Never miss an update

ALDO Black Women's Catera Slouch Boot B(M) Black US 8 B(M) US 42fd922

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
EAN: Does not apply
Color: Black MPN: Catera
Size: 8 B(M) US Brand: ALDO
Style: Black UPC: Does not apply
US Shoe Size (Women's): 8 B(M) US
Never miss an update

ALDO Black Women's Catera Slouch Boot B(M) Black US 8 B(M) US 42fd922 -

    ALDO Black Women's Catera Slouch Boot B(M) Black US 8 B(M) US 42fd922
    ALDO Black Women's Catera Slouch Boot B(M) Black US 8 B(M) US 42fd922
    Vince Camuto Women's Britsy Ankle Boot Bronze 8 B(M) USRoper Women's Fringy Western Boot Black 8 W USKelsi Dagger Brooklyn Women's Kenmare Ankle Boot Silver 8 M USLifeStride Women's Adriana Ankle Bootie Boot, Black 8 M USNaughty Monkey Women's Natasha Western Boot Leather Chunky Stacked High Heel , Man's/Woman's Skechers Women's Taxi-accolade Ankle Bootie Easy to use Skilled manufacturing Highly appreciated and widely trusted in and outHavaianas Women's Galochas Low Metallic Rainboot Rain Boot Dark Grey/Metallic , Jack Rogers Women's Avery Suede Ankle Bootie - Choose SZ/Color , Kelsi Dagger Brooklyn Women's Kellum Ankle Boot , Propet Women's Madison Mid Zip Winter Boot Espresso 8 M USCalvin Klein Women's Fiorella Fashion Boot Expresso 7 M US , Very Volatile Women's Aquila Western Boot - Choose SZ/Color , Man/Woman Kamik Women's Snowvalley Boot bargain Preferred material Don't worry when shoppingItasca Women's Cedar-W Beige 7 M USDolce Vita Women's VIX Fashion Boot - Choose SZ/ColorDolce Vita Women's Bardot Combat Boot - Choose SZ/Color , Seychelles Women's Preview Ankle Bootie - Choose SZ/ColorFRYE Melissa Button Women's Chocolate Riding Boot 6M , Dr. Martens Women's Allana Chukka Boot - Choose SZ/ColorMen/Women BEARPAW Women's Natalia Fashion Boot superior Reliable performance Great choice , XO163611-759 XOXO Womens Aleesha BootM- Choose SZ/Color.Spring Step Women's Rolim Snow Boot Black 38 EU/7.5 - 8 M USSperry Top-Sider Women's Powder Ice Cap Snow Boot Olive 8 M US , Jessica Simpson Womens Claireen Ankle Bootie- Pick SZ/Color. , Katy Perry Women's The Sissy Pump - Choose SZ/ColorLucky Brand Seleste Women's Boots Brindle Size 7.5 MKamik Women's Pinot Snow Boot Waterproof Faux Fur Rain Winter Casual Cozy ShoesSteve Madden PIERCE Womens Pierce Boot- Choose SZ/Color. , Steve Madden Women's Beacon Fashion Boot Taupe Suede 8 M US ,
    ALDO Black Women's Catera Slouch Boot B(M) Black US 8 B(M) US 42fd922 ->ALDO Black Women's Catera Slouch Boot B(M) Black US 8 B(M) US 42fd922 -
    Womens Ankle Boots Wedge Heel Shoes Fur Trim Pointed Toe Pull On Suede Casual SZIsabel Marant "YOYO" Python Print Canvas Open Toe Wedge Sandals Boots Shoes 36FILLING PIECES X END. MOUNTAIN CUT LOW SNEAKERASICS WOMENS FUZEX LYTE 2 WHITE SHOES 2018 **BEST SELLERSHOES WALKING ASICS FASHION WOMAN KAELI HI BLACK 40Ladies Remonte Lambswool Warmlined Boots - 'D8874'Planet Shoes Curly Womens Comfort Cushioned Thongs With Arch SupportGentlemen/Ladies FLAMINGO-809-2G Glitter Pearl Adequate supply and timely delivery low cost Popular tide shoesMercer Edit CATFIGHT SNEAKER Studded Leather Fashion Slip-On NIB 10 LATTE $200 , Dark Silver Gray Leather Jimmy Choo Dressy Sandals Heels 37 $550Penny Loves Kenny Women's Avid Fashion Boot , Authentic Christian Dior Tropique Wedge Blue and White!!! Preowned!!! Size 37,5NEW REEBOK FURYLITE JS MENS Classic Gray NIB Limited , Puma Suede Mid X Stuck Black Alife 358866 01 Men's2009 Nike RT1 High OG YEEZY SZ 12 Neutral Grey Green Mist Trainer 354034-002Nike Men's Dunk Low Ankle-High Suede Fashion SneakerASICS GEL-Resolution 6 Green - Mens - Size 6 DMavik Ergo Fit 3D Biking Athletic Shoes Professional Ergostrap Men’s Size Sz 10 , NIKE TB SHOES MENS SZ 17.5 LEBRON JAMES 10 Soldier 844380 402 , NIKE LEBRON XIII 13 ELITE UNIVERSITY RED-BRIGHT CRIMSON SZ 10 [831923-606]Justin Roper USA Pebble Grain Brown Leather Western Work Boots Men's Sz. 10D , Salo New York Men's Wing Tip Black Monk Strap Dress ShoesNIKE DOWNSHIFTER 7 shoes for women, Style 852466, NEW, US size 8.5 , Gentleman/Lady New Hermes Shoes Half (128251 The color is very eye-catching a variety of Maintenance capability , Isabel Marant Green & Brown Suede "Beckett" High Top Sneakers SZ 37PLEASER COURTLY-3012 Womens Sexy 5" Heel Stretched Black Satin Thigh High BootsNomad Women's Hurricane Rain Boot 6, Shiny Black , MIA Women's Emelia Slouch Boot Black 8 M USNEw Women Nightclub High Heel Stilettos Punk Over The Knee Boots Buckle Shoes , NEW HUNTER WOMENS WOMEN'S ORIGINAL TALL RAIN BOOTS: OCEAN BLUE ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ALDO Black Women's Catera Slouch Boot B(M) Black US 8 B(M) US 42fd922 -

    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.

    ALDO Black Women's Catera Slouch Boot B(M) Black US 8 B(M) US 42fd922 -

    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
    ALDO Black Women's Catera Slouch Boot B(M) Black US 8 B(M) US 42fd922