Never miss an update

womens strap 20329 real leather buckle strap ankle zipper boots fur lined zipper punk riding shoes 6332c9a

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: Motorcycle
Material: Leather Country/Region of Manufacture: China
Occasion: Casual Fastening: Zip
Pattern: Solid Heel Height: Flat (0 to 1/2 in.)
Width: Medium (B, M)
Never miss an update

womens strap 20329 real leather buckle strap ankle zipper boots fur lined zipper punk riding shoes 6332c9a -

    womens strap 20329 real leather buckle strap ankle zipper boots fur lined zipper punk riding shoes 6332c9a
    womens strap 20329 real leather buckle strap ankle zipper boots fur lined zipper punk riding shoes 6332c9a
    ASH WOMAN OPEN TOE ANKLE BOOTS LEATHER CODE MUSE BIS SS15-M-107760-002 , Ladies Fur Furry Strappy back Pointed Toe Slim High Heels Snow Over Knee BootsNEWROCK New Rock TR001-S1 Black Trail Goth Emo Punk Biker Ladies Leather BootsMen/Women FIORENTINI+BAKER Shoes 248171 Black 36 Long-term reputation The highest quality material Preferential price , LADIES SHOES/FOOTWEAR -Naot Motiff shoe matt black size 36/5Stylish Women Punk Girl Retro REAL Leather Buckle Mid-Calf Boot Fashion shoe NewEMPORIO ARMANI black faux croc leather 5050 stretch knee boots shoe EU38 US8 UK5 , Chic Women Buckle Belt Leather Retro Mid Calf Boot Western Cowboy Shoes VintageWestern Womens Punk Rivets Riding Military REAL Leather Ankle Boots Shoes Size , Demonia Gothic Rock Metal Military Combat Platform Knee High Boots , Jessica Simpson Skylare Black Motorcycle Boots (Women) , DZ910 MOMA US 7 shoes brown leather women ankle boots , Size 13 (UK Size 11 / ) Women's Grey Suede Ankle Boots MADE IN SPAIN , Ladies Fly London Mong Rug Snow Winter Casual Closed Toe Ankle Boots All SizesGrinders Louisiana Brown Men's Leather Boot Cowboy Western Slip On Pointed BootsGrinders Harness High Black Mens Ladies Cowboy Western High Biker Leather BootsNew Grinders Frontier Tan Brown Real Leather Cowboy Boot Slip On Mid Calf Bootswomen's shoes MBT 6 / 6,5 () ankle boots gray suede leather BT196-37 , Womens Leather Embroidery Flowers Ankle Riding Boots High Heels Stilettos E555 , Retro Punk Womens Leather Ankle Boots Buckle Strap Rivet Motorcycle Street ShoesDemonia Emily-340 Black Flower Platform Wedge Boots - Gothic,Goth,Punk,Black,BucDemonia Cramps-05 Black Studded Strap Platform Chunky Heel Boots - Gothic,Goth,PNew Women's Suede Winter Ankle Boots Thicken Warm Heavy Heel Snow Boot Shoes , Women's Square Toe Buckle Ankle Boots Colorful Patent Leather British Shoes X921 , WINDSORSMITH WOMAN WINTER ANKLE BOOTS LEATHER BLOCK HEELS CODE GRINDERDemonia Damned-302 Black Vegan Stretch Leather Thigh High Platform Boots - Gothi , Ladies Mid Calf Boots Chunky Low Heel Front Zipper Synthetic Leather Shoes 33-41Lowa GORGON Gore-Tex Speed Hiking Outdoor Fitness women’s boots 320578-9932 , Women' Shoes Mid-Calf Boots Rivet Hollow Out Metal Decor Low Heel Square Toe Hot ,
    womens strap 20329 real leather buckle strap ankle zipper boots fur lined zipper punk riding shoes 6332c9a ->womens strap 20329 real leather buckle strap ankle zipper boots fur lined zipper punk riding shoes 6332c9a -
    Anne Klein AK Sport Women's Jeannie Synthetic Ankle Boot, Dark Taupe, 8.5 M US , J/ Slides Petra Stretch Women's black suede over knee sneaker boots sz. 8.5Balenciaga Pointy Ankle Wedge Boots Python Leather 36 6 $2345 , Gameday Boots NCAA womens Ladies 13 Inch Florida State University , Nike Air Zoom Pegasus 35 Moon Particle Blackened Blue Men Running 942851-200 , Brunello Cucinelli Mens Grey Suede Tassel Slip On Loafers Sz45/US 12~RTL $1250Womens Wolky Brown Mary Jane Shoes 38 sz 7 M A066L'Artiste Nessia By Spring Step Taupe Leather Shoes 37 EU / 7 US WomenECCO Women's Intrinsic 3 Textile Fashion Sneaker , Dansko Dark Red Leather Professional Clogs Shoes Size 36 - 6Caparros Fancy Women Open-Toe Canvas Black Heels , J. Renee Women's Calcari Black Suede/Cream 11 M USVionic Womens Orthotic Elevated Stanton Suede Bootie - Slate Grey US 6.5Stuart Weitzman Realdeal Tin Glass Silver Women's Platform High Heels Sandals 5Giuseppe Zanotti Pink Crisscross Wedge Patent Leather Sandals Women size 37 NIBSTEVEN by Steve Madden Women's Cuddles Fashion Sneaker - Choose SZ/Color1808 adidas CLOUDFOAM SWISH CAÑA ALTA Men's Training Running Shoes AW4078Dr. Martens Men's 1914 LIMITED EDITION MIE US 7 Ret.$450!Rockport RP-661 Mens Jaxson Plain Toe- Choose SZ/Color.MINTY 10 M GRAVITY DEFYERS MARSEILLE II MENS BLACK LEATHER DRESS LOAFER SHOES , Nike Free RN Women's Running Shoe 831509 601 Size 7.5 , New Balance Women's 501v1 Ripple Lifestyle Sneaker - Choose SZ/ColorCall It Spring Women's Wignall Western Boot, Black Synthetic, 6.5 B US , Casual women quilted bandage knee high snow boots fur trim faux suede stitching , Marc Fisher Suede Block Heel Ankle Boots Vandy Dark Brown 7.5M NEW A295015 , DANSKO Scout ANKLE BOOTS Side Zip BROWN 40 9.5 10 BEAUTIFUL , Lucky Brand Women's Lelah Ankle Boot - Choose SZ/ColorNine West Uloveit Dress Ankle Boots, Black Suede, 5.5 US , Odette e Odile Shoes 146923 Grey , Muck Boots Company Adult Men's/Women's EDGEWATER II MID, BLACK, Neoprene Rubber ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    womens strap 20329 real leather buckle strap ankle zipper boots fur lined zipper punk riding shoes 6332c9a -

    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 strap 20329 real leather buckle strap ankle zipper boots fur lined zipper punk riding shoes 6332c9a -

    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 strap 20329 real leather buckle strap ankle zipper boots fur lined zipper punk riding shoes 6332c9a