Never miss an update

CLARKS Women's 29564 Padmora CLARKS Oxford Women's - Choose SZ/color 3d46fa5

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
Binding: Shoes
UPC: Does not apply Department: womens
Style: Does not apply Label: 6pm Clarks Footwear Womens RP
Brand: CLARKS Manufacturer: 6pm Clarks Footwear Womens RP
Size Type: Regular ProductGroup: Shoes
US Shoe Size (Women's): Does not apply Publisher: 6pm Clarks Footwear Womens RP
Never miss an update

CLARKS Women's 29564 Padmora CLARKS Oxford Women's - Choose SZ/color 3d46fa5 -

    CLARKS Women's 29564 Padmora CLARKS Oxford Women's - Choose SZ/color 3d46fa5
    CLARKS Women's 29564 Padmora CLARKS Oxford Women's - Choose SZ/color 3d46fa5
    Softinos Isleen Women Black Soft Leather BootsPUMA Women's Rebel Mid WNS VR Sneaker - Choose SZ/color , CLARKS Women's Crewso Emmy Pump, - Choose SZ/color , Man's/Woman's Boot Keen East Side Bootie Black Elegant appearance Brand Popular recommendationGH Bass NIB Women Joanne Black Leather Riding Boots w/ Back ZipperNew Joie Edison Spotted Slate Calf Hair Open-Toe Ankle Bootie Womens Size 6.5 M* , Man/Woman Boot Born Easton Burgundy Suede Queensland special promotion Excellent stretching , Sam Edelman Women's Vena Over The Knee BootColumbia Women's Brussels Sneaker - Choose SZ/colorBearpaw Women's Abigail Boot Chocolate II Winter Boots , Bamboo Glitter Rhinestone Slouchy Cone Heel Knee High BootsCLARKS Women's Bellevue Hazen Penny Loafer - Choose SZ/colorSkechers Women's Metronome-Mod Squad Ankle Bootie - Choose SZ/color , CLARKS Women's Parram Waltz Platform - Choose SZ/color , PUMA Women's Prowl Alt Satin Wn Sneaker - Choose SZ/colorCLARKS Women's Teadale Elsa Penny Loafer - Choose SZ/color , Skechers Women's Bella Fashion Sneaker - Choose SZ/color , Men's/Women's Anna Black Patent Nine West Bootie Cheap The latest technology Strong heat and heat resistance , JESSICA SIMPSON Yolah Floral Women BlackMen's/Women's LADIES STEEL TOE CAP WORK BOOTS Long-term reputation Medium cost At an affordable price , Merrell Women's Tetrex Rapid Crest Water Shoe - Choose SZ/color , ASICS Women's Gel-Sonoma 2 Trail Runner - Choose SZ/color , Sam Edelman Women's Khloe Moccasin - Choose SZ/color , Merrell Women's Siren Hex Waterproof Hiking Shoe - Choose SZ/colorBearpaw Women's Abigail Boot Hickory/Champagne Winter Boots , Franco Sarto Women's Clarity Brown Acorn Leather BootsSkechers Women's Keepsakes-Big Button Slouch Tall - Choose SZ/color , FitFlop Women's Shuv Leather Medical Professional - Choose SZ/colorNEW TSUBO WOMEN Sz9US EILIS SNAKESKIN WATER RESISTANT BOOTS CHARCOAL SUEDE $295. ,
    CLARKS Women's 29564 Padmora CLARKS Oxford Women's - Choose SZ/color 3d46fa5 ->CLARKS Women's 29564 Padmora CLARKS Oxford Women's - Choose SZ/color 3d46fa5 -
    Mens Suede eal Leather Loafers Slip on Flat Shoes Bowtie Casual moccasin ShoesAsics Gel-Kayano 24 Dark Forest Green Black Men Running Shoes Trainer T749N-8290FW17 ASICS FIPAV SHOES GEL BEYOND 5MT VOLLEYBALL SHOES JR VOLLEYBALL C641N 4301Ladies Clarks Leather Heel Smart Court Shoes Style - Adriel Carla , Taos - TRA-13269-057 Womens Transit Mary Jane- Choose SZ/Color. , Matt Bernson Verona Loafer Flat - Black Pebble/Navy, 6.5 M - Display , Moschino Ladies' Red Double Monk Strap Italian Made Shoes Size 41 , Crocs Women's Isabella Slingback Flat - Choose SZ/ColorWomen Creeper Slipper Floral Mesh Buckle Round Toe Slip On Backless Chic ShoesNike Men's Free RN H Running Shoes Sneakers Gray/White Size 9 Medium USPUMA El Ace Leather Sneaker Men's size 10.5 , NIKE Men's Air Max Infuriate 2 Mid Premium Basketball Shoe Black (AO4428 001)NEW/RARE Converse Star Player EVO Mid - White/Silver (121432) , Nike SHOX Gravity Running Shoes AR1999-500 Grand Purple Gray Black Mens Size 9.5 , Nike Zoom I Get Buckets Basketball Men's Shoes Sizeadidas Q4489438 Mens Climaproof BOA Golf Shoe 13US- Choose SZ/Color.Men Slip On Loafer Rivet Embroidery Floral Driving Nightclub Vintage Shoes 2018 , NIKE SB BLAZER CHUKKA XT ANTHRACITE SKATEBOARD FREE POSTAGE AUSTRALIAN SELLER , Skechers Cottonwood Elks Work Shoes Mens Size 16 Black Leather Oxford 77041Crocs Men's Walu Slip-On Loafer - Choose SZ/ColorGEOX Efrem A sneakers sale u620ua leather blackNEW IN BOX SIZE 8 Florsheim Men's Union Plain Toe Oxford Cognac 15125-221 , New Balance Women's W780 NBX Running Shoe Grey Neon Green Pink Sz 11 WIDE D1709 adidas Originals Tubular Dawn Women's Sneakers Sports Shoes BZ0631PINKO WOMAN CASUAL SNEAKER WITH INSIDE WEDGE CODE ANTIANATOMICO 1P20AA Y125Jessica Simpson New Womens Nermin Tobacco Suede Leather Boots 6 M ShoesSTEVE MADDEN Womens Black Suede Ankle Boots Sz 9.5 M NEW! 216083Dr. Scholl's Women's Belief Ankle Boot, Dark Grey Shadow Microfiber, 8.5 M US , Aetrex SD902 Tessa Chocolate Low Sweater Boot Size 37Women's High Top Retro British Style Buckle Side Zip Boots Shoes Club Bootie Sb ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CLARKS Women's 29564 Padmora CLARKS Oxford Women's - Choose SZ/color 3d46fa5 -

    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.

    CLARKS Women's 29564 Padmora CLARKS Oxford Women's - Choose SZ/color 3d46fa5 -

    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
    CLARKS Women's 29564 Padmora CLARKS Oxford Women's - Choose SZ/color 3d46fa5