Never miss an update

Prada Brown Brown Charm Leather Silver Tone Monogram Charm Size Ankle Boots Size 40 10 f34c60d

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Prada
Material: Leather Style: Ankle Boots
Pattern: Solid MPN: Does Not Apply
US Shoe Size (Women's): 10 Color: Brown
Closure: Zipper Closure Heel Type: 2..5"
Leg Opening: 10" Heel Height: Med (1 3/4 in. to 2 3/4 in.)
UPC: Does not apply
Never miss an update

Prada Brown Brown Charm Leather Silver Tone Monogram Charm Size Ankle Boots Size 40 10 f34c60d -

    Prada Brown Brown Charm Leather Silver Tone Monogram Charm Size Ankle Boots Size 40 10 f34c60d
    Prada Brown Brown Charm Leather Silver Tone Monogram Charm Size Ankle Boots Size 40 10 f34c60d
    Jambu Leather Laser Cut Floral Design Wedge Ankle Boots Brown Size 8.5M, NIBFrye Melissa Scrunch Short Boot Womans Size 7 B Black MSRP $368 NEWFrye Women's Phillip Harness Calf Short Boot - Cognac Brown Leather - 7.5B (C85) , Free People High Ground Tall Boot Size 11 MSRP: $328 New WomenNIB Frye Dorado Riding Leather Tall Boot, Style Black, Size 6 , Blundstone 063 Black Womens Leather Slip-On Square-toe Chelsea Boots , ABILENE LEATHER SAGE CONCHO CHAIN WESTERN BOOTS / 8M ANTIQUE TAN final reduction , H&M Studio Suede Leather Brown Moon Winter Boots Size EU36/US5.5Men's/Women's ASH Uno Leather Boots 39 NIB High security Ranked first in its class Tide shoes list , Freebird by Steven Womens Flute High Heel Cutout Bootie Shoes, Green, US 6 , MAISON MARGIELA Brown Tan Leather Magnet Stiletto Heel Ankle Bootie Boots 41/11Justin 9481 Women Black Western Lizard Exotic Leather Cowboy Pull On Boots Sz 7BDehner Custum Made Equestrian Riding Patrol Black Leather Women Boot SZMVasque Women's Pow III UltraDry Snow Sneaker, Bungee Cord/Aluminum, 8.5 M US , NIB $298 Authentic COLE HAAN ZEROGRAND HIKER Black Leather Waterproof Boots 9 MBlack New Rock Unisex Military Style Combat Boots 8 Eyelets and Steel toe CapAIFOS ITALIA Goat Fur Sheep Shearling Après-Ski YETI BOOTS Sz. 7 US / 38 EUCharles David Black Knee High Leather Side Zip Boots Size 10M MSRP $200 , Frye Melissa Button 2 Tall Slate Riding Boots Size 7 Women’s CowboyNew Tory Burch Joanna Black Leather Riding Boots Size 5 M , Via Spiga VINSON Mink(Light Brown) Suede Boots, Inside Zip, Women's US Size 7M , Reebok Work Women's Rapid Response RB RB888 Stealth 8" Tactical Boot Black , Alexander Wang Bottines Cuir 36,5 Valeur 600 EUR Luxe , Frye Jamie Zip Bootie Black Size 7.5 MTod's Ankle Boot Zelia Anfibio Black Leather Size 38 Buckled Strap High Heel , Helly Hansen Women's Cordova Winter Boot Brunette/Red Brown/Sperry GumJ Crew Field Leather Boots Kindling size 8Vasque Womens 7479 Breeze 2.0 GTX Hiking Boot Gargoyle/African Violet , FRYE Women's Phillip Ring Tall Boot - Black New! $468 ,
    Prada Brown Brown Charm Leather Silver Tone Monogram Charm Size Ankle Boots Size 40 10 f34c60d ->Prada Brown Brown Charm Leather Silver Tone Monogram Charm Size Ankle Boots Size 40 10 f34c60d -
    New Derek Lam 10 Crosby Etna Square Toe Leather Tall Boot, Black sz 7M , SANTONI women shoes Chocolate brown leather wingtip boot with elasticized bands , CHRISTIAN LOUBOUTIN SUEDE MID-CALF BOOTS SIZE 38.5 8.5 , Reef Stuyak Ii, Men Flip Flops, Brown Brown, 10 EU , Bally Suisse Vanessa Women's Brown Leather Casual Slip on Shoes Size 7 E , Womens SANITA Vegan Black & Gray Swirl Fabric Clogs Shoes SIZE 37 US 6.5Chic Bowknot Rhinestones Women Block Heels Pumps Pointy Toe Slip on Sexy ShoesTory Burch 'majorca' Wedge Sandals Peep Toe Espadrille Pumps Shoes Black 10.5Bally 7 N Brown Leather Flat Croc Embossed Detail Gold Tone Square Toe , Charlie 1 Horse Shoes Mules Womens 8.5 B Brown Western Boot Heels White StitchedPleaser AMU20/B Womens Amu20/B Dress Pump 1- Choose SZ/Color. , AK ANNE KLEIN CACHE SIZE 8M HIGH HEEL 3.1" BROWN , TWIN-SET WOMAN HIGH HEELS PUMPS SANDAL SHOES SUEDE BLOCK HEEL CODE CPS3FABirkenstock Arizona Birko-Flor Slip-On Cork Sandal Brown regular , Womens Sperry Sandal 9M Seabrook Fisherman Current Berry Flip Flops PurpleDiadora Men's Capitano LT TF Soccer Shoes Black/White/SilverNike Men's Flyknit Racer Volt / Black Size 7 526628-731Air Jordan Retro 7 French Blue 2015 304775-107 Size 12 , Man/Woman FILA cage Pink Dolphin High-quality comfortability comfortable , Nike Air Zoom Mariah Flyknit Racer. Brand new. Mens: 8, 10, 11, 12 & 13. , NIB MENS SIZE 9 NIKE AIR ZOOM PEGASUS RUNNING SNEAKERS BLACK 942851-001ADIDAS NEW YORK X DANIEL ARSHAM CM7193 PAST PRESENT FUTURE WHITE DS SIZE: 7Size 10.5 2017 Nike Air Jordan Retro 13 Altitude NEW bred royal taxi black cat , Florsheim Men's Kilbourn Wing Tip Chukka Boot - Choose SZ/Color , Muck Boots Black Mens Muck Grit Work Boot w/ Rubber Cup Outsole - Size 15 , Vietnam Military Army Jump Boots 1970’s Johnny Depp Boots Mens 10 RPRADA men shoes Black fabric sneaker rubberized leather strap closure 4E3174Asics Gel-Kenun Black Persian Jewel Purple Running Shoes T7C9N-9090 Womens sz 10 , Puma Women's Shoe Sneaker Size 8.5 Gray Synthetic Mesh Hiking Trail Athletic NIB , Nike Free TR Focus Flyknit Women's Training Shoe 844817 002 size 5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Prada Brown Brown Charm Leather Silver Tone Monogram Charm Size Ankle Boots Size 40 10 f34c60d -

    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.

    Prada Brown Brown Charm Leather Silver Tone Monogram Charm Size Ankle Boots Size 40 10 f34c60d -

    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
    Prada Brown Brown Charm Leather Silver Tone Monogram Charm Size Ankle Boots Size 40 10 f34c60d