Never miss an update

Havaianas Women`s Flip Women`s Flops Slim Lux Crystals Sandal Sand Grey Havaianas Gold Swarovski Crystals e438f57

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: Havaianas
Country of Manufacture: Brazil Style: Flip Flops
Straps: Gold with Swarovski crystal Flowers Material: Rubber
Soles: Non Slip Rubber Soles Color: Sand Grey
Theme: Luxury Heel Height: Flat (0 to 1/2 in.)
Features: swarovski crystals, Crystal Decoration Pattern: Solid
Never miss an update

Havaianas Women`s Flip Women`s Flops Slim Lux Crystals Sandal Sand Grey Havaianas Gold Swarovski Crystals e438f57 -

    Havaianas Women`s Flip Women`s Flops Slim Lux Crystals Sandal Sand Grey Havaianas Gold Swarovski Crystals e438f57
    Havaianas Women`s Flip Women`s Flops Slim Lux Crystals Sandal Sand Grey Havaianas Gold Swarovski Crystals e438f57
    Womens Vagabond Becky Summer Leather Holiday Fashion Strappy Sandals US 5.5-10 , & OTHER STORIES Black Leather Ankle Strap Low-Heeled Sandal Sz38OLUKAI WOMENS SANDALS OHANA WHITE BLACK SIZE 7KEEN Women's Newport H2 Sandal, Black/Bright Rose , Pedro Garcia NWOT "Silt Castoro Lame" Brown Suede "Maica" Platform Sandals SZ 39 , EUC Donald J. Pliner Women's 8 1/2 M Stunning Black Leather Heel SandalsGentleman/Lady Bzees Women's Jive Sport Sandal Durable service Good market Contrary to the same paragraph , Gentlemen/Ladies FLAMINGO-809MG New market Affordable Popular recommendation , Men's/Women's Hand Made Greek Leather Sandals quality Preferred material Great choice , Worishofer 251 Womens Beige Leather Comfort Adjustable Buckle Slide SandalFitFlop Navy Blue Incastone Crystal Jeweled Slide Comfort Sandal 5 36 NewNEW Tsubo Women's Ovid Black Leather Wedge Sandals Size 9M , DVF Diane Von Furstenberg Shoes Size 9 Black Leather Platform Wedge SandalsBNWT ZARA GOLD FINE STRAPPY SANDALS REF. 5456/101TEVA WOMEN HURRICANE XLT METALLIC PEWTER SPORTS SANDALS US 7 / /Birkenstock Gizeh Birko-Flor Thong Mocha Sandals Size 39 L8 M6Geox Gina Black Womens Shoes Size 7.5 M Sandals MSRP $295 , Skechers Performance Women's H2 Goga Bountiful Flip Flop - Choose SZ/ColorSale!!!!!!!(JUST RESTOCKED!!!)Custom Nike Fur Slides (CHOOSE YOUR COLOR/SIZE) , Columbia Barraca Strap Athletic Sandal - Womens , El Naturalista Zumaia Sandals - Women's Size 7, Black MixedVionic Pacific Hightide Red Leopard Patent Toe Post Women's Sizes 5-11/NEW!!!Vince Stefania Beige Womens Shoes Size 9 M Sandals MSRP $295 , Birkenstock Gizeh Women's Sandals Black Faux Leather Birko Flor Size 7 - 38 , Soludos Women’s Embroidered Floral Mule Sand/Red Multi Size 7.5 NEWNew FitFlop Women's Bumble Crystal Toe Post Sandals Black H69-001-060Womens Vintage Floral Decor Open Toe Ankle Strap Leather Sandal Beach Shoes 6669Nine West Women's Amyas Suede Platform Sandal Dark Blue 9 M USMan/Woman Sandal Free People Bali Footbed Cream Fine workmanship the most economical Seasonal hot sale
    Havaianas Women`s Flip Women`s Flops Slim Lux Crystals Sandal Sand Grey Havaianas Gold Swarovski Crystals e438f57 ->Havaianas Women`s Flip Women`s Flops Slim Lux Crystals Sandal Sand Grey Havaianas Gold Swarovski Crystals e438f57 -
    M+F GIRBAUD - Bottines low boots compensées SUZY zip cuir noir 37 - NEUF BOITE , Aquatalia by Marvin K Reggae brown Leather Ankle Boot sz. 11 NEW! $495 , ECCO Women's Zoe Tie Combat Boot - Choose SZ/colorGentlemen/Ladies Slip On low Vans Floral Customer first fashionable Reliable reputation , Clarks Everlay Bai Mary Jane Womens Sz 6 Flat Sand Beige Cutout Floral Leathersteve madden suede stappy flats size 8 newWomen Pointed Toe Slip On Mule Slipper Flat Leisure Shoes Vintage Korean Loafers , Dolce & Gabbana Taupe & Burgundy Leather Pumps Round Toe Cylinder Heel sz 37,5$599 Cesare Paciotti Beige Snakeskin Leather Platform Pumps Heels Shoes Sz 40Christian Louboutin Bibi Pumps Clogs Platforms Nude Wedge TanNaot Footwear Luisia Women's Ankle Boots Volcanic Brown Leather Size US 6 , Nine West 25023728 Womens Idrina Suede Dress Sandal- Choose SZ/Color.OLD FRIEND WOMEN'S BROWN SNOWBIRD II OUTDOOR SHOE MULTIPLE SIZES NEWNIKE ZOOM CLEAR OUT PE MENS BASKETBALL SHOE WOLF GREY UNIVERSITY GOLD 888404 071 , Nike Shift One Men's Fashion Shoes Sneakers AO1733-100 Authentic Tag&Box , Nike LunaRacer+ 3 Men's Black/Dark Grey/White 54675010New Nike Air Max 2017 Men's Running Training Shoes Triple Black 849559 004Magnum Precision Ultra Lite II Waterproof Composite Toe - Tan - Mens , Mens Allen Edmonds Muldoon Tan Slip On Kiltie Loafers sz 7 D Casual , New Johnston & Murphy Optima MELTON Burgundy Cap Toe Oxford Shoes Mens sz 10.5D , S-1453980 New Bally Dridor Lt Braken Suede Drivers Shoes Size US 7EEE Marked 6FMerrell J178605C Women's Walking Shoes, Black, size 5.5 M , Saucony Breakthru 4 Women's Running Shoes Sz US 8 M (B) Blue Grey S10419-1Womens NIKE FREE 5.0 TR FIT 5 Running Trainers 704674 500 US 6Nike WMNS Air Huarache Run women lifestyle sneakers NEW sail blue 634835-112REEBOK CLASSIC MOTORING CLOSURE LO WOMEN SHOES KHAKI/BLUE 32-151174 SIZE 6.5 NEW , Man/Woman Skechers Womens ONE Element Ultra Sneaker bargain Trendy Rich on-time delivery , Women's Pattern Brick Black Rider Boots With Side Zipper (BlackB-002) Size-8.5 , Ladies Tony Lama Brown Lizard Western Cowgirl Boots sz: 9.5 B (X)Corso Como Women's Harvest Ankle Bootie, Black Tumbled/Woven Leather, 6.5 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Havaianas Women`s Flip Women`s Flops Slim Lux Crystals Sandal Sand Grey Havaianas Gold Swarovski Crystals e438f57 -

    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.

    Havaianas Women`s Flip Women`s Flops Slim Lux Crystals Sandal Sand Grey Havaianas Gold Swarovski Crystals e438f57 -

    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
    Havaianas Women`s Flip Women`s Flops Slim Lux Crystals Sandal Sand Grey Havaianas Gold Swarovski Crystals e438f57