Never miss an update

Womens Toe Round Patent Leather Round 24587 Toe Outdoor Ankle Motorcycle Riding Boots Shoes E887 acf5ff3

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
Boot Shaft Height: Ankle Style: Motorcycle Boots
Calf Width: Medium Width: Medium (B, M)
Features: Zip Heel Height: Flat (0 to 1/2 in.)
Theme: Punk Material: Synthetic
Toe Type: Round Toe Occasion: Outdoor
Country/Region of Manufacture: China
Never miss an update

Womens Toe Round Patent Leather Round 24587 Toe Outdoor Ankle Motorcycle Riding Boots Shoes E887 acf5ff3 -

    Womens Toe Round Patent Leather Round 24587 Toe Outdoor Ankle Motorcycle Riding Boots Shoes E887 acf5ff3
    Womens Toe Round Patent Leather Round 24587 Toe Outdoor Ankle Motorcycle Riding Boots Shoes E887 acf5ff3
    Women Casual Fashion Sneakers Wedge Heel High Top Shoes Black White 5405_Eg , Man's/Woman's Wanted Shoes Women's Nordic Winter Boot Fine processing the most economical Outstanding styleChic Faux Fur Pom Ankle Boots Zipper High Heel Wedding Pointed Toe Womens ShoesWomen Real Leather Stilettos Formal High Heel Side Zipper Shoes Ankle Boot BlackNEW Women's Pointy Toe High Heel Suede Ankle Boots Stilettos Shoes Zipper new sz , Vogue Chelsea Boots Retro Pointy Toe Flat Heel Ankle Faux Suede Ladies Shoes hot , Womens Faux Suede Metal Decor Block High Heels Chic Ankle Boots Shoes ALL US Sz , Buckle Women's Pointed Toe Block Low Heels Side Zip Leather Mid Calf Boots Ths01 , Womens Over Knee Boots Block Low Heels Pull On Casual Shoes Warm Knight FashionWinter Western Fashion Lamb Wool Womens Buckle Leather Strappy Mid Calf BootsThs01 Women's Side Zip Suede Over Knee High Heels Boots Thigh High Pointy Toe ShHigh Heels Women Pointed Toe Ankle Knight Boots Zipper Chic ZsellWomens Patent Leather Square Toe Ankle Riding Boots High Block Heels Shoes I509 , Women's Boots Ankle Ladies Block Heels Zipper Leisure Fur Lined Elegant ShoesWomens Pointed Toe Ankle Boots Wool Fur Fleece Warm Stiletto High Heel Shoe YoooWomen Casual Stars Sneakers Fashion Comfortable High top Shoes Black 4553_IgCluwear Womens Patent Leather Ankle Boots Platform High Stilettos Heel Shoes New , New Women Side Rhinestones Mid-calf Boots Zipper Flat Heel Leisure Casual ShoesWomens Leather Rivet Pointed Toe Riding Ankle Boots Block Chunky Heel Shoes I206Womens Ankle Boots Pointed Toe Low Heel Joint Pull On Causal Fashion Shoes New , Womens Stretch boots Over knee pu leather Platform wedge high heel Pull on BootsWomens Pull on Over Knee High Boots Side Zip Shoes Winter Warm Shoes Plus Size #Women Ankle Boots Pointed Toe Zipper Suede Block Heel Two Colors Casual Shoes , Womens Printed Pointed Toe Ankle Boots Shoes Stilettos 6Colors Floral Fashion se , Ladies Warm Wedge High Heels Over Knee Boots Fur Liniong Winter Snow Shoes sizeSweet Women's Lady Leather block Mary Jane Ankle Boots Buckle casual Shoes New , Pointy Toe Leather Bowknot Zipper High Heels Stilettos Women's Ankle Boots Shoes , Stiletto Ladies Vintage Over Knee Booties Shoes Suede High Heels ZsellKorean Ladies Real Fur Trim Over The Knee High Snow Boots Suede Thigh Shoes size
    Womens Toe Round Patent Leather Round 24587 Toe Outdoor Ankle Motorcycle Riding Boots Shoes E887 acf5ff3 ->Womens Toe Round Patent Leather Round 24587 Toe Outdoor Ankle Motorcycle Riding Boots Shoes E887 acf5ff3 -
    Womens NFL Collection New York Jets Brown Leather Western Cowboy Cowgirl BootsGentlemen/Ladies Donald J Pliner Women's Camo-M3 Sneaker New product Let our products go to the world Sales online store , Womens Rocket Dog Lacie Lewis Boots In BlackGentlemen/Ladies Ankle Boot Shanghai Church's Leather New product Quality and quantity guaranteed Popular tide shoes , Attilio Giusti Leombruni AGL Loafers Flats Amazon Leather Croc US 7 New , New Asics Gel-Nimbus 17 Womens Premium Cushioned Running ShoesAncient Greek Womens Sandals Gladiator Roman Handmade Genuine Leather Shoes Size$1165 New Manolo Blahnik Turquoise Satin Silver Buckle Sandals Heels Shoes 39Reebok CN2032 Womens Print Prime Runner SneakerM- Choose SZ/Color.Fly London TILY BLACK ankle strap leather sandal US 6.5-7 8-8.5 , NEW Womens Sz 7 ADIDAS Daroga Sleek Chukka B33140 Fox Brown Sneakers ShoesVans Old Skool Desert Taupe/True White (VN0A38G1U63)$89.99 Reebok Men Furylite X white black BS6190 , NEW IN BOX Mens Nike Air Max LTD 3 Bronze Iron Ore 687977 700 MSRP $120 , DS NIKE SB ZOOM STEFAN JANOSKI PRM DB DOERNBECHER SIZE 10.5 LIMITED 642180 053 , adidas Golf Q44946 Mens Tech Response WD Ftwwht/C ShoeW- Choose SZ/Color.NIKE MEN'S SZ 10.5 AIR MAX 90 ANNIVERSARY 725235-300 DUSTY SNAKENew Balance Men's Shoes MT620 RN2 SIZE 9.5 US$139.99 Clarks Men Monmart Rise (brown / brown inte) 2993DS NIB Air Force 1-‘07 Denim Stock 630930-001. Nwb. Limited Edition Sz 10 , The National Shoe Company Men's Military Combat Boots Grunge Biker 8.5DNIKE AIR MAX 180 GERMANY SP 616173-220 SZ 12 COUNTRY PACK PATTA PARRA KID ROBOT , Allen Edmonds Nashua Men's Size 12B Black Brown Leather Fringe Tassel LoafersOlukai Ohana Men's Black Dark Shadow Sandals Sz 8 4876 , Gentleman/Lady AUTHENTIC NEW BALANCE WL574ALP Great variety Impeccable Vintage tide shoesJ Slides JSlides Women's Alara Fashion Sneaker - Choose SZ/Color , ADIDAS ULTRABOOST X MID STELLA McCARTNEY WOMEN'S RUNNING SHOES SIZE 9 BY1834Air Presto Flyknit Ultra atomic pink white Womens Size 9.5 835738 600 DeadstockASICS Women's GEL-Cumulus 17 G TX Running Shoe - Choose SZ/ColorBCBGeneration Dorothy Ankle Bootie-Women's size 8M Brown
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Toe Round Patent Leather Round 24587 Toe Outdoor Ankle Motorcycle Riding Boots Shoes E887 acf5ff3 -

    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 Toe Round Patent Leather Round 24587 Toe Outdoor Ankle Motorcycle Riding Boots Shoes E887 acf5ff3 -

    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 Toe Round Patent Leather Round 24587 Toe Outdoor Ankle Motorcycle Riding Boots Shoes E887 acf5ff3