Never miss an update

Rachel Zoe Zoe Lori Western Ankle 21398 Boots Ankle in Black Sz 8 993c737

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
Style: Booties
Color: Black Brand: Rachel Zoe
Width: Medium (B, M) US Shoe Size (Women's): 8
Heel Type: Block UPC: Does not apply
Never miss an update

Rachel Zoe Zoe Lori Western Ankle 21398 Boots Ankle in Black Sz 8 993c737 -

    Rachel Zoe Zoe Lori Western Ankle 21398 Boots Ankle in Black Sz 8 993c737
    Rachel Zoe Zoe Lori Western Ankle 21398 Boots Ankle in Black Sz 8 993c737
    INC International Concepts Coco Womens Black Leather Knee Riding Boots size 6.5Sam Edelman BOOTS 9 Gray Suede Ankle Boots 9 HIGH HEEL BOOTS 9 WEDGE BOOTS 9BCBGeneration Women's Mocha Boots Coconut Oily Calf Size 8.5 M$279 size 38.5 US 8 Charles David Celeste Metallic Boots Womens Shoes Italy NEW , Dolce Vita DV Myer Anthro 6.5 Brown Leather Suede Braid OTK Heel Boot $300 3735 , Vince Camuto Women's FENTON Riding Boot RUSSET(WIDE),5Jslides Footwear Ary Black Suede Boot Size 7.5Dolce Vita Black Gage Boot Women's Size 7 Knee High Leather Riding Boot NIB $298 , Chaco Barbary Boots Leather/Grey Wool with Aqua accents, Wm 10.5 NO Box , Gentlemen/Ladies Sky Denim Boots Easy to clean surface special function Breathable shoesNew $245 BED STU Dutchess Teak Rustic Blue Wedge Ankle Boots Brown sz 6 MBearpaw Maryanne Women's Waterproof Snow Zip-Up Duck Boots, Hickory 6Taryn Rose Womens Madisson Silky Suede Mule- Select SZ/Color. , Pleaser Demonia By Womens Slush-249 Boot- Pick SZ/Color. , FRYE Veronica short distressed crackle leather Engineer slouch boots Sz 8; 76156Pleaser LEGEND-8868 8890 8899 Sexy Leather Thigh High boots Size 6-16TROTTERS POSH TOO black leather tall boots sz. 7 M $275 , NEW Womens SOFFT SUEDE SHEARLING Mukluk Sherpa Boots Leather 10 BROWN FoldoverWOMEN’S THE NORTH FACE THERMOBALL UTILITY MID NF0A2T5DNMT BLACK/RED (msrp: $120)Impo Womens Judy Embroidery Square Toe Over-The-Knee Boots , Giani Bernini Women's Pattii Cold-Weather Fashion Boots Black Suede Size 10 M , Women's Texas Brand Cowboy Boots Zipper Light Brownsize 5 ladies red leather NINE WEST square toe knee-high studio bootsWomen’s Bandolino Tessi Boot Cognac Size 7 #NKVI1-820 , Gentleman/Lady Women's Adrienne Vittadini Trooper - Boots Elegant appearance Modern and stylish fashion Rich on-time delivery , EMU Australia LAUNCESTON Boots Australian Sheepskin Chestnut NWOB SIZE 8 , BCBGeneration Women's Mocha Boots Coconut Oily Calf Size 10 MColdwater Creek Bridle Detail Tall Boot Brown Women's Sz 8 , PRADA 130218 BROWN SUEDE SHORT POINTY TOE BOOTIES SZ 41
    Rachel Zoe Zoe Lori Western Ankle 21398 Boots Ankle in Black Sz 8 993c737 ->Rachel Zoe Zoe Lori Western Ankle 21398 Boots Ankle in Black Sz 8 993c737 -
    Man/Woman Lauren Ralph Women's Genna Ankle Bootie The color is very eye-catching Stylish and fun Fashion dynamicCurrent Mood Moonbow Rainbow Pattern w/ Stars Platform Boots Sz 5 RARE Rave ClubTOPSHOP *Black* Hugo Heeled Leather Boots SIZE 36_37_38_39_40_41_42 , Irregular Choice Knee High Boots Alice in Wonderland US 6 23 cm NEW F/SNew Sartore Paris Blue Cowboy Booties 39.5 US 9.5CLARKS Mens Dakin Walk Shoes Cognac Suede / 10 GGrace by Miss Sixty Barbie Boots Boat Shoes Boots Boots Size 37AK Anne Klein Sport Chanay Slip On Sandals, Light Natural/Light Natural , Merrell DEWBROOK MOC WATERPROOF US 8.5 Woman's Moccasin Slip On Shoe BrownSwedish Clogs Flex Sole Black Chef Doctor Nurse Size 42 EUWorn 2X Brown PRADA Suede Strappy Platform Wedge Shoes ITALY 40.5 USLOUBOUTIN 37/6.5 Beige Patent Burma Cut Outs KRISTALI Point Toe Pumps Heels NEWNike Air Huarache Running Shoes Thunder Blue Obsidian Gray 318429-416 Men's NEWAdidas Originals JEREMY SCOTT SUPERSTAR Polka DOTS gazelle 80s Men 9 Nice![525224-001] NIKE AIR MAX EXPRESS MENS SHOES BLACK/NEUTRAL GREY-GAME ROYALAsics GT-2000 5 / 6 Wide Mens Womens Cushion Running Shoes Gel Pick 1adidas NEO BB9766 Mens CF Super Racer Running-Shoes- Choose SZ/Color. , vans schott collaboration slip from japan (230 , Adidas COUNTRY Men's Vintage Sneakers White x Green size US 6 1/2 JP 25 NewNike Air Foamposite One Red Metallic 100% Deadstock 2012 OG , Nike Air Jordan 11 XI Retro Space Jam Concord White Black SZ 11.5 (378037-003)Men's/Women's Dickies Men's Spear 8'' Side-Zip Boot Charming design Latest styles have fun , men's shoes BRUNO VERRI 12 () sneakers blue suede AY70Neil M Men's Cambridge White Nubuck Oxfords , Florsheim Royal Imperial Vintage Mens Brown Penny Loafers 9.5D Italy MadeNEW BALANCE MZ501RPC - 501 CLASSICS Size: - Color:WOMEN'S SIZE 10 NIKE ROSHE RUNNING SHOE / SNEAKERS LD -1000 QS NEW BLACK WHITE , Nike Womens Air Max Thea Se Running Trainers 861674 Sneakers Shoes 901 , Women leather buckle metal decor pointy toe knee high riding boots side zipper , NEW!! Paul Green 'Passion' Bootie-Ivory- Size US 10.5 /AU 7.5 (03)
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rachel Zoe Zoe Lori Western Ankle 21398 Boots Ankle in Black Sz 8 993c737 -

    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.

    Rachel Zoe Zoe Lori Western Ankle 21398 Boots Ankle in Black Sz 8 993c737 -

    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
    Rachel Zoe Zoe Lori Western Ankle 21398 Boots Ankle in Black Sz 8 993c737