Never miss an update

Life Stride "Fairbanks" Mid-Calf Boots with mogochinese-29998 Brown Synthetic Box Upper 6 M New with Box b726544

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: LifeStride
Heel Height: Low (3/4 in. to 1 1/2 in.) Style: Fashion - Mid-Calf
Material: Synthetic US Shoe Size (Women's): 6
Shade: Brown Width: M
UPC: 736701697415 Color: Brown
Never miss an update

Life Stride "Fairbanks" Mid-Calf Boots with mogochinese-29998 Brown Synthetic Box Upper 6 M New with Box b726544 -

    Life Stride "Fairbanks" Mid-Calf Boots with mogochinese-29998 Brown Synthetic Box Upper 6 M New with Box b726544
    Life Stride "Fairbanks" Mid-Calf Boots with mogochinese-29998 Brown Synthetic Box Upper 6 M New with Box b726544
    Minnetonka Moccasins - Tan Canyon Boot - Women's Size 7.0 US - NEW!$300 Mephisto Womens Sz 10 Black Leather Side Zip Ankle Boots Block Heel 159-6Alfani "Mable" Knee High Boots 5.5 M Black Synthetic New without BoxWomen's Teva Segundo Mid Boot - Brown - Size 7 - Spider Rubber , Marc Fisher New Kimmee Black Womens Shoes Size 10 M Boots MSRP $169GUESS High Top Faux Fur Trimmed Shoe Shoes Suede Booties Boot Boots Ankle 7.5 , GUESS High Top Faux Fur Trimmed Shoe Shoes Suede Booties Boot Boots Ankle 8.5 , 9 M ladies black leather VALERIE STEVENS tall high heel bootsDOLCE VITA MISTER MID CALF BLACK LEATR BOOT WOMENS US Size 9Not Rated Women's Bri Tan Fringe Ankle Booties , Journee Collection WC Lady Side-Zip Riding Womens Boots Brown Size 8.5 , Steve Madden Womens Editor Zip Up Heeled Ankle Boot Shoes, Black Leather, US 10 , STEVE MADDEN MOZEE WOMEN'S BLACK HEELED FLOWER THIGH-HIGH BOOT 8.5 NEW , Ariat Ladies Fatbaby Heritage Western Pink Camo Boot 10015055 Size 5.5Vintage Ladies Larry Mahan Chocolate Lizard Western Cowboy Boots Size 260 (6B)CLARKS Women's Black Leather Upper Zip Ankle Boots Size 9.5 M , Lucky Brand Women's Beeliner Sesame Oiled Suede Fringe Booties , Gentlemen/Ladies New black leather ankle boots New Listing Modern and stylish fashion Reliable reputationBCBGeneration BCBG Nerissa Black SUEDE Shearling lined Wedge Mules Sz 8.5 , MINT Vince Camuto Flavian Leather Riding Boots Womens Size 7.5M Chocolate BrownAerosoles Women's Excess Mid-Shaft Boots Black Fabric Size 7.5 MMr/Ms Montana West Studs Collection Boots BST-037-CF Moderate price Pleasant appearance Extreme speed logistics , TEVA DE LA VINA PREF WOMEN ANKEL BOOTS SUEDE GREY US 7 ///JP 24 , Vintage Frye leather cowboy boots size 6.5 ladies , Rachel Roy, Rframone Black Ankle Boots, Black, Size US 6 MBoutique 9 Women's Beechia Bootie Brown 9.5First Love by Penny Loves Kenny Black High top Wedge Sneakers wink sz 7.5 newSporto Karmen Waterproof Cow Suede Boot, Thermolite, Chocolate, 7.5M , Franco Sarto CORBIN Women Black Suede and Leather Knee High Boot US Shoe Size9.5 ,
    Life Stride >Life Stride
    Gentleman/Lady BEARPAW Women's Ophelia Special purchase Various types and styles Selling new products , sz 9- 9.5/ 39.5 RAG & BONE BOOTS MARGOT Stone Taupe Suede Ankle heel booties frNike Womens Air Max Sequent Running Trainers 719916 016 Sneakers Shoes , Mr/Ms Tod's XXW0RI0G880OW0B999 Sandals Women's Black AU durability Online export store a wide variety of goods , COLE HAAN Size 5B AMALIA Navy Blue Calf Hair D'orsay Flats Shoes , Women Suede Pointy Toe High Heel Mesh Pieced Ankle Strap Elegant OL Pumps Shoes , Womens Wedge Heels Creeper Square Toe Slip On Leather Loafers Sneakers shoes szThe Highest Heel Women's Amber-411 Bootie,Silver Sequin,8 M USColumbia Sunlight Vent Flip Pfg Womens BL4468-354 Miami Jade Sandals Wmns Size 9 , New Hush Puppies Wren Ballard Womens Dress Sandals Size 9.5 , Kenneth Cole Reaction Womens Sole Less 2 Pointed Toe Casual Pewter Size 11.0 4Nike Women's Free TR 6 Running Shoes White/Midnight Navy/Pure Platinum Multi SZNIKE MENS CLASSIC CORTEZ NYLON 807472 011 BLACK WHITE LIFESTYLE SHOES Sz 12NIKE Lebron James Soldier XI Mens BLACK RED "BRED" 897644-008Nike Jordan Melo M9 Mens 551879-407 Black Game Royal Basketball Shoes Size 9 , adidas Men's Predator Tango 18.3 Indoor Soccer Shoe, - Choose SZ/ColorNIKE AIR PYTHON SP 658394-100 WHITE TAN SNAKESKIN DS Men Shoes Size 7.5 RareNike Roshe Run Premium "Safari" Sz 10 Deadstock Brand newRocky Women's AlphaForce Waterproof Duty Boot - Round Toe - FQ0004167Men Military Tactical Boots Winter Leather Waterproof Desert Combat Army Work , Vintage Mens Black Leather Ankle Boots Size 13 D , NIKE AIR MAX 90 HYPERFUSE USA White US UK6 7 8 9 10 11 12 13 QS 613841-110 2013Dan Post Mens DPP5202 Callahan Smooth Ostrich Western Boot BLACK Square 10 DAs the picture show height quality YEEZY 500 UTILITY BLush db2908 men size11NEW NIB Clarks 26120231 Mens UnByner Way OxfordD (M)- Choose SZgentle men pull on leather dress business bridegroom wedding shoes low heel chic , PUMA Suede Classic Women's Shell Pink/Glacier Gray 35546269Tod’s Slip On Sneakers In Black White Tweed Size 6 EUC , Faux Suede Square Toe Slip On Rabbit Fur Bunkle Strap Winter Fashion Women shoes , Womens 18cm heel over knee High boots super high Nightclub Dance shoes ALL US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Life Stride

    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.

    Life Stride "Fairbanks" Mid-Calf Boots with mogochinese-29998 Brown Synthetic Box Upper 6 M New with Box b726544 -

    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
    Life Stride "Fairbanks" Mid-Calf Boots with mogochinese-29998 Brown Synthetic Box Upper 6 M New with Box b726544