Never miss an update

Corkys Wyatt Leather Women mogochinese-29949 29943 Round Toe Leather Knee High Boot fdbe5da

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
Brand: Corkys
Style: Knee-High
Never miss an update

Corkys Wyatt Leather Women mogochinese-29949 29943 Round Toe Leather Knee High Boot fdbe5da -

    Corkys Wyatt Leather Women mogochinese-29949 29943 Round Toe Leather Knee High Boot fdbe5da
    Corkys Wyatt Leather Women mogochinese-29949 29943 Round Toe Leather Knee High Boot fdbe5da
    Man's/Woman's NEW NR RAPISARDI WOMENS ANKLE BOOTS Year-end special promotions In short supply Brand feast , Men's/Women's Clarks Women's Daylily Surety Ankle Boot Best-selling worldwide Impeccable Fine wildMan's/Woman's Sbicca Women's Sound Boot High-quality Elegant and sturdy packaging Acknowledgement feedbackNEW SAM EDELMAN WOMENS VINNEY OVER THE KNEE BOOTMan/Woman Dr. Scholl's Women's Devote Riding Boot Consumer first Optimal price Various latest designs , Man's/Woman's NEW ALBERTO GUARDIANI WOMENS ANKLE BOOTS Aesthetic appearance Beautiful Comfortable and naturalMen's/Women's BareTraps Women's Bt Gardyna Riding Boot economic High-quality materials Cost-effective , Man/Woman Not Rated Women's Bluebonnet Chelsea Boot online sale Reliable performance Fine wildGentleman/Lady Diba True Show Tunes Women's Boot Ideal gift for all occasions Sufficient supply Valuable boutique , Man/Woman NEW WHAT FOR WOMENS ANKLE BOOTS online sale auction Comfortable and naturalGentlemen/Ladies Sbicca Women's Peacekeeper Boot Good world reputation Sales Italy Diversified new designMan's/Woman's Sbicca Women's Zepp Boot New product Stylish and charming At an affordable price , Gentlemen/Ladies Jessica Simpson Women's zamia Ankle Boot High quality and cheap excellent Caramel, gentleSkechers Performance Women's On The Go 400 Cozies Winter Boot , Gentlemen/Ladies NEW WHAT FOR WOMENS ANKLE BOOTS New varieties are launched Year-end sale Different styles and stylesMan/Woman BearPaw Womens Rebecca Boot feature International choice Personalization trendMen's/Women's Lucky Women's Laverne Boot Fashion pattern Strong value Complete specifications , Steve Madden Women's Brisk-v Ankle Bootie, Navy Velvet, 7 M USGentlemen/Ladies NEW DÉNOUÉE WOMENS ANKLE BOOTS New Listing excellent Sales online storeGentleman/Lady Bellini Gaze Women's Boot Many styles Won highly appreciated and widely trusted at home and abroad Famous storeNine West Women's Kirtley Leather Ankle BootMen's/Women's Minnetonka Women's Double-Fringe Side-Zip Boot wholesale comfortability Recommended todayMen's/Women's NEW DÉNOUÉE WOMENS ANKLE BOOTS Beautiful design Stylish and charming Excellent function , Reebok Work Women's Jorie RB186 Athletic Safety Shoe , Gentlemen/Ladies Sam Edelman Women's Kemper Boot Reasonable price New products in 2018 value , Gentleman/Lady Sbicca Women's Hackney Ankle Boot Best-selling worldwide King of quantity leading the fashionNine West Women's Jaen Leather Fashion Boot , Gentlemen/Ladies Very Volatile Women's Deerwood Western Boot Various styles New products in 2018 Non-slip , Gentleman/Lady BCBGeneration Women's BG Raymona Slouch Boot Not so expensive King of quantity cheaper ,
    Corkys Wyatt Leather Women mogochinese-29949 29943 Round Toe Leather Knee High Boot fdbe5da ->Corkys Wyatt Leather Women mogochinese-29949 29943 Round Toe Leather Knee High Boot fdbe5da -
    Man/Woman Steve Madden Women's Gabbie Harness Boot Various goods Strong value Clearance saleLadies Gabor Wedge Shoes Cecile The Style 95361-W , Men's/Women's Fabulicious FLAIR-409 feature In short supply a wide variety of goodsAnne Klein Women's Kamy Velvet Loafer FlatCamper Women's Right Nina K200619 Mary Jane Flat - Choose SZ/ColorBzees Cloud Technology Tempo Multi Tropical Womens Mary Jane Sneakers Size 7M , Womens Shoes Autumn Pointy Toe Block Ankle Boots Casual Elegant Formal ZipperMen/Women Tahari Women's TA-Daria durable Primary quality Vintage tide shoesGentlemen/Ladies Dolce & Gabbana Kate Suede Pump Year-end special promotions delicate Most practicalMerrell Women's Terran Slide II Sandal - Choose SZ/ColorNew SALT LIFE Pipe Down Canvas Shoes Sneakers MENS 8.5 green , Vans SK8 HI Top MTE Black Leather Mens Skate Shoes Boot Moutain Edition SZ 13Nike Free Inneva Woven Sport Grey/Sport Grey-Total Crimson-Sail 579916-006NIKE AIR JORDAN LEGACY 312 DON C MEDICINE BALL AUTHENTIC-SIZE 10 TRUSTED SELLEROTZ OTZ1 Brogan Boots Burnt Henna Leather 3911V-BHen Brand New in Box!!! , Asics x Ronnie Fieg GEL-LYTE III Mossad MILITIA INITIATIVE Size US 7.5 Rare NEWadidas outdoor Mens Terrex Swift R Mid Shoe , Cole Haan Lenox Hill Split Toe Oxford Black Leather Men's 11.5 M , Johnston Murphy Limited Melton Brown Leather Oxford Cap Toe Sz 10.5 D/B Shoes , New Florsheim Richfield 12 EEEEE black (2477) , NIKE AIR MAX 90 ULTRA ESSENTIAL 2.0 WHITE / GREY 875695-102 UNISEX TRAINERS / SN , $595 PIERRE HARDY Neon-Green Zipper Leather High-Top Sneakers 43-USMen's/Women's NEW REEBOK WOMENS OSR SWEET ROAD Comfortable feeling High-quality materials Contrary to the same paragraphConverse Chuck Taylor High Top Colorful Geometric Spiral Pattern Women's Size 5 , Nike Dunk High LX Max, Women's Size 8, Orange/Electrolime/Python. 881233-800 , SoftWalk Women's Del Rey Ankle Strap Sandal Nude LeatherBrooks GTS 18 Size 10.5 2E EXTRA WIDE Women's Running Shoes 1202682E495 , WOMENS INOV8 ROCLITE 305 LADIES TRAIL RUNNING/SNEAKERS/ATHLETIC/RUNNERS SHOESBELSTAFF SNEAKERS SHOES 757182 JAIR LOW LADY BROWN NEW US 6Audrey Brooke AB Kiley Leather Shoe Boots $120 8 Quality Comfortable Nice sexy
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Corkys Wyatt Leather Women mogochinese-29949 29943 Round Toe Leather Knee High Boot fdbe5da -

    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.

    Corkys Wyatt Leather Women mogochinese-29949 29943 Round Toe Leather Knee High Boot fdbe5da -

    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
    Corkys Wyatt Leather Women mogochinese-29949 29943 Round Toe Leather Knee High Boot fdbe5da