Never miss an update

Clarks Originals Originals Leather Clarkdale Tone Womens Ankle Dark Tan Leather Ankle Boots - 7 UK 225392c

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
Brand: Clarks Originals
Lining: Textile & Leather Product Line: Clarkdale Tone
Fastening: Lace Up Style: Ankle Boots
Sole: Rubber MPN: 26135984
Colour: Dark Tan Gender: Womens
Main Colour: Tan Upper Material: Leather
Shoe Size: 7 UK EAN: 5050408955285
Never miss an update

Clarks Originals Originals Leather Clarkdale Tone Womens Ankle Dark Tan Leather Ankle Boots - 7 UK 225392c -

    Clarks Originals Originals Leather Clarkdale Tone Womens Ankle Dark Tan Leather Ankle Boots - 7 UK 225392c
    Clarks Originals Originals Leather Clarkdale Tone Womens Ankle Dark Tan Leather Ankle Boots - 7 UK 225392c
    Giani Bernini Womens Boelyn WC Closed Toe Knee High Fashion Boots , LADIES HI-TEC CAHA WP CHARCOAL VIOLA WATERPROOF VIBRAM WALKING HIKING BOOTAUTHENTIC TODS LEATHER LONG BOOTS BROWN GRADE B USED -AT , Man's/Woman's Ladies Gabor Boots Style 51.702 Not so expensive Online Modern and elegant , RTBU DENZEL 20cm Platform Calf Boot Wedding Bride White Patent Custom OrderCLARKS Ignify Mid GTX Dark Brown Leather Women's HIKING Boots RRPKENDALL & KYLIE Laila Leather Boots - Black Size US 6M RRP , Men/Women Demonia DYNAMITE-100 selling price real a wide variety of goods , BD42 WOMEN'S SHOES 36 SNEAKERS BALDININI BLACK LEATHER WEDGES 8 CM MADE IN ITALY , 15cm Platform Ankle Oxford Bootie Extreme Hi Heel Goth Runway Custom Color , Le Chameau Giverny Womens Black Rubber Wellington Boots , Womens Office Aloud Point Block Heel Boots WHITE PATENT BootsGentleman/Lady Ladies Van Dal Snow Boots 'Havelock' Quality products the most economical Pick up at the boutiqueRTBU DENZEL 20cm Platform Diva Silk Satin Fetish Custom Calf BootMan's/Woman's Demonia CRAMPS-06 fashion First batch of customers Export , Versace 19.69 3104098 VERNICE AMARANTO boots Women's Multicolor AU , Men/Women Pleaser SKY-1020 Attractive and durable Win highly appreciated Known for its beautiful quality , Man's/Woman's Demonia SWING-120 Exquisite (middle) workmanship Known for its good quality Perfect processingMuck Tremont Matte Tall TWT-000 black non-safety wellington boot size 3-9 , Man/Woman Riva Womens/Ladies Anita Ankle Boots (FS4544) Excellent craft buy Excellent function , Vagabond Meja Women Leather Matt Black Ankle BootsChic Womens Over Knee High Boots Stilettos Patent Leather Clubwear Show Shoes AU , Womens Fly London Yomi Black Cupido Wedge Heel Ankle Boots Size , New Flex & Go Womens Comfortable Leather Ankle Boots Made In PortugalGentlemen/Ladies Demonia CHARADE-100 High security comfortability Elegant and stable packagingWomens Office Affluent Heel Side Zip Boots BLACK LEATHER GOLD HARDWARE Boots , Amblers Steel FS219 Safety Pull On / Mens Boots / Riggers Safety (FS1024)New Sala Europe Silo Womens Comfort Flat Leather Ankle Chelsea BootsAigle Women's Miss Juliette Bottillon Short Wellington Boots - Black
    Clarks Originals Originals Leather Clarkdale Tone Womens Ankle Dark Tan Leather Ankle Boots - 7 UK 225392c ->Clarks Originals Originals Leather Clarkdale Tone Womens Ankle Dark Tan Leather Ankle Boots - 7 UK 225392c -
    New Freebird Dante MID-CALF LEATHER BOOT caramel WOMENS sz 9! , JEAN PAUL GAULTIER BLACK LEATHER COWGIRL BOOTS SIZE 38 VERY RARE BOOTS EXCELLENTPalladium Men's Pampa Puddle Lite WP WB Boots, BlackVia Spiga Tallis Leather Loafers, Women's - Size 8.5 M, Black , Women Suede Rabbit Fur Loafer Slip On Pearl Punk Mule Casual Gommino WARM Shoes , new $595 Giuseppe ZANOTTI coral JEWELED thong mules flats shoes 37 7 - gorgeous , Elegant Women's Round Toe Block Heels Buckle strap Rhinestones Slingbacks Shoes& , Mules Womens Rhinestone Genuine Leather Bowtie Silks Slipper Slip On Shoes sizeCordani Nevins Pump - Women's Size 7/7.5, Black , Fabulicious Women's Poise 501F Marabou Slide White Satin-Marabou Fur/White , Nike Vapor Untouchable 2 Football Cleats, Men's Size 11.5, Flyweave, 824470-313Dearfoams Women's Mixed Material Moccasin Blue Plaid Indoor/Outdoor Slippers , ACORN Women's Ragg Spa Thong Slipper Grey Ragg Wool Large/8-9 M USNike Air Force 1 Mid Mens Size 9.5 White (2016 Release)WOMEN'S SHOES SNEAKERS REEBOK CLUB C 85 NEUTRALS [BS8222]NIKE FLYKNIT ONE+ TRAINER sz 12 racer nmd kobe jordan 3 4 5 6 7 lot lebron yeezySkechers 52114 Sport Mens Burst Donlen Oxford- Choose SZ/Color.ASICS Men's Gel-Quantum 180 2 Running Shoe - Choose SZ/ColorNike Air Jordan Retro 13 XIII White Team Red Flint Grey Toe Size 15 2005Robert Wayne Oregon Men's Leather Round Toe Pull On Chelsea Ankle Boots Shoes , To Boot New York Oxfords US 10 Dark Brown Leather Men's Shoes Made in Italy 3071 , Bostonian Men's Melshire Wing Black Tumbled Leather Oxford Dress Shoes 26126258 , Man's/Woman's BIRKENSTOCK MEN'S SLIP ON REGULAR RFSO8E415N2 Beautiful design Brand At an affordable priceBrand New Converse CTAS OX Denim With Roses Sneakers Shoes Womens Sz 12 155236F , Men/Women LE COQ SPORTIF Agate Bleu Special price fashionable German OutletsNike Huarache Run Ultra Casual Women's Shoes Size 12NIKE W Air Max 270 AH6789-102 WHITE/WHITE-WHITE Womens Size 8.5 , Woemn's Over Knee Thigh Boots Super Stiletto Pointed Toe Side Zip Plus Size NewNew Steve Madden - Glorria Grey Suede Ankle Boots 70s Inspired Sz 8.5Steve Madden Women's Harber Ankle Bootie, Black Suede, 6.5 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Clarks Originals Originals Leather Clarkdale Tone Womens Ankle Dark Tan Leather Ankle Boots - 7 UK 225392c -

    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.

    Clarks Originals Originals Leather Clarkdale Tone Womens Ankle Dark Tan Leather Ankle Boots - 7 UK 225392c -

    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
    Clarks Originals Originals Leather Clarkdale Tone Womens Ankle Dark Tan Leather Ankle Boots - 7 UK 225392c