Never miss an update

Born Silver Metallic Leather Born NEW! Flip Flops 9914/Thongs/Slides - 10M/W - NEW! 2963840

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: New!
Brand: Born Color: Silver Metallic
Style: Flip Flops/Thongs/Slides Heel Height: Low (3/4 in. to 1 1/2 in.)
US Shoe Size (Women's): 10 Pattern: None
Width: M/W Country of Manufacture: China
Material: Leather UPC: Does not apply
Never miss an update

Born Silver Metallic Leather Born NEW! Flip Flops 9914/Thongs/Slides - 10M/W - NEW! 2963840 -

    Born Silver Metallic Leather Born NEW! Flip Flops 9914/Thongs/Slides - 10M/W - NEW! 2963840
    Born Silver Metallic Leather Born NEW! Flip Flops 9914/Thongs/Slides - 10M/W - NEW! 2963840
    Spring Step DORA Womens Leather Nubuck Comfort Platform Slide Sandals Black Sz38 , H by Halston Size 7 M PIPER Black Leather Braided Heels Sandals New Womens ShoesFree People Women's Sonnet Leather Clogs Retail $128 size 7 , Boutique 9 Women's Marcello Espadrille Wedge Sandals Purple Leather Size 7 M , Stuart Weitzman SingleSky Adobe Patent Glazed Cork Wedge Sandal Size 9.5M B1651# , JACK ROGERS Sz 10 Tan Silver Floral Flip Flop SandalsWomens SAM EDELMAN Gold Leather Fashion Sneakers Sz. 7 US 37.5 EUNEW Victorias Secret Pink Hologram Iridescent GOLD Beach Sandals Slides L Flip , NEW ROLA Leather Toe-Thong Sandals Women US 8/ Hot Cherry , Teva Arrabelle Universal Women Wedge Mosaic Navy US 7 /UK5 /EU38 , NWT Womens Jambu Pathfinder Mary Jane Shoes Light Gray Charcoal Sand Retail $9918 CM High Heel Pumps Women Open Toe Sandal Sexy Slippers Leisure Shoes Plus SzNaot Trovador Flats, Women's Size 36 (Us 5), Black , Sam Edelman Women's Kelby Sandal - Choose SZ/colorDonald J Pliner Farah White Womens Shoes Size 7 M Sandals MSRP $198 , Women's Shoes Vionic RAMBA Wedge Thong Sandal Braided Straps Natural , Joie A La Plage Sable Two Band Patent Leather Sandal Slide Mustard 36.5/6.5 NewWooden clogs Brown color F11 Swedish style. US Shoe Size (Women's) , Teva Hurricane Volt Women Sport Sandals Black US 10 /UK8 /EU41Naot Women Sandals Size 7.5 Euro 38 Black Cork Mid-Soles Leather Footbed Isreal , NEW JCREW Cross-strap sandals in metallic gold leather Size9 Metallic Gold J0167Helle Comfort 'Tota' Natural Rumi Patent Leather Slide Sandal Women Size 37/6 MFranco Sarto Brown Satin Leather Slide On Rhinestone Flower Sandals Shoes 8.5MLoeffler Randall New Gabby Blue Womens Shoes Size 10 M Sandals MSRP $295 , Stella McCartney Womens Sandals Size 38 8 Cream Animal Print T Strap In BoxMan's/Woman's Propet Women's Monica Bronze Sandals feature New in stock Fashion dynamicSwedish Hasbeens Helena Black Leather Ankle Strap Wood Clog Sandals Size 36 NewTory Burch Black/Coconut/Bronze Grommet Demi Wedge. Size 11. Good condition.Stuart Weitzman "Twofer" Allover Cork With Golden Accents Wedge,worn 1x, Sz 10 M
    Born Silver Metallic Leather Born NEW! Flip Flops 9914/Thongs/Slides - 10M/W - NEW! 2963840 ->Born Silver Metallic Leather Born NEW! Flip Flops 9914/Thongs/Slides - 10M/W - NEW! 2963840 -
    Cloud Aline Dark Tan Tonal Leather Soft Plush Bootie Comfort Shoe 41NewNew! ASH Jess Embroidered Knee-high Boots Size 38 US 8 Russet $498New $368 Frye Ilana Fringe Short/Ankle Boots Bootie Suede Biscuit Beige Heel 7.5NEW BALANCE MENS RUNNING TRAINER SHOE MRL99DV UK SIZE 11 BLUES WHITE NEW , Men's/Women's REDBACK 'UABK' Non Safety Leather Boot Crazy price stable quality various kindsMan's/Woman's Chaussure Oxford Cheaney Harrington Charming design special promotion business , Taryn Rose Trisha Tassel Ankle Boots, Quinoa, 9.5 US Display , Apex Women's Stealth Runner Blue/Silver Mesh Comfort Shoes , Donald J Pliner Womens Shoes Sz 7.5 Black Strappy Open-Toe Heels Vero Cuoio , Jessica Simpson JS-Waleo Platinum/Metallic Herringbone Heel Size 7J.CREW BLACK WATCH PUMPS GLITTER HEELS SZ 6.5 $248 H1870 SHOESGORGEOUS 3.1 PHILIP LIM. LAYERED PEEP TOE. BOOTS , CHRISTIAN LOUBOUTIN "SIMPLE PUMP" OPALE GOLD BRONZE LEATHER PUMPS HEELS SZ 37VANS Cord Plaid Dress Blue Sk8 Hi Reissue Shoes Womens 7 RunnersHunter Original Suede Sport Sandals Black size 7 New With Tags , Men's/Women's Vionic Women's Rest Samoa Slide Sandal Many styles buy Direct business , Fashion Women Pointy Toe Slim High Heels Summer Occident Sandals Shoes StilettosNIKE AIR FORCE 1 ULTRAFORCE FC QS "CRISTIANO RONALDO" SZ 8.5 [865306-003] , New! KOBE XI 11 LOW TB Promo 856485-883 Orange Blaze Size 12 Retail $160 , $210 NEW! Under Armour Sz 14 CAMOFLAUGE Hunting Trail "PRIMALOFT GORE TEX" BootsMens Adidas ZX Flux PK - S75976 - Black Trainersasics kiko KOSTADINOV collaboration sneakers Asics Kiko from japan (5881Fila F13 1VF80137-046 Black/Gold Classic Casual Shoes MenFerragamo NAYON Black Leather 8.5 EE 41.5 High-Top Gold Gancini Fashion SneakerMen's Joseph Abboud Collection Brown Leather Cap Toe Oxfords size 9.5 M EUC , Asics Gel-Kenun Gossamer Hampton Green Women Running Shoes Sneakers T7C9N-6767 , **LATEST RELEASE** Brooks Bedlam Womens Running Shoes (B) (137)adidas Women's EQT Racing Adv Originals Ftwwht/Ashblu/Cblack Training Shoe 9 Wom , FRYE Paige Canvas short Western Canvas Leather Boots 6.5 BMr/Ms womens boots Beautiful color Modern design A balance between toughness and hardness ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Born Silver Metallic Leather Born NEW! Flip Flops 9914/Thongs/Slides - 10M/W - NEW! 2963840 -

    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.

    Born Silver Metallic Leather Born NEW! Flip Flops 9914/Thongs/Slides - 10M/W - NEW! 2963840 -

    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
    Born Silver Metallic Leather Born NEW! Flip Flops 9914/Thongs/Slides - 10M/W - NEW! 2963840