Never miss an update

BCBG Max Azria " classictaic-19523 Fillie " Women's Black Knee Knee Max High Boot Size 7 M 40f7ada

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: BCBG Max Azria
Heel Height: Low (3/4 in. to 1 1/2 in.) Style: Fashion - Knee-High
Material: Leather US Shoe Size (Women's): 7
Country/Region of Manufacture: China Width: Medium (B, M)
Heel Type: Block Color: Black
UPC: 887465366816
Never miss an update

BCBG Max Azria " classictaic-19523 Fillie " Women's Black Knee Knee Max High Boot Size 7 M 40f7ada -

    BCBG Max Azria " classictaic-19523 Fillie " Women's Black Knee Knee Max High Boot Size 7 M 40f7ada
    BCBG Max Azria " classictaic-19523 Fillie " Women's Black Knee Knee Max High Boot Size 7 M 40f7ada
    BCBG BCBGeneration Size 8 M DENVER Black Suede Knee High Boots New Womens ShoesUnique Vintage Dr Martens Cross DMs Leather Zip Boots Bull Skull Stigma sz US 6 , Helly Hansen Women's Veierland 2 Rain Boot Black / Black / Eggshell 8 M USAnne Klein Women's Kahlan Leather Riding BootNEW DOLCE VITA Sz 6.5 SUEDE WESTERN STACKED HEEL HAWTHORNE KNEE HIGH BOOT BLACK , NEW RED Leather Tall Flat Riding Boots Size 9 MNWB MiMI Tall leather boots Banana Republic Sz 9 black Retail $228Principe di Bologna Rocco P black knee high boots 36.5 = 37-38 4.5-5 6.5-7 Guidi , Vince Camuto Womens Dark Brown Leather Knee Boots 8 M , Cole Haan Hinckley Black Leather Ankle Boots Women's Shoes Size 8 M NEW , Dr. Scholl's Women's Create Ankle Boot, Black Microfiber, 8 M USRockport Women's Kimly Stretch Bootie Ankle Boot, Black, 9 M US , TAOFFEN Size 32-43 Ladies High Heel Boots Women Zipper Print Pointed Toe Thick HPleaser Women's Del3029/b/m Boot - Choose SZ/ColorMANOLO BLAHNIK CAMEL LEATHER ANKLE BOOTS, SIZE 35.5Dan Post Leather Embroidered Western Cowboy Boots Shoes , Frye Women's Size 7 Phillip Harness Tall Brown Leather Equestrian Boots FB2-7 , Vince Camuto Womens Dark Brown Leather Knee Boots 9 MXtratuf Women's XT Legacy 15 in Salmon Sisters Size 9 Octopus Print Fishing Boot , Miz Mooz Yeats Blue EU Size 36 or 38 Women's BootsWoolrich Women's Kiva Western Boot, Straw, 7.5 M USPikolinos Women’s Brujas Boots Black Leather Size 38 US 8Steve Madden Women's Carrie Knee High Boot White Leather Knee High Boots , Propet Women's Lumi Ankle Zip Snow Boot Grey 9 M USFrye Women's Black Melissa Button Leather Riding Boot Sz 6BRoberto Cavalli Tan Suede and Fur Women Boots Size 5.5 , Cole Haan 'Cassidy' Bootie Womens Camello Nubuck Sz 10B NEW , Aerosoles Women's Red Light Boot,Taupe Fabric,5.5 M US , Free People Amarone Leather Ankle Boots Size 38 7.5 8 Bronze Snakeskin $168 ,
    BCBG Max Azria >BCBG Max Azria
    Womens CARVELA KURT GEIGER black leather open sides ankle boots sz. 36 NEW!Womens Zip Buckle Belt Leather Retro Mid Calf Boot Western Cowboy ShoesWolverine Brown Leather Ankle Boots Open Toe Womens Sample Size 7 US NewAbilene Women's Equestrian Wellington Boot - Square Toe - 9195Corral Ladies 13" Square Toe Leather Western Boots Black Silver Glitter A3119 , Givenchy Black Suede Over The Knee Boots , Nike Flyknit Racer Unisex Running Trainers 526628 Sneakers Shoes 004 , Footprints by til Schweiger Shoes Trainers 39 40 Velour Beige Medium New , NEW Easy Steps Tokyo Taupe Suede Ankle Boots Women Shoes Comfort Fit C-Fit , Gentleman/Lady Ballerina L'Arianna Lurex Exquisite (middle) workmanship Price reduction Preferential priceigi&co Marea Vernice/Naplak Antracite moccasins sale 87891Tory Burch Black Linen Castaway Flat Loafer Espadrille Tropical Shoe 10.5New High Heel Women Stiletto Chinese Style Chi-Pao Mary Party Catwalk Flower , New NWOT Naot Lucente Black Stretch Comfort Heels Pumps 38 , DONALD J PLINER Heels Couture Leopard/Floral Peep Toe Women's US 7.5 /39.5 $248 , Marc Fisher Chessi Fashion Sneakers, Bronze Multiwomen runway block high heel bowknot peep toe slip on slipper Mules shoes ruffle , New Fashion Men's retro J 3 basketball shoes High Top White Sneakers size 7-13NIKE PROMO SAMPLE DUNK LOW PREMIUM LEATHER HOT RED VOLT SIZE MEN'S 9 , NIKE Train Speed 4 AMP KENTUCKY WILDCATS Running Shoes 844102 411 Mens Size 9.5JORDAN DNA BLACK GYM RED BLACK CEMENT GREY TRAINER GYM SZ 8-13 AO1539-001 , New Balance Men's 1080V7 Running-Shoes, White/Energy Lime, 8 2E US2005 Nike Air Jordan VI 6 Retro DMP BLACK GOLD DEFINING MOMENTS 136038-071 11.5 , Mens Watches Full Steel Waterproof Sport Analog Quartz Watch Men LIGE Brand... , GOLDEN GOOSE MEN'S SHOES HIGH TOP SUEDE TRAINERS SNEAKERS NEW SLIDE BLACK 78FPREMIATA Men's Shoes Sneakers MICK 2343 Suede Leather Technical Fabric Black NewWOMENS SKECHERS D'LITES W/ AIR COOLED MEMORY FOAM NAVY/WHITE US SIZE 7 (K43) , Nike Air Max Thea JCRD QS Womens 666545-607 Punch Volt Running Shoes Size 10Women's Nike Metcon DSX Flyknit 2 Size 9.5 (924595 001) Black/WhiteTretorn Women's Seksti Mid Leather W Fashion Sneaker tennis shoes 8 473025
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BCBG Max Azria

    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.

    BCBG Max Azria " classictaic-19523 Fillie " Women's Black Knee Knee Max High Boot Size 7 M 40f7ada -

    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
    BCBG Max Azria " classictaic-19523 Fillie " Women's Black Knee Knee Max High Boot Size 7 M 40f7ada