Never miss an update

Ladies Ladies Clarks Zip Up Leather Ankle Boots The Style 18682 Style - Malia Hawthorn ce46450

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Shoe Size: Various
Upper Material: Leather Brand: Clarks
Sole: Manmade Main Colour: Various
Width: Various Fastening: Zip
Never miss an update

Ladies Ladies Clarks Zip Up Leather Ankle Boots The Style 18682 Style - Malia Hawthorn ce46450 -

    Ladies Ladies Clarks Zip Up Leather Ankle Boots The Style 18682 Style - Malia Hawthorn ce46450
    Ladies Ladies Clarks Zip Up Leather Ankle Boots The Style 18682 Style - Malia Hawthorn ce46450
    Ladies Clarks Zip Up Ankle Boot The Style Kearns Blush4 ~ NLadies Clarks Pull On Ankle Boots Carlita Quinn4 ~ NGentleman/Lady Ladies Rieker Boots L6540-W for you to choose stable quality fine , Ladies Harley Davidson Biker Label Boots Kira -W , Ladies Unstructured Clarks Lightweight Ankle Boots 'Un Lorna' Style ~ KLadies Padders Ankle The Style - Boots KimLadies Remonte Ankle Boot The Style D0770-WLadies Clarks Leather Faux Fur Lined Casual Ankle Boots Sharon PearlLadies Padders Warm Lined Boots EE Fit The Style Camden-WLadies Clarks Ankle Boots Style - Morgan CarlaLadies Clarks Leather Zip Ankle Boots Lable - Hope TrackMan's/Woman's Ladies Remonte Boots D5870-W Moderate price Quality First Fine wildLadies Clarks Leather Zip Up Platform Shoe Boots The Style - Amos Kendra , Ladies Padders Mid Calf Boots Style Piper-WLadies Clarks Ankle Boots The Style - Lisette Blues , Ladies Padders Mid Calf Boots The Style Piper-WMan's/Woman's Ladies Remonte Boots Label D3182-W excellent quality Known for its good quality Immediate deliveryLadies Clarks Ankle Boots Label More EtnaLadies Clarks Ankle Boots Style - More EtnaGentleman/Lady Ladies Rieker Casual Ankle Boots *M6143* High grade Various types and styles a lot of varieties , Ladies Clarks Smart Heel Ankle Boots Label - Arista Paige , Man's/Woman's Ladies Rieker Calf Boots Label 74663 Guarantee quality and quantity fashionable Fine wild , Man's/Woman's Womens Caterpillar Boots Jane Not so expensive At a lower price Speed ​​refund , Ladies Clarks Low Heel Boots The Style - Mimic Diva , Ladies Clarks Zip Fastened Casual Ankle Boots The Style - Marble CoolLadies Clarks Smart Casual Ankle Suede Leather Boots The Style - Enfield Coco , Ladies Mid Calf Warm Lined Rieker Boots The Style 92759-WLadies Easy B Zip up Ankle Boot The Style Dart ~ N , Ladies Caterpillar Safety Boots The Style Dryverse -W ,
    Ladies Ladies Clarks Zip Up Leather Ankle Boots The Style 18682 Style - Malia Hawthorn ce46450 ->Ladies Ladies Clarks Zip Up Leather Ankle Boots The Style 18682 Style - Malia Hawthorn ce46450 -
    Aquatalia Women's Verona Black Leather/Suede Weatherproof Calf Ankle BootieNew Balance Women's Shoes WL999 WF Size 5.5 UKUnder Armour UA W Speedform Apollo 2 [1266241-002] Running Black/Aqua45% OFF--Keen Womens PTC Oxford Casual Comfortable Oil/Slip Resistant Work Shoes , Gentleman/Lady Ladies Rieker Slip On Loafers 537A6 Complete specification range Beautiful appearance Acknowledgement feedbackGentlemen/Ladies Chloe Ankle Boots Elegant appearance comfortability German Outlets , Womens Shoes Size 8B Red White Cole Haan Patent Leather Deck Shoes New W05748 , NEW J.CREW LEATHER OXFORDS WITH FRINGE, F4979, SIZE 10.5, WARM SEPIA, $228STUART WEITZMAN Slingback Heel Ladies size 8 B Black Satin Tapered Toe ShoesJ.Renee Womens Gianna Pointed Toe Classic PumpsBASILE 28 Shoes 007413 Black 36 1/2Brand New Dolce Vita Women's Lain Leather Strappy Heel sandals , PRADA BROWN LEATHER SLINGBACKS - SIZE 8 (38) - 2 1/2" HEEL- NICE CONDITIONDolce&Gabbana Multi Color Canvas Mid Heels Slingback Shoes Pointed Toe US 8 EU39 , Mens NIKE ZOOM HYPERREV 2016 Blue Textile Trainers 820224 410 , REEBOK SHAQNOSIS OG "MIAMI HEAT" 2013 - ITEM NUMBER 429-40Brooks Ghost 8 Mens Running Shoes (D) (420) | BUY NOW!NIKE AIR FOAMPOSITE ONE 314996-008 black/varsity purple Size 10.5 , DANNER Acadia 8" Tan Gore-Tex Desert Tactical Boot Men's 13 4E Wide NWOB , NEW BORN ZANDER SUEDE LOAFERS SLIP ON SHOES MENS 10 HO7487 DESERT SUEDEMan's/Woman's RUNNER FOUR CUIR BLANC quality At a lower price Seasonal promotionBOSTONIAN LUXE Black Leather Cap Toe Dress Shoes Size 9M Worn Once EUC , DVS Women's Premier 2.0+ WOS SOCO Skateboarding Shoe, Black Moire Mesh, 8.5 M USAhnu Women's Sugarpine Hiking Shoe - Choose SZ/Color , Nike Air Huarache Run Prm Particle Rose Vast Grey (683818-602) Womens Size 8 , Skechers 12838 Sport Womens Ultra Flex-Metamorphic Sneaker- Choose SZ/Color.Fashion Womens Winter Fur Trim Zipper Round Toe Wedge Hidden Heels Ankle Boots , LifeStride Women's Parigi Ankle Bootie Black 7.5 W USNIB Frye Reina Bootie In Ash Color Size 8 Womans , Brusque Garda Leather Boot Women 10 /41 Brown Ombre NIB Handmade in Portugal
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ladies Ladies Clarks Zip Up Leather Ankle Boots The Style 18682 Style - Malia Hawthorn ce46450 -

    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.

    Ladies Ladies Clarks Zip Up Leather Ankle Boots The Style 18682 Style - Malia Hawthorn ce46450 -

    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
    Ladies Ladies Clarks Zip Up Leather Ankle Boots The Style 18682 Style - Malia Hawthorn ce46450