Never miss an update

Gabriella Suede Michel Burgundy Suede On Embroidered Gabriella Rose Slip On 830f947

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: Gabriella Michel
Heel Height: Low (3/4 in. to 1 1/2 in.) Width: Medium
Color: Burgundy Sd Material: Suede
Style: Sneaker
Never miss an update

Gabriella Suede Michel Burgundy Suede On Embroidered Gabriella Rose Slip On 830f947 -

    Gabriella Suede Michel Burgundy Suede On Embroidered Gabriella Rose Slip On 830f947
    Gabriella Suede Michel Burgundy Suede On Embroidered Gabriella Rose Slip On 830f947
    Merrell Women's Encore Q2 Slide LTR Climbing Shoe, Black, 9 W US , HOKA ONE ONE GAVIOTA BLUEPRINT/SURF THE WEB RUNNING WOMENS SHOES SIZE US 7 NEW , Mr/Ms NIKE WOMEN AXSIS AA2168-002 SNEAKERS Attractive and durable High quality and economy Diversified new designLOVE MOSCHINO JA10067 Black Suede Designer Pumps Heels 7.5 MADIDAS WOMENS SHOES KANADIA 8 TR W BB4418New Adidas Original Womens SUPERSTAR BOLD BY2948 WHITE /GREEN US W 5.5 - 7 TAKSE , Mark Nason Los Angeles Women's Modern Jogger Paige Slip-on Sneaker LeopardNew Balance Women's Traverse Leather Ankle Strap Sandal Whisky LeatherNike Structure 18 Running Women's Shoes Size 6 , Ariat Women's Springfield Rubber Boot Dark Brown/Realtree Xtra Rubber/Neoprene , Comfortiva Women's Flores Slingback Black Otago Softy Nubuck , Under Armour Threadborne Slingflex Running Women's Shoes , Life Stride Women's Xandy Riding Boot Wide Calf Dark Tan Polyurethane , New Arc'teryx Womens Acrux FL GTX Waterproof Hiking Approach Trail Shoes Sz 7Balance Women's 1400v6 Running Shoe, Pink/Black, 8.5 B US , Reebok R CrossFit Nano 8.0 Grey Silver Women Cross Training Shoes Sneaker CN2981 , Asics women's running shoes gel kinsei 6 light grey titanium mint size 6.5 us , NIKE Womens Nike Tanjun 812655-100 WHITE/BLACK Womens Size 9.5ASICS Women's GEL-Cumulus 19 Running Shoe Blue Purple/Black/Flash Coral RunningAsics women's gel kayano 24 running shoes black phantom white size 7.5 us , Pleaser Women's Adore 1017SQF Open-Toe Bootie Clear PVC-Sliver Hologram/Clear , WMNS NIKE AIR HUARACHE RUN WHITE-WHITE SZ 6.5 [634835-108]New Nike Air Max 2017 Black Anthracite Womens US Size 8 , Asics women's gel nimbus 19 running shoes indigo blue paradise green size 8.5 usPleaser Women's Infinity 909MG Ankle-Strap Platform Sandal Black Patent/Black , HEAD Women`s Sprint Pro 2.0 Tennis Shoes Marine and Coral-(726424583751) , Nike Lunarglide 8 Running Women's Shoes Size 10Puma Basket Platform Strap Wns Black Leather Women Fashion Casual Shoes 36412301Naturalizer Women's Morrison Fashion Sneaker, Silver, 7 M US ,
    Gabriella Suede Michel Burgundy Suede On Embroidered Gabriella Rose Slip On 830f947 ->Gabriella Suede Michel Burgundy Suede On Embroidered Gabriella Rose Slip On 830f947 -
    Harley-Davidson Women's Romy Inside Zip Boots. Shaft 14.5", Heel 1.75" D87020Men Sport Suede Shoes * PORSCHE DESIGN-PORSCHE 360 * BB1164* Limited Quantity !!New sz 6 / 36 Christian Dior Brown Suede buckle strapped Logo Boot Shoes , Paul Green Womens MastercalfCervo M SpaceOro Trainers, Multicolour SpaceOroCole Haan Gabby Sandal Cross Strap Mules 205, Black Leather, 11 USKenneth Cole Mercer Pointed Toe Slingback Flat 6 M Black/White New with Box , NIB TORY BURCH ALLIE OXBLOOD TUMBLED LEATHER GOLD TONE REVA BALLET FLATS 7SAS Simplify 8.5 Narrow Black Loafers Flats Women'sBCBGeneration Womens TREASURE Pointed Toe Classic Pumps, White, Size 8.0 3nFWWomens Open Toe Sitlettos Hollow Ankle Boots Sexy High Heel Shoes Plus Size 10.5 , Man/Woman DELIGHT-654 Consumer first Quality First Valuable boutique , Jessica Simpson Shoes Heels Platform Topazio Blue 8.5 NEW , naturalizer Peyton 2 Embroidered Point Toe Heels, Mauve , CLARKS ORLA KIELY BIBI Tan Brown Leather T-Strap Shoes 9.5 M NIBDOLCE & GABBANA strappy stilletto 39 8.5 beautiful , ECCO (Touch 35) "1" Black, "1" Warm Grey Size 8 - 8 1/2 US 39 EU Shoes , Rochas Women Shoes Size 39 NIB Platforms BlackMan's/Woman's Spenco Women's Siesta Mule Diverse new design High quality and economy Clearance sale , Skechers Performance Womens Go Walk 4 Premier Walking Shoe- Pick SZ/Color. , Under Armour Men's Spine Lazer Running Shoes Blue Lime Green size 11 D NIBMen's New Balance Fresh Foam Beacon US 9 1/2 2E MBECNLT RunningBaffin Mens Hunter-M Green Rainboots Size 9 (274976)Nunn Bush - Douglas Mens Oxford- Choose SZ/Color.COSTUME NATIONAL High Top Sneaker Size 41 / US 8 MSRP $900A Mens Brogue Suede Tassel Flats Round Toe Loafers Dress Shoes Leisure Cool 2017 , DC Womens Villain SE, White/White/White, 9 B US , Gentleman/Lady Nike Internationalist Blue 6 economic Attractive fashion Elegant and stable packaging , Gentlemen/Ladies Adidas By Stella McCartney Ultraboost wholesale Skilled manufacturing CharacteristicsNIKE Women's Huarache City, SIZE 10 AH6787 400 , Isaac Mizrahi Ara2 Dark Brown Quilted Leather Riding Boots New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gabriella Suede Michel Burgundy Suede On Embroidered Gabriella Rose Slip On 830f947 -

    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.

    Gabriella Suede Michel Burgundy Suede On Embroidered Gabriella Rose Slip On 830f947 -

    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
    Gabriella Suede Michel Burgundy Suede On Embroidered Gabriella Rose Slip On 830f947
    Athletic Shoes