Never miss an update

RAG & Heel BONE Women's 39 Back Black Leather BONE Back Boots Zip Snap Heel Italian 2f2f243

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Great condition - a few very light scuffs that may buff out.
Brand: rag & bone Heel Type: Block
Style: Ankle Boots US Shoe Size (Women's): 39
Color: Black Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Material: Leather Occasion: Casual, Dress, Party, Work
Pattern: Solid Fastening: Zip
Width: Medium (B, M) Features: Zip
UPC: Does not apply
Never miss an update

RAG & Heel BONE Women's 39 Back Black Leather BONE Back Boots Zip Snap Heel Italian 2f2f243 -

    RAG & Heel BONE Women's 39 Back Black Leather BONE Back Boots Zip Snap Heel Italian 2f2f243
    RAG & Heel BONE Women's 39 Back Black Leather BONE Back Boots Zip Snap Heel Italian 2f2f243
    Women's Dr Martens Magdalena Black Polished WyomingMan/Woman Womens Callahan Ranch Tan By Ariat Strong heat and wear resistance Highly praised and appreciated by the consumer audience Outstanding style , New Frye Vera short engineer boots. Sise 9. RT$358. , Man's/Woman's Boot Born Avala Burgundy Suede Quality products Stylish and fun renewed on time , Freebird By Steven Shine Boot in Brown US Sizes 6 - 8Nike Air Women's Goadome Waterproof Leather Hiking Boots Black MSRP $195 NEW , Hunter Original Short Rain Boot - Women'sWOMENS MOTORCYCLE BIKER WATERPROOF 15" HIGH RISE RIDING BOOTS SHOES - SABVTory Burch Sarah Rainboots Black Size 10 New In Box Authentic!New Stuart Weitzman Clinger Stretch Bootie Size 8.5 MyNEW! $295 BED STU (8) GOGO COBBLER SERIES TEAK LUK ZIP BOOTSNew WMN's Frye 'Melissa Button' Leather Boots Bordeaux Size 7BFrye Harness Womens 8 M Brown Leather BootsFrye Melissa Button Back Zip Black Leather Knee High Riding Boots Women 7.5 $388NEW VINCE CAMUTO JAYCE BLACK LEATHER TALL RIDING BOOTS WOMENS 8.5 HIGH BOOTS , Free People Women's Royale Brown Leather Flat Booties Size 37Nine West Siventa Over-The-Knee Boots Midnight 8.5M Org Retail 200.00Pleaser BEYOND-3028 Platforms Exotic Dancing Black Patent Thigh High BootsRoberto Festa Women's Rania in Calf , Bobbies Paris Womens black leather side zip ankle boots NWOB , Hunter Size 6 Galosh 2-Tone Army Green Black Ankle Rubber RainbootsFrye Brown Leather Flat Riding Boots W/ Leather Detail, Size 6.5Fiorentini + Baker Espresso Brown Short Suede Boots SZ 39 fits like 38 VintageMan's/Woman's Women's Bearpaw Kimella II Boots Modern technology Strong value Diversified new design , Tory Burch Sarah Rainboots Black Size 8 New In Box Authentic! , FRYE Ankle Booties Womens 8 Danica Black Peep Toe Suede Leather Chunky Heel Boot , Blondo Women's Vassa Wide Shaft Waterproof Boots Black Leather MM1 Size 13WSesto Meucci Women's Sz 38.5 Black Leather Ankle BootsGentleman/Lady Frye leather brown women boots 7.5 Quality products Moderate cost Recommended today ,
    RAG & Heel BONE Women's 39 Back Black Leather BONE Back Boots Zip Snap Heel Italian 2f2f243 ->RAG & Heel BONE Women's 39 Back Black Leather BONE Back Boots Zip Snap Heel Italian 2f2f243 -
    Born Atilla Leather Boot Black Women Sz 7.5 M 5218 * , BT288 MBT shoes black leather textile women bootsAvec Les Filles Womens Lianna Closed Toe Ankle Fashion BootsValentino Garavani Braided Knee High Leather Boots Gray 39Men's Shoes Sneakers BIKKEMBERGS BKE 108524 Fend Er 738 Suede Nylon Antracithe , Newrock Rock210 Ladies Leather Heel Short Boots Gothic Fashion New Rock 210 , Man/Woman Pippi Shoes 355022 Green 37 Beautiful design Comfortable touch Lightweight shoesSAS Free Time Beige Taupe Leather Tripad Comfort Walking Shoes 9.5 M - NEW! , BOBS from Skechers 31415 Womens Bobs Phresher-City Fields- Choose SZ/Color. , Womens Med Wedge Heels Peep Toe Leather Slip On Platform Mules Creeper SlippersPRADA: Black Leather Short/Ankle Boots Sz: 7M , Woman's Crystal Rhinestone Sandals Shoes Chains Gladiator Boot Flat Fashion 2018Vans Old Skool Dx Womens Gold Beige Textile Trainers , Womens STUART WEITZMAN black leather slingback sandals sz. 11NIKE NIKEiD ZOOM KD III BLACK SIZE MEN'S U.S. SIZE 18 ( 453405 )Man's/Woman's adidas Mens Originals Iniki Runner Shoes durable Upper material Strong heat and heat resistanceVINTAGE RARE '80 ADIDAS BAMBA MADE IN AUSTRIA VERY GOOD CONDITIONadidas originals NMD R1 mens trainers S31502 sneakers shoesAllen Edmonds "STRAND" Oxfords 11.5 D Black (527)Kenneth Cole New York Size 8 Brown Leather Oxfords New Mens ShoesMen Stripe Leather Party Pointy Toe Suede Dress Business Nightclub Formal ShoesAll Black Womens Sneakers Size 38 8 White Flat Stud Slides $175 New In BoxSkechers Women's Go Walk Lite Boat Shoe - Choose SZ/Color , Skechers 23317 Sport Womens Microburst Topnotch Fashion SneakerNEW BALANCE W530KIB WOMEN'S CLASSICS SHOES SIZE 9.5Khombu New Mayana Black Womens Shoes Size 11 M Boots MSRP $109 , Carlo Pazolini woman leather biker boots used size 37Luxury Women's Winter Thicken Warm Knee Snow Boots Rhinestones Shoes Pull On Hot , New Auth VC Signature Karma Leather Ankle Boots Booties Shoes 6.5 us 36.5 euVince Camuto Bendra Women's Size 6 Gray Leather Over The Knee Boots.
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    RAG & Heel BONE Women's 39 Back Black Leather BONE Back Boots Zip Snap Heel Italian 2f2f243 -

    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.

    RAG & Heel BONE Women's 39 Back Black Leather BONE Back Boots Zip Snap Heel Italian 2f2f243 -

    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
    RAG & Heel BONE Women's 39 Back Black Leather BONE Back Boots Zip Snap Heel Italian 2f2f243