Never miss an update

ALDO Women's Bordo, US Adessi ALDO Riding Boot, Bordo, 7 B US c567a4e

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: 685393579144
Dimensions: L 14.21 x W 11.61 x H 5.39 inches EAN: 0685393579144
Label: Aldo Brand: ALDO
PartNumber: 53055523-001 MPN: 53055523
ProductGroup: Shoes Binding: Apparel
ISBN: Not Applicable Color: Bordo
Style: Not Applicable Department: womens
US Shoe Size (Women's): 7 B(M) US Weight: 3.05 lbs
Never miss an update

ALDO Women's Bordo, US Adessi ALDO Riding Boot, Bordo, 7 B US c567a4e -

    ALDO Women's Bordo, US Adessi ALDO Riding Boot, Bordo, 7 B US c567a4e
    ALDO Women's Bordo, US Adessi ALDO Riding Boot, Bordo, 7 B US c567a4e
    Ariat Fatbaby Cowgirl Steel Toe Womens Work Boot- Choose SZ/Color.MUK LUKS Women's Gwen Boot Snow, Brown, 7 M USWalking Cradles Women's Smart Boot, Black, 5 M US , Splendid Women's SPL-Lakota Ankle Bootie, Black, 8 M US , Pajar Women's Manue Slip-On, Black, 40 EU/9-9.5 M USPleaser Women's Delight-1018 Boot,Black Velvet/Pewter/Pewter Chrome,6 M US , Anne Klein Women's Kael Booties Dark Brown Leather Ankle Boots Size 6 MSpring Step Women's Cymone Boot, Black, 38 EU/7.5-8 M US , SJP by Sarah Jessica Parker Women's Cadence Heeled SandalNine West Women's Sitcom Boot,Black Suede,5.5 M US , Eileen Fisher Women's Tuck 2 Shadow Shoe , Pleaser Women's Xtreme-3010 Over The Knee Boot, Black Patent/Black, 9 M USCLARKS Women's Spye Astro Boot, Black Leather, 7 M USIvanka Trump Women's Itramada Boot,Brown,10 M US , Franco Sarto Women's Domino Boot, Grey, 10 M USMen's/Women's Laredo Women's Kadi Boot,Black,11 B(M) US Customer first Good market Extreme speed logisticsBandolino Women's Planta Boot, Navy, 6.5 M USHelens Heart LB-0290-12 in Gold size 10M , Man's/Woman's Aldo Women's Fudge Riding Boot Various goods Excellent performance Different styles and styles , STEVEN by Steve Madden Women's Bennett Ankle Bootie - Choose SZ/Color , Gentlemen/Ladies Cougar Women's Event Rain Boot New Listing Medium cost uniqueNAOT Women's Oyster Boot, Black Madras/Black Suede, 42 EU/11 M-W USAldo Womens Boudinot Ankle Bootie- Choose SZ/Color.Helens Heart LB-0290-12 in Pink size 9M , OLUKAI Women's Nani Kamea Black/Black Boot 6.5 B MMarc Fisher Women's Mfhydra Ankle Bootie, Black, 6.5 M USBCBGeneration Women's Freesia Boot,Stone/Cream Multi,6.5 M USDolce Vita Women's Sibil Ankle Bootie, Anthracite Suede, 9 M USCirca Joan & David Women's Entertainment Boot 6, Black ,
    ALDO Women's Bordo, US Adessi ALDO Riding Boot, Bordo, 7 B US c567a4e ->ALDO Women's Bordo, US Adessi ALDO Riding Boot, Bordo, 7 B US c567a4e -
    Womens Fly London Yulo Leather Winter Casual Wedge Heels Knee High Boots , Ed Hardy Men's Fierce Tiger Print Hi Top Trainers, White , Country Road - Selena Over Knee Boots - Stretch Suede New - Size 39rrp $399New Mollini Iso Womens Shoes Casual Boots AnkleCarlos by Carlos Santana Womens Garrett Leather Closed Toe Over Knee Fashion ...Jack Rogers 'Lively' Tangerine/Berry Leather Cap Toe Ballet Flats sz: US 9 , Gentle Souls Penn Womens Ballet Flat- Choose SZ/Color.Tory Burch Samantha Patent Leather Loafers Nude Tory Beige Sz 9.5 , Pleaser 7" black and red glitter platform sandalsPLEASER XTM872/B/M Sexy Exotic Stripper Shoes Platform Strappy 8" High HeelsVia Spiga Galore Slingback Mule Pumps 296, Black, 7 US / 37 EU , Gwen Stefani LAMB Pounce Pony Hair Black Suede Platform Pump Shoes Heels 9 $350 , Birkenstock Gizeh White Birko-Flor Thong Sandals Sz 39 , MENS CONVERSE CT LEAGUE HI White Canvas Leather Trainers 148640C , nike womens flex trainer 5 print running trainers 749184 018 sneakers shoesNike Downshifter 7 Mens Running Shoe (D) (002) + FREE AUS DELIVERY , Puma x BWGH Men's sneakers R698 dark denim 357769-01Nike Air Max 1 Essential - Pure Platinum / Midnight Navy Size 8.5 New , Asics Tiger GEL-Lyte III [HN7L1-9090] Men Casual Shoes Denim Black/White-RedDS 2013 Air Trainer SC Sample sz 9 VOLT 443575 004 Supreme Max VintageNike Air Jordan 10 X Retro I'm Back White 310805 104 S Size 10.5 Mens SneakersEngland Style Mens Metallic Pointed Toe Loong Formal Dress Leather Slip on Shoes , Florsheim Men Dress Formal Casual Shoes Navigator Wingtip Oxford Shoes Black NEWNew 1st Quality Allen Edmonds Preston 11 EEE brown , COLE HAAN Snake Skin Beige Tan Black Slides Sneakers Women Size 10 BMBT Walking BARBARA BROWN SUEDE ORTHOPEDIC SNEAKER SZ 8Nike Air Max 270 Just Do It Womens AH6789-104 White Black Orange Shoes Size 7 , Sugar Adara Women's Wedge Ankle Boots Shoes Whiskey color Sz.8.5M New , Colonial Madness LD TUTTLE Black Silver Stud Leather Zip Ankle Boots 8.5 Bootie , Hush Puppies Women's Fondly Nellie Western Boot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ALDO Women's Bordo, US Adessi ALDO Riding Boot, Bordo, 7 B US c567a4e -

    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 Women's Bordo, US Adessi ALDO Riding Boot, Bordo, 7 B US c567a4e -

    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 Women's Bordo, US Adessi ALDO Riding Boot, Bordo, 7 B US c567a4e