Never miss an update

Womens over Leather Strappy Knee Boots Pu Leather SZ Back Strappy Hidden Wedge Party Shoes Plus SZ 803dc02

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: Unbranded
Heel Height: High (3 in. and Up) Style: Over Knee Boots
Heel Type: Wedge Country/Region of Manufacture: China
Occasion: Casual Fastening: Pull On
Width: Medium (B, M)
Never miss an update

Womens over Leather Strappy Knee Boots Pu Leather SZ Back Strappy Hidden Wedge Party Shoes Plus SZ 803dc02 -

    Womens over Leather Strappy Knee Boots Pu Leather SZ Back Strappy Hidden Wedge Party Shoes Plus SZ 803dc02
    Womens over Leather Strappy Knee Boots Pu Leather SZ Back Strappy Hidden Wedge Party Shoes Plus SZ 803dc02
    Women's Fashion Flats Ankle Square Toe Boots Stripes Zip Stretchy Casuals Shoes , Womens Mid Calf Boots Belts Chunky Heels Lolita Cosplay Shoes Leather Bow W897Women Retro Tassel Mid Chunky Heel Ankle Boot Suede Leather Pointy Toe Zip Shoes , Sweet Causal Womens Shoes PU Leather Bow-Knot Hidden Wedge Heel Mid-Calf Boots , Ladies Black Suede High Heel Stilettos Over Knee Boots Pointed Toe Pull On ShoesWomen Pointy Toe High Stiletto Heel Ankle Boot Shoe Joint Color Fashion Party , New Fashion Womens Hidden High Heels Over Knee Stretch Boots Slim Leather ShoesFashion Womens Autumn New Kniting And Leather Boots Winter Casual Platform Shoes , Womens Faux Fur Round Toe High Heels Platform Ankle Snow Boots Stilettos SZ E728 , Women Autumn Casual Pointed Toe High Heels Chunky Suede Zipper Ankle BootsWomens Chunky Heels Side Zip Over The Knee Boots Suede Rhinestone Decor Shoes , Women Round Toe Knitted Sneaker Ankle Boot Shoe Pull On Athletic Wedge Joint NewWomen's Side Zipper Bowknots Ankle Boots Block High Heel Mary Janes Party Shoes , Womens High Block Heels Pointed Toe Stretch Mid Calf Knitted Knight Boots E457 , Women Pointy Toe High Stiletto Heel Zip Shiny Ankle Boot Shoe New Patent Leather , Womens High Heels Round Toe Platform Ankle Boots Clubwear Stilettos Shoes F125Women Stiletto High Heel Pointed Toe Thigh High Over the Knee Boots Winter PumpsWomen Pointy Toe Zip Ankle Boots High Block Transparent Heel Sandals Shoe Party , Women's Shiny Patent Leather Metal Chain Square Toe Low Chunky Ankle Boots Shoes , Womens Chunky Mid-high Heels Side Zipper Round Toe Embroidery Chic Boots B584 , Womens Fashion Punk Rivet Buckle Strap Chunky Heels Retro Pull On Ankle Boots , Womens Patent Leather Square Toe Booties Chunky High Heels Shoes Wine Party , Women Special High Block Heel Ankel Boots Pointed Toe Leisure Comfortable Shoes , Womens Chunky Heel Retro Embroidery Floral High Pointed Toe Ankle Riding Boot SZFashin Women's High Heels Platform Knight Boots Leather Roman Knee High Boots SzChic Women New Patent Leather Stiletto Heels Sexy Pointy Toe Over The Knee BootsWomens Heel Stiletto Over Thigh Knee High Boot Pointy Toe Slouch Shoes LeatherWomens Mixed Color Pointed Toe Ankle Boots Faux Suede Fashion Casual Shoes , Womens side zip waterproof high-heeled buckle Short knight ankle Boots shoes c89 ,
    Womens over Leather Strappy Knee Boots Pu Leather SZ Back Strappy Hidden Wedge Party Shoes Plus SZ 803dc02 ->Womens over Leather Strappy Knee Boots Pu Leather SZ Back Strappy Hidden Wedge Party Shoes Plus SZ 803dc02 -
    Indigo Rd Women's Aimee Ankle Bootie Black 8 M US , Free People Burgundy Color Southern Cross Ankle Bootie SZ 41 , NR 41,5 ASICS TOKUTEN ONITSUKA SHOES MODE SHOES GYM H205L-1101 GREYNike LeBron 9 IX PS Elite South Beach DS Size 10 Pre Heat Miami 516958 001 , Asics Lethal Shot CS 4 Mens Football Boots (0123)Womens SPERRY TOP SIDER GOLD CUP A/O Black Supersoft Leather Size 51/2 NIB!!! , Sabrinas Florencia Marino Suede Leather Slip On Flats Casual Shoe 38NewNine West 25022007 Womens Vidah Patent Dress Sandal- Choose SZ/Color.$675 CHRISTIAN LOUBOUTIN SO KATE 120 PATENT LEATHER ORANGE PUMPS HEELS SIZE 35.5Prada Suede Beige Pumps With Metal ToeCONVERSE Chuck Taylor All Star Dainty OX Fiberglass/Mouse Women's Size 9.5M NewBernardo Women's Theo Gladiator Sandal - Choose SZ/ColorUsed Worn Size 13 Adidas Stan Smith 2 Shoes White, Pool Blue, Gum , BEARPAW Women's Michelle Sheepskin Slip On Slippers Chocolate 8 M USNike Hypervenom Phelon II IC Mens Running Shoe 749898 009 Size 7.5 , NIKE SB Stefan Janoski Max sz 14 Gamma Blue Skateboarding Dunk Smurf Premium , Reebok Instapump Fury AR Men's Grey White Rare Sample Sneakers BD1508 US Size 9NIKE AIR MAX SEQUENT 2 / COOL GREY - MAX ORANGE / MEN'S SIZE 15 , Jordan Future Low Wolf Grey/Emerald Rise (718948 006) , Gentleman/Lady Janoski wino/blood splatter size 13 main category Affordable Most practical2005 Nike Air Jordan XIII 13 Retro White Flint Grey University Blue Size 10.5Men's/Women's Air Yeezy 2 Pure Platinum Reasonable price a wide range of products Superb craftsmanship , Skechers 77105 Men's Work Relaxed Fit Gibson Alcade SR Slip-On Sneaker BlackAriat Work Men's Intrepid Pull-on H2O Composite Toe Boot - Choose SZ/ColorPF FLYERS PM15OH1C CENTER HI ZIG ZAG Mn's (M) Black Canvas Hi-Top Skate Shoes , Gentleman/Lady adidas Originals Men's Seeley Shoes flagship store Known for its good quality cheaperMan's/Woman's Versace Men's Medusa Head Sandals (43) Moderate price First batch of customers Caramel, gentle , Reebok Women's Classic Lthr Pastels Running Shoe - Choose SZ/ColorAdidas adidas Womens Sneakers Equipment Support ADV .0- Select SZ/Color.Marc Jacobs Womens Mercer Pompom Low Top Slip On Fashion Black Size 10.0
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens over Leather Strappy Knee Boots Pu Leather SZ Back Strappy Hidden Wedge Party Shoes Plus SZ 803dc02 -

    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.

    Womens over Leather Strappy Knee Boots Pu Leather SZ Back Strappy Hidden Wedge Party Shoes Plus SZ 803dc02 -

    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
    Womens over Leather Strappy Knee Boots Pu Leather SZ Back Strappy Hidden Wedge Party Shoes Plus SZ 803dc02