Never miss an update

new ladies Black 1"Low Side Thick Heel 5 Side Gold Buckles Over Over Knee Boot Size 5 154244c

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: new with out box
Accents: Metallic US Size: 5
Country/Region of Manufacture: China UPC: Does not apply
Style: Over Knee Boots Features: Buckle
Boot Shaft Height: Over-the-Knee Main Color: black
US Shoe Size (Women's): 5 Color: Blacks
Heel Height: Low (3/4 in. to 1 1/2 in.) Fastening: Zip
Material: All Man Made leather Occasion: Clubwear
Width: Medium (B, M) Brand: Unbranded
Theme: Clubwear Toe Type: Round Toe
Country of Manufacture: China Heel Type: Block
Never miss an update

new ladies Black 1"Low Side Thick Heel 5 Side Gold Buckles Over Over Knee Boot Size 5 154244c -

    new ladies Black 1"Low Side Thick Heel 5 Side Gold Buckles Over Over Knee Boot Size 5 154244c
    new ladies Black 1"Low Side Thick Heel 5 Side Gold Buckles Over Over Knee Boot Size 5 154244c
    Vince Camuto VV-Kedrow Women Round Toe Leather Black Knee riding High Boot 6.5 B , kensie Women's Billie Gladiator Sandal - Choose SZ/color , Womens Eastland brown leather suede lined winter boot size 8.5 M$189 BCBG BCBGeneration Womens BG-Bekki Short Cuff Bootie Shoe, Black, US 6.5 , NEW WOMEN'S BLACK WATERPROOF FAUX FUR TOTES CYNTHIA BOOTS WITH FRONT ZIPPERWomen's Santana Canada Black Shearling-Leather-Lined Roll Top Winter Boots Sz.6 , Skechers Women's Hampshire-NORDIC DAZE 48894 Black/Wht 3M Thinsulate Waterproof , $189 BCBG BCBGeneration Womens BG-Bekki Western Cuff Bootie Shoe, Black, US 6STEVE MADDEN HARTHROB 2 TONE LEATHER PULL ON BELOW CALF BOOTS WOMEN'S 8$298 BCBG MAXAZRIA Womens MA-Dorota Over Knee Faux Fur Boots Shoe, Black, US 6.5 , Sexy Womens Stretch Canvas Pointed Toe High Heels Side Zip Mid Calf Boots Sbox1Guess by Marciano Women's Cowboy Western Boots Punk Brown Stitched Size 6.5 MKnee High Black Patent Open Toe Sandal Boots Strappy Buckles Chunky Heel 9 , Blondo Liam Waterproof Bootie - Women's Size 7M, Mushroom Suede , NEW $150 WOMEN'S KEEN "HELENA" WINTER BOOTS size 5 5.5 6ZARA LEATHER ANKLE BOOTS WITH METAL HEEL TAUPE 35-41 REF. 1101/201 , Nike Air ACG Brown Leather Hiking Boots 940709 ST Women 8 Vintage 960507 , Lucky Brand Womens REBEKA Rubber Closed Toe Ankle Rainboots Ruby Wine Size 7.0 , L.L.Bean black rubber ankle boots women's 11 excellent rain snow duck tek , Frye tall leather dark brown campus riding boots ladies 8- B festival gypsy , NEW Purple Suede ANKLE BOOTS~BEARPAW BOOTIE Fur SHEEPSKIN Quilted Side Zipper 7Ann Taylor Brown Suede Boots, Women's 8 M, mid-calf, made in ItalyGothic Womens Girls High Heels Platform Punk Ankle Boots Retro Creeper Ring Zip , NEW MADDEN GIRL OPUS BLACK TALL RIDING BOOTS WOMEN'S 6 WIDE CALFFranco Sarto Crane Women's Knee High Black Boots Size 6M MSRP $189 , Frye "Bari" Brown Suede Leather Slouch Riding Boots Women’s Size 7.5 , STEVEN IDEN by STEVE MADDEN black pebble leather buckle campus wedge boots 8.5 , Cole Haan Black Leather Mid Calf Rear Zip 2.25" Heel Boot Italy Womens 8.5B , $298 BCBG MAXAZRIA Womens MA-Dorota Over Knee Faux Fur Boot Shoes, Black, US 8.5
    new ladies Black 1>new ladies Black 1
    DOLCE & GABBANA Italy Woman's Pink Crocodile Leather Rubber Rainboots Boots 6 5 , New Jeffrey Campbell Ace Boots Black Cheetah Print PatentUmbro Terrace Hi Canvas, Mens Hi-Top, Blue 438 MarineBlancBleu Atome, 9 UKTamaris 23602, Womens Low-Top Sneakers, Black Black 001, 7 EUNina Armando Berkeley - Black Suede Mid Low HeelsJimmy Choo black leather woman loafers in size 41 , STEVEN MADDEN MAJIKAL BLACK/GOLD RHINESTONE FLATS SHOES SIZE 8 1/2 M - NEW , Mally 6095 Blue Multi-Color Floral Leather Comfortable Ballet Flats 40 / US 10Rebecca Minkoff Gavin Embroidered Black Espadrilles Flats Women's Canvas US 7.5WOMENS TORY BURCH QUINN REVA Green Leaf LEATHER LOGO BALLET FLAT SHOES SZ 7.0KLOGS BAMBI WOMEN'S DISPLAY MODEL SHOES GRANITE WIGWAM 8.5 MWomens Glitter Sequin super High Heel Platform Pumps Beads chain Wedding ShoesFashion Women round toe Wedge High Heel Cow Leather Tassel nightclub Shoes sizeTory Burch Tweed and Leather Cap Toe Platform Block Heel Pumps Size 9.5 US , Louboutin : New Simple Pump Nude 100 mm EU39.5, US9.5, UK6.5Womens Wholesale Bulk Flip Flops, White, Lot of 24 Pairs Assorted Sizes , New DIESEL Walayla Himalie Women Thong Sandals Sz 8.5 , Nike Mercurial Veloce III CR7 FG Soccer Cleats White Blue Tint SZ ( 858736-401 ) , Nike Kd VI Brazil Night Vision Men's Shoes Size 9.5Mr/Ms Sparco LOUDON Elegant appearance At a lower price Immediate deliveryAsics men gel cumulus 18 imperial safety yellow running shoes size 12.5 usNEW Mens NIKE Air Force 1 Premium '07 315180 161 Red White Blue Sneakers ShoesNike Lebron Soldier 12 XII Fir Green/White 2018 Mens Basketball All NewLUXURY PRADA HIGHT TOP SNEAKERS SHOES 4T2723 GREY NEW US 10 , Nike Air Force 1 "07 Mens Style : Av3219 , Rockport Classic Lite Venetian Slip-On Loafer - Men's Size 9M Brown , Made in Italia shoes Men elegant leather brown 70120 original chic outlet moda1100% AUTHENTIC CHRISTIAN LOUBOUTIN LOUIS FLAT SPIKES HIGH TOP SNEAKER 41 NEWNike Air Jordan 12 Retro GS BG Black Deadly Pink Juniors Girls 510815-026 , Rialto 'FIRSTROW' Women's Boot, Mocha - 8.5 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    new ladies Black 1

    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.

    new ladies Black 1"Low Side Thick Heel 5 Side Gold Buckles Over Over Knee Boot Size 5 154244c -

    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
    new ladies Black 1"Low Side Thick Heel 5 Side Gold Buckles Over Over Knee Boot Size 5 154244c