Never miss an update

$498 29466 New Cole Haan Nicole Air Knee Size High Tall freedigitals-29490 BOOTS HEELS Brown Suede Size 9 2856047

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Brand new with tags attached, never , no box
Style: Fashion - Knee-High Width: Medium (B, M)
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Color: Brown
US Shoe Size (Women's): 9 Brand: Cole Haan
Material: Suede
Never miss an update

$498 29466 New Cole Haan Nicole Air Knee Size High Tall freedigitals-29490 BOOTS HEELS Brown Suede Size 9 2856047 -

    $498 29466 New Cole Haan Nicole Air Knee Size High Tall freedigitals-29490 BOOTS HEELS Brown Suede Size 9 2856047
    $498 29466 New Cole Haan Nicole Air Knee Size High Tall freedigitals-29490 BOOTS HEELS Brown Suede Size 9 2856047
    Sexy womens pointy toes super high heel leather thigh high boots stilettos shoes , Frye Leslie Artisan Short Boots - Women's Size 7.5 B, Smoke , Marc Fisher Eisa Over-the-Knee Boots, Taupe Multi , DR. MARTENS R21134410 - PAGE Size: - Color: , STEVE MADDEN Nevada Black Suede Leather Boots Tall Slouch Western Style 7 NEWWomen's Black Leather Cowboy Boots Roper Western Rodeo Biker Chick Style RampaGentleman/Lady Pertini Shoes 766379 BrownxMulticolor 37 1/2 Complete specification Price reduction Famous store , Merrell Eventyr Strap Woman's Bungee Cord Waterproof Boots US 8.5 and 9,5 M , AE888 GUESS shoes brown suede women ankle boots , Womens Genuine Leather Knee High Boots Belt Buckle Chunky Casual Shoes Retro SY , Ivy Kirzhner Santa Fe Embellished Nude leather Pointed Toe Wetern Ankle Boot , Dolce Vita Tay Sand Suede Women's Stacked Heel Ankle BootieTeva W SEGUNDO MID-W Womens Segundo Mid Slipper- Choose SZ/Color. , Sanita Women's Mallory Leather Boots - Size (US: 10 / EUR: 41) , Pleaser Delight-3025ML black mesh stiletto peep toe thigh high boots sizes 5-11 , boots shoes womens 8 M girl mia cassandra w GS91480W black extended calf , New with tags women Diesel DRINKY PARTY shoes Y00855 PS197 US 8.5 RRP 300$ , PUMA Women's Ignite Ultimate Layered WN's Running - Choose SZ/color , SUPERBE BOTTES WESTERN TOUT CUIR MARRON VINTAGE 80 NEUF T.36 , Nine West 25022034 Womens Yesday Suede Ankle Bootie- Choose SZ/Color.AHNU MONTARA WOMEN HIKING BOOTS LEATHER MIDNIGHT BLUE US 10 //66% OFF NEW FRYE Billy Harness Short Boot Espresso Smooth Stone Wash Ret. $318Bandolino Women's Liron Ankle Bootie Black 9.5 M US , NIB $450 La Canadienne Berkley (US 9.5 ) Waterproof Suede Boots in EspressoHandcrafted boots with Mola art and leather -black size 8 by Nativo shoes , Sanzia Women's 10.5 N Bianca Tall Stretch Calf Boot, Chocolate Suede, NEW RETURNMerrell Women's City Leaf Tall Snow Boot - Choose SZ/colorSalomon Women's Heika Ltr CS Waterproof Snow Boot 8 M USnaturalizer Rebecca Mid-Calf Boots, Black, 11 W US
    $498 29466 New Cole Haan Nicole Air Knee Size High Tall freedigitals-29490 BOOTS HEELS Brown Suede Size 9 2856047 ->$498 29466 New Cole Haan Nicole Air Knee Size High Tall freedigitals-29490 BOOTS HEELS Brown Suede Size 9 2856047 -
    New $250 Steven Madden Zendra Black Distressed Engineer Tall Leather Boots 6ADIDAS MAN FREE TIME CASUAL SNEAKER SHOES LEATHER CODE S81861 COUNTRY OG , Aerosoles Womens Metro Park Slip-on Loafer- Pick SZ/Color.Lanvin Ballet Flat Leopard Print Calf Hair Brown Size 38 Black Leather TrimWomen's Kenneth Cole Reaction Pipe It Flat, 9.5 US, M , WOMEN Dansko Brown Floral Embossed Allison Buckles Clogs 39 (8.5-9) Open BackIsola Eleni III (6230503) Dress Shoes - Women's Size 8M, CashmereVince Camuto Women's Gretchen Bisque Satin Formal Platform Shoes Size 8.5B/38.5 , Classic High Heels Genuine Suede Stiletto Womens Scorpion Open Toe Party Shoes , Roberto Cavalli Light Blue Suede Bow Ankle Strap Bootie Sz 37/ US 7~RTL$595GIUSEPPE ZANOTTI DESIGNS Black Satin Peep Toe Heels Pumps 38.5 - A366Punk Womens Retro Sheep Leather Open Toe Sandals Boot Suede Gladiator Roma Shoes , Converse Mens Size 9 Chuck Taylor All Star Ct Hi Vision Blue Acorn New , [302519-113] NIKE AIR MAX 90 LEATHER WHITE MEN SNEAKERS Sz 9.5 NEW WITHOUT BOXGlobe Tilt Men's Skating Shoes Sneaker Skate Shoes Sport Shoes ShoesNIKE AIR FOOTSCAPE MAGISTA QS LION SZ 9 834905-007 BLK/MTLC-GOLD $220Mens Nike ZOOM FLY SP Running Shoes "Breaking 2" -AJ9282 106 -Sz 7 -New , New Balance 574 Classic Men's Black 574ETE2ENike Air Max 90 NS GPX Big Logo Men's Casual Walking Style Shoes Black Size 7.5 , Caterpillar Men's Control 8" Waterproof TX Comp Toe Industrial andLimited Edition White's Nomad Engineer Boots Color Horween Chromexcel 8.5 DMen's Grabbers Friction Plain Toe Oxfords, Black, 10.5 US, M , Rockport World Tour Classic Walking Shoe - Mens , Asics GT-1000 5 Running Shoes Coral White Peach Size 6.5 NEWHARRY POTTER INSPIRED CUSTOM HAND PAINTED HIGH TOPS MADE TO ORDER , Women's Reebok Freestyle Classic 25th Anniversary Reign-bow Hi top Yellow US 9ADIDAS ULTRA BOOST X REIGNING CHAMP GREY KNIT WOOL BW1122 WOMENS 6 , Women Over Knee High Stiletto Heel Boot Shoes Pointy Toe Leather ZsellRoper Women's Southwestern Liza Casual Driving Mocs - 09-021-1776-0131 MULane Bryant Tall Brown Leather Boots Wide At Top Womens Size 11 W Great Look
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $498 29466 New Cole Haan Nicole Air Knee Size High Tall freedigitals-29490 BOOTS HEELS Brown Suede Size 9 2856047 -

    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.

    $498 29466 New Cole Haan Nicole Air Knee Size High Tall freedigitals-29490 BOOTS HEELS Brown Suede Size 9 2856047 -

    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
    $498 29466 New Cole Haan Nicole Air Knee Size High Tall freedigitals-29490 BOOTS HEELS Brown Suede Size 9 2856047