Never miss an update

giuseppe giuseppe zanotti leather swarovski sandals with 14089 swarovski crystals b045c2e

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Giuseppe Zanotti
Style: Sandals US Shoe Size (Women's): US 7/UK 5/EU 37.5
Width: Medium (B, M) Heel Height: Flat (0 to 1/2 in.)
Color: Orange Country/Region of Manufacture: Italy
Never miss an update

giuseppe giuseppe zanotti leather swarovski sandals with 14089 swarovski crystals b045c2e -

    giuseppe giuseppe zanotti leather swarovski sandals with 14089 swarovski crystals b045c2e
    giuseppe giuseppe zanotti leather swarovski sandals with 14089 swarovski crystals b045c2e
    Marni Mary Jane leather wooden platform peep toe size 9 newAUTH.CHRISTIAN DIOR DRESS'y BLACK WOMENS SHOES sz7.5 IT*Emporio Armani NIB $645 38M Black Genuine Patent Leather High Heel Shoe GLBSStuart Weitzman 9640 Women's Black Wattage Sandal Sz 8.5 $395Manolo Blahnik Green Multicolor Printed "BB" Pointed Toe Pumps SZ 35GIUSEPPE ZANOTTI Womens Beige Leather Red Capped-Toe High-Heel Pump Shoe 10-40Giuseppe Zanotti black Leather & velvet sneakers shoes size 39 Beautiful , Prada Black Patent Leather Heel Pump Open Toe Vernice1, Size 40 1/2, 5 Inch HeelVince Side Zip Leather Peep Toe Bootie Dark Grey Women Sz 6.5 M 1052 * , Calvin Klein Collection US 8.5 M Thandie Leather Wedges New Womens ShoesL-3500999 New Balenciaga Stiv Brown Suede Ankle Boots Heels Shoes US 6 Marked-37 , Valentino Printed Pony Hair Peep toe Platform Heels 39.5Casadei mock croc leather boots size 10 / amazing boots CELEBRITY FAVGivenchy Black & Brown Strappy Shoes Size 36 - US size 6 , CREAZIONI TACCETTI 209962 Bronze/ Glitter Fabric Open Toe Platform Sz. 36.5Manolo Blahnik Parapump Black Leather Pumps Shoes Sz 37.5/US sz 7.5 Retail $625Paloma Barcelo Snake Print Wedge Espadrilles Women's US Size 6 M Blue Green $315 , christian louboutain green wedge shoes authentic size 37/usa 7 In Good Condition , Nine West Womens Hi Heel Sandal Shoes Anthurium Leather Sandal Shoes Dark Brown , NEW DESIGNER MANOLO BLAHNIK DARK DENIM BLUE/WHITE POLKA KITTEN HEEL MULES 8.5MWomen's Pumps, Sz. 5, Andrew Charles by Hilfiger, Multicolor AUSTIN,TESSUTO , AGL Women's Black Patent Leather Flex Pumps 6183 Sz 39 EUR , Aquazurra Black Wild Thing Fringe Sandal Heels - 39.5 , Giuseppe Zanotti Black Canvas Round Toe Platform Pumps 40 US 10 $595BALENCIAGA LE DIX FW2001 Runway Collector Shoes by Nicolas GHESQUIERE , ROBERTO CAVALLI Purple Suede Crystal High Heel Strappy Sandal Pump Shoe 10-40Stuart Weitzman Women's Open-Toe Pumps - White - Size 10 MYSL Yves Saint Laurent Janis Animal Leopard Pumps Shoes Heels $875 39 9 , $1295 BOTTEGA VENETA Black Patent Leather Peep Toe Pumps 39 / 8.5 US Stitching ,
    giuseppe giuseppe zanotti leather swarovski sandals with 14089 swarovski crystals b045c2e ->giuseppe giuseppe zanotti leather swarovski sandals with 14089 swarovski crystals b045c2e -
    Aquatalia Weatherproof Leather Boots , Size 7.5 M - Black , Man/Woman Vans Unisex Authentic (Surplus) Skate Shoe wholesale Win the praise of customers Fair priceMens Marus Edge Grey Textile Deck Shoe G Fit By Clarks Cloudsteppers , New Balance - Men's Fresh Foam Zante v4 - Deep Porcelain Blue/Pigment/Vintage InTOD'S WOMEN'S SUEDE LOAFERS MOCCASINS NEW HEAVEN LACCETTO OCCHIELLI RED CF4 , Dansko Women's Shaina Closed Back Clog Black Tumbled Pull Up Leather Clogs , Rare LILLY PULITZER VIA PALM BEACH Nude CAPTOE STRAW PATENT FLATS 8.5 M , Man's/Woman's Seychelles Women's Sightseeing Pump Adequate supply and timely delivery First quality Very practical , Sam Edelman Women's Bernice Slide Sandal Candy Red 8 M USNEW Womens NEW BALANCE 690 LN4 Navy Blue Teal White Running Sneakers Shoesasics GT-QUICK mens trainers H420L 1010 sneaker shoes , adidas Spritus Spezial CG2923 Mens Trainers~Originals~to 12.5 OnlyMens NIKE JORDAN TRUNNER LX Black Trainers 897992 011NIKE AIR PEGASUS AT Black Cool Grey Pure Platinum 924469 003 size 13 NEW , Puma IRBR Vulcan V2 Trainers Mens Black/White Sports Shoes Sneakers Footwear , Men’s Nike Air Jordan Retro High G8RD Cyber Yellow Sneakers size 9.5Nike Air Jordan III 3 Retro 136064-104 10.5 WHITE TRUE BLUE CEMENT COOL GREY RED , NEW NIKE NIKELAB AIR VAPORMAX FLYKNIT MIDNIGHT FOG RUNNING 899473-009 MEN SIZE 8 , Nike Air Max '97 Men's Sail/Black/White R4259100 , Olukai Lokahi Men's Loafer Slip On Casual Leather Shoes Size 8 Black,Eur 40 , Cole Haan Pin Grand Tassel Loafer Mens Slip-On Loafer 7- Choose SZ/Color.Handmade leather shoes for men Derby style handmade men's leather shoes , Allen Edmonds "GRAYSON" Loafers 10.5 Black , Womens Breathable Round Toe Athletic Shoes Fashion Sneakers Hidden Wedge Trainer , New men's Propet SULLIVAN nubuck leather sandals , Easy Street Middy Walking Sneakers, Navy/Mesh, 10 W US , Blondo Leather Wide Calf Black Boots Waterproof Size 7 WinterSam Edelman Women's Chandler Ankle Bootie - Choose SZ/color , New FLY LONDON 'Yip' Wedge Bootie Black Leather SZ 36 / 6 , VINCE CAMUTO Womens 'Lehanna' Black Nubuck Sz 7-8.5 M Ankle Booties NEW! 229407
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    giuseppe giuseppe zanotti leather swarovski sandals with 14089 swarovski crystals b045c2e -

    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.

    giuseppe giuseppe zanotti leather swarovski sandals with 14089 swarovski crystals b045c2e -

    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
    giuseppe giuseppe zanotti leather swarovski sandals with 14089 swarovski crystals b045c2e