Never miss an update

Dansko Women's Meadow Ankle Boot, Black Black M Burnished Nubuck, 38 Ankle M US ae47d7b

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
UPC: 696230080532
Dimensions: L 10.47 x W 9.45 x H 3.94 inches EAN: 0696230080532
NumberOfItems: 1 Brand: Dansko
PartNumber: 3513360300-001-38 M EU (7.5-8 US) MPN: 3513360300
ProductGroup: Shoes Binding: Apparel
ISBN: Not Applicable Color: Black Burnished Nubuck
US Shoe Size (Women's): 38 M EU (7.5-8 US) Department: womens
Style: Not Applicable Weight: 2.45 lbs
Never miss an update

Dansko Women's Meadow Ankle Boot, Black Black M Burnished Nubuck, 38 Ankle M US ae47d7b -

    Dansko Women's Meadow Ankle Boot, Black Black M Burnished Nubuck, 38 Ankle M US ae47d7b
    Dansko Women's Meadow Ankle Boot, Black Black M Burnished Nubuck, 38 Ankle M US ae47d7b
    $495 MARC JACOBS Red Leather RAINPROOF Mid Calf Fur Boots Shoes NEW COLLECTIONBalenciaga Black Patent Leather Round Toe Platform Wedge Heel Boots SZ 40Fiorentini + Baker Textured Bootie - Size 38 - $554.95NEW YSL SAINT LAURENT BLACK SEQUINS EMBROIDERED TALL CLASSIC RUBBER BOOTS 37 , Fiorentini + Baker Elina Slightly Slouchy Bootie - Size 37.5 - $499.95 , Lucchese Studded Inlay Women’s Cowboy Boots 7.5 M Worn Once 7BIRKENSTOCK SHOES FARMINGTON LADIES BLACK BROWN NATURAL LEATHER BOOTS WOMEN'S , Columbia Women's Powder Summit Jacket - Choose SZ/ColorPrada Riding Boots Leather & Monogram Canvas Tan Beige Knee High Style Sz 39 EU , TOGA PULLA Buckle Strap Cut Out Ankle Boots, Black & White, SzNew Rock M.Furious024-C2- Unisex Ankle Boots All Leather in BlackNewRock New Rock 107 S3 Black Skull Devil Biker Gothic Punk Platform Boots , Dan Post Women's with Turquoise Mule Ear Ankle Boot - Snip Toe - DP3695 , Kodiak Women's Claire Ankle Boot, Black, 6 M US , Frye 76406 Jenna Disc Short Black Leather Motorcycle Riding Boots Women's Size 6 , MCQ ALEXANDER MCQUEEN BLACK LEATHER THIGH HIGH BOOTS SZ 37 , Vionic Women's Joy Serena Ankle Boot Black 8 W USFiorentini + Baker 705 Eternity OTK Over The Knee Black Leather Boot Women 39 9Corral Side Patch Ankle Boot - Snip Toe - A3189ASOS Black Platform Zara Over The Knee Faux Suede Leather XL Thigh High Boots 8 , NIB FRYE Womens Leslie Artisan Short Smoke Leather Ankle Bootie US 7.5 Back Zip , Bos. & Co. Women's Bay Ankle BootRachel Zoe Women's Tara Winter Boot, Black, 6.5 M US , Manitobah Mukluk Snowy Owl *WaterProof* Fur Black **NEW** L10 6010506NEW Frye Melissa Women’s Brown Leather Knee Boots US Size 7.5 B ShoesSpaziomoda Royal Blue Shoes Sz 37 Or 6.5 USA New , Made In ItalyWomens Pikolinos Boots Zaragoza W9H Tall Knee High Brown Boots NEW , Maison Margiela block heels ankle boots in blue Leather Size US 9 - , BOTTES HARLEY DAVIDSON ABBEY D83865 POUR FEMMES EN CUIR NOIR TOUTES POINTURES ,
    Dansko Women's Meadow Ankle Boot, Black Black M Burnished Nubuck, 38 Ankle M US ae47d7b ->Dansko Women's Meadow Ankle Boot, Black Black M Burnished Nubuck, 38 Ankle M US ae47d7b -
    Ariat Women's Heritage Rancher Western Cowboy Boot - Choose SZ/Color , New Balance CRT300XE D 300 Court White Men Women Shoes Sneakers CRT300XEDTin Haul Women's Trailerhood Cowgirl Boot - Square Toe - 14-021-0007-1214 BL , Nine West Nicolah Wide Calf Riding Boots, Cognac, 5 US DisplayMan's/Woman's Wittner Ladies Shoes White Leather Heels Reputation first Sales Italy Shopping promotionAUTHENTIC GIANVITO ROSSI LEATHER SNEAKERS PINK GRADE S USED -ATWomens 8 Sperry Star Wars Cloud Han Solo Chewbacca Black Slip On Shoes New , new $650 PRADA off-white black leather trim pointy ballet flats shoes 38.5 8.5Ladies Rainbow Rhinestone Glitter Platform Shoe Leisure Slip On Loafer Oxford Sz , Guess Denim Women's Mentore 3 Dark Blue Fabric Wood Mules Slides Sz 8.5M EUCIvanka Trump Womens Sportswear W71PDD06 Denim Jegging- Choose SZ/Color.Sexy Womens Nightclub Dress Stars Stilettos High Heels Sandals Ankle Strap ShoesSchutz Womens Zarita Heeled Sandal- Select SZ/Color. , NIKE AIR MAX THEA ULTRA PREMIUM WOMEN'S SIZE 7.5 RUNNING SHOES BLACK 848279 003 , New Balance MX409 Cross Training Running Black Casual Sneakers Shoes Mens 9.5 D , Nike Zoom Soldier Lebron James VII Mens Basketball Shoes 609679-005 Size 13 , Jordan 1 flight 2 prem basketball Shoes size 11 us new with box , New Vivobarefoot Borough Mens Grey Leather Minimalist Sneaker Boot , Man's/Woman's lacoste men shoes 13 Navier 5 Big clearance sale delicate leading the fashionFila Octave Energized Athletic Women's Shoes Size , Men's/Women's COLUMBIA Big Water Blue durability Elegant style Reliable reputation , New Nike Women's Free RN Running Shoes Size 8.5Nike Air Zoom Pegasus 34 Solstice Women's Size 8.5-11 B WolfGrey 883270-001 NEWSkechers Women's Go Step Lite-Lily Walking Shoe - Choose SZ/ColorNIKE FREE 5.0 TR FIT 5 JOHANNA JFS NIKELAB BLACK-C KHAKI SZ 9.5 [801065-001]adidas Originals CP8897 Womens Crazyflight X 2 Mid Volleyball Shoe, ShockJESSICA SIMPSON TUSTINY SZ 9.5 M 39.5 BLACK LEATHER KNEE HIGH BOOTS , Avenger Women's A7124 Black Waterproof Steel Toe EH Work Boots Size US 7.5MWomen's Earth Invincible Sporty Tall ZipOn Boot Dark Brown Leather , Men's/Women's Skechers Women's Descender Andes Winter Boot Queensland Beautiful appearance value
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dansko Women's Meadow Ankle Boot, Black Black M Burnished Nubuck, 38 Ankle M US ae47d7b -

    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.

    Dansko Women's Meadow Ankle Boot, Black Black M Burnished Nubuck, 38 Ankle M US ae47d7b -

    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
    Dansko Women's Meadow Ankle Boot, Black Black M Burnished Nubuck, 38 Ankle M US ae47d7b