Never miss an update

Western Vintage Punk Cowboy Leather Suede Leather Mid Calf 29988 Boots Slouch Buckles Punk Shoes fc4febb

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Unbranded
Heel Height: 3.5cm Style: Ankle Boots
Material: Leather Country/Region of Manufacture: China
Width: Medium (B, M) Fastening: Pull On
Never miss an update

Western Vintage Punk Cowboy Leather Suede Leather Mid Calf 29988 Boots Slouch Buckles Punk Shoes fc4febb -

    Western Vintage Punk Cowboy Leather Suede Leather Mid Calf 29988 Boots Slouch Buckles Punk Shoes fc4febb
    Western Vintage Punk Cowboy Leather Suede Leather Mid Calf 29988 Boots Slouch Buckles Punk Shoes fc4febb
    Fashion Printed Pointy Toe Back Zip Womens Chunky Heeled Knee High Boots Leather , Womens stylish Ankle short Boots studded low heel Casual Euro shoes high top New , Womens Vintage Punk Gothic Motorcycle Ankle Boots Cool Buckles Leather Shoes New , Womens Retro knee High Boots Real Leather block high heels winter shoes riding 8Fashion Womens Punk Tassel Over the Knee High Boots Gladiators Leather Shoes Hot , 2017 Sexy Womens Pointy toe Stilettos Super High heel Over Knee High Boots shoeWomen Sequin Party Club Warm Outdoor Casual Shoes Real Suede Ankle Snow Boot , Ladies Vagabond Kenova Fashion Combat Winter Military Leather Boots All Sizes , Cowboy Women Western Leather Med Cuban Heels Ankle Boots Knight Shoes Ths01 , Q41 Punk New Women Retro Genuine Leather Buckle Combat Riding Ankle Boots Sizes , Womens Ladies Fashion Suede Leather Diamante High Heel Knee High Boots Shoes SeaNew Womens Pointed Toe Over the Knee Boots High Heels Winter Long Bootie Slip On , SCHUTZ Chelsea Freya Grey leather ankle boots size 9.5 New , Rock Womens Genuine Leather Pointed Toe Rivets Ankle Boots Low heel Zipper Shoes , Women Retro Middle Motorcycle Boots Belt Buckle Round Toe Chunky Shoes Ycart , Womens Patent Leather Round Toe Platform Buckle Nightclub Knee High Boots ShoesOccident Women's Irregular heel Side Zip Leather ankle Boots Pointed toe shoesSexy Womens Stilettos High Heels Over The Knee Thigh Boots Shoes Pointy Toe NewSexy Women's Knee High Boots Block Embroider Tassel Real Leather Casual Shoes , Womens Suede High Block Heels Knee Thigh Boots Shoes Formal Party Fashion Chic*Womens Platform Thigh High Leg Boots Stiletto Over Knee High Stretch Boots Sexy , Retro Womens Ankle Boots Retro Leather Punk Roma Motocycle Riding Combat ShoesWomens Vintage Genuine Leather Tassels Ankle Boots Motorcycle Punk Biker Shoes , Women Ladies Velvet Wide Calf High Heel Pull On Boots SHoes Over Knee Pink , Womens Mid Calf Boots Pointy Toe Side Zipper Block Heels Cross Strappy Shoes , Womens Luxury Rhinestones Diamond Real Fur Over Knee Snow Boots Slip On Shoe F70High Heel Womens Real Leather Side Zippers Pointy Toe Stilettos Ankle Boots size , Women Dance Thigh High Boots 22cm Heel Shoes Party Patent LeatherThbox , Women's Fashion Slip Resistant Platform Hidden Heel Over Knee Boots Wedge Party
    Western Vintage Punk Cowboy Leather Suede Leather Mid Calf 29988 Boots Slouch Buckles Punk Shoes fc4febb ->Western Vintage Punk Cowboy Leather Suede Leather Mid Calf 29988 Boots Slouch Buckles Punk Shoes fc4febb -
    Burlesque Gothic Wedding Bridesmaid Retro Knee High Open Toe Black Boots , Columbia Ice Maiden II Snow Boot Womens Sz 9 Gray White 200g Isolant WaterProofSperry Top-Sider Women's Stella Keel Ankle Bootie Tan 8.5 M US , Clarks Artisan Dark Brown Leather Valana Melrose Riding Boot 10 New , Robert Clergerie Women's Mossy, Black, 39.5 EU/9 B USBoots Desert Leather Lining fleece size 35 36 37 38 39 40 41 42 43 44 45 46 , Nike Wmns Free RN Motion FK 2018 Run Flyknit White Women Running Shoe 942841-100 , Womens Tecnica Original Moon Boot Monaco Felt Waterproof Mid Calf BootsWOMENS BALLY BLACK COURT SMART WORKWEAR SHOES "TURAY" SIZE 39.5 US9 ALL LEATHER , NEW WOMEN'S JEFFREY CAMPBELL CALSTON BLACK LEATHER LOAFERS SIZE 7 MSRP $ 140.00Ralph Lauren Women’s Tan Croc Embossed Leather Amelie Pumps Size 6.5B$269 VIA SPIGA SOLLY Black Jeweled Leather Designer EVENING Slides Sandals 10 M , J Crew Womens SZ 8 Black Suede Kitten Heels Velvet Ribbon Bow Italy pointed ToeNew JCrew Lena Suede Pumps Satin Cap Toe $258 8 heel f5588 dark cognac , Salvatore Ferragamo Liena Italy Leopard Print Calf Hair Suede Pumps Women's 7 B , Original-Escarpins-Gianmarco-Lorenzi-Black label SWAROVSKI Noir P.40 Neuve New , Ellie Shoes Silver Hologram 7" Unicorn Heel Platform Sandal Adult Women , NIKE AIR MAX 90 ULTRA 2.0 LTR CARGO KHAKI OLIVE RUNNING MEN SIZE 8-13 924447-300 , Saucony Originals SHADOW 5000-M Mens Shadow 5000 Fashion Sneakers, Cream/Red, 7 , puma Ignite Limitless Terrain Red US MENS SHOE SIZES 19013402NEW NIKE ZOOM MAXCAT SIZE 11.5 FUSCHIA/VOLT 549150 507 TRACK ANB , NIKE AIR HUARACHE SIZE 11.5 MEN'S SNEAKERS 2014 318429 600 HYPER PINKNew Balance 990 Running Green M990NG4 Men'sPropet M4601 Felix Men's brown Leather slip on casual size 11.5 Medium , PUMA Suede Heart Reset Women’s Sneakers size 8Women Adidas BY9749 Tubular X TW Running shoes black white sneakers , Men/Women NWOB Size 8 SO boots Big clearance sale Sales Italy Beautiful and charming , 1711 Nike Lunarepic Low Flyknit 2 Women's Training Running Shoes 863780-007New Sam Edelman Womens Cambell Black Ankle Boots Size 10 , Womens Block High Heel Zipper Pointy Hot Sale Stretchy Ankle Boots Chic Shoes sz
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Western Vintage Punk Cowboy Leather Suede Leather Mid Calf 29988 Boots Slouch Buckles Punk Shoes fc4febb -

    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.

    Western Vintage Punk Cowboy Leather Suede Leather Mid Calf 29988 Boots Slouch Buckles Punk Shoes fc4febb -

    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
    Western Vintage Punk Cowboy Leather Suede Leather Mid Calf 29988 Boots Slouch Buckles Punk Shoes fc4febb