Never miss an update

BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc

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
Style: pumps Color: black
Brand: GIANNI MARRA Material: leather
MPN: Does not apply Gender: women
Never miss an update

BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc -

    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc
    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc
    Man/Woman Pleaser ECLIPSE-609 for you to choose Sales Italy have fun , Womens Irregular Choice Ascot Fashion Satin Closed Toe Floral Mid Heel US 5.5-11 , Moda Di Fausto women's pumps, Black,Leather Sole, Leather Lining NEWGentlemen/Ladies Fabulicious CLEARLY-420 Customer first Has a long reputation Elegant and robust menu , Fibula Salvatore Ferragamo Brown Open Toe Shoe 9 AA Leather , J Crew Mona Heels Shoes Pumps Yellow Leather Sz 6.5 M NIB New Boxed J.Crew $198DIANE VON FURSTENBERG Sudan Wedge Espadrille Sandal Heels Orange 8.5 NWT $250 , NEW Free People Brown Decades Ankle Boots Booties Shoes Raw Suede w TasselsMiz Mooz Kipling Wedge Shoe - CurrantJ Crew Collection Sandal 8 a0541Jeweled Mirror Metallic High Heel Sandals $278 , JCrew Elsie Suede Pumps 6.5 High-Heels Tidewater Blue E4969 $245Pour La Victoire $250 Helice Leopard Crisscros Sandal High Heel Platform Sandal , SERGIO ROSSI BLACK SATIN POINTED TOE SLINGBACK HEELS SIZELady Couture Women’s Winner Special Occasion Rhinestone Dress Heels BlackEUC ASH platform Nude Pink WEDGE sandals SHOES 38 US 7.5 Rare!!! , Tory Burch Emmanuelle Sequin Satin Strappy High Heel Sandals Shoes Black 8 $375Men/Women Fabulicious LOVELY-420RS Elegant appearance Has a long reputation Popular recommendation , Men's/Women's Pleaser Pink Label QUEEN-04 Diverse new design New products in 2018 Pick up at the boutique , Dolce & Gabbanna Silver Leather Strappy Front Backless Stiletto Sandals Sz 35.5 , Woman's Giuseppe zanotti l print Cristal sandals 40.5/10.5 heels pump ‏Gentlemen/Ladies YSL Loafer Pump Gray 37.5 (pre-worn) High security product quality Exquisite workmanshipMan/Woman Pleaser RADIANT-708UV Elegant and sturdy set meal New style The first batch of customers' comprehensive specifications , Men's/Women's Pin Up Couture BETTIE-07 Easy to use Online export store Shopping promotion , Charles Jourdan Paris Suede Brown Pump Shoes Size 7 , WOMEN'S PRADA BLACK LEATHER FLIP FLOP THONG SHOES WORN MINIMALLY SZ 9 B , NEW! NIB! BADGLEY MISCHKA Bronze Metallic SHAW Open Toe T Strap Sandal 9.5 $215Nicole Miller Women's Maiden-NM Pump Ivory Satin Size 8.0COLE HAAN Air 10B Rich Brown Suede Bow Heels Stylish Rare StrongMan's/Woman's Manolo Blahnik Suede Pastel Flower Mules Special purchase Sales Italy Acknowledgement feedback ,
    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc ->BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc -
    Walking Cradles Womens Morgan Leather Closed Toe Ankle Fashion BootsNew $250 Steven Madden Zendra Black Distressed Engineer Tall Leather Boots 6Cole Haan Marla Waterproof Ankle Boot - Women's Size 6.5 B - Brown , Leather Collection F50654 Ladies Black Knee High Boots UK3x8 (R19A) , Candela Purple Red Velvet Vinny Loafer Size 9 Never worn NWT , Ruby Shoo Ophelia Women's Black Stripe Slip On Mid Heel Court Shoes With Bow New , Retro Womens Loafers Leather Slip on Casual Shoes OL Party Chunky Heel Pumps szLolita Womens High Chunky Heel Double Buckle Shoes Platform girl Mary Jane ShoesJ Crew Drake's Of London Heels Shoes Giraffe Print G0920 7 Womens Pumps , SESTO MEUCCI WOMEN'S LAELIA PLEATED-TOE PUMP BLACK LEATHER US SZ 5.5 MEDIUM (B)M , MANOLO BLAHNIK VASKA High Heeled Ankle-Strap Sandals White Patent Leather 41.5Women Athletic Sneakers Zoom Strike Running Shoes Light Blue AJ0188401NIB Under Armour Men's SpeedForm Slingride 1.1 Running Shoes Size us 11-Madidas Crazyquick 3.5 Street Mens Purple Basketball Trainers ShoesMens Karhu Fusion 2.0 Summer Blue Coral Boa F804026NIKE AIR JORDAN 7 VII RETRO French Blue 2002 304775-141 SZ 10Men/Women Combat Boots Cold War Reputation first Clearance At an affordable priceDS NIKE AIR JORDAN RETRO IV 4 MARS BLACKMON sz 9 308497 110 JTH TinkerFESSURA Mens Wire White/Gray Mummy Shoes By General IdeaDupont Corfam Black Leather Wingtop Oxfords BUCKLE For Men 9.5D UsedAuthentic NIKE 314996-301 AIR FOAMPOSITE ONE Sneaker US9WOMEN'S YONEX SHT-261 LX TENNIS SHOES (WHITE/BLUE) NEW IN BOXMen's Spenco Siesta Chukka Boots Sandals Black SKUVans Sk8 hi Slim Ceramic Parisian Night Men's 8.5 Women's 10 Skate Shoes New , Man's/Woman's Ahnu Women's Yoga Flex excellent quality Good market classic style , Skechers On the Go Joy Bundle Up Black Womens Ankle BootsNike WMNS Air Max 90 PRM [443817-006] NSW Running Safari Black/White-GumSteve Madden Black Faux Suede Dafny Over The Knee Boots Womens Size US 7MWomen's Fashion Knee High Zipper Platform High Heel Block Round Toe Black BootsNew Womens Genuine Leather Stage Ankle Boots T Show Green Winter High Heel Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc -

    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.

    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc -

    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
    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc