Never miss an update

New Eos Willo W W Blood Orange Womens Womens Shoes Casual New Boots Ankle 4586d31

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: EOS
Material: LEATHER Gender: WOMENS
Size Scale: EUW
Never miss an update

New Eos Willo W W Blood Orange Womens Womens Shoes Casual New Boots Ankle 4586d31 -

    New Eos Willo W W Blood Orange Womens Womens Shoes Casual New Boots Ankle 4586d31
    New Eos Willo W W Blood Orange Womens Womens Shoes Casual New Boots Ankle 4586d31
    Man's/Woman's Zimmermann Stretch Ankle Boot 37 Elegant appearance Reliable performance British temperament , EMPORIO ARMANI BLACK SUEDE LEATHER ANKLE BOOTS - 38.5 , Joie Womens Makena Closed Toe Ankle Cowboy BootsBeautiful 100% Suede Over The Knee Boots By DANIEL “PERFECT” Size 6UK RRPFly London Mes 2 Women Leather Matt Dark Brown Riding BootsMOMA Women's Shoes Ankle Boots 83705-R2 Pelle Leather Black Vintage Made Italy , Men/Women Ankle Boot Elena Iachi Roxana durability discount Cheap order , Christian louboutin Ankle Boots Suede Size 41Shoes , Bronx Womens Leather Ankle Boots SizeWomens Irregular Choice Miaow Bordeaux Heeled Ankle Boots SizeISABEL MARANT ETOILE 'crisi suede short biker boots' black leather boot 37 , New Womens Ilse Jacobsen Black Alica Chelsea Leather Boots Ankle ElasticatedFly London Ladies SVEN731FLY Camel Rug Leather Zip Ankle Boots 143731002 , Man/Woman Rick Owens Geo basket boots Packaging diversity New design various kindsCamper Peu Cami 46477 Medium Grey Blue Womens Hi Leather BootsKathmandu Women's Sherborne Lightweight Travel Urban Boot , Kathmandu Arrowsmith II ngx Women's Vibram Rubber Waterproof Mid Hiking Boots , DR MARTENS PASCAL DARCY FLORAL BACKHAND BOOTNew Eos Willo W Taupe Lea Taupe Womens Shoes Casual Boots Ankle , 'CASADEI' pellame knee high stiletto boots size 39 , New Effegie Turnist W Womens Shoes Casual Boots CalfNew Dr Marten Pascal 8 Eye Boot Black Womens Shoes Casual Boots AnkleGIVENCHY Infinity Leopard Print Sandals size 38 , Sendra 7422 Cowboy Boots Brown Leather Western Biker Handmade Ladies ZipWomens Irregular Choice Angelica Pearson Pink Fairy Heel Calf Boots Size , Yves Saint Laurent YSL Patent Bootie Boots 38.5 BNWB , Burberry Leather Fur Lined Ankle Boots BNIBWomens Fly London Mong Purple Rug Leather Ankle Boots Size , Saint Laurent Black Velvet Candy Platform Sandals Size 40.5 Relisted-non payment ,
    New Eos Willo W W Blood Orange Womens Womens Shoes Casual New Boots Ankle 4586d31 ->New Eos Willo W W Blood Orange Womens Womens Shoes Casual New Boots Ankle 4586d31 -
    Women Short Zipper Buckle Strap Flat Heel Over The Knee Boots Big Size HandmadeReebok ZPUMP FUSION V66483 Grey/Black mod. V66483 , New Balance NB WVERSLS1 D Breathable Lightweight Running Sneakers Grey/WhiteNew Diana Ferrari Orville Df Womens Shoes Casual Boots Ankle , JCrew $148 Piped Loafer Mules in Embossed Leather Sz 9 Brown Ivory H8159 , New Suede Leather Slip on Pumps Bowknot Flats Embroidery Bee Loafers Shoes Women , Ladies Shoes Step On Air Ryde Black Wedge Shoe Size 6-10 Work Casual New WedgesBCBG Max Azria Priela Women US 10 Black Platform Sandal , V 1969 Italia Womens Pump Multicolor MINANike Air Max 90 Essential Women’s Sneaker Size 6.5Vionic Women's Dorie Slide Sandal Black Snake 8 MNike Men's FI Premiere Golf Shoe Black White Volt TW (835421-002) size 8.5 , Vans AUTHENTIC WEAVE DX Leather Black Men's Shoes 7 - Women 8.5Men's/Women's ADIDAS SUPERSTAR 80S Diverse new design New design Complete specifications , New Balance Fresh Foam Boracay 3 Men's Metallic Silver/Black/White BORASR32 , Reebok x Bait Ventilator Supreme LA Kings Men's Size 11 RareLacoste Kids' Carnaby Evo 317 5 Spi Casual Shoe Sneaker Orange 2.5 M US Kids , NEW French Connection Men's Cajhol Oxford - Sz 10 D ( ) (NWB) , Built In Height 3" Semi Dress Pain Cap Toe Shoes for Wedding & Tuxedo, JW503 , New Converse Chuck Taylor All Star Hi Size 11 Women Suede Faux Fur Lining 544981Under Armour Women's Street Precision Low Training Shoes Size US 6.5 M GrayVans Sk8 Hi Slim Women's Size 6.5 Overwashed Blue Graphite OTW NIB , WOMEN'S NIKE ZOOM STRIKE RUNNING SHOES BLACK #AJ0188-010 sz. 6.5 Medium , REEBOK SUBLITE DUO SMOOTH WOMENS LIGHTWEIGHT RUNNING SHOES PURPLE YELLOW M43930 , Ryka Women's Achieve Training Shoe - Choose SZ/ColorGenuine Asics GT 1000 5 Womens Running Shoes (D) (3993) , Yves Saint Laurent Pumps Leather Brown Manufacturer size 34 Reference size 21 cm , DS NIKE 2013 AIR MAX 1 ACRTIC PINK WMN 7.5 PATTA LEOPARD ATMOS 90 SAFARI 180 95 , Gentleman/Lady Pumps Suede 38 Iw (115047 The color is very eye-catching Year-end sale Pick up at the boutique , New Womens leather sexy block high heel shoes Casual over the knee thigh boots Q
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Eos Willo W W Blood Orange Womens Womens Shoes Casual New Boots Ankle 4586d31 -

    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 Eos Willo W W Blood Orange Womens Womens Shoes Casual New Boots Ankle 4586d31 -

    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 Eos Willo W W Blood Orange Womens Womens Shoes Casual New Boots Ankle 4586d31