Never miss an update

Fontana 2.0 Shoes Women Ankle 2.0 boots Black 83323 boots moda1 mogochinese-29997 SALE 8dd12b9

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Style: fashion
Brand: Fontana 2.0 US Shoe Size (Women's): see options
MPN: Does not apply
Never miss an update

Fontana 2.0 Shoes Women Ankle 2.0 boots Black 83323 boots moda1 mogochinese-29997 SALE 8dd12b9 -

    Fontana 2.0 Shoes Women Ankle 2.0 boots Black 83323 boots moda1 mogochinese-29997 SALE 8dd12b9
    Fontana 2.0 Shoes Women Ankle 2.0 boots Black 83323 boots moda1 mogochinese-29997 SALE 8dd12b9
    Madewell $218 The Hollis Boots 7.5 english saddle boot shoes leather brown f5108Steve Madden Women's Sinful Heeled Sandal, - Choose SZ/color , Dr Martens Kathleena Buckle Calf Motorcycle Leather Boots Women's US 6 Brown NEWFrye Lindsay Plate Tall Riding Boots Size 6 Black Smooth Leather CowboyNew Free People Royal Rush Ankle Boot Size 38 Msrp.$348 *Sold OutFrye Billy Pull-on Boot Navajo Pattern; LOWERED!!!Bearpaw Whitney - Women's Waterproof Boot - 2050w Gray - 8Adrienne Vittadini Sande Cross Straps Dress Ankle Booties, Black, 8.5 USWomen Genuine Leather Knee High Boots Flat Round Toe Oxfords Combat Fashion ShoeNew Style Under Armour Women's UA Valsetz RTS 1.5 Boots Black 3021037200 New! , Men's/Women's MIA Women's Joshua Ankle Bootie Durable service Year-end sale Cheap orderCobb Hill Women's Christine Chelsea Boot - Choose SZ/ColorDagger 3060 Black Patent 6" Spike Heel Fetish Thigh Boot Size 12CLARKS Women's Athie Terra Boot - Choose SZ/colorSarto by Franco Sarto Women's Amelia Combat BootLatitude Femme Made in Italy women's fashion brown leather high boots $265 , Steve Madden Skippur Knee-High Boots, Black Leather, 7 US , WOMENS YVES SAINT LAURENT YSL 4" WEDGE Heel ANKLE BOOTS OLIVE GREEN SHOES sz 39J.CREW NWT Womens Brown Chelsea LEATHER Ankle Boots Size 7 , DEMONIA DAMNED-318 Punk Gothic Buckle Strap White Platform Women's Knee BootsNEW WOMEN'S DR. MARTENS MAGDALENA WYOMING BLACK LEATHER BOOTS US SIZE 9 , El Naturalista Women's Ng13 Alhambra Chelsea Boot - Choose SZ/Color , Dr.Martens Airway Women's White Leather Mid Calf Block Heel Boots Size 7Franco Sarto Women's Crimson Over The Knee Boot, Black, Size 9.5 hYZE , Women Knee HIgh Boots High Heels Leather Riding Pointy Toe Flower Zipper ShoesBelleville Women's Hot Weather Combat Boot Sage Green F600 , High-end Pu Leather Women High Heel Platform Autumn Ankle Boots Plus Size 34-45Bearpaw Boo - Women's 7 Inch Furry Boot - 1854w White - 8 , Dr. Martens Women's Shoreditch Ankle Bootie - Choose SZ/Color
    Fontana 2.0 Shoes Women Ankle 2.0 boots Black 83323 boots moda1 mogochinese-29997 SALE 8dd12b9 ->Fontana 2.0 Shoes Women Ankle 2.0 boots Black 83323 boots moda1 mogochinese-29997 SALE 8dd12b9 -
    Salvatore Ferragamo Brown Leather Knee Boots Women size 6.5B , Sam Edelman F3581L1 Womens Millard Ankle Boot- Choose SZ/Color. , Dr. Scholl's Shoes Women's Exact Mule Black/Black Microfiber 11 M USFrye Dara Chelsea Ankle Boots Size 7 Whiskey Womens MSRP $298 , Giuseppe Zanotti 'Emy 110' Black Suede High Heel Ankle Booties/Shoes Sz 38 $925 , PALLADIUM PAMPA SPT CF WPN-U ROCK SIZE 46 EUNIB NEW Salvatore Ferragamo My Joy Stampa ballet flats black floral 5 or 6Irregular Choice Grow Free Floral Purple Orb Mid Heel UK4-7.5/EU37-41 , Women's Giuseppe Zanotti Shoes Fuchsia Size 38MANOLO BLAHNIK 'Totema' Whipstitched Suede Pump Camel Peep-toe Shoes High HeelKENDALL + KYLIE Womens Kkdeanna Suede Open Toe Special Occasion Ankle Strap S... , Mizuno Thunder Blade [V1GA177009] Men Volleyball Badminton Shoes White/Black , Men's Nike SB High Purple Box 833456-002 Size 8 Black Purple WhiteAdidas D Rose 4.5 size 8.5 G66977 Brenda Red Black Derrick NBA2018 Nike Air Max Deluxe SZ 8.5 Triple White Reflective Pure Platinum AV2589-100 , Mens Genuine Leather Show Shoes Pointy Toe Snakeskin Chelsea Ankle Boot zhou8 , JUSTIN 1409 Buck Black Cowboy Boots MENS 10EETony Lama Style 6478 Brown Size 9.5 D (US) Used Cowboy Boots Good Condition.Red Wing Heritage Beckman Chukka Boot Teak Brown Leather 9048 Size 11.5 * , Dan Post Men's Black LEATHER Milwaukee R Toe Western Boots DP2110R SZ 9 D , Crocs 10128 Mens Santa Cruz Slip-On Loafer- Choose SZ/Color.Stacy Adams Raimondo Black Cap Toe Oxford Shoes , Paul Smith Men's Burgundy Leather Derby ShoesDunham Newport Slide - Men's Sandal - All Colors - All Sizes , adidas Originals Women's Cloudfoam QT Racer Running ShoeNew Nike Womens Air Zoom Vomero 10 (Wide Fitting) Comfortable Sport Shoes , ||BARGAIN|| Brooks Levitate 2 Womens Running Shoes (B) (178) , Gentleman/Lady vt16592 Hogan woman's black slip on flagship store Known for its good quality high quality product , Adidas I-5923 Womens BY9095 RAWPIN,CBLACK,White Womens Size 7 , Nine West Shoe Counter Tall Knee High Back Zipper Boots Wine Dark Red 5.5 M $169
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fontana 2.0 Shoes Women Ankle 2.0 boots Black 83323 boots moda1 mogochinese-29997 SALE 8dd12b9 -

    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.

    Fontana 2.0 Shoes Women Ankle 2.0 boots Black 83323 boots moda1 mogochinese-29997 SALE 8dd12b9 -

    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
    Fontana 2.0 Shoes Women Ankle 2.0 boots Black 83323 boots moda1 mogochinese-29997 SALE 8dd12b9