size US 8.5 , NWOT NIKE RACING Women's Zoom Victory Elite Track/XC Shoes W/ SPIKES Sz 6 , Vans Era 59 (Velvet) Black/ Purple Women's 8.5Jessica Simpson Women's Elishia Strappy Sandal Primary Combo Suede StrappyEasy Street Women's Proper Pump Gold Metallic Synthetic/Polyurethane PumpsPuma R698 MJ Wns Black Women Running Shoes Sneakers Trainers Slip-On 362981-01adidas Women's Questar Byd Sneaker Core Black/Core Black/Haze Coral S17 Sneakers , Reebok Melody Ehsani Blacktop Pump Wedge Womens Fashion Sneaker Chalk-Black SZ6SARTO Franco Sarto leather mid calf boots Sz:6M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sanuk SZ/Color Women's Pair O Dice Leather Sanuk Loafer classictaic-27598 Flat - Choose SZ/Color 61fa174 -

    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.

    Sanuk SZ/Color Women's Pair O Dice Leather Sanuk Loafer classictaic-27598 Flat - Choose SZ/Color 61fa174 -

    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
    Sanuk SZ/Color Women's Pair O Dice Leather Sanuk Loafer classictaic-27598 Flat - Choose SZ/Color 61fa174