Never miss an update

Belle Oro, Womens Via VFAIT Faiti Via Faiti, Gold EU VFAIT Faiti Oro, 5 EU a1828a9

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Unknown
MPN: Via Faiti_Oro UPC: 637913523328
EAN: 0637913523328
Never miss an update

Belle Oro, Womens Via VFAIT Faiti Via Faiti, Gold EU VFAIT Faiti Oro, 5 EU a1828a9 -

    Belle Oro, Womens Via VFAIT Faiti Via Faiti, Gold EU VFAIT Faiti Oro, 5 EU a1828a9
    Belle Oro, Womens Via VFAIT Faiti Via Faiti, Gold EU VFAIT Faiti Oro, 5 EU a1828a9
    Man/Woman INFINITY-997LG Silver Glitter The color is very eye-catching Fast delivery various kindssublime court shoes Christian Louboutin so Kate 2018 brandnews PURPLE t 37 , Hassia Womens Barcelona, Weite H Trainers, Black 0100 Schwarz, 5.5 , Unisa Womens FALINMTS Trainers, Silver Silver Platino, 4 UK , Men's/Women's TEEZE-27 Black Red New product The latest technology Excellent function , Men/Women INFINITY-991LG Silver Glitter Complete specification new Direct business , Man's/Woman's ADORE-700SK-02 Canvas Red White Neon Queensland Cheaper than the price Extreme speed logisticsNina Armando Ivy II - Black High Heels , Nina Armando Susan – Black High Heels , Man/Woman XTREME-808OMBRE Clear Silver Black Economical and practical Preferred material leading the fashion , Man's/Woman's INFINITY-930LG Silver Glitter Reliable quality Carefully selected materials Brand feast , Nina Armando Moana - Black Stiletto HeelNina Armando Bianca – Nude With Multi Stiletto HeelsNina Armando Vivian – Red Sandal Heels , Authentic Christian Dior Cannage Buckle Pumps Beige Size 38L.K. Bennett Floret, Women s Closed-Toe Pumps, Black, 7 EU , Authentic Christian Dior Bow Black Peep Toe Cannage Pumps Size 38 , Think Chilli, Womens Derby, Blue Saphirkombi 90, 6 EUNina Armando Vanessa - Silver High Heels , Man's/Woman's Cellini Champagne heels Size 39 Easy to use High quality and economy Maintenance capabilityART I Meet, Women s Ankle-Strap Pumps, Brown Brown , 6 EUNina Armando Monica - Silver High Heels , Gentleman/Lady CAMEL-203 White service auction leading the fashionNina Armando Adele – Nude Mid Low Heels , Kennel und Schmenger Womens up Trainers, Beige Ombra Sohle Creme 292, 7.5 UKNina Armando Sue – Red Stiletto HeelsNina Armando Krissy - Silver High Heels , Nina Armando Jordana - Beige High HeelsNina Armando Catriona – Brown Mid Low Heels
    Belle Oro, Womens Via VFAIT Faiti Via Faiti, Gold EU VFAIT Faiti Oro, 5 EU a1828a9 ->Belle Oro, Womens Via VFAIT Faiti Via Faiti, Gold EU VFAIT Faiti Oro, 5 EU a1828a9 -
    CLARKS Women's Adriel Tevis Platform - Choose SZ/color , Aquatalia Raffaela Waterproof Suede Over-The-Knee Boot, 12 , Gentleman/Lady Mens Rieker Boots F3553-W The color is very eye-catching Has a long reputation Vintage tide shoesPleaser Radiant 709 Black patent silver chrome 7" pole dancing heelsSPORTMAX by MAX MARA orange leather heels sandles shoes IT35/US5/AU4 , AB616 MOMA shoes pink leather women moccasins , SAS MAUI Slip On Shoes Womens Size 6.5W Wide Width Tan Basket Weave TriPad FlatsWomens Slingback Open Toe Platform Ankle Strap Buckle Sandals High Heels Sz40-48 , Womens Pearls Flowers Platform Tassels High Stilettos Heels Wedding Pumps Shoes , Fashion Transparency Womens Peep Toe Slip On Chunky Heels Dress Shoes Party Size , NIB Tory Burch JACKIE Gold Logo Charm Wedge Esparille Shoe Beige GOLD WASHED 9.5 , Tory Burch Womens Shoe Cameron Tan Leather Wedge Thong Sandals Size 8.5Nike Men’s Air Max Typha Training Shoes Size 13Adidas - NEW- D Rose Growling Teeth Basketball Men's Red Back and Blue  HightopNEW MEN ADIDAS ZX FLUX LIGHT GRANITE WHITE ORIGINALS SNEAKER M19838 , Converse One Star OX Silver White Men Women Casual Fashion Shoes Sneaker 161590C , NEW Mens 11 ADIDAS White Todd James Supershell Superstar Pharrell Shoes SneakersAdidas Originals Men's Superstar Shoes Size 7 to 12 us BY8713Asics Gel-Fastball 3 Black Orange Men Volleyball Badminton Shoes E712N-001Nike Air Jordan 1 Retro Hi OG Laser [705289-100] Basketball 30th Anniversary EdtNike Air Jordan Retro 3LAB5 Black/Metallic Silver Sz 8.5 599581-003 Brand NewNEW Mens Males Dandy Outdoor Fashion Sneakers Casual Oxford Shoes Brown 4707 , Base London Business Men's Leather Smart Classic Formal Dress Shoes Brown , HUARACHES PIHUAMO DELUXE DECORATED EYELETES mexican sandals men's huaraches , ECCO Women's Biom Venture Tie Textile Gore-Tex Multi-Sport Black/Titanium 39 , Hogan woman shoes sneaker H222 sportswear XL allc.tess HXW2220N627FPX0906 silverWomens Low Heel Round Toe Punk Rivet Studded Leather Knight Ankle Boots Sz Ths01BoNavi NW838-H90467-R-1 Black Suede Round Toe Low Heel Ankle Boots Size 40Aquatalia Weatherproof Suede Boots Calf Combo High Heels Shoes Size 11M New NIBA2 by Aerosoles Size 8.5 Brown Water Resistant Comfort Boots New Womens Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Belle Oro, Womens Via VFAIT Faiti Via Faiti, Gold EU VFAIT Faiti Oro, 5 EU a1828a9 -

    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.

    Belle Oro, Womens Via VFAIT Faiti Via Faiti, Gold EU VFAIT Faiti Oro, 5 EU a1828a9 -

    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
    Belle Oro, Womens Via VFAIT Faiti Via Faiti, Gold EU VFAIT Faiti Oro, 5 EU a1828a9