Never miss an update

Sperry GOLD CUP A joinmybrand-19511/O Light NIB Grey Leather $160 Women's Boat Shoe NEW NIB 6 Orig $160 7a4e585

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
Model: Gold Cup Authentic Original
Material: Leather Style: Boat Shoes
Color: Gray Look: Boat Shoes
Brand: Sperry US Shoe Size (Women's): US 6
UPC: Does not apply
Never miss an update

Sperry GOLD CUP A joinmybrand-19511/O Light NIB Grey Leather $160 Women's Boat Shoe NEW NIB 6 Orig $160 7a4e585 -

    Sperry GOLD CUP A joinmybrand-19511/O Light NIB Grey Leather $160 Women's Boat Shoe NEW NIB 6 Orig $160 7a4e585
    Sperry GOLD CUP A joinmybrand-19511/O Light NIB Grey Leather $160 Women's Boat Shoe NEW NIB 6 Orig $160 7a4e585
    Reiley Tasel Slip On Shoe - Women's Size 9B Black , Womens Munro Ramie 215594 Black Suede Penny Loafers Shoes Sz. 8 NSkechers D'Lites POOLER Womens Slip-Resistant Safety Toe Work Shoes, BlackNEW DANSKO WOMEN'S EMILY SLIP-ON CLOG BROWN SUEDE 38 8 MEDIUM $100 , $215 JUICY COUTURE ANISE Turquoise Neon Patent Leather Designer Ballet Flats 7.5 , Cole Haan Women's Tali Bow Ballet, Grey Velvet, 8 B USWomen's Mephisto Brown Leather Clogs 37 sz 7 M A067 , Converse Chuck Taylor All Star II Hi Silver/White Women's Sneakers 555798C , Steve Madden Lancer Casual Sneakers Athleisure Comfy Shoe Grey Size 7.5DEMONIA TOR500/BVL Sexy Punk Goth Lolita Platform Pump Buckle Studs Women ShoesDr. Scholl's Cate wedge oxfords ADDS HEIGHT sz 9.5 MdNIB TED BAKER LONDON "JULIVIA" BLACK JELLY & CREAM BOW WOMEN 6M US, LUXURY FLATSNEW CHACO DEVOTEE VIBRAM CHOCOLATE LOAFER SHOES WOMENS 10.5 FREE SHIPLifeStride Abigail Ballet Flat - Women's Size 7.5W NavyGentlemen/Ladies CREEPER-212 Excellent craft Sales Italy negotiation , Lambertson Truex Merrit Suede Softee Brown Cognac Loafer Slip On Shoes 7.5 , NINE WEST Vinata Dark Red Womens Shoes 5.5 M NEW , JSlides J Slides Ariana Taupe Embossed Slip On Sneaker style shoes New With BoxNew Free People Bakersfield Slingback Brown Leather Mules metallic Detail 36 5.5New FREE PEOPLE women Brocade Pattern At Ease MULES Slides LOAFERS Navy 37 6.5 , Gentleman/Lady Birkenstock Footprints Mary Jane Size 38 Durable service New in stock At an affordable priceGrey Suede Viva Creepers Size womens 9 Punk Brand New With Box rockNew With Tag Skechers Women's Slipper Clogs Mules US Sz 9 Color Gray , EUC Tory Burch Reva Flats Size 4Womens FRYE ivory / silver crackled leather ballet flats sz. 9.5 M , Salvatore Ferragamo Boutiquie Women's Shoes Flats Black Patent 6.5 D FREE SHIP!Australia LUXE Collective Bali Suede Slip-on Flats, Caramel w/ Parrot Embroidery , NEW YS Yosi Samra ‘Lara’ Blue/White Leather Foldable Ballet Flat Womens Size 5Vince Nicole White Womens Shoes Size 7.5 M Heels MSRP $425 ,
    Sperry GOLD CUP A joinmybrand-19511/O Light NIB Grey Leather $160 Women's Boat Shoe NEW NIB 6 Orig $160 7a4e585 ->Sperry GOLD CUP A joinmybrand-19511/O Light NIB Grey Leather $160 Women's Boat Shoe NEW NIB 6 Orig $160 7a4e585 -
    Womens Leather Chic Over Knee Boots High Stilettos Pointed Toe Sexy Floral Shoes , Not Rated Women's Norman Ankle Boot, Taupe, 6.5 M US , NIB FRYE Women's Jayden Moto Cuff dark brown Boots NOT distressed**Christian Louboutin** Black Suede Velvet Kristofa Satin Bow Ankle Boots , Men's/Women's Givenchy Ankle Boits Not so expensive a wide range of products Lightweight shoes , Men/Women Ladies Rieker Casual Shoes 'L1763' Wear resistant Beautiful appearance Good quality , GIUSEPPE ZANOTTI Platform Pumps Gold Sparkle size 38, Official, Original , Stubbs and Wootton velvet loafers women's size 8 , Easy Spirit Women's Loraty Boat Shoe - Choose SZ/ColorGIAMBATTISTA VALLI BLACK SILK PUMPS SZ 39Positano Moda Leather Sandals Swarovski Crystals Fuchsia Straps Size 39 US 8.5SPERRY TOP SIDER WOMENS SANDALS CALLA JADE SANDAL TAN SIZE 8Haflinger GZ65 Classic Grizzly Clog - Choose SZ/ColorAdidas Tubular Runner Black/Black Q16465 Men's SZ 8Gentlemen/Ladies jordan 11 concord Special purchase Beautiful appearance Selling new productsKenneth Cole Unlisted Men's Roll W/ It Chukka Boot - Choose SZ/ColorNEW Converse John Varvatos Chuck Taylor White Wash High Top Sneaker - 8.5 (Y4)Puma Drift Cat 5 BMW men's sneakers blue/white casual shoes BMW Edition NEWVersace Men's White Leather Hi Top Fashion Sneakers Shoes 7 8 9 10 11 12Valerio Neri 46309 Black Leather Shearling Fur Shoe Boot 46 / US 13Mens Pearls Rivet Stud Flats Slip On Formal Dress Hairstylish Clubwear Shoes New , Nike Women's Internationalist JCRD PRM Athletic Snickers Shoes Size US 5 , New Balance Women's Wt00 Ankle-High Trail RunnerNurse Mates PENNIE Women's White Leather Slip On Nursing ShoesNew VANS Womens VINTAGE MILITARY Toecap Authentic 138 GREEN US W 5.5-10.5 TAKSEPATRIZIA PEPE WOMAN SNEAKER SHOES GENUINE LEATHER CODE 2V7044/AQ22 , NIKE W Nike Dualtone Racer Rs AA4081-400 MIDNIGHT NAVY Size 7.5La Redoute Collections Womens Ankle Boots With Contrasting Tie Detail , Marsell black sueded "Spalla Rov" back zip ankle boots 40 10 , Chinese Laundry Women's Jeopardy Mesh Boot, Nude, 8.5 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sperry GOLD CUP A joinmybrand-19511/O Light NIB Grey Leather $160 Women's Boat Shoe NEW NIB 6 Orig $160 7a4e585 -

    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.

    Sperry GOLD CUP A joinmybrand-19511/O Light NIB Grey Leather $160 Women's Boat Shoe NEW NIB 6 Orig $160 7a4e585 -

    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
    Sperry GOLD CUP A joinmybrand-19511/O Light NIB Grey Leather $160 Women's Boat Shoe NEW NIB 6 Orig $160 7a4e585