Never miss an update

DOC MARTENS Purple Patent Leather DOC Delaney 8 Women's eye boots Purple size 5 Women's US 2250905

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Dr. Martens
Material: Leather Modified Item: No
UK Shoe Size (Women's): UK 3 US Shoe Size (Women's): US 5
Color: Purple Style: Boots
Never miss an update

DOC MARTENS Purple Patent Leather DOC Delaney 8 Women's eye boots Purple size 5 Women's US 2250905 -

    DOC MARTENS Purple Patent Leather DOC Delaney 8 Women's eye boots Purple size 5 Women's US 2250905
    DOC MARTENS Purple Patent Leather DOC Delaney 8 Women's eye boots Purple size 5 Women's US 2250905
    Dolce Vita Tyson Black Leather Buckle Moto Boot Size 6.5M Original Box A++ , Marc Fisher Incept-WC Leather/Stretch Wide Calf Tall Boots Womens 9 W Dk Brown+ , VICTORIA'S SECRET PINK Womens Tall Black Mukluk Sweater Slipper Boots SIZE 9-10 , Frye Women's 5.5 Belted Harness Mule Clogs Brown Shoes 70760 , LFL by Lust for Life Women's Lex Knee High Boot, Black Velvet, 6.5 Medium US , womens Cole Haan Calixta black leather ankle booties size 8.5Steve Madden Women's Feliz Dress Sandal - Choose SZ/colorZara Basic Collection Boots Women Size 38Nine West Women's Xia Patent Boot, Navy Plaid/Black, 9 M USClarks CLOUDSTEPPERS Wedge Ankle Boots Caddell Tropic Black 11W NEW A296634 , Keen Womens Targhee II Mid Leather Waterproof Athletic Hiking Boots Size 9.5FRYE Boots 8B Melissa Button Cognac Brown Smooth Leather Boots 77167 , Steve Madden Women's P-Heaven - Choose SZ/color , Womens Enzo Angiolini EERO Black Brown Leather Wide Calf Boots Sz 6.5 M NEW $200Man/Woman Report Women's Rosabella BOOTS Reputation first Pleasant appearance Acknowledgement feedback , Eddie Bauer Leather and Brown Rubber Duck Boots Size 8 , Earth Origins Suede Water Repellent Ankle Boots Tori Black 8M NEW A284011 , VINCE CAMUTO Womens8.5 Black Leather Boots VC-Keaton Knee High Riding Equestrian , Cole Haan Garner Tall Extended Calf Black Leather Women's Knee High Boots 9.5 M , Man/Woman Tamaris 1-25316-21 Women Violet Lycoris Bootie service Ranked first in its class Known for its beautiful qualityJ Crew size 8.5M dark brown suede mid calf boots Womens Ladies Boots Shoes 86199 , Modern Rebel Ankle Boots Size 6.5 Salvadora Grey Metal Cut Out Heel , Splendid Women's Tandie Black Silk Cow Suede Fashion Ankle Boots Size 7.5M , CLARKS Collection Nevella Devon Boot NEW Womens 12 Taupe Metallic Suede Side ZipNew Naturalizer Brown SUEDE Ankle Boots sz 5 Shoes , Dan Post El Paso Boots Brown Tan Leather Cowboy Western Casual VTG Womens Sz 6MNew Nine West Brown SUEDE Nasser Ankle Boots 8 Neu Braun WILDLEDER Stiefel , Earth Origins Suede Water Repellent Ankle Boots Tori Navy 8M NEW A284011Women 9.5M Aerosoles Push Limits Zip Black Leather Motorcycle Combat Boots ,
    DOC MARTENS Purple Patent Leather DOC Delaney 8 Women's eye boots Purple size 5 Women's US 2250905 ->DOC MARTENS Purple Patent Leather DOC Delaney 8 Women's eye boots Purple size 5 Women's US 2250905 -
    Man/Woman adidas ultra boost Paisley Special price Medium cost Fashion dynamic , $798 STUART WEITZMAN WALNUT SUEDE MIDLAND OVER THE KNEE BOOTS 42 / 12 Highland , AQUATALIA Womens Dark Suede Leather Ankle Wedge Booties Sz 11 NEW! 229939Gola Harrier Cubed, Women s Low-Top Sneakers, Black Black , 7 EUSkechers Go Step Lite Original Women's Black/white Skech Knit Mesh Loafers NewSperry Women's Coil Ivy Perf Boat Shoe Grey 8 M USSAS WEAVE - BLACK Leather Tri Pad Comfort Shoes Women’s Size 9 MDr. Martens Womens 1461 Gray Embossed Velvet 3 Eye Shoe Size 9 US , Charles Jourdan Women's Gracie Platform White Wooden Sandal Pump Sz7.5MINT Dries Van Noten Cream and Black Cap-Toe heels Pumps - PERFORATED sz40/9 USA , Man's/Woman's No. 21 Satin Knotted Pump Big clearance sale Beautiful appearance Sales online storeVALENTINO GARAVANI BLACK MENA PATENT LEATHER BOW WEDGE ESPADRILLE SANDALS 9/39New Balance Men's Metal 3000v3 Hero Shoes White with Black , Men's Adidas Speed Trainer 3.0 Baseball Football Officials Shoes Black Size 13.5 , adidas Mens Superstar Xeno Fashion Low Top Athletic Suede Shoes AQ8181 Red NewNike DUNK LOW PRO IW Deep Royal White Gym Red Discounted (587) Men's Shoes2008 Nike Dunk Low CL “Euro Champs, France”, Midnight Navy/White, Size US 9.5 , 2015 Adidas Formel 1 OG Vtg Retro Racing Trainer Sz. 9 RARE Promo Sample SL 72 , VTG RedHead Brown Canvas Leather Ankle Boots Mens Sz 8 M Padded Soles , AIR JORDAN 4 RETRO “LEVI” 2018 - ITEM NUMBER 4143-3PETER MILLAR Mens Brown Leather Slip On Penny Loafers Size 10MDR. DOC MARTENS Brown Casual Leather Oxfords Shoes 1561 Size US 14 M 48 Eye , New Men's Levi's Mason 501 PG Low Top Sneakers Navy - Brown Size 9.5 Brand New! , DIESEL MOSLETTE SZ 9 WOMEN'S SHOES SPORT COMFORT CASUAL LEATHER SYNTHETICOutdoor Casual Summer Sandals For Man 2018 High Quality Genuine Leather Shoes , Scarpa Eric Pro GTX Women's Hiking Trail Shoes Size -5 2/3Pleaser DELIGHT 1018 Platforms Black PU/Black Matte Ankle Boots , Nautica Lovise Mid-Calf Rainboots 954, Black/Navy, 7 US / 37 EU , Womens Shiny Leather Platform 20cm Super High Heels Clubweat Shoes Mid Calf Boot , CORSO ROMA 9 Shoes 945224 Black 38 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DOC MARTENS Purple Patent Leather DOC Delaney 8 Women's eye boots Purple size 5 Women's US 2250905 -

    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.

    DOC MARTENS Purple Patent Leather DOC Delaney 8 Women's eye boots Purple size 5 Women's US 2250905 -

    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
    DOC MARTENS Purple Patent Leather DOC Delaney 8 Women's eye boots Purple size 5 Women's US 2250905