Never miss an update

PAJAR Women’s Women’s Adriana US Low Snow Boot Wool 8 Blend Lined Waterproof US 8 6e247af

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: Pajar
Color: Black Style: Snow, Winter Boots
Occasion: snow, rain US Shoe Size (Women's): 8
Heel Height: Low (3/4 in. to 1 1/2 in.) UPC: Does not apply
Never miss an update

PAJAR Women’s Women’s Adriana US Low Snow Boot Wool 8 Blend Lined Waterproof US 8 6e247af -

    PAJAR Women’s Women’s Adriana US Low Snow Boot Wool 8 Blend Lined Waterproof US 8 6e247af
    PAJAR Women’s Women’s Adriana US Low Snow Boot Wool 8 Blend Lined Waterproof US 8 6e247af
    $130 ENZO ANGIOLINI SINLEY Dark Brown COMFORT Designer Shoes Mid Calf Boots 6 , Blondo Vallia Waterproof Leather Ankle Boots, Women's Size 12M, BlackChic Leather Women Chelsea Ankle Boots Square Toe Block Heels Zipper Casual ShoeEuro Vogue Womens Lycra Stretchy Pointy Toe Ankle Boots Stilettos Party ShoesVery Volatile Sloane Wedges-Women's size 8 Tan , Women's High Stiletto Pointed Toe Side Zip Front Bandage Short Ankel Boots ChicWomens Suede Mid Calf Boots Zip Square Toe Mid Heel Shoes Winter Warm TrenchyPaul Green Munchen Black Leather Buckle Strap Side Zip Heel Booties Womens 7.5 , Report Marque Block Heel Ankle Boots, Black , Women Knee High Boots Leather Pointy Toe Riding Combat Strappy Retro Zipper ShoeFur Lined Brown Tie Up Boots Size 38BCBGeneration Gavin Button Up Zip Up Peep Toe Boots 798, Black, 7 US , ECCO Black Patent Leather Wool Lined Mid Calf Boots USA 7 Drawstring , womens ladies bowknot block high heel square toe ankle boots shoes plus SZ US13 , Merrell Tremblant Pull On Polar Waterproof Boot - Women's Size 7.5, Black , J.Crew Boot MacAlister Suede Desert Wedge Black Size 10 , Women Pointy Toe High Wedge transparent Heel Embroidery Floral Ankle Boot Shoeswomens stylish new block high heel platform round toe side zip riding boots 2018New Kenneth Cole Womens Gray Fashion Boots Size 7.5Funtasma 2" Heel Ivory Western Boots Gothic Granny Victorian 6 7 8 9 10 11 12Gentleman/Lady White Mountain Calisi Ankle Booties, Grey Year-end special promotions low cost Seasonal promotionSexy Shiny White 4" Platform GoGo Knee Boots Club Goth Wide Width Plus Size 7-13$199 Born 9M 40.5 black leather mid-calf Womens Ladies Boots Heels W3449 , Sperry Top-Sider Duck Boat Rain Boots women Sz 11 Rubber leather Great Shape , Womens Knitting Over Knee High Boots Pull On Flat Casual Boot Winter Snow ShoesArnaldo Toscani 1097801_SKIN boots Women's - colour White USChic Hot Womens Patent Leather Ankle Boots Hot Chunky Heel Square Toe Shoes ZipVtg Acme Women's 7.5 M Beige Leather Fringe Gold Toe Cap Western Cowgirl Boots , EMU Australia Stinger Mini Chestnut Suede Sheepskin Boots NEW size 7
    PAJAR Women’s Women’s Adriana US Low Snow Boot Wool 8 Blend Lined Waterproof US 8 6e247af ->PAJAR Women’s Women’s Adriana US Low Snow Boot Wool 8 Blend Lined Waterproof US 8 6e247af -
    5X(DELOCRD Adult Outdoor sports shoes, Black & Red (FR 44 = Asia 45) S5J6) , Men/Women Afrian print Men's High-top Sneakers RLW1915 Quality products fashionable Maintenance capabilityStuart Weitzman Highland Over The Knee Boots OTK Praline Worn Once 38.5 Sold Out , BNWT Charlotte Olympia Leather-Trimmed Velvet Sandals, Size 38 IT , Kenneth Cole Mercer Pointed Toe Slingback Flat 6 M Black/White New with BoxGentleman/Lady Adrianna Papell Women's Stevie Ballet Flat Quality queen Win the praise of customers British temperamentClarks Sillian Bella On Shoe Womens Casual ShoesMade in Italia Women's Suede Leather Ballet Flats Yellow Ballerina Ballet Pumps , BeautiFeel Ima Slip On Loafer- NIB - Free ShippingSkechers 49068 Womens Career Flower Power Flat- Choose SZ/Color. , Womens Red bride Wedding Chinese Style Pointy Toe Wedge High Heel Pumps Shoes , Sam Edelman Orla Size 7.5 Nude Ankle Heels Strappy Gold Studded Shoes Tan NewNIB $395 IVY KIRZHNER "CHERISH" TAN SNAKE LEATHER HEELS SHOES 7Adidas Adilette x The Farm Womens CM8224 Black Polka Dot Slide Sandals Size 6Sam Edelman Women's Dina Espadrille Wedge Sandal - Choose SZ/Color , New Balance ML574EGN D 574 Suede Blue Grey Men Running Shoes Sneakers ML574EGND , Adidas SL Rise Mens F37567 White Black Mesh Athletic Running Shoes Size 9.5 , adidas Tubular Invader Strap - Grey - Mens , Man's/Woman's Nike Shoe 17 New varieties are launched Excellent performance As of the latest modelNike Zoom KD10 City Edition Racer Blue/Light Menta-Blk Mn’s Sz 11.5 (897815 402)Puma Trinomic XS500 X Made In Italy White 357262 01 Men's SZ 11Men's King Exotic Genuine Teju Lizard 3x Pointy Toe Cowboy Western Boot Handmade , Vogue Men Suede Ankle Boots Pointy Toe Dress Causal Chelsea Bridal Shoes Plus Sz , ECCO Mens Kyle Retro Fashion Sneaker /6-- Pick SZ/Color.FRYE BOOTS James Wingtip Cognac Full Grain Leather 84629 SZ 11.5 $348 , ALLEN EDMONDS BLACK LEATHER WING TIP OXFORDS BUSINESS DRESS SHOES US MENS 10 DDC - CREEPER Womens Shoes (NEW) Sizes 6-8 LEOPARD PRINT SNEAKERS : Free Shipping , Slazenger Zeal Slip On Trainers Womens Navy/White Sports Trainers SneakersSALE ADIDAS NMD R1 W SUN GLOW WHITE HAZEL CORAL BY3034 WOMENS WMNS NEW , CLIFFS BY WHITE MOUNTAIN Womens Kansas Fabric Closed, Wheat/Sweater, Size 8.0 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PAJAR Women’s Women’s Adriana US Low Snow Boot Wool 8 Blend Lined Waterproof US 8 6e247af -

    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.

    PAJAR Women’s Women’s Adriana US Low Snow Boot Wool 8 Blend Lined Waterproof US 8 6e247af -

    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
    PAJAR Women’s Women’s Adriana US Low Snow Boot Wool 8 Blend Lined Waterproof US 8 6e247af