Never miss an update

Ladies Hi-Tec Waterproof Alto Boots The Style Waterproof Alto Hi-Tec Mid WP-W 20daf15

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Shoe Size: Various
Upper Material: Leather And Textile Brand: Hi-Tec
Lining: Textile Style: Trainers
Sole: Synthetic Main Colour: Various
Width: Various Fastening: Lace Up
Never miss an update

Ladies Hi-Tec Waterproof Alto Boots The Style Waterproof Alto Hi-Tec Mid WP-W 20daf15 -

    Ladies Hi-Tec Waterproof Alto Boots The Style Waterproof Alto Hi-Tec Mid WP-W 20daf15
    Ladies Hi-Tec Waterproof Alto Boots The Style Waterproof Alto Hi-Tec Mid WP-W 20daf15
    Ladies Leather Collection Mid Heel Slouch Boots Style - F50659 - D , Mr/Ms Ladies Remonte Boots M1397-W High quality and cheap product quality Selling new productsLadies Down To Earth Ankle Boots Style - F5R0940 , 'Ladies Spot On' Tapered Toe Over The Knee Boots - F5R0764 , Ladies Clarks Casual Boots Style - Breccan MythMen's/Women's Ladies Clarks Casual Boots Breccan Myth Economical and practical High-quality materials British temperamentLadies Clarks Smart Mid Calf Boots Label - Lodge CottageLadies Taurus Jodpur Boots The Style Rutland-W , Ladies Remonte Heeled Shoes Style D1210 -W , Man/Woman Womens Caterpillar Boots Annette Ideal gift for all occasions Pleasant appearance Extreme speed logisticsLadies Down To Earth Zip Up Fur Trim Calf BootsMan/Woman Ladies Anne Michelle Sequin Boots F50875 Online Shopping Brand Authentic guaranteeLadies Clarks 'Macay Holly' Boots The Style ~ K , Ladies Clarks Casual Flat Mid Calf Boots The Style - Nettle TeaLadies Easy B 'Adelaide' Leather Wide Fitting Boots Style ~ KLadies Clarks 'Kilv Double' Boots The Style ~ K , Ladies Clarks Lisette Blues Leather Warm Lined Smart Ankle Boots D Fitting , Ladies Down To Earth Casual Flat Chelsea Ankle Boots , Gentleman/Lady Ladies Clarks Boots Label Orinoco Prize Selling cheapest Speed ​​refundLadies Clarks Leather ankle Boots The Style Medora Grace ~ N , Men's/Women's Ladies Khrio Ankle Boots 27146RNN Quality products Pleasant appearance Recommended todayLADIES WOMENS DENIM OVER THE KNEE PEEP TOE RIPPED SEXY BOOTS SIZE 3 4 5 6 7 8 9 , Ladies Spot On Knee High Heeled Boot *50366*'Ladies Down To Earth' Fur Collar Ankle Boots F5R0865Gentlemen/Ladies Ladies Khrio Ankle Boots Label 27146RNN Wear resistant auction high quality productLadies Down To Earth F50799 Suede Boots Style ~ KLadies Clarks Ankle Boots Label - Lolly Dawson , Ladies Hush Puppies Ankle Boots Style - PennineMONEY WHISTLE LADIES CLARKS BLACK GRAIN LEATHER FLAT COMFY ZIP UP ANKLE BOOTS ,
    Ladies Hi-Tec Waterproof Alto Boots The Style Waterproof Alto Hi-Tec Mid WP-W 20daf15 ->Ladies Hi-Tec Waterproof Alto Boots The Style Waterproof Alto Hi-Tec Mid WP-W 20daf15 -
    Jana Womens 23609 Low-Top Sneakers, White White Met Stru 193, 8 UK , Gentleman/Lady Wittner Ladies Shoes White Leather Heels High grade Elegant and sturdy packaging Simple , G.H. Bass & Co. Women's Felicity Ballet Flat, Brown, Size 6.5 US / 4.5 UKBallerines Jimmy Choo T36,5 - Bow round toe ballet flats Jimmy Choo 36,5 6,5USWomens Alfani Amor Multi Color Flats 6 MPLEASER Sexy Womens 7" Heel Glitter Cutout Platform Ankle Strap Clear Pole ShoesShinning Women's Mary Jane Shoes Furry Buckle Rhinestone Pumps High Heel SweetMan's/Woman's jimmy choo sandals 37 Fashion pattern Lush design Good quality , Flojos Women's Campbell Thong Sandal Bronze Glitter Polyurethane Thong SandalsNew Urge Women's Kora Leather Slide Rubber Black , Gentleman/Lady $99.99 Saucony Men Courageous blue S70162-2 fashion Excellent performance International big name , Nike KMTR Komyuter SE Shoes Birch Black Shadow Brown SZ ( AA0531-200 ) , Men's Brand New ASICS Gel-Lyte III J.Crew Athletic Fashion Sneakers [H7F3K 0101]Mizuno Wave Emperor 3 Men's Running Shoes J1GA187627 A 17D , Gentleman/Lady Adidas yeezy boost 350 AQ2659 Special purchase New design uniqueVANS OLD SKOOL SUEDE INDO PACIFIC DRESS BLUES TRUE WHITE MENS SIZE 9 NEW SKATE , New VANS (Van Doren) Authentic Stars & Stripes $60Brooks Brothers Loafers Dress Shoes Men Size 9.5 C Burgundy Leather USA Slip ons , Nike MEN’S Cortez Kenny 1 KENDRICK LAMAR SIZE 13 BRAND NEW RARE LIMITED EDITIONMauri Hi-top Crocodile Lamb Skin Sneakers 8535Size 10 Mens North Face International USA IC Traction Mule Slipper American Flag , Women Rag & Bone Korban Trainer High Top Sneaker/Casual Leather White MSRP $495 , ADIDAS PHARRELL WILLIAMS ADIZERO UBERSONIC 3 Women Tennis Shoes Size 9.5 Red , Nike Air Force 1 Hi Se Womens Style : 860544 Black Womens Size 7 , Very Volatile Haisley Womens Western Boot- Choose SZ/Color. , Free Reign Ankle Boot Black vegan leather Sz 8 Wide zip backFergie Women Round Toe Man Made Over the Knee Battlefield Black boots size 7 1/2 , New Womens Winter Autumn Suede Ankle Boots High Heels Roman Casual Fashion Boots , Born Beebe Casual Ankle Boots 544, Brown, 6 USFashion Women's Over Knee High Boots Back Zip New Low Heel Pointed Toe Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ladies Hi-Tec Waterproof Alto Boots The Style Waterproof Alto Hi-Tec Mid WP-W 20daf15 -

    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.

    Ladies Hi-Tec Waterproof Alto Boots The Style Waterproof Alto Hi-Tec Mid WP-W 20daf15 -

    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
    Ladies Hi-Tec Waterproof Alto Boots The Style Waterproof Alto Hi-Tec Mid WP-W 20daf15