Never miss an update

Bella Vita Women's Gala II Pump Gala Black Embossed Embossed 29977 Velvet Size 8 WW 3f0ba6d

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: Bella Vita
Color: Black Embossed Velvet Style: Basic Pumps
US Shoe Size (Women's): 8 WW MPN: 50-3101
UPC: 889885847968
Never miss an update

Bella Vita Women's Gala II Pump Gala Black Embossed Embossed 29977 Velvet Size 8 WW 3f0ba6d -

    Bella Vita Women's Gala II Pump Gala Black Embossed Embossed 29977 Velvet Size 8 WW 3f0ba6d
    Bella Vita Women's Gala II Pump Gala Black Embossed Embossed 29977 Velvet Size 8 WW 3f0ba6d
    Bella Vita Women's Gala II Pump Gold Embossed Velvet Size 7 MMr/Ms Demonia SWING-03 Various styles delicate Known for its excellent quality , Pleaser 9" black glitter ankle strap platform sandals , Bella Vita Women's Gala II Pump Gold Embossed Velvet Size 5 M , Man's/Woman's Devious DOMINA-423 Queensland The latest technology Easy lifeBella Vita Women's Gala II Pump Gold Embossed Velvet Size 11 M , Tory Burch Navy Blue Tweed Everly Pointed Toe Pumps , Bella Vita Women's Gala II Pump Gold Embossed Velvet Size 8 M , Man's/Woman's Fabulicious LIP-145 Quality queen Highly praised and appreciated by the consumer audience valueMen/Women Pleaser KISS-208 excellent quality Online Valuable boutique , Womens JOE'S black suede ankle strap pointy toe heels sz. 10 NEW!Diba True Women's Lie Lack Black Leather Size 37 MMan/Woman Fabulicious LOVELY-408 Aesthetic appearance Quality and quantity guaranteed a wide variety of goods , TARYN ROSE Black Shimmer Pumps Size 7 sequence , Men's/Women's Fabulicious BELLE-350 Adequate supply and timely delivery Stylish and charming List of explosionsNew Fashion WOmens Flower Slip On Platform High Wedge Heel Pumps Shoes Low Top , Gentlemen/Ladies Funtasma MARYJANE-50 Excellent value First batch of customers Personalization trendBeverly Feldman Women's Sandals Slingback 4 Inch Heels Sapphire Blush/Peach 6.5MBruno Magli Size 5.5 Quilted Beige Leather With Gold Detail Pumps MSRP $225 , Men/Women Pleaser STARDUST-701 Wear resistant Environmentally friendly Very good classification , Sam Edelman Womens Hazel Fabric Pointed Toe Classic PumpsStuart Weitzman Women's "BANGLES" COGNAC TARTARUGA Heels 7W69700 Size 6.5N PURSEMr/Ms Pleaser ASPIRE-601 Packaging diversity New design CharacteristicsPLEASER Platform Open Toe Knee High Caged Boot Mesh DELIGHT-2031 BlackBella Vita Women's Gala II Pump Gold Embossed Velvet Size 7 W , Paris Hilton Women's Pumps T-Bar t-Strap Sandals Ballroom Dance Shoes BlackStuart Weitzman Women's "SOFTBOW" OLD GOLD PEARL ESPADRILLAS Size 6.5N NARROWBella Vita Women's Gala II Pump Gold Embossed Velvet Size 8 WGentlemen/Ladies Fabulicious BELLE-315 Beautiful color excellent Amoy ,
    Bella Vita Women's Gala II Pump Gala Black Embossed Embossed 29977 Velvet Size 8 WW 3f0ba6d ->Bella Vita Women's Gala II Pump Gala Black Embossed Embossed 29977 Velvet Size 8 WW 3f0ba6d -
    CONVERSE CHAUSSURE PRO LEATHER VULC - WHTGREY - 41 (888755938188)Man/Woman Down To Earth Ladies Ankle Boots Ideal gift for all occasions Sufficient supply various kinds , CLARKS Women's Amberlee Crest Oxford, - Choose SZ/Color , Gentlemen/Ladies SCHUTZ Women's Moka Loafer Beautiful color discount price Personalization trend , New Fashion Womens Black High Heels Shoes Pointy Toe Party Prom Faux Leather USEmanuel Ungaro Vintage Lime Green 8.5 M Small Heel SandalKATY PERRY THE SUZZIE CHAIN LINKS HEEL PUMP SHOES NEW SIZE 8.5 , Giuseppe Zanotti Tan and Gold Studded Platform Heels Size 37 , $955 Manolo Blahnik Purple Suede/Leather Pumps sz 10.5 IT 41 Ankle Strap Design , Pasha SORRENTO crystal jeweled leather sandals, WedgesNew Balance 750 V2 Blue/Gray Lightweight Running Shoes Training Men's Size 8Nike Epic React Flyknit 11.5 Men **Cargo Khaki**Gentlemen/Ladies Nike SB Dunk High "Tecate" Innovative design comfortability Pick up at the boutiquePUMA BMW MS DRIFT CAT 5 NM 2-M Mens Drift Cat 2 Fashion Sneakers , Jordan Future Boots Men's Black/Gym Red/Cool Grey/Anthracite 54554001 , AdTec Women's 2426 9" Steel Toe Logger Boot , Vintage Mason Boots Brown Leather PullOn Crepe Sole Mens SZ 10.5 Boot Deadstock , Mens Clarks Shoes 'Tulik Edge' Navy Blue 10.5Men's - PARAGON - Tassels Dark Brown Leather Slip-on Elevator Loafers Shoes 10.5Nike Air Huarache Run Ultra PRM Black Womens size 6 style 859511-002 , Fila Size 6.5 Black Memory Foam Breathable Slip On Sneakers New Womens ShoesK-Swiss Women's Tubes Millennia CMF Cross Trainer Angel Wing/White 8.5 B(M) USMan/Woman No Name Picadilly Rose Reputation first Fast delivery Speed ​​refund , NEW Nike Air Max 90 Leather 833412-001 Womens Shoes Trainers Sneakers SALE , P448 John Silver Croc Sneakers You Can Surf Later New size 39 Golden GooseGentlemen/Ladies prada women Shoes Size 7 Sneakers Beautiful color Quality First Exquisite processingWomens Mixed Color Pointed Toe Ankle Boots Stilettos High Heels Shoes Ske15 , New Women`s Columbia Minx Shorty Resort Omni-Heat WP Nutmeg/Penny MSRP $110Prada Womens Boots Size 36.5 , 6.5 Black Suede Square Toe Zip UpCrown Vintage Womens Khlowi Almond Toe Ankle Fashion Boots Grey Size 7.5 rrni ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Bella Vita Women's Gala II Pump Gala Black Embossed Embossed 29977 Velvet Size 8 WW 3f0ba6d -

    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.

    Bella Vita Women's Gala II Pump Gala Black Embossed Embossed 29977 Velvet Size 8 WW 3f0ba6d -

    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
    Bella Vita Women's Gala II Pump Gala Black Embossed Embossed 29977 Velvet Size 8 WW 3f0ba6d