Never miss an update

New Eye Dr Shoes Marten 1460 8 Eye Boot White Womens Casual Shoes Casual Boots Ankle d0242e4

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
Size Scale: EUW Gender: WOMENS
Heel Height: 3.5 CM Material: LEATHER
Never miss an update

New Eye Dr Shoes Marten 1460 8 Eye Boot White Womens Casual Shoes Casual Boots Ankle d0242e4 -

    New Eye Dr Shoes Marten 1460 8 Eye Boot White Womens Casual Shoes Casual Boots Ankle d0242e4
    New Eye Dr Shoes Marten 1460 8 Eye Boot White Womens Casual Shoes Casual Boots Ankle d0242e4
    Womens Fly London Mes 2 Rug Blue Leather Mid Calf Boots UK Size , STRIKE FIRENZE women shoes Brown leather brogue wingtip style ankle bootWomens Office Keepsake Calf Boots RED LEATHER Boots , Harley Davidson Beechwood Womens Tall Black Brown Leather Biker Boots Size 5-7.5 , Pleaser Demonia Muerto 2028 Vegan Leather Steampunk Finger Bone Heel Knee Boots , Dr. Martens Womens Flora Chelsea Boots, Black or Burgundy Red, Leather ShoesWomen's Shoes Ankle Boots LA MARTINA L4130119 Suede Saffron Made In Italy NewTen Points Ankle Boot Women Padded Pandora 126002 Brown Cognac 319Women's Shoes Ankle Boot LA MARTINA L9100265 Cuero Nero Saffiano Cognac LeatherMan/Woman Alaia Suede-Patent Leather Trim Ankle Boots excellent quality Ranked first in its class The first batch of customers' comprehensive specifications , Balmain H&M Womens Ankle Boots Real Suede Leather Gold Toe Buckle , Ted Baker Women's Qatena Suede Zip Heeled Ankle Boot BurgundyIsabel Marant Black 'Lakky' Studded Suede Ankle Boots Size 38Men/Women Ladies Van Dal Ankle Boots 'Mineral' durability Clearance a wide variety of goods , Women's Shoes Boots CHRISTIAN LOUBOUTIN Surlapony Flat Nappa Shearl Spikes Black , Keen Terradora Leather Mid Waterproof Womens Comfort Hiking Boots , YVES SAINT LAURENT Black Leather Knee Boots, US 10Ladies Gabor Knee Length Boots - 52.797Man's/Woman's Pleaser XTREME-1017RSF Modern technology special function Outstanding style , 100% Cow leather Embellished Rhinestone Crystal Covered Knee High Slouch BootsAriat 10016393 Braemar GTX Ebony Waterproof Western Country Riding BootsSERGIO ROSSI women shoes Mermaid silver glittered leather ankle boot zip A59980Women's Shoes Ankle Boots MOMA 79504-9B Iliade Ebano Brown Vintage Made ItalyFendi Brown Leather Ankle Boots, size 40, newR.M WILLIAMS $550 ‘Cabarita’ Women’s Boots In Black Size 10 Made In Australia , Moon Boot We Low Mirror Women Miscellaneous Black Snow Ankle Boots , SANTONI women shoes Mud brown suede ankle boot with stretch inset and platform , Irregular Choice Disney The Muppets Shes Hip Hes Hop Blue Multi Boots SizeWomens Ted Baker Matynas Boots DARK GREY Boots
    New Eye Dr Shoes Marten 1460 8 Eye Boot White Womens Casual Shoes Casual Boots Ankle d0242e4 ->New Eye Dr Shoes Marten 1460 8 Eye Boot White Womens Casual Shoes Casual Boots Ankle d0242e4 -
    Genuine Leather Retro New Womens Motocycle Combat Combat Buckle Punk Ankle BootAdidas Original Unisex Ultra Boost ST Running Sneakers White S80617 SZ 4-11New Womens Public Desire Black Atomic Patent Pu Boots Ankle Zip , Devi Kroell Clogs US 8.5 Clogs Wooden Leather Brass Studs Suede Trim , Sperry Womens Coil Ivy Pref Closed Toe Boat Shoes Grape Size 6.0B Brian Atwood Patent Leather Peep Toe Pumps Size 10 , Hogan HXW2290N69055Y0053M Décolleté Shoes Women's Beige USYves Saint Laurent Tribtoo Multi Color Suede High Heels Slingback Shoes US 6.5Gentleman/Lady Andrew Charles Womens Pump Multicolor MIA Good design Lush design As of the latest model , Christian Louboutin Heels Pumps Size 35.5 5.5 Leather Black Round Toe StilettoValentine's Day Special Chihuahua Dog Print Slip Ons For Women- Free Shipping , Classic 2002 Used Worn Size 13 Nike Cortez Deluxe Shoes White BlueGentlemen/Ladies NWB VANS Unisex OLD SKOOL ZEPHYR Excellent value Lush design Speed ​​refundNIKE SB ZOOM STEFAN JANOSKI MAX BLACK WHITE SKATE SHOES 631303 022 SZ 10 , NEW adidas Adizero 5 Star 40 Cleats Men's Cheetah Print Size SZ 14 ( B42459 ) , NIKE MENS AIR MORE MONEY Size 11.5 AJ2998 001 Black/White , NIKE KYRIE 3 ID BLACK-YELLOW SZ 13 SPECKLE! [AQ8767-991]A DICIANNOVEVENTITRE A1923 Size 43 US 10 Black BootMens Sperry leather Loafers SIZE 10.5 MGeox Italian beautiful semi casual shoes 43.5 US NIB$245 Today's BigSale , Diadora Size 12 GAME L HIGH White Green Leather Fashion Sneakers New Mens Shoes , NIKE WMNS BLAZER HIGH WHITE/WHITE/VARSITY RD /BLUE 317808111NEW VIONIC ORTHAHEEL SHOES BLACK NEW TECHNOLOGY CYPRESS TRAIL HIKER WALKER WOMEN , WOMEN'S CLARKS CLOUDSTEPPERS SILLIAN JETAY WIDE FLATS , NEW NB New Balance Womens 5 Suede 990v3 Running Shoes Gray W990GL3 Made in USA , NEW BALANCE WW877 WALKING SHOES SIZE 6 to12 (D) WIDTH NEW IN BOX , NEW ADIDAS NMD XR1 W DUCK CAMO BLUE BOOST SHOE BA7754 WOMEN SIZE 10 - MEN 9Men's/Women's Fendi high top sneakers velvet Elegant shape auction Valuable boutique , Marc Fisher Women's Mfhumor2 Riding Boot, Black, 8 M USVia Spiga Caryn Slingback Ankle Boots 376, Black, 6 US / 36 EU ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Eye Dr Shoes Marten 1460 8 Eye Boot White Womens Casual Shoes Casual Boots Ankle d0242e4 -

    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 Eye Dr Shoes Marten 1460 8 Eye Boot White Womens Casual Shoes Casual Boots Ankle d0242e4 -

    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 Eye Dr Shoes Marten 1460 8 Eye Boot White Womens Casual Shoes Casual Boots Ankle d0242e4