Never miss an update

Donald Slides J In Pliner Green & Tan 8 Stretchy Material Slides Sandals Sz 8 Made In Spain af4218e

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Donald J Pliner
Width: Medium (B, M) Style: Slides
Color: Green US Shoe Size (Women's): 8
Country of Manufacture: Spain
Never miss an update

Donald Slides J In Pliner Green & Tan 8 Stretchy Material Slides Sandals Sz 8 Made In Spain af4218e -

    Donald Slides J In Pliner Green & Tan 8 Stretchy Material Slides Sandals Sz 8 Made In Spain af4218e
    Donald Slides J In Pliner Green & Tan 8 Stretchy Material Slides Sandals Sz 8 Made In Spain af4218e
    Mephisto 'Parfollia' Sandal- Black- Size 6 US/ 36 EU $279 (P15)FIEL, BLANCAH SANDAL, WOMENS, BROWN, US 8.5 M, LEATHER, NEW/DISPLAYNEW Vionic Womens 11 42 Karina Thong Sandals White Faux Leather Orthoheel VeganAuthentic Casadei Tan Leather Platform Wedges Slingback Sandal Shoes Size 8New Olukai 20129 2626 Paniolo Charcoal Women's Flip Flops 6 US , Womens Summer Roma Strappy Zipper Sandals Super Stiletto Sexy Fashion Shoes Gold , Size 10 Womens FitFlop Fit Flop Banda Roxy Black Flat Sandals Shoes SparkleSTEVE MADDEN (CLEVER BLOCK HEEL SANDAL) 8.5 BRAND NEW!!Sam Edelman Size 8.5 M TAI Coral Fabric Ankle Wrap Sandals New Womens Shoes , Sam Edelman Size 8 M TAI Coral Fabric Ankle Wrap Sandals New Womens Shoes , Lanvin Sandal Metallic Leather Ankle-Strap Low-Wedge Bronze Size 37.5 , Born Women's Eva Sandals Size US 6M Beige M66 , Sam Edelman Size 7 M TAI Coral Fabric Ankle Wrap Sandals New Womens ShoesWomens Glitter Rhinestones Roman Gladiator Shoes Summer Thong Sandals RhinestoneKenneth Cole New York Drina Wedge Sandals, Light Grey, 6.5 US / 37 EUH by Halston Size 6.5 PIPER Black Leather Braided Heels Sandals New Womens ShoesNIB Keen Women's Uneek 1013095 Green Waterproof Sandal Size 5Stuart Weitzman Womens Heels "Glotrajectory" Color Brass US Womens Size 10 W , Stuart Weitzman Whitty Brown Leather T-Strap Sandal Size 9.5M B359#Sesto Meucci 54700 Ankle Strap Wedge Sandal Womens Size 10 M, Black (Repair)NEW WMNS FITFLOP CRYSTALL BLACK THONG SANDAL SIZE 5&6&7&8 AVAL.BORN Vintage Brown Leather Wedge Heels/Strappy Sandals- 10M/W – NEW! , FLORAL Maria Women Wide Width Stunning Rhinestone Ankle Strap Party Dress SandalEric Michael Women’s Wedge Sandal Tori - Hand Painted I , ECCO WOMAN SANDALS GLADIATOR BROWN BEIGE LEATHER / US 9-9.5 , NEW! Bussola L05813218H Womens Ibiza Wedge Sandal Bone 41 US 10 Z38 asBorn Women's heel Sandal Zany Brown Leather Size US 9 M NEWEarthies 10 Beige Biscuit T Strap Cutwork Stacked 3" Wedge Leather Sandal F330 , Teva Avalina Crossover Leather Navy Sandals Women US 9/UK7/EU40/JP26 ,
    Donald Slides J In Pliner Green & Tan 8 Stretchy Material Slides Sandals Sz 8 Made In Spain af4218e ->Donald Slides J In Pliner Green & Tan 8 Stretchy Material Slides Sandals Sz 8 Made In Spain af4218e -
    Ariat Women's Round Up D Toe Western Cowboy Boot Distressed Brown 7 M USGentlemen/Ladies Slip On Converse Fabric Adequate supply and timely delivery Quality and quantity guaranteed International big name , Beautiful New and Authentic Christian Dior dark grey suede boots. 39Handmade Men Suede Leather Blue Shoes Royal Blue Loafer Formal Leather Sole ShoeNike Lunarcharge Essential [923619-402] Men Casual Shoes Gym Blue/GreyNIKE WOMENS AIR MAX RUN LITE RUNNING SHOES/SPORTS/SNEAKERS ON EBAY AUSTRALIA**Allrounder Niro Mary Jane Flats - Women's Size 7.5 - Black DAMAGEDPuma The Black Label Mostro Re-Luxe Womens Shoe Black Leather Loafer US 9$79 VINCE CAMUTO LEATHER WHITE ORLOV/RED JEWELED WEDGE SHOES SIZE 81/2 W - NEWMen/Women Tod's ladies ballerina XXW0HI0A240S2D580B Good design buy leading the fashion , Schutz Dubai Saddle Brown Leather Caged Open Thick Heel Strappy Tassel Sandal , Mephisto Barbara Women Size 11Warm Grey Bucksoft Wedge Sandals Shoes X11-1192Skechers Golf Performance Womens Go Birdie Shoe- Select SZ/Color. , Nike Dual Fusion Trail 2 Running Shoe Blue/Blk Men's [ Multi Size ] M 819146-004ADIDAS TUBULAR SHADOW SZ 10.5 ORIGINALS GREY CRYSTAL WHITE KNIT BY3570 , NIKE ALPHA SPEED iD FOOTBALL CLEAT BLUE SZ 10.5 [541217 991]Adidas ZX Flux Primeknit Mens S75973 Ice Blue Running Training Shoes Size 9.52013 Nike Zoom Kobe 8 EXT Year Of The Snake Sz 10 WTK What The Spark Duke BHM , Harley-Davidson Men's Westmore 9.5" Black or Brown Leather Boots. D93315 D93316 , PUMA Men's Enzo Terrain Sneaker - Choose SZ/ColorTOD'S New sz US 13 Authentic Designer Mens Tods Loafers Shoes navyGeox U7244A02285C9A4R Mens Monet 35 Boat Shoe 42.5- Choose SZ/Color.New Bruno Magli Abner 9 M tan (4823) , Puma x Alexander McQueen MCQ jogger running train Blue fashion Rare Sz 8 , New! Women's Nike Rival M Racing Multi Use Track shoes Blue/Purple 806555 2X , Womens Skechers On The Go Joy Bundle Up Suede Winter Faux Fur Ankle Boots , Nomad Women's Hurricane III Rain Boot Navy WaterproofNautica KW0327 Womens Shelborne Fashion Sneaker- Choose SZ/Color.Skechers Street Sunlite Reminisce Womens Jogger SneakersFolk Womens Zip Chinese Embroider Ankle Boots Shoes Block Heel Leather Retro US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Donald Slides J In Pliner Green & Tan 8 Stretchy Material Slides Sandals Sz 8 Made In Spain af4218e -

    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.

    Donald Slides J In Pliner Green & Tan 8 Stretchy Material Slides Sandals Sz 8 Made In Spain af4218e -

    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
    Donald Slides J In Pliner Green & Tan 8 Stretchy Material Slides Sandals Sz 8 Made In Spain af4218e