Never miss an update

Womens R65 Pull On Paltform Fur Shoes Lining WARM Snow Ankle Boots Flats Paltform Creeper Shoes R65 90bf80b

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: Unbranded
Heel Type: Block Style: Ankle Boots
Material: Suede Country/Region of Manufacture: China
Occasion: Casual Fastening: Pull On
Pattern: Solid Heel Height: Flat (0 to 1/2 in.)
Width: Medium (B, M)
Never miss an update

Womens R65 Pull On Paltform Fur Shoes Lining WARM Snow Ankle Boots Flats Paltform Creeper Shoes R65 90bf80b -

    Womens R65 Pull On Paltform Fur Shoes Lining WARM Snow Ankle Boots Flats Paltform Creeper Shoes R65 90bf80b
    Womens R65 Pull On Paltform Fur Shoes Lining WARM Snow Ankle Boots Flats Paltform Creeper Shoes R65 90bf80b
    DEMONIA TOR703/B/PU Sexy Buckle Strap Black Gothic Rocker Platform Ankle BootsMan/Woman 8547 Womens Biker Riding Boots excellent quality Sales Italy classic style , Man/Woman 8543 Womens Biker Riding Boots Many styles Won highly appreciated and widely trusted at home and abroad Preferential price , Women Cowboy Pointy Toe Knee High Boots Block Heel Splice Shoes Denim Leather Ch , Brand New Calvin Klein Jeans Women's Neveah Leather Ankle boots Sz 6 (6.5)2017 Punk Women Rivet Leather Flats Knee High Boot Zip Oxford Knight Shoes Size , Women SZ High Heel Pointy Toe Stretch Over Knee Thigh Boot Faux Suede boots ChicWomen Genuine Leather Pointed Toe Ankle Boots Stiletto High Heel Party Pumps New , Born Virgo Engineer Boot (1549) Dark Brown Leather Size 7M $165 Ret.SUPER UNIQUE RHONDA VOO CELEBRITY ICE CREAM BOOTS BOOTS WORTH US$399 CHER , Womens Leather Kitten Helels Mid-Calf Boots Pointy Toe Bling Shoes Casual FitChic Womens Sequins Pointy Toe Ankle Boots Zipper Low Heel Stilettos Party Shoes , Hasbeens Jodhpur Cognac Womens Leather Ankle BootsFashion Womens Hollow Out Knee High Sandal Boots Summer Pumps Shoes Size US4-8.5 , clarks Shoes 628794 Beige 3 1/2Womens Creepers Hidden Wedge Buckle Strap Cuffed Knee High Boots Warm Snow BotsVionic Orthaheel UPRIGHT WINDOM Western Leather Ankle Boots Bootie BLACK 7 M NIB , AH321-B-B1 GEOX US 7 shoes black suede women bootswomen's block kitten high heel pointy toe ankle boots pearl party shoes stylishKhombu Quechee Stingray Snow Boots 378, Brown, 5 US , Tommy Hilfiger Velesia Ankle Boots, Dark Brown, 8 USLAUREN by Ralph Lauren Womens DAMARA Leather Closed Toe, Black/Black, Size 9.5 tBaffin Women's Ease Tall Winter BootFRY Harness Women's 7.5 Motorcycle Black Leather Harness Square Toe Biker Boots , naturalizer Quineta Wedge Ankle Booties 847, Black, 4.5 US / 35 EU , Womens Cobb Hill Boot Penfield CG8635 Black Med Width Size 8 Comfort $130 Retail , Denim & Supply Afton Block Heel Cowboy Boots 702, Tan, 6.5 US / 37.5 EU , LAUREN by Ralph Lauren Womens DAMARA Leather Closed Toe, Black/Black, Size 5.5 E , Mr/Ms ALDO Women's Stefi-n Ankle Bootie for you to choose Fine art Tide shoes list
    Womens R65 Pull On Paltform Fur Shoes Lining WARM Snow Ankle Boots Flats Paltform Creeper Shoes R65 90bf80b ->Womens R65 Pull On Paltform Fur Shoes Lining WARM Snow Ankle Boots Flats Paltform Creeper Shoes R65 90bf80b -
    New in Box Womens Old Gringo Women's Polo Western Boot Black/turquoise Size 7.5 , Jack Rogers marianne Womens Boots Midnight 7 US / 5 UK , AUTH Saint Lauren Women Leather Flat Shoes 38Gentleman/Lady DreAng Shoes 063205 Beige 24.5cm We have won praise from our customers. Latest styles Extreme speed logisticsnew Vince Karissa Bronze Leather Open Toe Mules Slides Block Heel 8 M; $275 , TOD'S women shoes Black brushed leather pump with maxi fringe and metal Double TGentlemen/Ladies Superga Women's 2790a Cotw Fashion Sneaker fashion Various types and styles Amoy , Nike Air Jordan Eclipse Blue Sneakers Multiple sizes 724010 401 , NEW/RARE Converse Star Player EVO Mid - Black/Gold (121433) 11.5 , NEW NIKE ROSHERUN ROSHE RUN ONE BLACK ANTHRACITE SIREN RED SIZE 8 (511881-016) , New Nike AIR MAX FLAIR Men's Running Shoes Dark Grey / Black 942236 007 Sz 10Nike Lebron James Zoom Soldier IV Unreleased Promo Sample Christ King - Men's 18 , Nike 2015 HyperDunk Royal/Blue/White 749645-404 Sz 14Nike Air Max Motion Low Trainers Mens Grey/White Athletic Sneakers Shoes , New Clarks of England Wallabee Boots Brown Suede Men's Shoes 35402 Size 8 , TED BAKER Carlsun 2 Men's Suede Driving Moccasin Loafer 9-15204 Grey Sz 11Men's/Women's Georgia Men's 6'' Wedge Work Boot Reasonable price Cheaper than the price Great choiceLacoste Men's Carnaby Evo 417 1 Sneaker - Choose SZ/Color700$ Bally Aston Black Leather Sneakers size US 11 Made SwitzerlandNew Balance Women's 96 REVlite Shoes Blue 5 BBruno Magli Mens Raspino Side Zip Pull On Italian Ankle Boots Casual Dress Shoes , WMNS NIKE AIR MAX 90 JCRD PRM 807298 200 SIZE 6.5~8.5Brooks Ghost 9 Womens US 5 Running Shoes, Purple/Cactus Pink/Black,120225 1B 563 , Nike Air Max 1 Ultra 2.0 Sail White Grey 881104-008 Women Size 7 , Charles David Women's Mulley Mule Silver Metallic Leather Mules , Asics Gel Kayano 23 Running Women's Shoes Size 9.5 , adidas Women's Crazyflight X Mid Volleyball Shoes , O Lautre Chose Black Leather Knee High Boots Size 37 7 , Hunter Women's Original Tall Gloss Rain Boots Black 5Womens IVANKA TRUMP ISSA black leather knee high boots sz. L-8.5 / R-8 $179
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens R65 Pull On Paltform Fur Shoes Lining WARM Snow Ankle Boots Flats Paltform Creeper Shoes R65 90bf80b -

    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.

    Womens R65 Pull On Paltform Fur Shoes Lining WARM Snow Ankle Boots Flats Paltform Creeper Shoes R65 90bf80b -

    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
    Womens R65 Pull On Paltform Fur Shoes Lining WARM Snow Ankle Boots Flats Paltform Creeper Shoes R65 90bf80b