Never miss an update

Women's 8751 PRADA Blue Leather Flat Sneakers, Flat Slip On Sneakers, 36.5 (US 6) d6fc279

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Walking
Color: Blue Heel Height: Flat (0 to 1/2 in.)
US Shoe Size (Women's): 6 Width: Medium (B, M)
Material: Leather Brand: PRADA
Never miss an update

Women's 8751 PRADA Blue Leather Flat Sneakers, Flat Slip On Sneakers, 36.5 (US 6) d6fc279 -

    Women's 8751 PRADA Blue Leather Flat Sneakers, Flat Slip On Sneakers, 36.5 (US 6) d6fc279
    Women's 8751 PRADA Blue Leather Flat Sneakers, Flat Slip On Sneakers, 36.5 (US 6) d6fc279
    Women's Propet Stability Walker W2034 Shoes White Size 7D (W)$80 UNDER ARMOUR UA Women's Kick Sprint Track Spikes Running Shoes 9.5 Blue New , NEW MADDEN GIRL ADORREE NAVY SNEAKER SHOES WOMENS 6.5 FREE SHIP! , WOMEN'S NIKE ZOOM ELITE+ 6 SHOES SIZE 11.5 blue silver anthracite 554728 400 , Asics Womens T762N GT-2000 5 Trail Athletic Running Cross-Training Shoes Sz 9.5Vans ERA Tonal Port Women's Shoes 7.5 - Men's 6Eskiva Puma Hi Deep Summer Womens Sneakers Size US 10.5NEW MADDEN GIRL ADORREE NAVY SNEAKER SHOES WOMENS 6 FREE SHIP!Women's Reebok Classic Leather L - White - Width: med - Fashion SneakersMan/Woman adidas GAZELLE - Grey - Womens Not so expensive Won highly appreciated and widely trusted at home and abroad Fair price , Reebok Women's R Crossfit Sprint 2.0 SBL Training Shoe M49825 Size: 7 and 9.5adidas Neo Cloudfoam Advantage Shoe - Women's Casual SKU AW4287 Size 6Women's Skechers DLites Water Colors - White - Width: med - Fashion SneakersSaucony Guide 10 ISO Running Shoes, Women's Size 9, Mint/GreyNew! Women's Nike Dual Fusion TR 2 Training Shoe 631459-500 Size 6.5 Pink W70Womens reebok crossfit 23501 Custom designed size 8.5 , Vans SK8 Hi Del Pato MTE Black Women's Classic Skate Shoes Size 9 , Vans Iso 1.5 Women's Size 5 Italian Weave Abstract Micro Chip OTW Rare , ASICS GEL-Sendai 3 Athletic Sneakers, Women's Size 6.5, Green/Purple/PinkVans Classic Slip On Velvet Oxblood Red Black Women's 8.5 Men's 7 Skate Shoes , New Balance 530 90S Running Solids Red Women's Classic Training Shoes W530AAGConverse Chuck Taylor All Star Hi Cheetah Pony Hair Tan Womens 11 Mens 9Nike Wmns Flex Supreme TR 5 Cross Training Shoes Grey Pink 852467-003 size 8.5PUMA R698 MATT & SHINE CARMINE ROSE BLACK WHITE WOMEN SHOES SIZE 9A338 Nike Womens Roshe One Running Blue Oatmeal 511882-404 Size 5.5 NEWNike Revolution 4 Black White (Women Size) Running Shoes New N Box 908999001Rihanna Size 5.5 6 6.5 Shoes Puma X Fenty Women's Hi Trainer White Sneaker NewWomen's Nike Lunar Skyelux Running Shoes NEW Green/Black/ , MSRP $120 , NIKE WOMEN'S CLASSIC CORTEZ LEATHER SHOES SIZE 12 black white 807471 010
    Women's 8751 PRADA Blue Leather Flat Sneakers, Flat Slip On Sneakers, 36.5 (US 6) d6fc279 ->Women's 8751 PRADA Blue Leather Flat Sneakers, Flat Slip On Sneakers, 36.5 (US 6) d6fc279 -
    Doc Martens Unisex Boots  20 Eyelet  soft Black Tall Knee High US MENS 9Mens Kickers Kick Hi Brown Leather BootsWomen's Tory Burch Carlotta Slide Black Lancaster Suede Backless Mule 37970 , Stuart Weitzman Leather T-Strap Pumps Shoes Size 9 AA , Jimmy Choo Womens Shoes Size 36.5 6.5 Black Checkered Leather Mules Heels , Sofft Women's Brown Suede Mary Jane Round Toe Shoes Size 8M HeelNIB Christian Louboutin So Kate 120 Patent Rose Pink Blue Ombre Heel Pump 36 , Sandal Nine West Ivarene Black Snake Real , Report Virginia Womens Platform Sandal- Choose SZ/Color. , Haflinger Women's Mana Flat Sandal - Choose SZ/ColorNew Balance Womens Sz 7 Shoes WL515RFB 515 Gray Sneakers S0077 , VANS VN-0NKA5BU mens black canvas athletic skate sneakers shoes size 10PUMA 50/50 Translucent Steel Gray-tigerlilly-black Mens Sneakers MMQ SZ 10.5 , Take Flight 1.0 Parkour & Training Shoe , $130 Saucony Mens Omni 16 Running Sneaker Shoes, Black/Grey/Blue, US 10 , PUMA 18997402 Mens Ignite Evoknit Fold Sneaker- Choose SZ/Color.Nike Lunar TR1+ Black Blue Glow Silver Sz 9 Men's 531975-004 Sport Pack , adidas ZX Flux PK Mens Running Trainer Size 7.5 - 11.5 White New Runner RRP , Nike KomYuter Light Pumice Thunder Blue Sz 10 AA2211-002 , Men's/Women's Creative Recreation Adonis Mid mens 8.5 Ideal gift for all occasions Environmentally friendly Different styles and styles , Neil M Footwear Men's NM380123 - Norman 8 3EMen's Dr Doc Martens GABE Polished Smooth Oxford Wingtip Soft Wair BLACK Size 8 , PIERRE HARDY MEN'S 'CUBE' PRINT HIGH TOP SNEAKERS, 44, $1195 , Antonio Cerrelli 6710 Mens Cool Black White Spectator Style Dress Loafers Shoes , Reebok Princess Red J95025 Leather Women shoesVans Classic Slip On Aloha Dress Blues Women's Classic Skate Shoe Size 7.5 , Man's/Woman's New Balance W1080CS8 Women's Running Shoes Exquisite (middle) workmanship discount price Modern and elegantWomen Thigh High Boots Over the Knee Plus Size Peep Toe Strange Style Rubber , LE TRANCANELLI Black Suede Heeled ANKLE BOOTS Heels SIZE 37Jeffrey Campbell Free People New Frontier Wine Snakeskin Western Boots Sz 7 New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's 8751 PRADA Blue Leather Flat Sneakers, Flat Slip On Sneakers, 36.5 (US 6) d6fc279 -

    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.

    Women's 8751 PRADA Blue Leather Flat Sneakers, Flat Slip On Sneakers, 36.5 (US 6) d6fc279 -

    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
    Women's 8751 PRADA Blue Leather Flat Sneakers, Flat Slip On Sneakers, 36.5 (US 6) d6fc279
    Athletic Shoes