Never miss an update

COLE Brown HAAN Women's HAAN Size 8B Janna Ankle Mid Boots Calf Boots Chocolate Brown D22268 NICE 1136a9a

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Cole Haan
Features: side zipper Modified Item: No
Color: Brown Model: Janna
Boot Shaft Height: Mid-Calf Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Product Line: D22268 Material: Leather
US Shoe Size (Women's): US 8 Style: Mid Calf Boots
Occasion: Casual, Outdoor, Party, Work Country/Region of Manufacture: Brazil
Heel Type: Block Calf Circumference: 12.5
Width: Medium (B, M) UPC: Does not apply
Never miss an update

COLE Brown HAAN Women's HAAN Size 8B Janna Ankle Mid Boots Calf Boots Chocolate Brown D22268 NICE 1136a9a -

    COLE Brown HAAN Women's HAAN Size 8B Janna Ankle Mid Boots Calf Boots Chocolate Brown D22268 NICE 1136a9a
    COLE Brown HAAN Women's HAAN Size 8B Janna Ankle Mid Boots Calf Boots Chocolate Brown D22268 NICE 1136a9a
    Pleaser 5" Heel Shiny Red Thigh High Boots w/ Zip 6 7 8 9 10 11 12 13 14 15 16Bearpaw Women's Payton Ii Mid-Calf Suede Boot , Lucky Brand Women's Aresey Faux Fur Lining Ankle Tan Shoes Size 10 NewSkechers Women's Work Relaxed Fit Synergy Arrey Alloy Toe Sneaker , BKE Sole Harness Boots Size 8.5 "Harley" Distressed Brown Leather Women's Buckle , Ladies Tony Lama Brown Leather Cowgirl Boots Sz: 5 BFire Sale- Born Womens - Trinculo - Color Rusty- Size 7.5M , Steve Madden Womens Gorgeosv Velvet Covered Over-The-Knee Boots Heels BHFO 5327Funtasma 3 3/4" Heel Matte Black Thigh High Boots 6 7 8 9 10 11 12 , NEW BORN B.O.C BENDELL BLACK ANKLE BOOTS WOMENS 9 Z26704 ZIP SIDE BOOTIES , Pleaser 5" Heel Shiny Black Thigh High Boots w/ Zip 6 7 8 9 10 11 12 13 14 15 16Clarks Women's Cheyn Work Ankle BootNaturalizer Jelina Riding Boot Women's Size 6.5 Wide Calf BlackVia Spiga Kennedy Over The Knee Wedge Boots Black Leather Womens Size 5 MIcebug SPEED-L BUGrip Women's Insulated Waterproof Hiking Outdoor Boots ShoesTecnica Julia High Womens 7 White Boots Technidry Waterproof Faux Fur Trim , Under Armour Mud Hawg 14.5" Rubber 3020097 woman Realtree boots sz 6 8 New , Women's Chocolate Brown Rider Boots With Side Zipper (BrownB-003) Size-8.5 , Boots, Antonio Melani, Solid Black Suede-Leather Boots for Ladies, 7.5ZARA Women's Knee High Boots Size US 7.5 Faux Leather Motorcycle Boot , NWT Women's Brown KHOMBU Nordic Winter Snow WATERPROOF BOOTS Size 11 , BANANA REPUBLIC women's brown leather heel boots size 6M (BOTA300) , Sesto Meucci Womens $325 Black Leather Spats High Heel Ankle Boots Size 36Anthro BETTYE MULLER RIDING BOOTS WINGTIP DETAIL $605 Black Brogue Knee High 8NWT Women's Black KHOMBU Nordic Winter Snow WATERPROOF BOOTS Size 7 , sz 6 NEW BORN WOMEN'S ANKLE BOOTS CROSS DARK BROWN DISTRESSED TASSELSFrye & Co Sarah Shortie Gray Suede Ankle Boots Booties Size 8 M New with BoxMilwaukee Performance Women's Side Zipper Entry Round Toe Boots W/ Studs MBL9400Jessica Simpson LORING Stretch Over the Knee Boot ,
    COLE Brown HAAN Women's HAAN Size 8B Janna Ankle Mid Boots Calf Boots Chocolate Brown D22268 NICE 1136a9a ->COLE Brown HAAN Women's HAAN Size 8B Janna Ankle Mid Boots Calf Boots Chocolate Brown D22268 NICE 1136a9a -
    Authentic Tory Burch Women's Lowell Wedge Bootie Size 10 M , Womens Real Leather Gothic Punk Rivet Zipper Chunky Low Heel Cowboy Boots Size , Mr/Ms Adidas Adi-Ease Skate Shoes, Collegaiate Burgundy Selling Reliable performance Complete specifications , Stuart Weitzman Basilico Pull On Ankle Boots 630, Camel, 7.5 US , boots boots alcantara black STELLA MC CARTNEY kickapoo size 40 NEW value , Dr. Martens Black Studs Silver Full [Product Customized] Shoes Studded OrSkechers Sport Women's Empire Rock Around Fashion Sneaker - Choose SZ/ColorBzees Women's Topaz Slip On Navy Fabric Slip-on ShoesBadgley Mischka Ponderosa Silver Womens Shoes Size 9 M Heels MSRP $2002018 Womens Rhinestone Chunky Heels Slip On Pointy Toe Shoes 2Colors 3.5Cm hotRoma Womens Peep Toe Rhinestones Stilettos High Heels Platform Party Shoes Size , RENE CAOVILLA Swarovski Crystals Beige Nude Satin Pumps Heels 40 10 , Versace 19.69 3104091 ELAPHE VIOLA Décolleté Shoes Women's Purple USMen/Women OTBT Graceville 10 Packaging diversity The latest technology wonderful , White Mountain Lenisis Perforated Open Heel Sandals, Natural/Burn , $110.00 Adidas Mens Alphabounce HPC AMS M Running Shoes, Grey/Grey/White, US 11New VANS Mens Toecap Authentic SF UltraCush BLACK VN0A3MU6Y28 US M 7 - 10 TAKSEMEN'S SIZE 12 NIKE AIR MAX SNEAKERS SHOES TAVAS SE NIB NEW , Nike Air Penny II Men's Shoes White/Black/Varsity Royal/Black 333886-100 , Nike Free RN 2017 Men's Outdoor Green/Black/River Rock/Black 80839301 , New Balance 755 Sneaker Boots Leather Brown Men's Boots Shoes hl755ta HL755 , Man's/Woman's Sneakers KENZO - City en cuir Comfortable feeling Ranked first in its class Preferred boutique , GARDIANNE LA CAMARGUAISE NATURAL SUEDE COWBOY/RIDING BOOT - / US 10 /Converse First String Chuck Taylor All Star 70 HI 1970s Black Star OG 142334CECCO Men's Biarritz Tie Oxford Dark Shadow Derby 44 M USSaucony Ride 9 Women's Running Shoes Size: US 10.5 M (B) Gray S10318-1 , Adidas Originals W Womens Swift Run Core Black Gold Metallic White CG4145 ATDC Women's Court Graffik SE Skate Skateboarding Shoe, Denim, 11 M US , NIKE Womens Nike Free Rn Flyknit 2018 942839-001 BLACK/WHITE Womens Size 6Womens High Top Mid calf Leather Boots Buckle Retro Knight winter shoes outdoor ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    COLE Brown HAAN Women's HAAN Size 8B Janna Ankle Mid Boots Calf Boots Chocolate Brown D22268 NICE 1136a9a -

    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.

    COLE Brown HAAN Women's HAAN Size 8B Janna Ankle Mid Boots Calf Boots Chocolate Brown D22268 NICE 1136a9a -

    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
    COLE Brown HAAN Women's HAAN Size 8B Janna Ankle Mid Boots Calf Boots Chocolate Brown D22268 NICE 1136a9a