Never miss an update

Gentle Souls Black Women's Gables Black/ White Sandal Slingback 29879 Sandal Leather Animal Snake 243aa72

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
Country of Manufacture: China
Theme: Snake Style: Platforms & Wedges
Color: Multi-Color Heel Height: High (3 in. and Up)
Brand: Gentle Souls Material: Leather
Heel Type: Wedge
Never miss an update

Gentle Souls Black Women's Gables Black/ White Sandal Slingback 29879 Sandal Leather Animal Snake 243aa72 -

    Gentle Souls Black Women's Gables Black/ White Sandal Slingback 29879 Sandal Leather Animal Snake 243aa72
    Gentle Souls Black Women's Gables Black/ White Sandal Slingback 29879 Sandal Leather Animal Snake 243aa72
    ZARA NEW WOMAN SANDALS WITH VINYL STRAP DETAIL ECRU SHOES 35-42 REF.1340/301Man/Woman Propet Women's Sandal Breeze W0001 New market auction Cost-effective , Boutique 9 ladies size 7.5 black leather zipper back ankle strappy heelsPatent Leather Square Toe High Heel Pull On Party Women's Ankle Boots Office OL , John Fluevog Friends Ruby Shoes Size 6 White Black , Adrianna Papell Size 7.5 M Vanilla Bone Leather Open Toe Heels New Womens ShoesGentleman/Lady RETRO 101 Shoes Adult Good design discount Different goods , Tretorn Women's Nylite Plus Shoe in White and Night , GUESS Ara Studded Fringe Peep Toe Mule Pumps 773, Medium Brown, 6.5 US DisplayWomen's Naturalizer Malia Oxbrown/Black Wedge Heel Shoes 6W 6.5W 7M 8M 9M , BCBGeneration Talyn Slingback Heels, Warm Sand, 10 US , Adrianna Papell Jamie Peep Toe Mesh Caged Pumps 634, Nude, 6.5 USAdrianna Papell Addison Sheer Dress Pumps 069, Pewter/Black, 8 US / 38 EU , Gentleman/Lady TIPJAR-708-6 quality Pleasant appearance Official website , Adrianna Papell Jamie Peep Toe Mesh Caged Pumps 493, Silver, 8.5 USGentleman/Lady Chance Bronze Jon Josef Beautiful color Excellent performance Fashion versatile shoesNina Faiza Peep Toe Rhinestone Heel Pumps, True Black Glam, 9 USAdrianna Papell Jamie Peep Toe Mesh Caged Pumps 055, Silver, 6.5 USIvanka Trump Easta Mary Jane Pumps 249, Ivory, 8 USBayton Rea Women's Cork Open Toe Crisscross Ankle Strap Wedge Sandals ShoesAdrianna Papell Jamie Peep Toe Mesh Caged Pumps 650, Nude, 9 US , Man's/Woman's RADIANT-708T Exquisite (middle) workmanship High quality and economy International big name , Women's Open Toe Bowknot Rhinestone Satin Celebrity Sandals Slippers Shoes Vogue , Adrianna Papell Hollis Ankle Strap Beaded Pumps 303, Black, 7.5 USFrench Connection Mollie Dress Mules, Black/Black, 10 US / 41 EU DisplayWomens Floral Rivets Rhinestones High Heel Shoes Mary Jane Pumps T Strappy nice , Punk Womens Leather Rivet Studded Sandal Boots Open Toe Mid Block Heels Shoes SZ , Pedro Miralles Gladiator Style Wedge Sandal, with Swarovski Crystal, Size 10Adrianna Papell Jamie Peep Toe Mesh Caged Pumps 243, Nude, 8 US
    Gentle Souls Black Women's Gables Black/ White Sandal Slingback 29879 Sandal Leather Animal Snake 243aa72 ->Gentle Souls Black Women's Gables Black/ White Sandal Slingback 29879 Sandal Leather Animal Snake 243aa72 -
    JESSICA SIMPSON Yolah Floral Women Black , KAYO NAKAMURA by Y's Shark Sole Shoes Size US About 6(K-50271) , Arnaldo Toscani Shoes Women Ankle boots White 87500 BDT ORIGINALGentleman/Lady Birkenstock Thong Gizeh Birko-Flor Black Patent online sale Impeccable Acknowledgement feedbackMan/Woman NEW Steve Madden Carrson Black Suede Reasonable price a variety of Complete specificationsGentlemen/Ladies Hogan HXW2470R2308LH0X07 Sandals Women's Beige AU Modern technology New style uniqueNine West Womens Onlee Metallic Ballet Flat- Pick SZ/Color. , Winter Womens Rhingstone Faux Fur Slip On Flats Loafers Warm Shoes Moccasin NEWTory Burch Women's Samantha Patent Leather Loafers Cream 5.5 MSRP $258 , Womens Rhinestone Flats Open Toe Straps Summer Pumps Slingbacks Floral SandalsNew Prada Women's Shoes Pink Flats Size 39.5 Calzature Donna Nappa MoccasinsSkechers BOBS Women's Highlights-Ocean Spell Ballet Flat - Choose SZ/ColorDKNYC ANASTASIA SNAKE EMBOSSED LEATHER TRUFFLE HEELS SIZE 8 IN BOXUS9 39 black leather Mules sandals 15 cm Sexy fetish high heels PleaserSZ 8 NEW TORY BURCH Silvana 105mm blue suede wood/ clear heel pumps shoes , SUPER GORGEOUS!!! HERMES PARIS BUCKLED BLACK LEATHER CAGED SANDALS US 7.5Yves Saint Laurent SL Shoes Sandal Tribute Blue Croc Embossed 40.5Embroidery Ethnic Womens Casual Stilettos Slip On Suede Vogue Wedding Shoes SizeDesigual Authentic Women's Canvas Floral Velvet Manila Pumps Shoes 27ps362-6029New In Box Under Armour UA Highlight MC Men's Football Cleats 1269693-611 , Adidas F98926 Mens Neo Lite Racer Athletic Shoes Gray #BR17Adidas Superstar 80s DLX mens trainers shoes S75830 eu 42 us 8.5 NEW+BOX , Stacy Adams Men's Julius Bicycle Toe Oxford 25148 Brown Buffalo Leather Oxfords , Men's Tour 360 2.0 Golf Shoe, Core Black/White, 11 Wide US Free Shipping , Nike 378037 Men's Air Jordan 11 Retro Space Jam 2016 Release Basketball ShoesMAISON MARTIN MARGIELA crushed crystal shoes black rhinestone sneakers 36.5 NEWJCREW $228 Frankie Leather Ankle Boots warm sepia brown e0537 9.5 shoesElectra-3000 Thigh High Boots 5 inch Platform Heels Adult Womens Sexy ShoesJustin Ladies Roper Grape Kiddie size 6 L3758 , Nine West Womens Darren Mid-Calf Boot- Pick SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentle Souls Black Women's Gables Black/ White Sandal Slingback 29879 Sandal Leather Animal Snake 243aa72 -

    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.

    Gentle Souls Black Women's Gables Black/ White Sandal Slingback 29879 Sandal Leather Animal Snake 243aa72 -

    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
    Gentle Souls Black Women's Gables Black/ White Sandal Slingback 29879 Sandal Leather Animal Snake 243aa72