Never miss an update

Brand new Giuseppe Zanotti Zanotti 29992 leather leather sneakers 40 0c6a7f8

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/Region of Manufacture: Italy
Material: Leather Style: sneakers
Color: beige US Shoe Size (Women's): 10
Brand: Giuseppe Zanotti
Never miss an update

Brand new Giuseppe Zanotti Zanotti 29992 leather leather sneakers 40 0c6a7f8 -

    Brand new Giuseppe Zanotti Zanotti 29992 leather leather sneakers 40 0c6a7f8
    Brand new Giuseppe Zanotti Zanotti 29992 leather leather sneakers 40 0c6a7f8
    NWT $800 DOLCE & GABBANA Shoes Black Leather Ricamo Ballet Flat EU40 / US9.5AUTHENTIC MIU MIU SUEDE METAL CAP SLIP ONS 5S9519 BLUE 38 1/2 GRADE B USED -HPHOGAN women shoes H332 black brushed leather grey metallic leather derbyNEW $600 DOLCE & GABBANA Shoes Ballerina Black Patent Leather s. EU39 / US8.5 , Ballerines en cuir verni rose VALENTINO modèle Rockstud. Ballerinas. Bon étatMarc Jacobs New women Espadrilles with box Size 40PRADA WOMEN'S SUEDE SLIP ON SNEAKERS NEW BLACK 1A0 , MIE 3989 Dr. Martens White Blue Brogue Woman Boots Made In EnglandStuart Weitzman Geek Women's Adobe Aniline Patent Leather Loafer Sz 8.5 3202 , GIANVITO ROSSI black suede leather mesh swirl pointy ballet flats EU37.5 US7.5 , Men/Women CELINE Shoes 017090 Black 34 Louis, elaborate Let our products go to the world Preferred boutiqueTory Burch 31158535 BORSCHT 936 ballerina shoes Women's Dark Red USVictor&Rolf unique women platform shoes bow blue polished leather spring summer , NWB Stubbs & Wootton Purple Velvet Loafers Block Heel Round Toe Shoes Size US 11Brand New authentic Chiara Ferragni Flirting Eye Slipper Silver EU size 40AUTHENTIC CHRISTIAN LOUBOUTIN GLITTER FLAT PUMPS PINK GRADE S USED -ATFINN COMFORT FINNAMIC SHOES IKEBUKURO THYME LEATHER WOMEN'S FINNCOMFORT LADYPretty Ballerinas ROSARIO PALE PINK GLITTER 36EURO size only , NEW Roger Vivier Ballerine Chips Frangia Buckle Tabacco Chiaro 37.5 7.5 $800 , Authentique mocassin cuir crin poney 36 Giuseppe Zanotti I26088 valeur NEUF , 41736 auth ALEXANDER MCQUEEN black & white leather Espadrilles Flats Shoes 38JIMMY CHOO Beige Suede Leather Flats Loafers UK6 39 NewMen/Women Tod's XXW0VX0L7807XWU616 Loafers Women's Blue US Fine processing modern ExportMiu Miu Black Ballet Flats - Size 36/6 , Tod's penny loafers, brown suede, women's shoe size, US 8 $420TOD'S WOMEN'S LEATHER SLIP ON SNEAKERS NEW RUBBER RAFIA TV BORDINO 1CBBNIB AUTHENTIC LUXURY PRADA RUNWAY LUG SOLE LEATHER SHOES US 9.5NEW $700 DOLCE & GABBANA Shoes Ballerina Brown Velvet Crystal Strap EU39 / US8.5Tory burch women High Top sneakers sale size 7.0
    Brand new Giuseppe Zanotti Zanotti 29992 leather leather sneakers 40 0c6a7f8 ->Brand new Giuseppe Zanotti Zanotti 29992 leather leather sneakers 40 0c6a7f8 -
    Womens Leather Suede Knee High Boots Button High Heels Pointy Toe Punk Shoes 7 8 , Versace 19.69 C22 VITELLO GRIGIO boots Women's Grey US , Mens Genuine Leather Dress Shoes Oxfords Buckle Casual Formal Leather BootsAdidas Ultraboost Uncaged W [BB3902] Women Running Shoes Clear Grey/Grey , Women shoes ballerina leather and fabric model NORVEGE Aus 2 to 10.5 , NIB YSL SAINT LAURENT PARIS LU LU Black Gold Studs Oxfords Brogues Flat Shoes 37J.CREW GLITTER ANKLE-STRAP BALLET FLATS SIZE 6,5M GLITTER GRAPHITE E1069 $178 , Clarks Collection Women's Brynn Fern Shooties Size 8.5 Black Leather Retail $110 , Irregular Choice Always Smile Red Womens Mid Heels , Franco Sarto Women's Galaxy Heeled Sandal - Choose SZ/Color , JIMMY CHOO Snakeskin Patent Leather Slide Sandals Brown Taupe Mules 8.5 39 w/Box , H Women Irregular Elephant Heel Leather Close Toe Mule Slipper Shoes Pump Slides , FRYE Women's Brown Leather Pull On Mid Calf Boots Wedge Espadrille Heels US 6Christian DIOR Limited Edition Embroidered Boots 36.5 , Men's/Women's QUORRA Easy to clean surface online shop a wide variety of goodsAUTHENTIC YSL YVES SAINT LAURENT TRIBTOO TRIBUTE GREY PLATFORM HEEL PUMP SHOE/392018 Summer Women's Korean Sports Platfrom Sandals Buckle Beach Running Shoes , NEW Crocs Ella Comfort Path Flip Sandals Womens Size 7 Wild Orchid , Avenger Men's A7573 8" Insulated WP Carbon Toe PR EH Work Boot Brown Full , Under Armour Tactical Boots Desert Sand Jungle Rat DWR Leather and Nylon 1264770 , Men's/Women's Palladium Men's Pallabrouse Wax Boots, Brown Adequate supply and timely delivery Preferred material Non-slip , Nike Air Penny II Men's Shoes White/Black/Varsity Royal/Black 333886-100 , Stacy Adams Mens Black Leather Dress Work Loafers Oxfords 10M (U005)TED BAKER ALBACO MENS SHOES SIZE US 10 , Floral Embroidered Booties Ankle Shoes Suede Low Heels Boots Women Flower FlatsEcco Men's Sport Sandals Gray Size ( ) New !!!Adidas BW0251 Women marathon 10 TR Running shoes black SneakersAllrounder By Mephisto Niro Sneakers - Women's Size 9, Teal , Donald J. Pliner Sarra Metallic Gold Bronze Leather Heel Ankle Boots Womens 6.5Skechers Women's Sport D'Lites Reinvention Sneaker - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Brand new Giuseppe Zanotti Zanotti 29992 leather leather sneakers 40 0c6a7f8 -

    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.

    Brand new Giuseppe Zanotti Zanotti 29992 leather leather sneakers 40 0c6a7f8 -

    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
    Brand new Giuseppe Zanotti Zanotti 29992 leather leather sneakers 40 0c6a7f8