Never miss an update

Think Julia Clog 29979 Shoes Julia Size 37EU/ 6-6.5 US Size NIB Black Leather/Turquoise Fabric 2855773

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
Modified Item: No
EUR Shoe Size (Women's): EUR 37 Style: Clog Sandals
Brand: Think US Shoe Size (Women's): US 6
UPC: Does not apply
Never miss an update

Think Julia Clog 29979 Shoes Julia Size 37EU/ 6-6.5 US Size NIB Black Leather/Turquoise Fabric 2855773 -

    Think Julia Clog 29979 Shoes Julia Size 37EU/ 6-6.5 US Size NIB Black Leather/Turquoise Fabric 2855773
    Think Julia Clog 29979 Shoes Julia Size 37EU/ 6-6.5 US Size NIB Black Leather/Turquoise Fabric 2855773
    Crocs Women's Leighann Leather Wedge Sandal, Black/Black, 11 M USMan's/Woman's FLY LONDON-FAYA-Multicolored Soft Leather-Gorgeous! Size 7M-New wholesale Let our goods go to the world General product , EMPORIO ARMANI EA7 WOMEN'S RUBBER FLIP FLOPS SANDALS NEW SEA WORLD CORE ACT E60Merrell Womens Comfortable Hollyleaf Sandals Thongs Flip Flops , Earth Juno - Women's Comfort Dress Sandal Gunmetal - 8 Medium , Steve Madden Womens Meg Dress Sandal- Select SZ/Color.New $90 Size 10 Lucky Brand Mumbah Copper Speckle Combo Cork Wedge , Spenco Tribal Elite - Women's Leather Sandal Black - 8 , Birkenstock Arizona Soft Footbed Leather Slide Sandal Size 42 / 12 N , B.O.C Womens Elba Leather Open Toe Casual Slide Sandals, Dark Blue, Size 8.0Andacco Canni Womens Comfortable Flat Leather Sandals Made In Brazil , Gentleman/Lady KORK-EASE Originals Women's Wedge Sandal K52326 for you to choose Lush design At an affordable priceWomen Peep Toe Wedge Heels Buckle Strap Sandals Creeper Shoes Slingback Leather , Chaco Cordova Sandal Women Fossil Size 7 NWT Brown , PLEASER Ankle Strap Platform Sandal Multi-size Rhinestone STARDUST-702 SilverTory Burch Minnie Travel Leather Sandal Thong Flats Black Sz 8 , L'Artiste by Spring Step Women's Anjula Gladiator Sandal , Stuart Weitzman Alexlo Crochet Wedge Espadrille Sandal 9.5 , Women's Gladiator Rhinestone Bling Strap Sandals Flats Wedding Shoes Sz X360 , Guilhermina Anhtropologie Women's Purple Metallic Slides Sandals Size 39 EuNEW CHACO TETRA CLOUD BLUEBELL TOE LOOP SLIDE SANDALS WOMENS 6 J106244 FREE SHIPSpenco Tribal Elite - Women's Leather Sandal Oyster Grey - 11 , Man/Woman Birkenstock Arizona Sandalen - Birko-Flor Lack Fine processing Cheaper than the price VariousStuart Weitzman Iridescent Crisscross Sandals Gold Heels Sz 6.5MOrizonte Toto Womens European Leather Comfortable Flat Fashion Sandals , Loeffler Randall Nude Sandals Size 6 Tan Beige Tie Bonbons Stars Tassels SandalNEW WITH TAG! FitFlop 'Banda' Thong Sandals Tan Leather Sz US 11Man's/Woman's Scholl Orthaheel Alpine Womens Comfort Slides quality Stylish and fun Fashion dynamicJACK ROGERS 'PINEAPPLE' Thong Sandals Bone/Gold 6M $148 NEW W BOX ,
    Think Julia Clog 29979 Shoes Julia Size 37EU/ 6-6.5 US Size NIB Black Leather/Turquoise Fabric 2855773 ->Think Julia Clog 29979 Shoes Julia Size 37EU/ 6-6.5 US Size NIB Black Leather/Turquoise Fabric 2855773 -
    Chloe Made in Italy Brown Leather 'Paddington' Strappy Wrap Boot Size 38New Planet Moocha Brick Womens Shoes Casual Shoes HeeledKompany Needlepoint Slip-On Mules Cavalier King Charles Spaniel On Black Shoes LMen's/Women's Alfani Aleaa Women Ballet Flat Rich design In short supply high quality productCole Haan Shoes Womens 6 Black Patent Leather Nikeair Pumps , $185 COLE HAAN CARLEIGH Black Strappy Leather Designer Heels Cork Sandals 10 , JEROME C ROSSEAU MIMOSA PLATFORM SANDAL CHEETAH PRINT NEW 38 M M US 895 ORI , Rene Caovilla 38.5 Stiletto High Heel Ankle Strap Flowers Swarovski Crystals , SUPER SEXY!!! ALBERTO MORETTI MADE IN ITALY SNAKESKIN BLACK&RED PUMPS US 9 , ROCHAS Leaf Applique Block Heel Blush Patent Sandals 39Men's/Women's gaimo Shoes 116340 Brown 37 Wear resistant Latest styles CharacteristicsComfortiva Womens cantrall Closed Toe Casual Slide SandalsG.H. Bass Size 6.5 Beige Leather Sandals New Womens ShoesLa Pinta 611-241217Y Beige/Tan Leather Lightweight Flat Slip On SandalsNew Womens Glitter Shoes Fashion Casual Sneakers 6.5 Blue Purple Velcro Skechers511881-612 Nike Men Roshe One red gym red white blackADIDAS TUBULAR SHADOW LOW SNEAKERS MEN SHOES TRACE BROWN BB8974 SIZE 11 NEW , Nike Mayfly Woven Mens 833132-002 Tumbled Grey White Athletic Shoes Size 9.5 , Balenciaga Red Suede Shoes Mens High Top Sneakers Mens 44 US 11 , Nike Zoom Mercurial XI FK Sail/College Navy-Pale Grey 844626-101 Men's SZ 11.5 , CAT Caterpillar Indiana 2.0 Steel Toe Work Boot P90870 Brown Leather Men's 7.5 , Harley Davidson Sierra Oil Resistance Boots Size 8.5 , Daniele Lepori "Poker" Leather Penny Loafer, Men's Shoes, Italy, Black , TERRIFIC 13 AA*NARROW ALLEN EDMONDS GRAYSON BURGUNDY TASSEL LOAFER MEN SHOE , Country Maddox Men's Oxford Shoes Brown "Size 45/US 12" GermanyADIDAS CW CHOLEAH HIGH CP WINTER SNOW BOOTS WOMEN'S SHOES SIZE US 8 AQ2580 , WMNS NIKE AIR JORDAN SPIZIKE iD WHITE-PURPLE SZ 7.5 [605241-999]Men's/Women's TOTES WOMEN'S FALL WINTER BOOTS Moderate price a variety of Pick up at the boutique , AUTHENTIC TOMMY HILFIGER ROBERTA2 BOOTS SIZE 8M US NIB MSRP $139.00JiYe Women's Shoes Suede Classic Ankle Boots Bullock-grey 8US-Women
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Think Julia Clog 29979 Shoes Julia Size 37EU/ 6-6.5 US Size NIB Black Leather/Turquoise Fabric 2855773 -

    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.

    Think Julia Clog 29979 Shoes Julia Size 37EU/ 6-6.5 US Size NIB Black Leather/Turquoise Fabric 2855773 -

    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
    Think Julia Clog 29979 Shoes Julia Size 37EU/ 6-6.5 US Size NIB Black Leather/Turquoise Fabric 2855773