Never miss an update

Atelje 71 Eden - Eden Grey 10 Waxy Suede Women's US Size 6 - 10 d0f23a1

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: Atelje 71
Color: Grey Width: Medium (B, M)
Main Color: Grey Material: Leather
Fastening: Lace Up Style: Sneaker
Heel Type: Platform Heel Height: Low (3/4 in. to 1 1/2 in.)
Never miss an update

Atelje 71 Eden - Eden Grey 10 Waxy Suede Women's US Size 6 - 10 d0f23a1 -

    Atelje 71 Eden - Eden Grey 10 Waxy Suede Women's US Size 6 - 10 d0f23a1
    Atelje 71 Eden - Eden Grey 10 Waxy Suede Women's US Size 6 - 10 d0f23a1
    Dolce Vita Women's Zadie Sneaker Black Leather Sneakers , Kenneth Cole Reaction Women's Time For Fun Bootie Hematite Metallic ZipperNIKE W AF1 Low Upster BR WOMENS SHOES SNEAKERS 833123-300 SIZE 6 , New Balance 706V2 Black US Postal Leather Walking Shoes Womens 5.5 MediumSarto by Franco Sarto Women's Fancy Bootie Black Polyurethane ZipperPuma Women's Ignite Blaze Sport Disc Golf Shoes 190585-03 Peacoat/White NewLucky Brand Women's Sassa Bootie Dark Camel Leather ZipperNEW Newton Distance U Universal Lightweight Trainer Womens Size 9.5 41 EUR PINK , MUNRO JEWEL BROWN 10 XN SS NIB $225 WOMEN WALKING SHOES , 361 Degrees Spinject - Blue - WomensTopo Athletic Womens Terraventure Running Shoes W018 Light Blue Sapphire Sz 9.5Nike Wmns Air Force 1 High LX Leather Just Do It Women New Sneakers BQ7925-800Madeline Women's Turf Over the Knee Boot Black Textile , WMNS NIKE AIR MAX THEA PRINT N7 GARNET-UNIVERSITY RED SZ 6.5 [811362-664]Nike Air Max 90 Ultra 2.0 Flyknit College Navy Blue Hyper Punch Women's Sz 9 NEWNike Air Huarache Run Womens 634835-114 Orewood Navy Running Shoes Size 7VTG Nike Air Max 97 OG 2005 Metallic Gold Varsity Red Wmns Sz 6 4.5y 310557 761Atelje 71 Eden Cordovan Waxy Suede Women's US Sizes 6 - 10Nike Air Berwuda Casual Women's Shoes Size , Stella McCartney Binx Velvet Platform Loafers / Slip On Sneakers (Size 37/7) , Gentleman/Lady SNEAKERS TOD'S FEMME fashion Sufficient supply buy onlineRyka Women's Devotion XT Sneaker Grey Mesh Sneakers , Gel Solution Speed FF Ladies Size 8.0 , Colmar Originals Women Durden Free Time Sneaker Shoes Bronze/Gray Sz 36/6USNew Balance Women's 775v2 Comfort Ride Running Shoe - Choose SZ/ColorPuma x Fenty Clara Lionel Creeper White - Womens - Size 9.5 BMadeline Women's Turf Over the Knee Boot Dark Grey TextileASH Shoes Lunatic NEW 37 with BoxGentlemen/Ladies Creative Recreation Deross Casual Women's Shoes Exquisite (middle) workmanship comfortability fine
    Atelje 71 Eden - Eden Grey 10 Waxy Suede Women's US Size 6 - 10 d0f23a1 ->Atelje 71 Eden - Eden Grey 10 Waxy Suede Women's US Size 6 - 10 d0f23a1 -
    Durango Women's DRD0191 Western Boot Tan/Patriotic 8 B(M) US , Australia Luxe Collective Women fashion Classic Shearling + Buckles Boots Shoes , Ladies Clarks Casual Ankle Boots Orinoco Art , Vince Camuto Size 9.5 M Renalla White Leather Open Toe Heels New Womens NWOBPLEASER Shoes Blacklight Reactive Platform Mule ADORE-701UVG Hot Pink Glitter , Womens Slim Mid Heels Floral Sandals Roman Open Toe Ankle Straps Summer Shoes SzSalvatore Ferragamo Low Heel Pumps Size 7.5 AAAA Black Wear To Work Fabula , Fashion Womens Leather flowers Ankle Strap Unique Hollow out High Heels Sandal , Jimmy Choo Ladies Black Classic Heel ROMY 65 New in Box , PEDRO GARCIA Black Suede Platform Sandal MAICA Leather Slingback Sz 40YEEZY SEASON 2 LUCITE KIM KARDASHIAN KANYE WEST Plexi Sandal 35.5 5.5Men's/Women's 100% Fox Fur Slippers Black Big clearance sale Make full use of materials retail price , Rj'S Women's Sheepskin Moc Moccains Slippers Chestnut Medium (M, B) 5-11Women Vionic Orthaheel Marley Slipper 361MARLEY Chestnut Suede 100% Original New , Adidas Climacool 1 BRAND NEW Black/Olive Running Shoes BB2794 Mens Size 10 M , Nike Air Presto Essential Men's Shoe Wolf Gray/White 848187-013Nike Air Force 1 Ultraforce Leather Mens 845052-202 Mushroom Low Shoes Size 7.5 , Under Armour Men's Charged Controller - Choose SZ/Color , Men's/Women's Nike Air Jordan Dub Zero 311046-004 Fine workmanship Has a long reputation Comfortable and naturalNike AIR JORDAN 11 RETRO BRED 8 9 10 11 12 BLACK RED XI concord spacejam aj11 ds , Xtratuf Mens Legacy 15" Steel Toe Fishing Boots w/ Chevron Outsole - Size 5Puma Basket Classic Strap Black White Men Sports Car Casual Shoes 362565-01 , Man/Woman used Sperry #C-1196 10 M brown Cheap Win the praise of customers Extreme speed logisticsNew Joseph Abboud Men's Collection Dress Black Leather Shoes Sz 10 , Dr. Scholl's Shoes Women's Wandered Fashion Sneaker - Choose SZ/ColorFila Men's Memory Sendoff 2 Cross-Trainer Shoe - Choose SZ/Color , SCARPE DONNA NEW BALANCE LIFESTYLE WSX90TXA SNEAKERS X90 NEW BALANCE BEIGEBrand New Golden Goose Women's Super Star Sneakers ( GGDB/PRIVATE EDT ) Size 11 , Ladies High Wedge Ankle Riding Boots Buckle Pointy Toe Suede Black Shoes Hot Sz$219 FALCHI BY FALCHI VANESSA Dark Brown Bronze Designer Knee High Boots 6
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Atelje 71 Eden - Eden Grey 10 Waxy Suede Women's US Size 6 - 10 d0f23a1 -

    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.

    Atelje 71 Eden - Eden Grey 10 Waxy Suede Women's US Size 6 - 10 d0f23a1 -

    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
    Atelje 71 Eden - Eden Grey 10 Waxy Suede Women's US Size 6 - 10 d0f23a1
    Athletic Shoes