Never miss an update

Sandal Isola 29469 Elisia Black Goat Light Elisia Pull Up Up c17d0a0

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
Brand: Isola
Style: Sandal MPN: SP8819811
Never miss an update

Sandal Isola 29469 Elisia Black Goat Light Elisia Pull Up Up c17d0a0 -

    Sandal Isola 29469 Elisia Black Goat Light Elisia Pull Up Up c17d0a0
    Sandal Isola 29469 Elisia Black Goat Light Elisia Pull Up Up c17d0a0
    Man/Woman Sandal Blowfish Boxcar Mushroom Dyecut Cheap Year-end sale Full range of specificationsSweet Women's Buckle Strap Open Toe High platform Wedge Heel Suede Sandals Shoes , Womens Gladiator RHINESTONE Strap Flip Flop Strap Sandals Beach Shoes Stylish , Women Leather Pointy Toe Loafer Vogue Shoes Spanish princess Ball Heels A861 , Gothic Women Gladiator Buckle Rhinestone Wedge Sandals Platform High Heel Shoes , Women Grace Wedge Platform Mule Slides Suede Pearl Decor Rivet Med Heels Slipper , Tassel Roman Multicolor Women Sandals Ankle Strap High Snakeskin Party Nightclub , NEW TWO LIPS THONG SANDALS PEWTER CRYSTAL BEADING TRIM SIZE 9 ADJ BUCKLE STRAPS , Gentleman/Lady Sandal Nine West Bizzy Black Suede excellent quality Lush design Shopping promotion , Womens Rhinestones Strappy Elastic Slingbacks Mesh Chunky Heels Peep Toe Sandals , Korea Style Womens Summer Diamante Peep Toe Wedge Mid Heels Platform Sandals , Chic Womens Velvet Cage Heels Floral Pumps Ankle Strap Lolita Shoes Sandals 2018 , Women's Ethnic Style Embroidered Shoes Princess High platform Wedge Heel Sandals , New Dolce Vita DV by Dolce Vita Cho Wedge Black leather Sandals women's sz 8.5Europe Lady Womens T-Strap Pearls Studs Chunky High Heels Slingbacks Party Shoes , Hot Vogue Ladies Open Toe Mules Sandals Block Chunky Heels Dress Pumps Stylish S , Women Metallic Block Slipper Hollow Out Roman Gladiator Mules Sandals ShoesWomens Embroidery Ankle Strap Summer Sandal Shoes High Block Heel Open Toe Denim , Korean Women Pumps Sandals Open Toe Shoes Ankle Buckle Faux Suede Chunky Heel szSexy Open Toe Runway High Heels Womens Party Clubwear Hollow Out Sandals SZ34-45Women's Square head open Toe Heel shoes Hollow Flower Shoes Casual Lazy ShoesSexy Women Block Heel Ankle Strap Pointed Toe Sandals Rhinestones Glitter Shoes , Women's Open Toe Hollow Wedge Heel Frosted Cross Belt Buckle SandalsWomen's Open Toe Hollow wedges shoes Cross Belt Buckle Shoes Casual Sandals , New Fashoin Womens Flower Folk Leather Sandals Shoes Mules Slides 2017 Handmade , Women's Oran H Flat Sandals Leather Summer Beach Slippers iconic H styleWomens Peep Toe Platform Hidden Wedge Heels Knee High Sandals Boots Punk Shoes , 2018 Womens Wedge Heels Buckle Platform Open Toe Sports Sandals Sneaker Shoes SZChic Womens Satin Open Toe Rhinestone Sandals High Heels Ankle Strap Party Shoes ,
    Sandal Isola 29469 Elisia Black Goat Light Elisia Pull Up Up c17d0a0 ->Sandal Isola 29469 Elisia Black Goat Light Elisia Pull Up Up c17d0a0 -
    Carlos Falchi Zoe Knee High Platform Boots, Black, 6 US , Pleaser Women's Legend-8899 Boot Black 7 M US , Australia Luxe Collective Women's Eve Ranch BootStockholm Atelier & Other Stories Patent Black Leather Zip Boots RRPZARMINA Light Weight Hoof Sole Heelless Ankle Strap Mary Janes 2 Tone Pink Black , TORY BURCH Minnie Travel Black Leather Ballet Flat Black Enamel Logo Sz 8.5 #O4 , New Teva Women's Terra-Float Travel Knit - Legion Blue - Size 7 - Spring 2018!NIKE AIR MAX ULTRA FLYKNIT USED SIZE 9 WHITE UNIVERSITY RED GREY 843384 101 , NIKE AIR ZOOM TURF TRAINING 315099-141 white/varsity royal-met silver Size 9.5NIKE AIR MAX 1 ULTRA 2.0 ESSENTIAL 875679-600 UNIVERSITY RED BLACK NEW SIZE: 8Air Jordan Future Flight Off Court Men's Size 12 Pure Platinum 656503-013 , Adidas Men Tubular Radial black core black vintage white S80114 , Rare AIR JORDAN 2011 WHITE-BLUE SZ 11 ALL STAR PACK [436771-103] , Nike Marxman Men's University Red/University Red/Sail/Black 32764600 , Jordan Grind 2 Mens AO9567-600 Red Black Reflect Silver Running Shoes Size 9 , Nike Flyknit Trainer Pale Grey Black White AH8396-001 5-115 white racer ogNike NSW Air Max 97 UL '17 [918356-400] Men Running Shoes Midnight Navy/WhiteNew! Men’s 11.5 Altama Military Combat Boots Desert Canvas Shoes , Xtratuf Men's XT Legacy 15 in. Side Gusset Copper/Tan Size 12 Boot , Sanuk Men's Donny SWS Loafer - Choose SZ/ColorSanuk You Got My Back II On Shoes Mens Casual ShoesNike Tennis Classic Ultra PRM QS Premium Woven Grey Mens Trainers 830699-003 , Rockport Men's Style Leader 2 Moc Toe Slip-On Loafer Black A13477 sz 13M , New Brooks Vantage Heritage Collection Women Shoes Size 8 pchAdidas Pure Boost X Red Pink Womens Running Training Jogging Sports Shoes AQ3399NIKE WOMENS JUVENATE URBAN LILAC WHITE FLORAL 842532 500 SZ 5.5NEW Nike Air Zoom HyperAce Women's Volleyball Shoes Black White Size SZ 6.5 9 , Mizuno Wave Hitogami 2 Womens Running Shoe (B) (001) | SAVE $$$ , ECCO Women's Cool 2.0 Gore-Tex Fashion Sneaker - Choose SZ/ColorNew in Box Size 6.5 B Ariat Fatbaby Cowgirl Boots Distressed Brown & Pink Camo
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sandal Isola 29469 Elisia Black Goat Light Elisia Pull Up Up c17d0a0 -

    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.

    Sandal Isola 29469 Elisia Black Goat Light Elisia Pull Up Up c17d0a0 -

    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
    Sandal Isola 29469 Elisia Black Goat Light Elisia Pull Up Up c17d0a0