Never miss an update

Everybody EZ Moda Anthropologie Boots EZ Women 9 Moda 9 8c6196a

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Anthropologie
Style: Booties US Shoe Size (Women's): US 9
Width: Medium (B, M) Material: Leather
UPC: Does not apply
Never miss an update

Everybody EZ Moda Anthropologie Boots EZ Women 9 Moda 9 8c6196a -

    Everybody EZ Moda Anthropologie Boots EZ Women 9 Moda 9 8c6196a
    Everybody EZ Moda Anthropologie Boots EZ Women 9 Moda 9 8c6196a
    J Crew $248 Dix Tab Ankle Boots Roasted Chestnut Size 6.5 StyleA9773 NewFrye Jane 14L Stitch Dark Brown Antique Leather Heeled Boots Riding Size 5.5 , NEW Dolce Vita Women's Size 7 Neely Taupe Microsuede Over The Knee Boots $200 , Men's/Women's Dr. Martens Women's Maelly Fashion Boot Great variety Wholesale trade TRUENew! L'autre Chose Black Leather Heels Mid Calf Boots Sz 41 Made in ItalyDr Martens Hazil Cherry Red Leather Combat Boots Womens US 9 , Vintage Taupe color, Ostrich leather cowboy, women's boots, USA made, size 5.5 ASplendid Women's Dale II Ankle Boot - Choose SZ/Color , New! $298 JOIE Adria Suede Boots in Powder Color, Size 38COLE HAAN CHEEP FUR BOOTS SHOES WATERPROOFFranco Sarto Flavia Sz 8 Boots Black Women's Zip Closure Fashion Fall Winter , Calvin Klein Women's Carli Slouch Boot, Black, 7 M US , Dr.Martens Pascal II 8-Eyelet Indigo Womens Montelupo Leather Combat Ankle BootsJOHN FLUEVOG Derby Swirl Womens 7 Black Ankle Combat Biker Boots Angel SoleFRYE Jane 14 Stitch Knee-High Boots 049, Dark Brown, 7.5 USAquatalia Black Leonie Weatherproof Leather Booties US9.5, Euro41, UK7 , Isaac Mizrahi Suede Over-the-Knee Zipper Boots Block Heel Black 6.5M NEW A282566 , 8 Open Toe Over The Knee Fashion Thigh High Grey Boots Luichiny N I BStuart Weitzman Boots Knee High Heels Tall Suede Pointy Toe Brown 8.5 M Spain , Carlos by Carlos Santana Women's Sterling Western Booties Burbon Size 6 M , * Arche France Black Leather Mid Calf Wedge Heel Full Zip Boots 39 (USA 8) , Calvin Klein Womens priya Suede Almond Toe Knee, Black Leather/Stretch, Size 7.5 , STEVEN BY STEVE MADDEN SENILE BLACK LEATHER BOOTIE SIZE 7Harley Davidson Women's Kelso Black Textured Ankle Boots Shoes D83897new VINCE CAMUTO black leather buckled TALL FLAT riding BOOTS 9.5 - classicMou Eskimo Lavender Gray Sheepskin Crochet Sneakers Ankle Boots 38 8AGL Dark Navy Leather Round Toe Ankle Booties Size 37 NWOB Made in Italy , Pskaufman Tolteca Harenss Boot Size 10 MSRP: $240 Urban Outfitters LeatherNew! Merrell CHATEAU Mid Pull Booties NIB 9.5 Women's Waterproof Suede OAK Brown
    Everybody EZ Moda Anthropologie Boots EZ Women 9 Moda 9 8c6196a ->Everybody EZ Moda Anthropologie Boots EZ Women 9 Moda 9 8c6196a -
    Nike Men's Air Footscape Woven Nm Casual ShoeTahari TA-Lalla Peep Toe Cut Out Ankle Boots 335, Black, 8 USLadies Harley Davidson Leather Zip Fastening Biker Style Boots - 'Sackett'B BRIAN ATWOOD Claudelle Purple Snake Print Leather Flats Slip On Size 10 (41)Soft Style GAIL Womens Black Mid Heel Slip On Dress Classic Pump ShoesJessica Simpson Womens Sampson Leather Closed Toe Wedge PumpsNew Jeffrey Campbell Abdul Ankle Heeled Sandals Size 9 (FLAW)Benjamin Walk Micah - Color - Rose Gold , Sandale RIEKER escarpin talon haut femme bottine mule plage CUIR 37 NEUF , AC485 SUKY BRAND shoes brown leather women sandalsBohemian Female Summer Flat Korean Retro Beach Shoes Roman Strap Student Shoes , NEW NIKE ROSHE ONE PRINT Womens 7 (5.5Y) Running PINK NIB , Adidas Originals Tubular Doom PK Primeknit Night Marine Navy Men boost S80103 4Mens New Balance Sneakers Classic 574 US Size 13 Wide , black& gray , Air Jordans 1 Men Size 11 All WhiteASICS GEL-Superion Blue - Mens - Size 13 Dadidas Predator Tango 18+ Trainer Soccer Shoes Size 8-13 Black White Gold CM7685 , NEW MENS HOKA CLIFTON 4 RUNNING / TRAINING SHOES - ALL SIZESNike Air Jordan 1 Retro High Carmine Blake Griffin Red Shoes 332550-601 Size 11Supreme NBA Teams Air Force 1 Mid Black Size 11 AF1 Shoes , Wellington Work Boots Men's 10.5 Leather Fabric Lug Bottom Waterproof Steel Toe , DS 2015 VANS SK8 REISSUE ZIP LX LEATHER MEN 6 WMN 7.5 OFF THE WALLNewton Lady Isaac S "Stability" Women's size 10.5 Running Shoes ~139 , NIKE RIVAL S 7 Hyper Jade Pink Sprint Track Spikes NEW Womens Sz 9.5Spring Step Women's Mikki Slip On , Ryn Women & Grandmothers Massai Walking Shoes Sneakers Kara SIZE:8.5 (For Sale) , New ASH Size 8 ALEX BIS Navy Blue Silver Perforated Wedge Sneakers Shoes 39FILA Disruptor II - Black & White - Women's 4-7 *QUEENS* , [bargain] Asics Gel Nimbus 19 Womens Running Shoes (B) (9099) , miss L Fire Elisabetta Ankle Boots red Euo39 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Everybody EZ Moda Anthropologie Boots EZ Women 9 Moda 9 8c6196a -

    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.

    Everybody EZ Moda Anthropologie Boots EZ Women 9 Moda 9 8c6196a -

    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
    Everybody EZ Moda Anthropologie Boots EZ Women 9 Moda 9 8c6196a