Never miss an update

Ladies Knee 565 High Casual Thigh Boots Suede/Leather Cuban Heel Boots Casual Shoes Mixed Color 91b0c37

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
Material: Synthetic Leather Style: Knee High Boots
Occasion: Casual Heel Height: Low (3/4 in. to 1 1/2 in.)
Width: Medium (B, M) Heel Type: Cuban
Never miss an update

Ladies Knee 565 High Casual Thigh Boots Suede/Leather Cuban Heel Boots Casual Shoes Mixed Color 91b0c37 -

    Ladies Knee 565 High Casual Thigh Boots Suede/Leather Cuban Heel Boots Casual Shoes Mixed Color 91b0c37
    Ladies Knee 565 High Casual Thigh Boots Suede/Leather Cuban Heel Boots Casual Shoes Mixed Color 91b0c37
    Winter Occident Womens High Heel Real Leather Side Zippers Over Knee High BootsFashion Womens Black Leather Over Knee High Boots Platform Wedges Winter Shoes , Men's/Women's ZUCCa Shoes 137033 Brown M Fine workmanship product quality Don't worry when shopping , Women Pointy Toe Roma Punk Block Heel Zipper Chic Shoes Leather Pearl Ankle BootOver Knee Thigh Boots Sexy Stiletto Pointy Toe Side Zipper Shoes Leather Women , Women high Heel Over Knee Thigh High Leather Suede Riding Boot office Shoes NewWomens Retro Leather Heels Knee High Boots Roman Gladiators Fashion Boots ShoesRetro Princess Shoes Knee High Boots Sequins Embroidery Side Zip Stilettos Heels , Floral women's rhinestone floral pull on lamb fur winter Chic boots Black sizeChic Women's Special Design Decor Shoes Rhinestones Patent Leather Ankle Boots , Womens Embroidered Flower Pattern Zipper Mid Calf Boots Pointy Toe Velvet ShoesWomens Leather Buckles Plat Heel Block Back Zipper Knee Boots Sandals Shoes SizeWomen Open Toe Denim Platform Over Knee High Boots 15cm Stiletto Heel Roma Boots , 8"/20CM Extreme High Heels Platform Ankle Boots Rivets Buckle Pub Dancing ShoesNew Women retro leather ankle boots square toe gothic chunky heel shoes new , Retro Womens Suede Match Color Shoes Mid Block Heel Side Slit Casual Ankle Strap , Chic Knight Boots Low Heel Womens Knee High Boots Tassel Pieced New MotorcycleWomen Metal Pointed Toe Real Rabbit Fu Ankle Boots Cuban Heel Fashion SHoes SZ , Winter Womens Rivet Leather High Heels Clubparty Pointed Toe Knee High Boots sz , Over Knee Thigh Skinny Boots Ladies Denim Stilettos Open Toe Party Shoes 34-43New Womens Real LEATHER Rivet Ankle Boots High Block Heels Motorcycle Shoes SIZE , Women's Fashion Street Style Tassel Side Zipper Ankle Boots Casual Retro ShoesWomens High Stilettos Heels leopard print Pointy Toe Over The Knee High Boots sz , New 100% Real Rabbit Fur Women Warm Ankle Boots Winter Snow Boot Shoes Pull OnWOMEN SEXY OVER KNEE HIGH BOOTS STRETCH THIGH HIGH LEG BOOTS PLATFORM ROMA BOOTS , Womens Over Knee High Boots Pointed Toe Suede Stretch Pull On Nightclub ShoesWomen Punk Real Leather Front Zip Thigh High Over Knee Low Wedge Boots SizeWomens Fur Furry Wedge Hidden High Heels Ankle Boots Winter Leather Shoes [email protected] , Women's Over Knee High Boots Pointed Toe Pull On Snakeskin High Heel Roman New ,
    Ladies Knee 565 High Casual Thigh Boots Suede/Leather Cuban Heel Boots Casual Shoes Mixed Color 91b0c37 ->Ladies Knee 565 High Casual Thigh Boots Suede/Leather Cuban Heel Boots Casual Shoes Mixed Color 91b0c37 -
    Stuart weitzman Raceway Black Leather Quilted Shaft Riding Boots Size 7"US , New Vans Men's Mens Authentic Marled Shoe Rubber Canvas BlackBNIB ALBERTA FERRETTI Floral Embroided Mules/Flats Eu 40 US 10 , Roberto Serpentini Blue Leather Toggle Slip on 11470 , $350 BOTKIER HALLA Silver Wrinkle Leather Designer ITALY Flats 7.5 , Tod's Loafer Backless Buckled Leather Mule Dark Brown Size 38NAVYBOOT Ankle Strap HEELS Womens size 41 / 10 Blue Suede High HEELS Shoes ItalyPLEASER High Heel Stripper Shoes Rhinestones Black Platform ADORE-708LS Clear , Men's/Women's Christian Louboutin Shoes 597254 BrownxMulticolor 37 Easy to use Lush design German OutletsNew Womens Wedge Heel Clear Sandals Slippers Summer PVC Shoes Transparent Shoes , Nike Air Max 1 Navy White UK Size 7Mens Large Size Nike 653483 White Athletic Shoes 18 M..207B , NIKE FLYKNIT STREAK 835994401 CERULEAN/THUNDER BLUE SZ 11 MENS / 12.5 WOMENSNike Roshe One Mens 511881-100 White Ultramarine Solar Red Run Shoes Size 13Wolverine 1883 by Men's Cort Chukka Boot - Choose SZ/ColorLaredo Mens Long Haul 7" Black Side Zip Western Boots 62001 NIB , NEW MEN'S ADIDAS ORIGINALS DRAGON OG RETRO RUNNING SHOES US 11 BB1268Allen Edmonds Stockbridge Mens Brown Leather Apron Split Toe Oxford Shoes 10.5DAerosoles Women's Watermark Wedge Sandal Black Faux Leather ZipperClarks Women's Keesha Donna Mule Gold Metallic Leather Comfort Shoes , Chaco Women's KANARRA-W Hiking Shoe, Indigo, 7 M US , New Balance WS215BS B WS215 Black Silver Women Running Shoes Trainers WS215BSB , RARE Adidas Originals Rita Ora Women US 7 Sneakers Trefoil Shoe B26727 , Adidas Performance Women's Vengeful Boost Running Sneakers Size 6.5 us BB3642BEARPAW Women Arya Boot 5 BM US BlackKenneth Cole Purple Suede 4.5 Inch Heel Booties Boots Size 9 1/2 , L.L. Bean LL 3M Thinsulate Snow Boots Slip On Casual Shoes Womens Size 11 New IB , SoftWalk Women's Rocklin Dark Brown Crocodile 7 N US , Marc Fisher Faux Suede Over-the-Knee Boots - Loran Black Womens 6W Wide , Splendid Women's JoJo Boot, Tan, 9.5 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ladies Knee 565 High Casual Thigh Boots Suede/Leather Cuban Heel Boots Casual Shoes Mixed Color 91b0c37 -

    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.

    Ladies Knee 565 High Casual Thigh Boots Suede/Leather Cuban Heel Boots Casual Shoes Mixed Color 91b0c37 -

    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
    Ladies Knee 565 High Casual Thigh Boots Suede/Leather Cuban Heel Boots Casual Shoes Mixed Color 91b0c37