Never miss an update

Botas Y Botines Women's Brown Brown Leather Leather Cowboy Boots mogochinese-14930 Size 5.5 ea071cc

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Fastening: Pull On Material: Leather
Style: Cowboy Boots Width: Medium (B, M)
US Shoe Size (Women's): 5.5 Color: Black
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Brand: Botas Y Botines
Never miss an update

Botas Y Botines Women's Brown Brown Leather Leather Cowboy Boots mogochinese-14930 Size 5.5 ea071cc -

    Botas Y Botines Women's Brown Brown Leather Leather Cowboy Boots mogochinese-14930 Size 5.5 ea071cc
    Botas Y Botines Women's Brown Brown Leather Leather Cowboy Boots mogochinese-14930 Size 5.5 ea071cc
    Cloudsteppers by Clarks Sillian Sway Ankle Booties 806, Grey, 8.5 US / 39.5 EUWomens Rivets Pointy Toe Splice Buckles Side Zipper Low Heels Punk Ankle BootsCOLUMBIA POWDER SUMMIT SLIP WOMEN'S WATERPROOF INSULATED ZIP BOOTS, YL5310-052 , Khombu Free Snow Boots 977, Black, 7 USSteve Madden Gorgeous Over-The-Knee Dress Boots 651, Taupe, 8.5 US , Cloudsteppers by Clarks Sillian Sway Ankle Booties 548, Black, 6.5 US / 37 EU , Bogs Carver Tall Leafy Black Multi Womens 11 Rubber Insulated Carver Rain BootsLucky Brand Western Boots - Size 8.5!Womens retro ankle pull on chunky high heels Leather short Boots cowboy shoes Sz , Lauren Ralph Lauren Genna 8.5 B Dark Chocolate Leather Suede Women Shoes Boots , fashion Womens Alluring Sexy High Heels Nightclub pointed Genuine leather boots , Women's High Heel Stilettos Over Knee High Pointy Toe Sexy Boots Shoes FashionWomens Sneaker Leather Ankle Boots Hidden High Heel Mesh Breathable Sports Shoes65% OFF NEW Womens STEVE MADDEN Savas Slouch Boot Cognac Suede retail $190 , Seychelles Womens Audition 2 Fabric Closed Toe Ankle, Frayed Natural, Size 8.5 HCougar Women's Lula Waterproof SneakerBorder Collie Print Faux Fur Boots For Women-Free Shipping , DEMONIA Bravo-23 Series 5" Wedge PF Goth Punk Alternative Ankle-High Boot , Crocs Offroad Sport Realtree Max-5 2 Clog - Choose SZ/colorDr. Scholl's Shoes Women's Foxy Sneaker - Choose SZ/colorWomen's Ankle Boots Tassel Fur Zipper Winter Warm Booties Casual High Heel Shoes , Bandolino Dalina Peep Toe Fashion Ankle Boots, Off White/Off White, 6.5 US , I35 Hadli Wide Calf Over The Knee Boots 134, Midnight Blue, 8.5 US , Man's/Woman's Lucky Brand Lisza Boot economic Let our goods go to the world TRUEPleaser Devious INDULGE-2000 2024 2033 Sexy Platform Knee Boots Size 6-16B35 Daphne Over The Knee Riding Boots, Black MicroWomens New Mid Heeled Ankle Boots Vintage Pointed Toe Casual Shoes Stiletto Red , womens chic platporm round toe high heel pull on suede ankle boots shoes fashionWomens Knee High Boots Flats Snow Fur Trim Shoes Winter Riding Buckle Pull On ,
    Botas Y Botines Women's Brown Brown Leather Leather Cowboy Boots mogochinese-14930 Size 5.5 ea071cc ->Botas Y Botines Women's Brown Brown Leather Leather Cowboy Boots mogochinese-14930 Size 5.5 ea071cc -
    Dr. Martens Women`s Vintage Made in England hiking ankle boots brown ALL SIZESNIB Jack Rogers Womens Parker Black Riding Boots 8 8.5 or 9 Medium (B,M) 35% OFF , $595 Aquatalia Dark Blue Quilted Suede Mid Boots Flat Ankle Zipper Booties 8.5AUTH PRADA SNEAKERS MONTE CARLO SHOES 4E2791 PORPORA NEW 8 42 42,5 , Asics Tartherzeal 6 [T820N-4993] Men Running Shoes Navy/Silver-Flash Coral , Bittersweet Footwear Ziddy Up Ankle Boot White / Silver Pony Hair Size 40Asics Women's Gel-Foundation 11 (D) Running Shoe Size US 7 - Euro 38 - 24 CMMen's/Women's Zensu ankle boots Outstanding features In short supply a wide variety of goods , REDUCED Birkenstock Birko Flor GIZEH FRINGE Graceful Toffee BNIB 745431Gentlemen/Ladies Aldo Elvyne Dress Sandals, Black Suede Practical and economical Fast delivery Reliable reputation , Man's/Woman's Rockport Womens Truflex Chenole Slip-On Good world reputation New design a wide variety of goodsMan/Woman Jimmy Choo Snakeskin Any sz.40 $720 Fashion pattern High-quality materials Elegant and solemnMARY NORTON Gold Leather Slingback Heels Stones Crystals Bow Vamp NEW 36Sexy Summer Womens High Stiletto Heels Sandals Slippers Patent Leather Shoes New , Man/Woman Propet Lane Loafer Adequate supply and timely delivery Pleasant appearance At an affordable priceJ Slides Womens Renata Low Top Slip On Fashion SneakersNike SB Zoom Dunk Low Pro MINT BLACK BARELY GREEN 854866-003 sz 11.5 SKATE SHOES , NIKE SB STEFAN JANOSKI MAX SKATE TRIPLE WHITE OBSIDIAN 631303 114 SkateboardingNike Men's Air Max 2016 Print - Total Crimson/Black-Black 818135-800 SZ 10.5Spring Step Men's Carson Bicycle Toe Loafer , Dramamine Original Formula Tablets 36 ea Pack of 5 , Suede Leather Dress Shoes Casual Formal Loafers & Slip Ons Suede Leather Boots , New Balance 530 Series 90s Running W530GRB Womens green Lifestyle Athletic Shoes , Nike WMNS Roshe One PREM Plus [807614-453] NSW Casual Camo Green/Purple-VoltATELJE 71 Women's Eden Sneakers Black Leather Size US 6M/Ukies Women's Tutu Heeled Ankle Strap Sandal Pearl White/Black NappaGentleman/Lady Donald Pliner Signature Brown Suede Boots Easy to clean surface a variety of Very practical , Chic Womens Suede Pull on Casual Outdoor Vintage Ankle Boot Chelsea Chukka ShoesMadden Girl Women's Rockella Perforated Dress Boots Black Size 7.5 MLadies Vagabond Amina Festival Fashion Tan Dealer Elastic Ankle Boots All Sizes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Botas Y Botines Women's Brown Brown Leather Leather Cowboy Boots mogochinese-14930 Size 5.5 ea071cc -

    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.

    Botas Y Botines Women's Brown Brown Leather Leather Cowboy Boots mogochinese-14930 Size 5.5 ea071cc -

    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
    Botas Y Botines Women's Brown Brown Leather Leather Cowboy Boots mogochinese-14930 Size 5.5 ea071cc