Never miss an update

Vince Camuto Size Black Marcin Blk Blk Hardrock Vince True Suede Boot Size 35.5 4751ceb

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Vince Camuto
Color: Black Style: Ankle Boots
Material: Suede US Shoe Size (Women's): 8
UPC: Does not apply
Never miss an update

Vince Camuto Size Black Marcin Blk Blk Hardrock Vince True Suede Boot Size 35.5 4751ceb -

    Vince Camuto Size Black Marcin Blk Blk Hardrock Vince True Suede Boot Size 35.5 4751ceb
    Vince Camuto Size Black Marcin Blk Blk Hardrock Vince True Suede Boot Size 35.5 4751ceb
    Women Wedge High Heel Genuine Leather Stitching Ankle Boots Mental Decor DD , Frye Women's Size 8.5 Veronica Wool Leather Tall Pull On Boots Black Reg $328Pleaser Women' Electra-3000Z 5" Bell Bottom Heel Over Knee Sexy Boots size 8 M , RHONDA VOO CELEBRITY ICE CREAM BOOTS WHITE OR PINK WORTH US$399 CHER ALL SIZESBoot Jessica Simpson Loring Natural Alicia Leopard Print , Tommy Bahama Size 7.5 M LENALUNA Black Leather Ankle Boots New Womens Shoes , HARLEY DAVIDSON BROWN LEATHER BOOTS RIDING MOTORCYCLE BAD ASS HARNESS 'DAYTON'~5Guess Mahalan Knee High Boots 8 M Black Suede New with BoxVersace 19.69 C09 VITELLO CUOIO boots Women's Beige US , Sbicca Womens Rozene Ankle Bootie- Pick SZ/Color.Frye Women's Size 10 Reina Buffed Nubuck Leather Bootie Ankle Boots Reg $258 NEWRockport Cobb Hill Christine Chelsea Boots 440, Brown, 5 US / 35 EUNaturalizer Womens Maureen Leather Almond Toe Ankle Fashion, Black, Size 6.5Jeffrey Campbell 'Metcalf' Almond Toe Bootie Black Suede SZ 7M , NEW Classy and Stylish size 9.5 P..W. MINOR shoesWomens Over the Knee Boots Pu Leather Zip-on Summer Shoes Platform High Heels , Tod's Brown Suede Shearling Lined Wrap Tie BootsNEW Fashion Velvet Ankle Boot Leather Street Shoes Platform Creeper Motor Casual , NEW Chic Women Rhinestones Ankle Boots Real Suede Leather Pointy Toe Stilettos , Womens British Style Vintage Belts Mid-CalF Boots Riding Motorcycle Casual ShoesFrye Cara Short Wood Dark Brown Suede Pull On Boots 10 Womens RARE01 Womens Knee High The Boots Tassel Vintage Shoes Pull On Cross Strappy Winter , Bottes à talons model 103655 Inello - Matter - Shoes , Men's/Women's Seychelles Countess Pebbled Ankle-Boot, 6 Louis, elaborate At a lower price Breathable shoes2018 Womens Leather Chelsea Ankle Boots Med Heel Square Toe Zip Up SHoes Retro$200 J Crew Dark Brown Leather Tall Leather Riding Field Boots sz 9M 40 04188Ivy Kirzhner Stardust Black Leather Over Knee Star Stud Embellished Pointed Boot , Corral Black White Embroidered Cowboy Boots Women's 8M Mid Calf Cowgirl , Fashion Brand Women Boots Sexy High Heels Ankle Boots Women Pumps Suede Shoes Wo
    Vince Camuto Size Black Marcin Blk Blk Hardrock Vince True Suede Boot Size 35.5 4751ceb ->Vince Camuto Size Black Marcin Blk Blk Hardrock Vince True Suede Boot Size 35.5 4751ceb -
    women's shoes MOMA 7 () ankle boots blue suede BT08-37 , Frye 77455 Harness 8 R Brown Leather Pull On Motorcycle Boots Women's Size 6 , Munro American Leopard Women's Sz: 7.5W Black Suede Fashion Heeled Ankle BootsNando Muzi 198a Black Leather Shearling Platform Shoe Boots 38 / US 8 , Royal Elastics Meister 1809 White Pink Grey Women Casual Slip On Shoes 94383-001 , H by Hudson Black Tala Suede Leather Fringe Ankle Biker Shoes Boots 5 38 New , L'autre Chose Bronze Women Court Shoe With Double Strap FW 2017-2018 , New Maria Rossi Ridara Womens Shoes Dress Sandals HeeledMen/Women GOTHIKA-10 Black White New product excellent Speed ​​refundKenneth Cole Unlisted Womens Hour Friend Open Toe Ankle Strap, Silver, Size 6.5J Crew Dulci Mermaid Glitter Kitten Heels - size 9 - Sand Black PumpsBadgley Mischka Women's Holt Ankle Bootie Black 8 M US , NIB Christian Louboutin Suzanna 100 Silver Criss Cross Ankle Strap Heel Pump 40AIR JORDAN MENS PURE J RARE WHITE VARSITY RED BLACK SHOES SIZE 11.5 414759-101 , Adidas Originals X_PLR Men's Shoes Lifestyle SneakerNike Roshe One Flyknit NM Natural Motion Mens Trainers Shoes in Black/OrangeNike Men's Lebron Soldier 10 SFG LUX BasketBall Shoes Size 7 to 13 us 911306 001 , Adidas Originals Men's Equipment Racing 93 Primeknit Shoes Size 11 us S79120 , Ariat Men's Wheat & Heritage Blue Rebound Square Toe Western Boots 10021679Nike Womens Roshe Two Flyknit College Navy/White/White Binary Blue Running Shoe , Adidas Women Originals Superstar Bounce Sneakers Shoes BZ0634 UK3.5-6.5 04'NEW adidas Pure Boost X ATR BB1728 Womens Shoes Trainers Sneakers SALE , WOMENS ADIDAS ADIZERO AVANTI LADIES RUNNING/FITNESS/TRAINING/RUNNER SPIKES SHOESWomens Platform Wedge Heel Pull On Knee High Boots Round Toe Shoes Suede Fashion , KEEN DRY Women's US 6 Durand Mid WP Hiking Boot Gargoyle/Capri BreezeRoman women casual mid calf boots tassel fur lined warm shoes hidden heel 13Winter Velvet Shoes Snow Platform Boots Women Thermal Cotton-padded Ankle Boots , Keen Womens Tyretread Tall Side Zip Pull On Winter Snow Casual Riding BootsAnne Klein Women's Gorgia Ponyhair Fashion BootNew Women's Floral Mid Calf Boots Casual Elastic Fabric Stilettos Fashion Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vince Camuto Size Black Marcin Blk Blk Hardrock Vince True Suede Boot Size 35.5 4751ceb -

    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.

    Vince Camuto Size Black Marcin Blk Blk Hardrock Vince True Suede Boot Size 35.5 4751ceb -

    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
    Vince Camuto Size Black Marcin Blk Blk Hardrock Vince True Suede Boot Size 35.5 4751ceb