Never miss an update

Khombu in Bounce 29976 High Winter Snow Boots Black Black New in Box b476946

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: Khombu
Heel Height: Low (3/4 in. to 1 1/2 in.) Style: Snow, Winter
Material: Man Made Width: Medium (B, M)
Shade: Black Color: Blacks
Never miss an update

Khombu in Bounce 29976 High Winter Snow Boots Black Black New in Box b476946 -

    Khombu in Bounce 29976 High Winter Snow Boots Black Black New in Box b476946
    Khombu in Bounce 29976 High Winter Snow Boots Black Black New in Box b476946
    TEVA WOMEN FOXY TALL BROWN WATERPROOF BOOT US 6 / / NIB , Sesto Meucci Sara Black Leather Fold-Over Knee High Boots sz: US 6.5ECCO 'Sullivan' Black Leather Buckled Knee High Riding Boot Women Size 36/5-5.5 , New Display TOMMY HILFIGER Tan Buckle Short "Safari" Boots Size 6.5Vince Camuto Lorenza Ankle Boots Women's Black - Size 10 MEddie Bauer Women’s Black Winter Rain Waterproof Boots w/ Fur inside Size 10PLEASER Delight-1018MS 6" Heel Sexy Exotic Ankle-High BootVia Spiga Maxine Gray Womens Shoes Size 7 M Boots MSRP $250 , Womens Pointy Toe Roma Pull On Fashion Winter Knee High Boots Shoes ALL US SzJustin Western women's Black Lizard Cowboy Boot 4621 Size 4 BTEVA DE LA VINA WOMEN ANKEL BOOTS SUEDE BLACK US 8.5 ///JP 255Chic Womens Trendy Diamante Flowers Pointy Toe Stiletto Leather Boots Slim Heels , Carlos by Carlos Santana Encore High Top Ankle Boots 716, Doe, 10 USNEW 6 / 36 Dansko Arisa Grey Shimmer Suede Zip Up Ankle Bootie Boot $180RED WING 1681 BOOTS SZ 7 B WOMENS BROWNS IN GREAT CONDITION MADE IN USA LEATHER , Bos. & Co. 'Beauval' Waterproof Boots, Women's Size 39 (US 9) BrownBORN Black Leather Mid Calf Boots, Size 9 / 40.5Women's Shoes Bandolino Thisone Mid-Calf Boots Black / Grey Suede Size 10.5 , Womens Multi-colors Ankle Boots Graffiti Stilettos Pumps Gladiator Shoes Ths01 , The Sak Women's Rhythm Rain Boot Black Rainbow Spirit Desert 8 M USWomens Rivet Ankle Boots Buckle High Heel Stiletto Pointy Toe Party Shoes , Womens Winter Retro Ethnic Beads Fringe Pointy Toe Block High Heels Suede Boots , VINCE CAMUTO Women's Tan leather knee high riding boots Size 8 B/38 , Bare Traps Womens Oria2 Closed Toe Mid-Calf Fashion Boots, Black, Size 5.0Nine West Women's Madave Fashion Knee High Boots Black Patent Size 10 MNew $120 Earth Angel size 8.5 Black Genuine Suede & Leather Western Ankle BootsNew Chic Women Wedding Suede Pointy Toe Kitten Heel Shoes Ankle Boots Sexy Party , Cushe Wildride Black Suede High Boots Waterproof Technology Women's Size 6 , Chic Womens Fashion Winter Leather Zipper Boots Wedge High Heels Platform Shoes
    Khombu in Bounce 29976 High Winter Snow Boots Black Black New in Box b476946 ->Khombu in Bounce 29976 High Winter Snow Boots Black Black New in Box b476946 -
    Women's Frye Boot 77455 BZR Harness 8R Blazer Brown , Men/Women B00VLMPCE0, Kristin Cavallari, quality Skilled manufacturing Current shapeSneakers Made in Italia - ALESSIO Man's BlackAigle Victorine Botte Womens Boots Wellies - Marine All SizesGentleman/Lady FLAMINGO-808-2HGM Clear Rose Gold online sale Orders are welcome Beautiful and charmingNIB BOTTEGA VENETA Pale Mist Suede Boat Shoes 6/36 $595 , Eve 4 Slingback Back Open Toe Shoe 5" Heel Queen Size 9-16 Cream PatentSTEVEN MADDEN ABRIELLE RED COLOR PLATFORM PUMP SIZE 9 , Vans Girls Slip On Pink Satin Tiger Rose Floral Embroidery Size 8.5 W Ultracush , S-1371145 New Prada Miu Miu Crystal Glitter Sandals Shoes Size US 5.5 35.5 , Hush Puppies Men's Sneakers Body Shoe INHERENT Brown 7-12 WIDE W *Under Armour Men's Speedform Slingride tri Running Shoe Size 12Men's Adidas AF 1.3 PK Boots Primeknit Weatherproof Black White New BY9781 , Nike Zoom KD 9 All Triple Black Space Blackout Kevin Durant Out 843392-001 Sz 11Men Diesel Shoes D-Zipphim Chelsea Boots Brown Size 10TONY LAMA CZ904 Smooth Quill Ostrich Leather Cowboy Boots Men's 8.5 DConverse All Star Tekoa High Top Waterproof Sneaker Boots Brown/Black Men's 5.5Fashion Men Sneakers Casual Increasing Shoes Taller shoes , Skechers Men's Walson Dolen Oxford - Choose SZ/ColorJM WESTON Dark Brown Calf Leather Made In France Size 8.5 E US Size 9 DLADIES SHOES/FOOTWEAR - New Balance Joggers WX624 BLACK , New NIKEiD Soccer Women's Black Nike Logo White Cleats Shoes 598927-993 Sz. 8Nike Lunar Speed 3 White/Black-Neutral Grey 429999-108 Women's SZ 10ISABEL MARANT ETOILE 'Bilsy' Beige / White / Green Sneakers Shoes size 35 / 5 , adidas Womens Nemeziz 17.3 FG 2017 Soccer Shoes Cleats White / Red / Blue Newwmns two tone black/brown leather boots Sam and Libby 8m sq toe block 3” heelROCKPORT TRUE WALK ADIPRENE BY ADIDAS TAN SIZE 7 FUR BOOTIENEW NWT NWOB Vince Camuto Hame Leather Boots Booties 38 8 8M Saks , Enzo Angiolini Easaylem Zipper Riding Boots Size 10M Brown Leather Knee High XUC01 Womens Over The Knee High Boots Stiletto Heels Open Toe Roma Sandals Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Khombu in Bounce 29976 High Winter Snow Boots Black Black New in Box b476946 -

    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.

    Khombu in Bounce 29976 High Winter Snow Boots Black Black New in Box b476946 -

    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
    Khombu in Bounce 29976 High Winter Snow Boots Black Black New in Box b476946