Never miss an update

INC Jessa Women's Women's 3616 Boots Mushroom Size Size 9.5 vddu 52acfc6

Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Shaft has minor stain / Please refer to last 3 images.
Brand: INC International Concepts Color: Grey
Style: Riding, Equestrian Pattern: Solid
Width: Medium (B, M) US Shoe Size (Women's): 9.5
UPC: 706256623313
Never miss an update

INC Jessa Women's Women's 3616 Boots Mushroom Size Size 9.5 vddu 52acfc6 -

    INC Jessa Women's Women's 3616 Boots Mushroom Size Size 9.5 vddu 52acfc6
    INC Jessa Women's Women's 3616 Boots Mushroom Size Size 9.5 vddu 52acfc6
    LifeStride Women's Ravish WS Riding Boot Dark Chocolate Size 5.0Report Women's Ryder Ankle Boot Black Size 9.0Fashion Womens Rivet Buckle Strap Pointy Toe Block Low Heels Combat Boots Sz 890 , Gentlemen/Ladies Ne-net Shoes BrownxBeige 1 We have won praise from our customers. buy Excellent stretchingMan's/Woman's nacer de pie Shoes Beige 37 Outstanding features a variety of Pick up at the boutiqueAlfani Womens Palessa Leather Almond Toe Ankle Fashion Boots Black Size 7.0Multicolor Womens Knee High Boots Catwalks Flats Punk Side Zipper Roman Shoes szStylish womens green or rose red zipper block high heels ankle boots shoes sizes , tsumori chisato walk Shoes 169892 Brown 22cm , womens US black or gray block heel pointed toe ankle boots booties shoes size 37Men/Women Vogli Shoes Green 36 Easy to clean surface Attractive fashion Popular recommendationCOUP DE CHANCE Shoes 324098 Grey 24.5cm , Steve Madden Womens Shrines Suede Almond Toe Ankle Black Suede Size 7.5 Zo0J , Womens Block High Heel Ankle Boots Suede Fur Side Zipper Casual Slip On Shoes sz , Womens Real Sheep Fur Shoes Slip On Casual Winter Warm Metal Decor Shoes Fashion , Men/Women Dhyana Shoes BlackxBrownxMulticolor 36 High quality and cheap Beautiful Modern mode , Gentlemen/Ladies MINNETONKA Shoes 381317 Brown 7 Good world reputation Impeccable businessMen/Women FIBRA firenze Shoes 894137 Brown 36 Cheap Ranked first in its class Rich on-time deliveryMen's/Women's KariAng Shoes 481918 Black 24cm Reliable quality special function Strong heat and heat resistance , Gentlemen/Ladies UNTITLED Shoes 219137 Blue 40 for you to choose First batch of customers Rich on-time delivery , BEAUTY&YOUTH UNITED ARROWS Shoes 609346 Brown 36ALDO Women's Catera Slouch Boot Black Size 7.5 , Bare Traps Womens Dallia Closed Toe Mid-Calf Fashion Boots Dark Brown Size 8.5 , cava cava Shoes 923302 Brown 24cmJessica Simpson Becki Wedge Buckle Boots, Black, 6 US / 36 EU , Clic Women Geuine Leather Pointed Toe Mid Cuban Heels Punk Rivet Zip Ankle Boots , Men/Women MINNETONKA Shoes Beige 7 excellent quality Price reduction wonderful , Bare Traps Womens onnabeth Closed Toe Ankle Fashion Boots Brown Size 8.5JOE SANCHEZ Shoes 705136 Brown 36
    INC Jessa Women's Women's 3616 Boots Mushroom Size Size 9.5 vddu 52acfc6 ->INC Jessa Women's Women's 3616 Boots Mushroom Size Size 9.5 vddu 52acfc6 -
    FRYE Womens Veronica Slouch Mid Calf Boot Black Leather Size 5.5 M US , Lauren by Ralph Lauren Margarite Riding Boots 836, Dark Brown , 7.5 US / 38.5 EUWomen Real Wool Leather Punk Side Zip Buckle Block Round Toe Chic Mid calf Boots , ECCO Women's Soft 7 High Top - Choose SZ/color , AF170 TOD'S shoes brown leather men ankle bootsReebok Rapid Response 6" Composite Toe Combat/Tactical Boots RB8694Hotter Womens Leanne Trainers, Blue Navy, 7 EUEasy Street Tuscany Andrea Slide Wedge Sandals, Black, 11 USTOD'S women shoes black and white semi-glossy leather oxford XXW0ZP0V040HGU513U , Rockport Women's Ayva Oxford Light Grey Leather OxfordsJCrew Gemma Cap Toe Flats 5.5 ballet shoes f5518 ivory burg navy NEWHot Womens Stilettos 18CM High heels Ankle Strap Pointed Toe Buckle Party Shoes , CESAR PACIOTTI BROWN LEATHER PUMPS SIZE 38 , Ivanka Trump ITATHYNA Womens Athyna Dress Pump- Choose SZ/Color.YSL Shoes Palais 80 Open Pump Original Box! , Nine West Vahan Buckle Wedge Sandals 540, Light Natural , 9 USSteve Madden Daly Mule Flat Sandals 794, Cognac, 7 USSam Edelman F2376F1 Womens Peters 2 Mule- Choose SZ/Color. , Men's Brand New Nike Air Max Zero QS Athletic Fashion Sneakers [789695 001]Men's Adidas EQT Support GTX Terrex Waterproof Ultra Boost White Size 8 DB1444 , NIKE Men's Air Max Invigor Print Running Shoes Size 13 Colors Wolf Grey/VarsityAdidas yeezy 500 utility black Size 16 US , -3B15 Kenneth Cole Slip On Dress Casual Loafers Leather Men Slide Shoes Size 9 , Lanvin Mens Sneakers Made In Italy (PBB2 PAR 10= US 11)Very ComfortableConverse All Star Chuck Taylor Shoes, Pink, Women's Size 6, AWESOME SHOES! Rare!Men/Women Old Friend Men's Moccasin Slipper durable Order welcome Don't worry when shoppingSkechers Sport Women's Burst City Scene Fashion Sneaker , Womens Leather Stiletto zip High Heel Over The Knee Boots Thigh Shoes Tall bootsAustralia Luxe Collection Beefeater Oxfords - Women's Size 10 Black AUTHENTICBelle By Sigerson Morrison Brown Leather Square Toe Pull On Ankle Boots Size 9.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    INC Jessa Women's Women's 3616 Boots Mushroom Size Size 9.5 vddu 52acfc6 -

    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.

    INC Jessa Women's Women's 3616 Boots Mushroom Size Size 9.5 vddu 52acfc6 -

    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
    INC Jessa Women's Women's 3616 Boots Mushroom Size Size 9.5 vddu 52acfc6