Never miss an update

crocs Busy Sneaker- Day crocs Stretch Stretch Skimmer Womens Fashion Sneaker- Choose SZ/Color. 11fab49

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
UPC: 0887350804058
Style: outdoors Brand: Crocs
US Shoe Size (Women's): Multiple Variations Model: Busy Day Stretch Skimmer
Size Type: Regular MPN: Busy Day Stretch Skimmer
Material Type: synthetic-and-rubber
Never miss an update

crocs Busy Sneaker- Day crocs Stretch Stretch Skimmer Womens Fashion Sneaker- Choose SZ/Color. 11fab49 -

    crocs Busy Sneaker- Day crocs Stretch Stretch Skimmer Womens Fashion Sneaker- Choose SZ/Color. 11fab49
    crocs Busy Sneaker- Day crocs Stretch Stretch Skimmer Womens Fashion Sneaker- Choose SZ/Color. 11fab49
    Clarks Womens Jocolin Gia Oxford- Pick SZ/Color. , SKECHERS USA Inc 11967-TPE Womens Synergy - Style Watch Sneaker 9 , CLARKS Women's Neenah Vine Ballet Flat Gold/Metallic Leather 6 Medium USBandolino 25031216 Womens Ferrista Ballet Flat- Choose SZ/Color.VANELi Aroma Womens Slip-On Loafer- Choose SZ/Color.Sperry Top-Sider Women's A/O 2-Eye Boat Shoe Stripe Snake Bright Pink 8 M US , Earth Womens Rapid Oxfords Shoes- Pick SZ/Color. , Hot Chocolate Design Chocolaticas New Wave Women's Mary Jane Flat Multicolour...Bandolino 25016713-210 Womens Liberty Leather Loafer- Choose SZ/Color.ECCO Womens Fara Tie Fashion Sneaker /10-- Pick SZ/Color. , AK Anne Klein Womens Ballet Flat- Pick SZ/Color.Man/Woman Nine West Women's Lavender Fabric Mule Reputation first Order welcome Elegant and robust menu , Pleaser Enchant-02 Womens Slip On Sandal- Choose SZ/Color. , Hush Puppies Women's Chazy Dayo Off-White Leather 11 M B , Sperry Top-Sider Women's Firefish Emboss Boat ShoeKhaki Leather/TextileUS 5 M , Gentleman/Lady Ecco Womens Oxford- Pick SZ/Color. Consumer first Won highly appreciated and widely trusted at home and abroad Fine wild , Man's/Woman's Nine West Womens Oxford- Pick SZ/Color. Clearance price a good reputation in the world Great choice , crocs Womens Walu Wild Graphic Loafer- Pick SZ/Color. , crocs Freesail Realtree Lined Womens Mule- Choose SZ/Color.Steve Madden Womens Jill Penny Loafer Mule Shoes Red Multi US 6.5NEW STUART WEITZMAN SZ 5 JUBILEE D'ORSAY EMBELLISHED CRYSTAL JELLY SANDALJessica Simpson Women's Madian Ballet Flat Warm Taupe 7.5 M US , Aldo ALDO Womens Craniel Ballet Flat- Pick SZ/Color.Skechers 48489 Womens Cleo Sass Ballet Flat- Choose SZ/Color.Skechers BOBS Women's Super Plush-Gritty Knitty Flat Black 5 M US , Hot Chocolate Design Chocolaticas Butterfly Women's Mary Jane Flat Multicolou...Ecco ECCO Womens Babett Strap Mule- Pick SZ/Color.Vionic Women's Arbor Clog, Saddle, 8 M US , NEW Anthropologie Latigo Mikey Ivory Leather Open Toe Flats Shoes Sz 10 M ,
    crocs Busy Sneaker- Day crocs Stretch Stretch Skimmer Womens Fashion Sneaker- Choose SZ/Color. 11fab49 ->crocs Busy Sneaker- Day crocs Stretch Stretch Skimmer Womens Fashion Sneaker- Choose SZ/Color. 11fab49 -
    Harley-Davidson Women Black /TAN PAVEMENT 6" BOOT STYLE SIZE , NORTH FACE THERMOBALL UTILITY WATERPROOF INSULATED BOOTS WOMEN'S 9.5 M RTL $140 , Frye 75161 Black Leather Knee High Boots Women's Shoes Size 6.5 M NEW RTL $590 , Ferrini Women's Belly Print Cowgirl Boot - Square Toe - 9249304Nike Zoom KD 9 Elite 'Hyper Orange' Black/White/Orange,Size US 9, Brand New, DSMORI MADE IN ITALY POINTY HIGH HEELS PUMPS SCHUHE LEATHER DECOLTE BORDEAUX 36 , NWOB Schutz LIVINA Navy Blue Satin Slide Flat Mules Open Toe Size 10B , Seychelles Women's Stormy Wedge Pump - Choose SZ/ColorPRE-OWNED MENS ASICS GEL-LYTE III OXIDIZED PACK SNEAKERS RED SIZE 8.5 H643N , North Face Mens Storm III Mid WP Boots A32Z6 Dune Beige/Arabian Spice Size 12 , New adidas Originals Mens Stan Smith Shoes Running White/New Navy M20325 Tennis , Reebok Men's Boot Boxing Shoe, - Choose SZ/ColorDS New Balance M1500 CPK Black Made In UK sz 9.5 Men Shoes Running Vtg 99 0 1 7Leather Brown Fashion Boots In Genuine Leather Made in PortugalLoro Piana sneakers Leather Suede Gray size US 7 Made in Italy , VTG MENS WESCO COWBOY WORK LEATHER BLACK BOOTS SIZE 12LUCCHESE MEN'S SQUARE TOE CREPE SOLE BISON WESTERN BOOTS CX1512 , Puma 1198 HC Mens Leather sneakers / Shoes - SilverComfort Zone By George Foreman, Brown, Casual, 15M , Reef Men's Rover Hi Wt Chukka Boot - Choose SZ/Color , Gentleman/Lady Winter Vans Shoes 8.5 Plush Inside High quality and low overhead stable quality Most practical , Stacy Adams Doyle Mens Slip-On Loafer- Choose SZ/Color.Pierre Hardy Navy Blue Oxford Dress Shoes Men's Size 43- US 10 MINT!Asics Gel Kayano 22 Running Shoes Womens Shoe Size 9.5 , New Calvin Klein Danya Cow Silk Black with White text Womens Size 7.5 , New YVES SAINT LAURENT FUR Lined Leather SNOW Boots Hi-Top Sneakers 39.5 US-9.5 , Women's Cuban Heels Buckle Strap Back Zip Ankle Boots Knight British Punk Shoes , JBU by Jambu Pullman Faux Fur Cold Weather Boots (Women) , Baretraps New Yaegar Brown Womens Shoes Size 6.5 M Boots MSRP $109Stylish Women's Patent Leather Mid-calf Platform Boots Shiny Shoes Size S Ths01
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    crocs Busy Sneaker- Day crocs Stretch Stretch Skimmer Womens Fashion Sneaker- Choose SZ/Color. 11fab49 -

    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.

    crocs Busy Sneaker- Day crocs Stretch Stretch Skimmer Womens Fashion Sneaker- Choose SZ/Color. 11fab49 -

    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
    crocs Busy Sneaker- Day crocs Stretch Stretch Skimmer Womens Fashion Sneaker- Choose SZ/Color. 11fab49