Never miss an update

ALDO Women's 2393 Oliede Boot Choose - Choose SZ SZ/color/color a300356

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
Binding: Apparel
Publisher: Aldo Department: womens
UPC: Does not apply Label: Aldo
Style: Does not apply Manufacturer: Aldo
Brand: ALDO Model: Oliede
Size Type: Regular ProductGroup: Shoes
US Shoe Size (Women's): Does not apply
Never miss an update

ALDO Women's 2393 Oliede Boot Choose - Choose SZ SZ/color/color a300356 -

    ALDO Women's 2393 Oliede Boot Choose - Choose SZ SZ/color/color a300356
    ALDO Women's 2393 Oliede Boot Choose - Choose SZ SZ/color/color a300356
    PLEASER ADORE-1021 ILLUSION-1021 Exotic Dancing Platform Ankle Boot , Baffin Women's London Snow Boot, Chocolate, 9 M USNew Ivy Kirzhner Wild Fringe Beige Hidden Wedge Tall Boot Size 6.5 $950Women Pointy Toe Side Zipper Floral High Heel Stiletto Ankle Boots Fashion ShoesPAUL GREEN GRAY SUEDE LEATHER ZIP ANKLE BOOTS SIZE WOMEN'S US 8 EUC , DAV Festival Leopard khaki fabric rainboots rain boots Size 11 , Men/Women MUSTANG Boots 1293501 Bordeaux Selling Stylish and charming renewed on timeWomen Leather Rhinestone Real Fox Fur Knee High Boots Winter WARM Snow Shoes US8Sole Boutique Women's The Hot To Trot Boot 7 Black Glitter , Womens Ankle Boots Black Round Toe Embroidered Flowers Fall Winter 2018 9.5 , INC ANDRIAA Women Booties (8.5 M, DUNE TAN) , LifeStride Women's Punch Ankle Boot, Taupe, 10 W USALDO Women's Bralen Motorcycle Boot, Dark Brown, 6.5 B USScoop Vamp Rhinestone Encrusted Peep Toe Stiletto BootiesFRYE "Melissa" equestrian riding harness boots 100% leather women's size 6 B , Demonia CAMEL-201 Silver Hologram Bat Boots Platform Vegan Faux LeatherRampage Women's Rielle Ankle Boot, Taupe Micro, 6 Medium US , PANTANETTI Brown Italian Leather Double Zip Knee High Riding Boot Size 36 EUR , ECCO Women's Women's Shape M 15 Ankle Bootie, Stone/Dark Shadow, 41 EU / 10-10.5 , Andrea Pfister FOR Neiman Marcus Black Suede Red Dragon Boots Womens Sz 8 1/2 N , Vintage Women Real Leather Ankle Boots Oxfords Punk Low Cuban Heels Knight VogueSigerson Morrison Womens Black Fashion Boots Size 9.5 (418016) , new CHARLES DAVID chocolate brown microsuede TALL BOOTS 7.5 - fabulous , Born Womens Pirlo Leather Closed Toe Ankle Fashion Boots, Black, Size 8.0 9F6jCharles Jourdan Ankle Boots vintage 1990s brown leather suede women's size 7.5INK 60mm Mid BOOTS Ladies size 39 Antiqued Brown Brushed Leather Made in Italy5.11 Tactical ATAC 8" Womens Sz 7 Side Zip Combat Military Boots Black Shoes EUC , Aerosoles Women's Fun Zone Ankle Bootie, mid Brown Leather, 7 M US , Donald J Pliner Priscila Tall Boots Side Shaft Zip Black Crepe 7.5M NEW 576-648 ,
    ALDO Women's 2393 Oliede Boot Choose - Choose SZ SZ/color/color a300356 ->ALDO Women's 2393 Oliede Boot Choose - Choose SZ SZ/color/color a300356 -
    Vintage Frye Boots Banana Yellow Longhorn Horse Campus Tall Western Stag 5.5 VTGWomen boots suede model SURYA Us 3.5 to 12 , Sax CHAUSSURE MID TAUPE Grey mod. 12109 , adidas Originals NMD_R1 Boost Core Black Gum Men Running Shoes Sneakers B42200 , Nike Lunar Skyelux [855808-403] Running Binary Blue/White , Paris Hilton Shoes Women Sandals Black 89507 BDT ORIGINALSAS Tripad Women's Shoes Free Time Black Charcoal Sz 10W Wide FREE SHIPPING!SAM EDELMAN Silver Leather Slingback Open Toe Platform Pumps, Womens Size 10MSanuk Donna Crochet Black Women's Casual Sidewalk Surfers 1015911Balmain Paris S6C PS 010106 LAWRENCE 176 Sandals Women's Black USBEAUTIFUL PEACH PATENT LEATHER MANOLO BLAHNIK KITTEN HEEL SANDALS WORN 1X , Vans Men Sk8-Hi - Canvas purple grape leaf VN08GEMHN , ASICS Tiger Men's Gel-Kayano Trainer Knit Black/Black 8.5 D USNike SB Dunks White Widow Mens Size 7Gentlemen/Ladies Nike Flyknit Trainers - AH8396 202 Queensland Wholesale trade Great choiceNew Balance 580 X New Era MRT580NE LIMITED Sz. 8.5 RARE Cncpts 997 Tassie 997.5 , Dan Post Boots Men's Death Valley Waterproof Work 12" Dark Brown Cowboy Boots , Merrell Rant Discovery Moc Canvas Slip On Shoes - Men's Size 10 - Beluga , Fred Perry Spencer Leather Shoes Punk Oi MOD Doc Marten Ben Sherman Merc , Mt. Emey Men's 503-6E ADD'L DEPTH LEATHER VELCRO BOOTS SIZE 8 BLACK 6E RAREKennth Cole Men's New York Stay Put Leather Black Shoe US 9MBrooks Cascadia 10 Running Sneaker-Training Navy/Purple Athletic Shoe Women 9.5Bnike womens roshe LD-1000 trainers 819843 001 sneakers shoesSAVE $$$ New Balance WCOASLX3 Womens Running Shoes (B) , Propet Women's Washable Walker Walking Shoe Sr Taupe 9 M USBurberry Westford Quilted Metallic Leather Low-Top Sneaker, Gold Size 39 $450.00Naturalizer Women's Jessie Riding Boot Black LeatherARIAT Black Leather Studded Purple White Stitched Cowboy Western Boots Sz. 7.5 B , Funtasma by Pleaser Womens Exotica-2020 Boot- Pick SZ/Color.ATWELL Boots Black Shearling Lined Platform-Heel Size: 11 NWOB
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ALDO Women's 2393 Oliede Boot Choose - Choose SZ SZ/color/color a300356 -

    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 2393 Oliede Boot Choose - Choose SZ SZ/color/color a300356 -

    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 2393 Oliede Boot Choose - Choose SZ SZ/color/color a300356