Never miss an update

Via 39.5 Spiga Bettie Ankle Boots Spiga 196, Burnt Umber, EU 9.5 US/ 39.5 EU 268fe72

Item specifics

Condition: New without tags :
A brand-new, unused, and unworn item that is not in original retail packaging or may be missing original retail packaging materials (such as the original box or bag). The original tags may not be attached.See all condition definitions- opens in a new window or tab
Seller Notes: Display Shoe. Light scuffs in material of both shoes. The images shown are of the actual shoes for sale.
Brand: Via Spiga Material: Leather
US Shoe Size (Women's): 9.5 Pattern: Solid
Colour: Red Heel Height: High (3 in. and Up)
MPN: Bettie Width: Medium (B, M)
Style: Ankle Boots Shade: Burgundy
UPC: 727681103270
Never miss an update

Via 39.5 Spiga Bettie Ankle Boots Spiga 196, Burnt Umber, EU 9.5 US/ 39.5 EU 268fe72 -

    Via 39.5 Spiga Bettie Ankle Boots Spiga 196, Burnt Umber, EU 9.5 US/ 39.5 EU 268fe72
    Via 39.5 Spiga Bettie Ankle Boots Spiga 196, Burnt Umber, EU 9.5 US/ 39.5 EU 268fe72
    Joie Keaton Fringe Chelsea Western Ankle Boots, Black , Isa Tapia Hardy Studded Ankle Boots 130, Black, 6.5 US / 36.5 EUZomp Enrico Antinori Italian Designer Leather Heel Boots 37.5 / 38 (was $720)El Naturalista S.A N262 Lux Suede El Viajero, Women s Ankle Boots, Blue Vaquero , Rupert Sanderson Highland Double Buckle Ankle Boots, Nero , Genuine Johnny Reb Women's 'Bella' Boots - Leather Motorcycle BootsBorn Cook Braided Knee High Boots 033, Black, 7 US / 38 EU , FRYE Steffi Cone Heel Pull On Boots 371, Dark Brown, 6.5 US , Via Spiga Prish Knee High Buckle Boots, Brown, 7 US Display , Gabor Womens, Dahni, Boots, Black, 9 UK , Geox Womens D Inspiration Stiv B Boots, Grey Anthracite, 7.5 UKKalliste 5110 Lug Sole Mid Calf Buckled Combat Boots, Blue Grey , Helly Hansen Womens W Arosa Ht Snow Boots, Green Darkest SpruceRockLaurel OaFrench Connection Calina Over-the-Knee Block Heel Boots 255, Black Leather, 8.5Aquatalia Florence Pull On Mid Calf Boots 197, Bark, 10.5 USVia Spiga Bettie Ankle Boots 958, Burnt Umber, 6.5 US / 36.5 EU , Think Womens Anni383906 Hi-Top Trainers, 099 SzKombi, 5 UKKenneth Cole New York Jack Over The Knee Block Heel Boots, Olive , Donald J Pliner Tamy Pointed-Toe Ankle Booties, Black , Via Spiga Bettie Ankle Boots 961, Burnt Umber, 10 US / 40 EU , Fly London Luz, Women s Boots, Black Black 6 UK , Fly London Myso, Women s Boots, Brown Dk. Brown 3 UKCalvin Klein Cyra Dress Back Stretch Riding Boots, Black Multi, 6 US / 36 EUFitflop Loaff Knee, Womens Slouch Boots, Blue Supernavy, 5 EU , Via Spiga Daria High Rise Ankle Boots, Black, 10 US / 40 EU DisplayClarks Womens Netley Olivia Chelsea Boots, Brown Tan Leather, 7 EU , Stuart Weitzman Nuotherhalf Block-Heel Booties, Black, 10 US , Calvin Klein Jules Peep Toe Ankle Booties 125, Gold, 5.5 US / 35.5 EU , Kalliste 5110 Lug Sole Mid Calf Buckled Combat Boots, Black, 7.5 US / 38 EU ,
    Via 39.5 Spiga Bettie Ankle Boots Spiga 196, Burnt Umber, EU 9.5 US/ 39.5 EU 268fe72 ->Via 39.5 Spiga Bettie Ankle Boots Spiga 196, Burnt Umber, EU 9.5 US/ 39.5 EU 268fe72 -
    Womens Genuine Suede Leather Tassel Boots Combat Fringe Knight Boots Shoes HotFrye Gemma Tall Shearling Boot- Size 7.5Corral Ladies Snip Toe Black Grey Studs & Side Fringe Western Boots A3148 , Gentlemen/Ladies NEW Basque Salsa Black Leather Sandal Fine processing Excellent performance Elegant and stable packaging , Rockport Black Gore Shootie- Size 9 / / / 26CM - Brand New , Enzo Angiolini Womens Black Flats Shoes Brown Snake Print Size 5 1/2 M Leather , New David Aaron White Loafer Size 9 Leather ShoesMr/Ms Ellie Women's Vanna-609 Wear resistant Year-end sale a lot of varieties , Saks Fifth Ave Leopard Print Animal Fur Heels Womens Shoes Size 7 1/2 MZARA LEATHER HIGH HEEL SANDALS WITH STRAP DETAIL GOLD SHOES 36-41 Ref. 1543/101Pleaser 4" Heel Instep Strap Mary Jane Pump Women High Heels Red Faux LeatherDANSKO Womens Heels Clogs US 7.5/8 Brown Leather Studded Slip-On , Manolo Blahnik Embossed Leather Sz 39 Pink Mule High Heels Shoes , Men's/Women's Vans Men's Shoes "Chukka Low" Drizzle/Gum flagship store cheapest Comfortable and naturalConverse John Varvatos Nylon Chuck Taylor Slip On Sneaker blue Size 13 , Nike Jordan Eclipse, Wolf Grey / Green Glow, 724010 019, Size 11.5Asics running shoes gel-lyte iii size 9.5 us men spectra green new with boxMan's/Woman's Nike air foamposite one Guarantee quality and quantity Various types and styles a wide variety of goods**GO HOYAS** Air Jordan 31 XXXI Low 897564-007 Georgetown Men’s Size 14 PEOFF-WHITE x Nike Blazer MID Queen THE 10 Virgil Abloh Serena Williams AA3832-002 , NEWROCK New Rock 7800 Brown Plain Flame Devil Leather Boot Goth Biker Rock BootsRed Wing 2226 Safety Boots Steel toe Shoes Made in USA New Size 9 E , Gentleman/Lady Etnies Swivel Skate Shoe Strong heat and wear resistance Known for its good quality Elegant and solemn , Allen Edmonds Lasalle Leather Oxfords Brown Men Sz 11 D 1875✨EUC✨ Fenty Bow Sneakers Pink Womens 7.5 Full Package Rihanna PumaNIKE Womens Hyperdunk 2017 Tb 897813-401 GAME ROYAL Size 5STYLE & CO (LINDIE BLACK KNEE HIGH BOOT) WOMENS SIZE 9.5 BRAND NEW!!!NIB Black Leather Fringe Bootie By ALDO, Size 10 , Women's Durango Crush Western Boots CognacBrown w/Tan Embroidery SnipToe DCRD133Vince Camuto Preslen Knee High Side Zip Leather Riding Boots Black SZ 5.5 NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Via 39.5 Spiga Bettie Ankle Boots Spiga 196, Burnt Umber, EU 9.5 US/ 39.5 EU 268fe72 -

    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.

    Via 39.5 Spiga Bettie Ankle Boots Spiga 196, Burnt Umber, EU 9.5 US/ 39.5 EU 268fe72 -

    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
    Via 39.5 Spiga Bettie Ankle Boots Spiga 196, Burnt Umber, EU 9.5 US/ 39.5 EU 268fe72