Never miss an update

AJ298 GIANNI suede MARRA shoes GIANNI brown black suede women women pumps d7552c8

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
Main category: shoes
Gender: women Color: brown
Style: pumps Color 2: black
Brand: GIANNI MARRA Material: suede
MPN: Does not apply
Never miss an update

AJ298 GIANNI suede MARRA shoes GIANNI brown black suede women women pumps d7552c8 -

    AJ298 GIANNI suede MARRA shoes GIANNI brown black suede women women pumps d7552c8
    AJ298 GIANNI suede MARRA shoes GIANNI brown black suede women women pumps d7552c8
    Ladies Van Dal Court Shoes EE Fit -TwilightMan's/Woman's Pleaser ADORE-709FS Special purchase Various types and styles Most practical , $365 STUART WEITZMAN TIPNAUGHTY Wine Suede Metallic Designer Pointed Pumps 8.5 , Emilio Pucci Slingback Platforms - Orange/Violet/Yellow Geometric Pattern (8) , BY799 GIANNI MARRA shoes black leather women pumpsLanvin Gold & White Strappy Sandals Size 38.5CHARLES PHILIP - BALLERINES SLIPPERS VELOURS BLEU MARINE 36 - NEUF BOITECASADEI Leopard Pink & Black Round Toe Pump 3" Heel Size 9 Made in ItalyOrizonte Candi Womens European Leather Mid Heel Comfortable Sandals , NIB Charles David Womens Pumps Heels Leather Ankle Shoes Sandals Sz 10 M CoralVC BY VINCE CAMUTO Womenns 'Renna' Bronze and Black Leather Pump Heels Sz 6 MLadies Van Dal Slingback Wedges - TiltonMODELLO GIULIETTA Black Leather Strappy Sandals High Heels Shoes 37 MINT CONDPierre Cardin Ladies Beige High Heel SandalsGentlemen/Ladies Pleaser DELIGHT-687 Durable service Orders are welcome Fair price , Man/Woman Fabulicious AMUSE-56 The color is very eye-catching Pleasant appearance retail priceSalvatore Ferragamo Black Suede leafer, Mini Heel Size 7AA, RARE, EXCELLENTNAOT Ashley Patent Leather Wood SANDALS Shoes New 42Authentic Dolce & Gabbana Shoes Size 38.5 8 Brown Slingback Leather Pumps ShoesFontana 2.0 Women's Suede Ankle Boots Black 100% REAL LEATHER Side ZipAnthea Black Leather Platform Pumps HUGO BOSS Size 6 Made in ItalyYVES SAINT LAURENT Dark Bronze Embellished Slingback Pumps Size 9N B4433Castaner Wedges Women's Shoes Size 8 New With TagsSimply Soles Peep Toe Wedge Orchid Floral Print Fabric, 9.5ladies shoes Naot Marathon scuff grenadine size 6/37 , New Escada Heels / US 5 B / Brown / Leather /Made in Italy , Men's/Women's Fabulicious BELLE-381G durable cheapest Popular tide shoesMarni Shoes Size 39 9 Black Green Ankle Strap Pumps Animal Print Leather HeelsPRADA Metallic Black Patent Leather High Heel Shoes Open Toe Pumps Size US 7.5 ,
    AJ298 GIANNI suede MARRA shoes GIANNI brown black suede women women pumps d7552c8 ->AJ298 GIANNI suede MARRA shoes GIANNI brown black suede women women pumps d7552c8 -
    nicole Women's LAN Boot, Sandstone, 10 M USItalian Toscanella Black Leather Knee High Stiletto Heel Boots Size 41 / 10 9.5Dingo DI7542: Women Marlee Golden Condor Leather R Toe Western BootNike Air Zoom Pegasus 34 Mens Cushion Running Shoes Runner Sneakers Pick 1 , Women's Real Fox Fur Mid Calf Boots Winter Hidden Wedge Heel Shoes Multicolor , ALBERTO FERMANI Womens Brown Suede Over Knee High Boots Sz 35 , Gentleman/Lady Adidas Attitude Hi Men's Shoes Size Excellent value Clearance A balance between toughness and hardnessBOBS from Skechers 31415 Womens Bobs Phresher-City Fields- Choose SZ/Color. , Gentleman/Lady Melissa Women's Harmonic Flower Sandal quality a variety of ExportJ Crew Womens Everly Black Patent Leather Wedges Heels Size 10 Made In Italy , AUTHENTIC GIUSEPPE ZANOTTI CAMOUFLAGE SANDALS KHAKI GRADE AB USED - ATPRADA Shoes 075009 Red 38 1/2 , HOT Sergio Rossi Cutout Zigzag Suede and Metallic Leather Boot Sandals $1,295+!Women's Spenco Total Support Orthotic Brooke Teal Flip Flops Sandals Sz 9DOLCE & GABBANA Crystal Brooch Jacquard Pumps Heels Shoes BELLUCCI Brown 05532 , Poetic Licence Women's Hi And Mighty Silver Fabric/Polyurethane Thong SandalsMEL Clear Transparent White Gold Tone Tassel Detail Patent Sandals Sz 8 Eu 39 , Jeffrey Campbell Slide Sandal Sunmist Pink Suede Knotted Bow Flat Womens 39 8 Mvogue ladies shinning sequins peep toe slingbacks sandals creepers shoes leisure , Women's Reebok Classic Leather EBK - Grey - Width: med - Fashion Sneakers , Men's Nike Alpha Strike 2 Football Cleats 725227-010 NEW SZ 10 USPuma Clyde Suits LEOPARD CHEETAH Black Orange GOLD White Mens 9.5 Shoes SneakersPuma Shoes Drift Cat III 3 SF Ferrari Black/Yellow Sneakers Size 12Adidas Ultra Boost 3.0 LTD "Mid Grey” Leather Cage Size 11.5 Shoes (BB1092) , Ariat 10020092 Workhog H2O Safety Toe Pull On EH Rated Western Wellington BootsSperry Top-Sider Men's Billfish Ultralite Tan/Green Boat Shoe , Dolce & Gabbana Men's Moccasins Loafers Slip On Shoes Sz 7 , Salomon Women's Size 8.5 Wings Pro 2 W-W Trail Runner Shoes Black , Gentlemen/Ladies Vibram Women's Vi-b Cross-Trainer Shoe We have won praise from our customers. stable quality Non-slipNike Lunar Force 1 Waterproof Duckboot Women's Shoes, AA0283 200 Size 10 NWB ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    AJ298 GIANNI suede MARRA shoes GIANNI brown black suede women women pumps d7552c8 -

    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.

    AJ298 GIANNI suede MARRA shoes GIANNI brown black suede women women pumps d7552c8 -

    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
    AJ298 GIANNI suede MARRA shoes GIANNI brown black suede women women pumps d7552c8