Never miss an update

NIB Ankle Sam or Edelman MILA Gold Lattice Black Ankle Boots,Heels 5.5,6 5.5,6 or 8 5770fe6

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: Sam Edelman
Material: Leather Style: Fashion - Ankle
Pattern: lattice Width: Medium (B, M)
Heel Type: Slim Color: Black
Occasion: Clubwear Heel Height: High (3 in. and Up)
Fastening: Zip
Never miss an update

NIB Ankle Sam or Edelman MILA Gold Lattice Black Ankle Boots,Heels 5.5,6 5.5,6 or 8 5770fe6 -

    NIB Ankle Sam or Edelman MILA Gold Lattice Black Ankle Boots,Heels 5.5,6 5.5,6 or 8 5770fe6
    NIB Ankle Sam or Edelman MILA Gold Lattice Black Ankle Boots,Heels 5.5,6 5.5,6 or 8 5770fe6
    Circle G Womens Cutout Distressed Western Cowboy Ankle Boots Round Toe BrownGentleman/Lady Pikolinos Women 913 Cuero Bootie Good design Stylish and charming Fashion dynamic , ALBERTO FERMANI BROWN LEATHER 3/4 SIDE ZIP OVER THE KNEE BOOTS WOMEN'S 37.5Nina New Ventura Black Womens Shoes Size 9 M Boots MSRP $298 , Stuart Weitzman Brown Suede Yadastud Studded Combat Womans Boots Booties Sz. 9.5Lucchese Women's Bruna Fashion Boot, Black, Size 9B, New in BoxLongchamp women calf hair booties black size 8Laredo Women's No More Drama Cowgirl Boot 3125BED STU RUBIC Black Rustic Rust LEATHER COWBOY BOOTS WESTERN SIZE US 7.5 , NEW Womens Size 10 AUSTRALIA LOVE Vanguard Chocolate Brown Sheepskin BootsWomens Dark Brown Flower Inlay Western Boots Leather Cowgirl Rodeo Snip , Durango Boot Women's DRD0226 Mustang Faux Exotic Pull-on Cowgirl Boot GatorHigh Heels, Under Knee High, Black thick and soft Leather Prada Boots , New in Box Womens Frye Melissa Pull-On White Buffalo Aniline Size 7 M MSRP $ 358TSUBO BY TIMO WEILAND TW008 BLACK MODERN HIGH HEEL BOOTS, US 7/ ~NIBAriat 10001056 Womens Legend Square Toe Russet Rebel Boots Brown Size 8B USSALE! Corral Women's Brown Concho & Harness Snip Toe Boot E1015 , Cat By Caterpillar Coretta Seal Brown Womens Waterproof Boots US 9 M, , Vince Camuto Women's Black 'Pedra' Over The Knee Boot 7894 Sz. 7MWomens Smooth Black Leather Stitched Cowgirl Boots Rodeo Snip Toe , Vintage Nike Womens leather ankle boots size 8Hunter Original Back Adjustable Short Rain Boot - Women'sPleaser BEJEWELED-1018DM-6 Women's Black Faux Leather Silver Rhinestones BootsFrye 77815 Billy Short Black Leather Cowgirl Boots Women's Size 6.5 BWomen's Justin Western 13" Bay Apache Brown Cowboy Boot L4935Durango Women's Crush By Jealousy Western Brown RD3593Womens Frye Harness Leather 8.5 77300 Pull On Boots Brown Tall Riding MotorcycleEnglish Tall Zip Field Size 7 BLACKNew $285 Eileen Fisher Casey Nubuck Double Zip Wedge Ankle Booties 10
    NIB Ankle Sam or Edelman MILA Gold Lattice Black Ankle Boots,Heels 5.5,6 5.5,6 or 8 5770fe6 ->NIB Ankle Sam or Edelman MILA Gold Lattice Black Ankle Boots,Heels 5.5,6 5.5,6 or 8 5770fe6 -
    JOIE Edison, Spotted Slate, Size 9.5 US / 39.5 $335.00 , Iro Jeans Women's Rangy Leather Studded Combat BootsGiampaolo Viozzi Pull On Stitched Detail Ankle BootMens Clarks CloudSteppers Tunsil Step Casual Slip On Shoes , Gentleman/Lady tony bianco Lockey Heel Size 8 Good design Excellent performance Different styles and stylesWomen's Cecilia Bringheli Leather Lining/Textile Multi Color Slip On Size eur 37 , NIB $495 Marc Jacobs MJ 22405 501 Green Jacquard Flat US Size 5.5 , Ariat Womens Sheridan-W Sheridan Western Cowboy Boot- Choose SZ/Color. , Guess Aero 2 Dark Natural Brown Leopard Peep-Toe Platform Slingback Shoes, $90Sexy Womens Over The Knee Boots Sandals Hollow Clubwear Stiletto High Heel ShoesHeel Nine West Mcfally D'Orsay Pump French Navy Isa Kid Suede , Chic Women's Summer Bohemia Floral Rhinestones Wedge High Heels Platform SandalsMan/Woman CL LEATHER KNIT MESH BLANC economic Carefully selected materials a wide variety of goods , Vans Classic Slip-On Winter Moss Skate Shoes Men's Size 13 $75MENS NIKE LEBRON ZOOM WITNESS BLACK / VOLT / WHITE / ANTHRACITE SIZE 10.5 , Asics Gel-Kinsei 6 Carbon Black Blue Men Running Shoes Trainers T644N-9790 , WORN 2X Nike Kyrie 1 USA "Independence Day" Red White Blue 705277-401 Size 7.5CROCKETT & JONES HARLECH, E, DARK BROWN SHELL CORDOVAN CAP TOE BOOT , New Cole Haan Grand Crosscourt II Sneaker Tan Brown Leather Burnished Men Sz 10 , Nunn Bush Mens Dixon Cap Toe Oxford (84724)Vintage Allen Edmonds LYNN Brown Leather Smoking Loafers Narrow Sz 10.5 AAA USA , MENS HUSH PUPPIES RANDWICK EXTRA WIDE MEN’S BLACK LEATHER WORK SLIP ON SHOES , Women Genuine Leather Hidden Wedge Fashion Sneaker Trainer High Heel Ankle BootsShoes 574 Wssport Lifestyle New Balance Grey Women WS574-PMCDT67 MBT shoes blue purple nabuk leather women sneakers 6 - 6.5 ()W AIR MAX 270 - AH6789-102 - SIZE 7.5 , Nike Air Force 1 Upstep Metallic Anaconda Womens 917590-900 Blur Shoes Size 7Nine West Nicolah Brown Womens Shoes Size 9.5 M Boots MSRP $179PLEASER PINK LABEL Divine-1020 Series 3" Heel Extended Size Ankle-High Boot , Siemo Women Over the Knee Boots High Heel Chunky Heel Comfortable Shoes Slip On
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB Ankle Sam or Edelman MILA Gold Lattice Black Ankle Boots,Heels 5.5,6 5.5,6 or 8 5770fe6 -

    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.

    NIB Ankle Sam or Edelman MILA Gold Lattice Black Ankle Boots,Heels 5.5,6 5.5,6 or 8 5770fe6 -

    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
    NIB Ankle Sam or Edelman MILA Gold Lattice Black Ankle Boots,Heels 5.5,6 5.5,6 or 8 5770fe6