Never miss an update

NEW Boot London Trash Winona Winona Leather Thigh Thigh High Platform Boot Heel Size 6.5 5be01ff

Item specifics

New with defects: A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour ... Read moreabout the condition
Style: Over Knee Boots
Fastening: Zip/lace/buckle Heel Height: High (3 in. and Up)
Color: Black US Shoe Size (Women's): US 6.5
Occasion: Casual Material: Leather
Brand: London Trash Width: Medium (B, M)
Heel Type: Stiletto Pattern: Solid
UPC: Does not apply
Never miss an update

NEW Boot London Trash Winona Winona Leather Thigh Thigh High Platform Boot Heel Size 6.5 5be01ff -

    NEW Boot London Trash Winona Winona Leather Thigh Thigh High Platform Boot Heel Size 6.5 5be01ff
    NEW Boot London Trash Winona Winona Leather Thigh Thigh High Platform Boot Heel Size 6.5 5be01ff
    NEW! INC Posh Black Leather Knee-High Boots Size 10 ~ Retail $198.00 , Dr Martens Pascal Orchid Purple 8 eye Womens Leather Boots , Frye Melissa Riding Boots 10 Tall Black Leather Buckle Pull On Western 75446 , CIRCLE G by CORRAL Black Cherry Ostrich Leather Cowboy Boots Womens Size 7.5 EENIB ANTHROPOLOGIE HIGH FIELD BOOTIES by GUILHERMINA 37 / 6.5 , Dr. Martens Women Nellie Pull On Wellington Rain Boot Black ALL SIZES!!!Miz Mooz NYC Black Leather Seymour Strap Detial Ankle Boots 39 8.5 - 9 NEWDonald J Pliner Priscila Tall Boot Black Crepe 8.5 NEW 576-648 , Womens Black Boots Camper Kobo Chelsea Bootie K400214 NEWCamper Peu Cami 20848 Grey Sea Blue Womens Leather Shoes , NEW $585 RALPH LAUREN POLO Cognac LALENA Oiled Calf Leather Tall Riding Boots 7B , Pleaser Women's Swing-815 Knee-High Boot,Black Patent,10 M USMen/Women WOMEN'S SHOES SNEAKERS HUNTER [WFT1000RGL BLACK] Various goods Affordable Clearance sale , Stuart Weitzman Black Leather Women's Platform High Heels Ankle Boots 10 MCole Haan Womens Brown Leather Knee Boots 9.5 B , Jeffrey Campbell Last Ibiza Knee Brown Leather Heel Boots US Size 9 M Shoes , Rare Hunter Earlham Brown Wedge Heel Fur Trim Rubber Rain Boots US 7Dolce Vita Womens Inara Over The Knee Dress Boot Shoe , NIB sz 38 EU (8 US) Penelope Chilvers for J Crew navy calf hair jungle bootsNew $348 Frye Natalie Short Engineer Lug Biker Boot 8.5 black washed vintage , LESILLA Black Suede Butterfly Studded Boots Size 37Jean-Michel Cazabat Boots Black Leather Venettia Suede Wedge /2 9 1/2 New , Indie Spirit By Corral Women's Distressed Boot Size 10 CB028Authentic Roberto Cavalli woman brown suede boots sandals shoes 36 Made in Italy , FREE PEOPLE WOMAN'S SIZE EURO 38 - USA 7 1/2 - 8 TAUPE RAW DISTRESSED ANKLE BOOT8100 Melrose Eyelet Side Zip Ankle BootCole Haan Pony Hair Animal Print Boots , Authentic YVES SAINT LAURENT Leather & Suede Long Boots Size36.5 US6.5 , Macie Bean Women's Fiesta Chiquita Cowgirl Boot - Round Toe - M5205 ,
    NEW Boot London Trash Winona Winona Leather Thigh Thigh High Platform Boot Heel Size 6.5 5be01ff ->NEW Boot London Trash Winona Winona Leather Thigh Thigh High Platform Boot Heel Size 6.5 5be01ff -
    NIB $198 Cole Haan Davenport Booties - Brown - size 6Asics Onitsuka Tiger Mexico Mid Runner FRINGE Boots black rose pink womens shoes , New! Paul Green Diandra Brown Leather Western Women's Ankle Boots SZ 7B , Nike Air Jordan Retro 10 NYC New York City Black Gold US11 UK10 , Mizuno Womens Wave Bolt 7 Low-Top Sneakers, Multicolour WhiteBlackPinkglo 00Vince Camuto Bedina2 Wide Calf Riding Boots, Western Brown, 8 US , Marco Tozzi Side Zip Studded Shoe Tongue Womens Black Synthetic BootsBrown Birkis 36 35 230 L5 Narrow Foot Fast ShipVINCE CAMUTO Womens PARISSA Gold Ballet Flats Size 6M (886216511925) , Pleaser 8" pink UV flame platform stripper shoes , *New* Sam Edelman Lorissa Citrine Yellow Studded Peep Toe Heels size 8.5New Manolo Blahnik BB 115 Green Patent Shoes Pumps 38.5 40.5 RARE HEELS Heightnew BIRKENSTOCK oiled Leather Sandals ARIZONA Urban EXQ Black EU38 US7 UK5 Narr. , Men's/Women's CONVERSE Shoes 680666 BlackxMulticolor 24.5cm Excellent craft Skilled manufacturing Different styles , PUMA 18964101 Mens Ignite Limitless Snow Splatter Cross-Trainer Shoe , Asics Tiger GEL-Kayano Trainer [HL7C1-9086] Men Casual Shoes Black/Camo US 10.0 , Mens Brand Name Trail Grinder Low Boots, Size 13 , FOG FEAR OF GOD VANS SK8-HI 38 REISSUE BIRCH PACSUN MILITARY BOOT YEEZY 12 , Polo Ralph Lauren Navy Suede Vaughn Sport Sneaker Shoes Mens Sz 11John Varvatos Size 11.5 M Loafer Slip On Mens Shoes , NIB. VERSACE COLLECTION Brown Suede Fashion Sneakers Shoes 9 US 42 EU $495New Florsheim FLS Black Leather Slip On Dress Shoes Men's 9 EEE 3E MSRP $115Vintage DPSC THURMONT Black Leather Military Dress Oxford Mens Sz size 12 R. , SOHO NY BEIGE LEATHER JOG SNEAKERS SIZE 10 NEW WITH BOX !!!New Balance Women's VONGOV2 , Black/Sea Spray, 9 B USWomen's Nike Juvenate Low Running Sneakers size 9.5Nike WMNS Air Huarache Run Ultra Breeze women lifestyle sneakers NEW 833292-401 , Stuart Weitzman Women's Sundry Suede Braided Wedge Sandal Naked Suede Heels , Stuart Weitzman Camel Leather Cut Out Mid Calf Scrunchy 3" High Heel Boots 8 M , Auth FRYE MELISSA Cognac brown Leather Pull-on Equestrian RIDING BOOTS-8.5 B
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Boot London Trash Winona Winona Leather Thigh Thigh High Platform Boot Heel Size 6.5 5be01ff -

    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.

    NEW Boot London Trash Winona Winona Leather Thigh Thigh High Platform Boot Heel Size 6.5 5be01ff -

    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
    NEW Boot London Trash Winona Winona Leather Thigh Thigh High Platform Boot Heel Size 6.5 5be01ff