Never miss an update

La Canadienne Suede Womens Trevis Winter 5 Snow Boot Waterproof Suede US Black Size 5 M US 04dd833

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: La Canadienne
Material: Suede Style: Winter Boots
US Shoe Size (Women's): 5 Width: Medium (B, M)
Sub-Style: Winter Boots Color: Black
UPC: Does not apply
Never miss an update

La Canadienne Suede Womens Trevis Winter 5 Snow Boot Waterproof Suede US Black Size 5 M US 04dd833 -

    La Canadienne Suede Womens Trevis Winter 5 Snow Boot Waterproof Suede US Black Size 5 M US 04dd833
    La Canadienne Suede Womens Trevis Winter 5 Snow Boot Waterproof Suede US Black Size 5 M US 04dd833
    NEW CLARKS WOMENS MASCARPONE BAY - WOMENS BOOTS - TAN LEATHER , Dr. Martens Women's 14-Eye Vonda Casual Boot Black 5 F(M) UK / 7 B(M) US , Tin Haul Shoes Women's Man Eater Western Boot, Brown Crackle, 8.5 M USRoper Women's Classy Western Boot - Snip Toe - 09-021-9050-0298 BL , $299 SEXY french connection perforated gold leather pull on boots US 5 /Abilene Boot Women's Soft Textured Short Western Boot - Snip Toe - 9151 , Abilene Oiled Cowhide Cowgirl Boot - Square Toe - 9011Circle G Women's Distressed Filigree Embroidered Cowgirl Boot - Snip Toe MultiRoper Women's Classy Western Boot - Square Toe - 09-021-9200-0298 BLLeather Floral Stitch Boot, Size 10.5, Cowboy boot, Leather boot, Floral Pattern , Ferrini Western Boots Womens Hornback Caiman 9 B Black Purple 90493-04 , BEARPAW Boots Womens Boetis Curly Lamb Fur 11" 9 Cobalt Blue 1294WAbilene Boot Women's Distressed Inlay Wingtip Western Boot - Square Toe Tan 7.5 , Circle G Beige Cross Embroidered Cowgirl Boot - Snip Toe - L5038 , Circle G Women's Fleur De Lis Boot - Snip Toe - L5150 , Durango Women's Lady Rebel Strawberry Sunrise Western Boot - Square Toe MultiEtienne AIGNER COSTA ICONIC RARE BLACK LOGO TALL RIDING BOOTS US 5.5 , Columbia 1567081 Womens Minx Slip II Omni-Heat Snow Boot- Choose SZ/Color. , Corral Wide Stitched Cowgirl Boot - Snip Toe Brown 8 MAbilene Boot Women's Embroidered Western Boot - Square Toe Brown 9.5 M , Durango Women's Ultr-Lite Western Boot - Square Toe - DRD0311 , Abilene Women's Two Toned Cowhide Western Boot - Square Toe - 9214Laredo Women's Keyes Stars and Stripes Cowgirl Boot - Snip Toe - 52165Men's/Women's Veredus Stable Boot Front Black Small Best-selling worldwide excellent Tide shoes list , Laredo Women's Radical Blameless Arrow Short Cowgirl Boot - Medium Toe - 3112Roper Women's Faux Ostrich Western Boot - Square Toe Brown 7 M , Gentleman/Lady Frye Women's Melissa Wallet Cognac selling price Stylish and charming Rich on-time delivery , Women Sexy Pole Dacing Special Super High Heel Over the knee Length Boots ShoesFrye Women's Greene High Back Zip Shearling Sneakers Black 5.5 M ,
    La Canadienne Suede Womens Trevis Winter 5 Snow Boot Waterproof Suede US Black Size 5 M US 04dd833 ->La Canadienne Suede Womens Trevis Winter 5 Snow Boot Waterproof Suede US Black Size 5 M US 04dd833 -
    2019 New Elastic Womens Fashion Occident Stilettos Knit Sox boots Rivet Punk Hot , STELLA McCARTNEY Shoes 237787 Grey 35 1/2Vince Camuto VC-WHYNN Womens Whynn Motorcycle Boot- Choose SZ/Color. , Men/Women Camper Iman Womens Black Leather Boots Cheap Primary quality professional designAustralia Luxe Collective Comfy Renegade Sand Shearling Buckle Ankle Boots Shoes , Mizuno Wave Sonic Mens Womens Running Racing Shoes Trainers Sneakers Pick 1 , NEW COUNTRY ROAD JULIE HEELED PEEPTOE SHOE - LEATHER - TAN/BROWN - SIZE 39 (8)crocs Crocs Brynn Flat W Womens Ballet Flat- Choose SZ/Color.fs/ny French Sole Sloop Leather Ballet Flats, Women's Size 12, Black , Klogs USA Women's Melbourne Mule Black Smooth 8 M US , New JOEY O Black Suede & Leather w Buckles Shoes Mules 7.5 , NEW VINCE CAMUTO SZ 10 KRISTANA PINK ORCHID SUEDE CAGED GLADIATOR SANDAL HEELWomens Stiletto Pointy Toe Buckle Pu Leather Sexy Fashion Party Sandal Shoes NewDonald J Pliner Womans Sandals Size 7.5 N Brown Italian Leather Strappy Slide , DOLCE & GABBANA WOMEN'S BROWN LEATHER HIGH HEELS SANDALS SIZE 39 US 9 MAD/ ITALY , Versace 19.69 3103079 SAFFIANO FUXIA Décolleté Shoes Women's Fuchsia USNine West Illison Strappy Wedge Sandals, Dark Red, 7 USAdidas BB4657 Men Duramo 8 Running shoes white SneakersScarpa Crux Blue Hiking Shoes Size 13Nike Men's AIR FORCE 1 FOAMPOSITE PRO CUP Shoes Gym Red/Black AJ3664-601 cConverse First String Chuck Taylor 70 1970s Hi Black Canvas Men Women 162050C , Reebok CN3806 Daytona DMX Casual shoes white blue sneakers , Ecco Brown Leather Mens Sneakers Shoes 12 - 12.5 , Harley Davidson Men's Baxter Black/Orange Skull High-Top Sneakers Shoes D93343 , VANS SK8 Slim Hi Top Zipper Leather Zephyr Blue Women Shoe Size 9Nike Air Presto Women's Shoes Size 11 , Nike Air Max 1 Womens 319986-035 Vast Grey Habanero Red Running Shoes Size 7Man's/Woman's New Balance Women's Rushv3 Running-Shoes excellent quality luxurious Tide shoes listASICS E651N Womens Gel-Solution Speed 3 - Clay- Choose SZ/Color.Steve Madden Ryat Leather Ankle Bootie Brown Women Sz 8.5 M 4086 *
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    La Canadienne Suede Womens Trevis Winter 5 Snow Boot Waterproof Suede US Black Size 5 M US 04dd833 -

    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.

    La Canadienne Suede Womens Trevis Winter 5 Snow Boot Waterproof Suede US Black Size 5 M US 04dd833 -

    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
    La Canadienne Suede Womens Trevis Winter 5 Snow Boot Waterproof Suede US Black Size 5 M US 04dd833