Never miss an update

Vince Camuto Microsuede New Khaki Stretch Microsuede Sendra Pull on Ankle mogochinese-29820 Boots 9 39 New bcd0361

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: Vince Camuto
Heel Height: High (3 in. and Up) Style: Fashion - Ankle
Material: Microsuede Width: Medium (B, M)
US Shoe Size (Women's): 9 Color: Brown
UPC: 889816964955
Never miss an update

Vince Camuto Microsuede New Khaki Stretch Microsuede Sendra Pull on Ankle mogochinese-29820 Boots 9 39 New bcd0361 -

    Vince Camuto Microsuede New Khaki Stretch Microsuede Sendra Pull on Ankle mogochinese-29820 Boots 9 39 New bcd0361
    Vince Camuto Microsuede New Khaki Stretch Microsuede Sendra Pull on Ankle mogochinese-29820 Boots 9 39 New bcd0361
    Womend Suede British Oxfords Ankle Boots Block Heels Zip Plus Size Shoes CasualLucky Brand Womens Yoniana Wedge Booties - Chipmunk Suede Size US 13 |SoftWalk Womens Bellville Leather Closed Toe Ankle Fashion Boots , LUCKY BRAND Women’s Jakelyn Grey Perforated Leather Ankle Bootie Size US 9.5M , DAVID TATE Black Leather Womens Puppy Boots 13 M Never Worn , Bottes TRIVER FLIGHT Tout Cuir Noir T 40 TBEWomen’s Frye Tall Black Riding Boots Black Leather Buckles Shirley Size 9 BDEBUT Mid BOOTS Ladies size 37 Beige Suede Tapered Toe High Heel Made in Italy , Mandala Sun Moon Boots Womens | Hand-Crafted Ladies ShoesNEW Rockport CG7981 Danii Side Zip Waxed Suede Booties, Women's Black - Pick SzPUMA Women's Vikky Ribbon S Sneaker, - Choose SZ/color , New Dansko Brown Leather Pull On Ankle Boots Women's 41 / 10.5-11Womens Stretch Woolen Ankle Boots Pointed Toe Slim Heeled Fashion Shoes Ankle , Cheshire Cat Boots Womens | Alice in Wonderland Ladies Hand-crafted Shoes , Womens size 7 Cole Haan N Air Riding Knee High Black Leather Boots , VIA SPIGA V-Gillian Leather Flat Cowboy Boot Black Suede Size 7 Med Fast Ship , Vaneli Suede Ankle Boots with Tassel - Dommie 7W Wide Womens Black New , Diane Von Furstenberg Gray Suede High Heeled Booties - 8.5M , Steven by Steve Madden Doris Brown Womens Shoes Size 8.5 M Boots MSRP $129 , Franco Sarto Robin Women's taupe suede booties sz. 6.5 M , MITICA - BOTTES GENOUX ORIGINAL TOUT CUIR MARRON NUANCé 41 - EXCELLENT ETATWomen Classical Knee High Boots Vogue Chunkle Heels Pointy Toe Zip Winter Boots , New Sam Edelman Klara Almond Toe Black Boots Size: 6.5M , Women Knee High Boots Suede Riding Hidden Wedge Heels Retro Pull On Chic ShoesChinese Laundry Women's Brinna Over The Knee Boot Toffee Suede Size 6.0 , North Face ~ Mossbud Bootie Women's Water Resistant Boots $100 NIB , Jessica Simpson Keris Brown Womens Shoes Size 8 M Boots MSRP $129Nine West Booties 8.5 Jabali Suede Ankle Boot $119 Beige WedgeNine West Booties 7 Jabali Suede Ankle Boot $119 Beige Wedge ,
    Vince Camuto Microsuede New Khaki Stretch Microsuede Sendra Pull on Ankle mogochinese-29820 Boots 9 39 New bcd0361 ->Vince Camuto Microsuede New Khaki Stretch Microsuede Sendra Pull on Ankle mogochinese-29820 Boots 9 39 New bcd0361 -
    ALDO Women's Kettleson Ankle Bootie, Black, 6.5 B US , Fontana 2.0 Shoes Women Ankle boots Red 83308 moda1 ORIGINAL , Dansko Women's Mary Jane Clogs Occupational Shoes Leather Black Sz 40 Comfort40317 auth PRADA black & cognac MADRAS Ballet Flats Shoes 38 , NIB Stuart Weitzman Lopanache Dress kitten heel Pump Londra SUEDE 8Men/Women Wittner Women's Jerrie in Black Quality products product quality Outstanding style , Christian Louboutin Lady Peep 150mm PYTHON VULCANO PATENT $1545 Sz 37eu 7us , Men/Women Fergie Women's Preston Mule Fashion pattern Order welcome Rich on-time deliveryWomen's Calvin Klein SEARRA Sandals Flats Natural/ Black Zebra US 8Badgley Mischka Jewel Women's Lex Heeled Sandal - Choose SZ/ColorPuma Clyde Leather BHM - White - MensNew Balance Mens M997DRA2 Made in USA Tan/White M997DRA2Nike Air Jordan Trunner LX High Golden Harvest Shoes size 9Donald J Pliner Men's Paxton Chukka Sneaker size 10.5 Solid Black LeatherMens Bally Sion Black Leather Shoes Size 12.5D , Adidas Adizero Tempo Boost Women's Running Shoes Sneakers Green BA8095 WMNS SZMephisto Womens Yael Oxford Sneaker Black Smooth Grey Boa Silver Size 6 M US , Womens Altra Lone Peak 3.5 Running Shoes, Size 7Nike Air Huarache Run Womens 634835-012 Black Running Training Shoes Size 7.5 , SAVE $$$ Asics Gel Netburner Professional 11 Womens Netball Shoes (B) (6038) , Saucony Liteform Feel Women's Running Shoes S30008-13 18S , Womens Hoka One One Speedgoat 2 Running Shoes Trainers Black/AzaleaWomen's Barbour Highlands Low Sneakers Brown US 8 CM 25 NEW Box Z462 , New Balance W860DP8 Stability Women's Running Shoes | W860DP8Man/Woman Sneakers Golden Goose Clearance price comfortability Famous storeCAT Caterpillar Syrup Alora Waterproof Leather Boot Size 9 P309128Marc Fisher Taite Saddle Brown Leather Riding Boots NEWClarks Black Leather Buckle Detail Plaza Pilot Riding Boot NEWWestern Chief Women's Fashion Duck Boot, Brown, 9 M USWomens Suede Hollow Out Stiletto Pointed Toe Shoes Black Ladies Knee High Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vince Camuto Microsuede New Khaki Stretch Microsuede Sendra Pull on Ankle mogochinese-29820 Boots 9 39 New bcd0361 -

    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.

    Vince Camuto Microsuede New Khaki Stretch Microsuede Sendra Pull on Ankle mogochinese-29820 Boots 9 39 New bcd0361 -

    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
    Vince Camuto Microsuede New Khaki Stretch Microsuede Sendra Pull on Ankle mogochinese-29820 Boots 9 39 New bcd0361