Never miss an update

Fashion Women's Heel Ankle Boots Wedge Heel Wedge Round Toe Casual Clubwear Suede Leather Casual 88abbfb

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
Pattern: Solid Style: Booties
Toe Type: Round Toe Boot Shaft Height: Ankle
Width: Medium (B, M) Country/Region of Manufacture: China
Material: Down Heel Height: Low (3/4 in. to 1 1/2 in.)
Occasion: Casual Heel Type: Wedge
Never miss an update

Fashion Women's Heel Ankle Boots Wedge Heel Wedge Round Toe Casual Clubwear Suede Leather Casual 88abbfb -

    Fashion Women's Heel Ankle Boots Wedge Heel Wedge Round Toe Casual Clubwear Suede Leather Casual 88abbfb
    Fashion Women's Heel Ankle Boots Wedge Heel Wedge Round Toe Casual Clubwear Suede Leather Casual 88abbfb
    madden girl Barbiee Pull On Ankle Boots, Pewter, 9.5 US , BCBGENERATION WOMEN'S JOESANA ANKLE BOOT BLACK SUEDE US SIZE 8.5 MEDIUM (B, M) , New Womens Patent Leather Side Zipper Blocks Heels Ankle Boots Nighclub Shoes Sz , JOSEF SEIBEL Black Ankle Boots Block Heel Shoe Wmns 6 - 6.5 M Work Leather , Women's Leather Biker Style Rustic Pull On Boots Size 8 Riding Festival Wear , Man/Woman Chinese Laundry Women's Spring Street Boot Moderate price Environmentally friendly Full range of specifications , Ferrragamo 6 1/2 C black fur high boots shoes stilleto good , Womens Faux Suede Warm Winter Thicken Mid Calf Boots Fur Trim Hidden Heels Shoes , Sporto Womens Lori Leather Almond Toe Ankle Fashion Boots Taupe Size 8.0 xG4Y , Rieker Obermaterial Leder Ankle Boots Brown Tan US 7 Antistress Shoes (1681)Madden Girl Women's Klash Riding Boot Taupe Fabric 8 M USCorkys Footwear Squaw Women's Ankle Boot Shoe Brown Distressed 10 MWomens stylish ankle boots zippers low heels Winter British leather metal shoesNEW HELLY HANSEN VEGA DUSTY BLUE NUBUCK LEATHER & SUEDE HIKING BOOTS ~ 7.5M $130 , SC35 Milah Zip-Up Riding Boots 559, Chocolate, 10 USCHOOKA Womens 'Top Solid' Midnight Rubber Tall Rain Boots Sz US-6 / EUR-36Easy Spirit Women's Dandra Ankle-Boots Black Size 9.5 M , Women Pointy Toe Floral Stilettos High Heels Zipper Ankle Boots Sexy Stage Shoes , Womens Fur Lining Winter Mid Calf Boots Wedge Heel Leather Snow Shoes outdoor @ , Women Round Toe Zip Printed Floral Ankle Boot Shoe Low Block Heel Party FashionWomens Leather Over Knee Boots Round toe Stretchy Mid Hidden Wedge Winter Shoes , STICO WBW-21 Women's Non-Slip Cuff Boots For Factory Kitchen / Wine / 250mmUS3-12 Women Strapy Shoes Stiletto High Heel Pointed Toe Nightclub Black Fashio , Skechers Sport Women's Flex Appeal 2.0 Simplistic - Choose SZ/color , BORN BOC Brown Leather Knee High Boots Excellent 6 Career Casual Exposed Zipper , Fashion Women Platform Buckle Strap Block Heels Ankle Boots Punk Winter Shoes , Stylish Women Round Toe Buckle Strap Heart Print Ankle Boots Sweet Shoes [email protected]Lauren Ralph Women's Tally Rain Boot - Choose SZ/ColorWomens Cow Leather Round Toe Med Block Heel Ankle Combat Boots Fashion Shoes
    Fashion Women's Heel Ankle Boots Wedge Heel Wedge Round Toe Casual Clubwear Suede Leather Casual 88abbfb ->Fashion Women's Heel Ankle Boots Wedge Heel Wedge Round Toe Casual Clubwear Suede Leather Casual 88abbfb -
    Paul Green Reese Suede Ankle Bootie Olive Women Sz 3.5 *SCHUTZ Women's Ornelia Boot, Black, 9 M USAsics Men's Gel Equation 7 Running Shoes Size US 7.5 - Euro 40.5 - 25.5 CMVapor Men's Air ShockProof Max Ultra Light Sole FlyKnit Athletic Sneaker Shoes , Asics Gel-Contend 4 Running Shoes 2018 Dark Blue/Silver/Safety Yellow T715N-4993Dr Martens 4-Hole 2216 Steel Toe Cap Black 13741001 Original DocClarks Mens X Outlay Rise Brown or Black Nubuck G , New Supersoft Eddison Womens Shoes Comfort Shoes FlatMunro Womens Brown Leather Flats 11 M , Womens Manolo Blahnik Black Leather Gisina Flower Flats Shoes Size 36 / US 6 , new MARC JACOBS gray taupe leather logo BOW cork wedges shoes - gorgeousMANOLO BLAHNIK Dark Brown Leather Alligator High Heel Pump Sandal 9.5-39.5 , NEW MEN'S 11.5 VANS ERA PERF PERFORATED LEATHER BLACK SKATE SHOES , Mens ADIDAS SUPERSTAR Silver Synthetic Casual Trainers BB1461 , Nike SB Stefan Janoski Max Premium Psychedelic Skateboard Shoes 807497-006 Sz 7New Converse Chucks All Star OX SHOES TRAINERS WHITE TRAINERSNike Air Safari QS Triple Black Anthracite model:A03295-002 New Men's Shoe NIBNEW~Adidas NIGO SUPERSTAR AOP Shell Toe Pioneer campus Shoe gazelle~Mens sz 11.5 , Men Sport Knitted Shoes* ADIDAS TUBULAR SHADOW * CQ0931 * Limited quantity ! , Ted Baker Men's MIICKE 4 NUBK AM Loafer - Choose SZ/ColorAsher Green Mens Cognac & Black Leather Oxford w/ Zig Zag Detaling : AG523-215 , Men's/Women's Skagen Holst Watch Reliable quality Won highly appreciated and widely trusted at home and abroad Various , Vans SK8 HI SLIM ZIP Hologram/White Men's Shoes 8.5 - Women's 10Gola Women's Bullet Suede Sneaker , NEW RED VALENTINO Black With Bow High Top Suede Sneakers Shoes Size 7/37Womens Punk High Platform Wedge Heel Club Ankle Boots Evening Leather Shoes SexyRachel Zoe Women's Twiggy 2 Fashion Boot, Nude, 7.5 M USWomen's Ted Baker Elanera Shoes Black Rubber Rain Boots Size 9 M NEW!Muck Boots Company Women's HALE, BLACK WINTER KNIT, Neoprene RubberMan's/Woman's Propet Women Dayna Ankle Boots WFV012S Quality queen Orders are welcome Immediate delivery
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fashion Women's Heel Ankle Boots Wedge Heel Wedge Round Toe Casual Clubwear Suede Leather Casual 88abbfb -

    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.

    Fashion Women's Heel Ankle Boots Wedge Heel Wedge Round Toe Casual Clubwear Suede Leather Casual 88abbfb -

    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
    Fashion Women's Heel Ankle Boots Wedge Heel Wedge Round Toe Casual Clubwear Suede Leather Casual 88abbfb