Never miss an update

Giani Bernini Giani Womens Closed ODEYSA Closed Toe Slide Bernini Flats d3f02ad

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: Giani Bernini
Occasion: Casual Style: Slides
Pattern: Solid Material: Synthetic
Fastening: Slip On Color: Brown
Never miss an update

Giani Bernini Giani Womens Closed ODEYSA Closed Toe Slide Bernini Flats d3f02ad -

    Giani Bernini Giani Womens Closed ODEYSA Closed Toe Slide Bernini Flats d3f02ad
    Giani Bernini Giani Womens Closed ODEYSA Closed Toe Slide Bernini Flats d3f02ad
    Womens loafers rabbit fur buckle slip on flat heel patent leather shoes slippers , LaPlume, Paolo, Bone Python, Size 39, Flat, Anti-Shock Sole , MATT BERNSON WOMENS VALENCIA Espadrills Black Leather Size 8 Retail 158 , Easy Spirit 360 Granda Womens White/Black Leather Fashion Flats sz 8 NARROWWomens Pump 6 Stitching Low Heel Slingbacks Leather Loafers Casual Fashion Shoes , BCBGMAXAZRIA LATTE LEATHER JEWELED FLATS WMNS SIZE US 8.5B HOT NEWMUNRO M555081 Black Leather Loafers / Slip On Womens Shoes Size US 9.5N NewAdrienne Vittadini Pumps Shoes Sz 6 B Black Suede Made Italy Worn Once YGI F7TIMEBRLAND EARTHKEEPERS 225624 purple taupe leather low heel sneakers sz. 6.5 WCobb Hill Emma Black Dress Flat CAH13BK Size 6 MediumGorgeous DKNY Donna Karan New York ITALY Black Leather studded Flats US 7.5 , VIA SPIGA DOTTIE Dark Olive Green Snake Leather Designer Ballet Flats 7.5 $200 , $185 VIA SPIGA EDINA Chestnut Snake Designer Comfort Round Toe Salon Flats 7.5 , NIB Rockport Seaview Cashew Putty Mastic Suede Mary Janes Gum Shoes Womens 6 , EUC Anthropologie MUSE women Neon Yellow SZ 38 leather FlatNew Keen 1017145 Elsa Deep Lichen Green Women's Casual Shoes 7.5 USMissLFire Miss L Fire Glitter Blue 1960s Retro Repro Mod Maryjane Shoes 39 8.5 , Jack Rogers Women's Caroline Suede Flat, Black, Size 8.0 , ADRIENNE VITTADINI Women's Davey Ballet Flat, Terracotta, Size 9.5Jeffrey Campbell Honesty Black Suede Leather Upper Ankle Strap Wedge Pointed ToeNEW KLOGS Geneva WOW comfort suede leather shoes clogs choose colors/SIZES , $150 HOUSE OF HARLOW 1960 BARON Zebra Leather Designer Ballet Flats 6.5Donald J Pliner Hasin Purple Plum Southwest Aztec Hand Beaded Flats 7.5N Italy , Clarks Shoes Women's Patty Nell Mule Clog Slip On Backout Dk Tan 5 or 5.5TAHARI FOLEY Women Slip-on (6.5 M, SLATE) , Dansko Oxford Style Clogs Brown Leather Sz 40 Jazz , Vionic Orthaheel Chill 356Lively Loafer Black Size 6Attilio Giusti Leombruni AGL Metallic Pewter Chain Accents Flats Size 36 Italy , Womens Bobs Good Deeds Silver Flats 5.5 W ,
    Giani Bernini Giani Womens Closed ODEYSA Closed Toe Slide Bernini Flats d3f02ad ->Giani Bernini Giani Womens Closed ODEYSA Closed Toe Slide Bernini Flats d3f02ad -
    Gentle Souls by Kenneth Cole Women's Bailey Boot - Choose SZ/Color , Cat Caterpillar Founder P717819 EB mens bronze brown nubuck ankle boots shoesMizuno Wave Rider 19 Mens Running Shoes (D) (62 Black Red)GOMAX BLACK FAUX LEATHER TASSEL DETAIL ANKLE BOOTS UK-4.5, USA-7, EU- 37.5 , Le Chameau Vierzon Jersey Womens Boots Wellies - Vert All SizesKENDALL & KYLIE Laila Leather Boots - Black Size US 6M RRP , New Adidas Neo size US 8 with Swarovski CrystalsDr Martens Ramsey Altk Shoe Oxfords Black Mens size 11 US: WOMENS Sz 12 , Lanvin Nude Gold Leather Round Toe Ballet Flat Shoes Size 36, 6 , Womens DREW Violet Brown Croc Print Loafers Slip On Shoes 9 M Patent Leather , Women Platform Stilettos High Heels Slip On Leopard Shoes Sexy Nightclub PumplsBadgley Mischka GYLDA JADE Open Toe Pump Heels Teal Satin brooch & Ribbon NEW , GIUSEPPE ZANOTTI Size 9 Beige Gold Spike Studded Suede Sandals , DOLCE & GABBANA Brocade Poppy Printed Crystals Pumps Shoes VALLY White Red 06779Brighton 'Throne' Low Heeled Slide Sandals Black Snake Embossed 8M Made In ItalyFitFlop C10-236 Womens Leather Superballerina Sandals (- Choose SZ/Color. , NIKE AIR PRESTO ESSENTIAL SHOE WOLF GREY/WOLF GREY 848187-010 Size 13NIKE ZOOM VAPOR FLYKNIT LG [845797 107] NO LUNAR RIO NADAL FEDERER BALLISTEC 13 , Jordan Air Legacy 312 NRG White/Volt Yellow Mens Us s9ize 7Sanuk Vagabond Blackout Men's Slip On Sidewalk Surfers SMF1001 , Vasque Suede Leather Mountaineering Boots Men's US 8C-Narrow Made in USAMens Punk Rivets Spiker Studded Slipper Mules Shoes Club Casual Slides 11 11.5 , Mens Dandy Outdoor Fashion Sneakers Casual Gentle Slip-on Shoes Navy 4544_mC , Mens Embroidery Fashion Nightclub Leather Slip On Casual Loafers Flats Shoes Sz , Columbia Men's Faux Fur Big Sky Moc Boat ShoesFashion Mens Pointy Toe Slip On Dress Formal Faux Patent Leather New Shoes E050Men Kenneth Cole Shoes Reel-Ist Fashion Black Size 11Spring Step Women's Juna Slingback Black Multi Leather Sandals , New Ankle Boots Pointy Toe Zip Block Heels Occident Women Shoes Pieced LeatherWomen's SAM EDELMAN 228180 gray suede ankle boots sz. 10 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Giani Bernini Giani Womens Closed ODEYSA Closed Toe Slide Bernini Flats d3f02ad -

    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.

    Giani Bernini Giani Womens Closed ODEYSA Closed Toe Slide Bernini Flats d3f02ad -

    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
    Giani Bernini Giani Womens Closed ODEYSA Closed Toe Slide Bernini Flats d3f02ad