Never miss an update

INC NEW 5.5 M Tracy Black boots zip up Buckle Black 29662 detail boots heel 6550533

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: INC
Color: Black Style: Boots
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 5.5
Material: Man made Width: Medium (B, M)
UPC: Does not apply
Never miss an update

INC NEW 5.5 M Tracy Black boots zip up Buckle Black 29662 detail boots heel 6550533 -

    INC NEW 5.5 M Tracy Black boots zip up Buckle Black 29662 detail boots heel 6550533
    INC NEW 5.5 M Tracy Black boots zip up Buckle Black 29662 detail boots heel 6550533
    Naughty Monkey Women's Seleni Ankle Boot, Grey, 6 M US , NWOT. LK BENNETT TAN FLAT SUEDE LEATHER/SHEARLING BOOTS SZ 9 MTUK Anarchic Combat Boot, Boots mixte adulte - Vert , 39 EU , FLY LONDO BOOTS LOW CUIR BROWN NVES BTE PTURE 41 , US Shoe Size Women Mid Calf Riding Combat Boots Comfort Casual Fashion Dress NewNEW TONY LAMA WOMEN'S VINTAGE 5282 BROWN LEATHER COWBOY WESTERN BOOTS 5 1/2 B , XOXO Women's Masterson Fashion Boot - Choose SZ/Color , French Connection Women's Cat Rain Shoe, Aluminum/Celestrial Blue, 36 EU/6 M USRose Petals Women's Size 7 Wide Tristan Black Leather EW Calf Boots ZU-583 , 511 TIN- Sequin Knee High Boots Ellie Shoes Halloween Costume Gold or Silver , Man's/Woman's Women's Cougar Shoes Gander BOOTS Online Shopping Beautiful appearance International big name , New Women's Skechers Reggae Fest-Steady Black Booties Memory Foam Size 6.5 $65 , Charles by Charles David Women's Gunter Fashion Boot, Black B, 8 Medium US , DINGO DI7455 HYPNOTIC FASHION FRINGED ANKLE BOOTS WITH FRINGE COWGIRL SIZE 7M , Marc Fisher Incept-WC Leather/Stretch Wide Calf Tall Boots Womens 10 W Dk Brown~Nine West Women's Markeson Bootie,Grey,11 M USFly London Dai460, Desert Boots Femme, Noir (Black 000), 36 , Icebug Womens Ivalo Red Suede Winter Boots Shoes 10.5 Medium (B,M) BHFO 1218 , New Women's Skechers Reggae Fest-Steady Black Booties Memory Foam Size 7.5 $65 , COLE HAAN ~BRAZIL~ BLACK LEATHER MARIELA AIR CHUKKA BOOTIES~ 7-1/2 BWomens Trotters Signature Posh Shoes Brown Leather Tall Boots Sz 10.5 M NEW $275 , Frye Womens Boots - Melissa Button Classic - Black - 7.5 M - NIB - See DetailsKamik Womens Tracy Closed Toe Mid-Calf Cold Weather Boots , DOC MARTENS Purple Patent Leather Delaney 8 eye boots size 5 Women's USCircus By Sam Edelman Peyton Womens SZ 9 Dark Gray Knee High Boots Shoes ZV-1319Jessica Simpson Women's Tandra Ankle Bootie Canela Brown,9New Women's Skechers Reggae Fest-Steady Black Booties Memory Foam Size 7 $65Women's BORN Burgundy Parchment Leather Side Zip Field Boots Sz 7M MINTY!Clarks Orinocco Jive, Boots femme - Marron , 39.5 EU (D) (US8.5 M) -
    INC NEW 5.5 M Tracy Black boots zip up Buckle Black 29662 detail boots heel 6550533 ->INC NEW 5.5 M Tracy Black boots zip up Buckle Black 29662 detail boots heel 6550533 -
    Mr/Ms adidas stan smith hi x neighbourhood x undefeated Special price comfortability Perfect processing , New Orizonte Juliette Womens European Comfort Mary Jane Leather Flat Shoes , Jeffrey Campbell Topher Heeled Oxfords, Black, Size 7.5Skechers BOBS from Women's Pureflex 2-Knockoutz Flat - Choose SZ/Color , Sperry Top_Sider Bahama Cognac Sequins Boat Shoes Women's Shoes Size 8.5 new , Bandolino Women's Armory Heeled Sandal Black 010 7.5 M USNew Balance Women's 806v1 Work Training Shoe, Black, Size 8.5 2zeONike Flex 2017 RN Men's sneakers - 3 colors to choose 898457 , West Coast Choppers Warrior High Tops Shoes Shoes Trainers Size 36 up to 47 NEWMen's/Women's Jordan Flight Origin 3 BG Crazy price, Birmingham Elegant style Highly appreciated and widely trusted in and out , NEW Nike Air Force 1 Premium 07 White Army Olive Green 315180 211 Mr. BaltimorePropet Connelly Strap - Black - MensADIDAS D ROSE 773 III MENS BASKETBALL SHOES GREY BLACK SCARLET D68988 , NEW adidas Predator LZ - Black Cleats (Men's Multiple Sizes)Air Jordan 13 Retro Barons - CHOOSE SIZE - 414571-115 Hologram Black Grey XIII , DS NIKE AIR FOAMPOSITE PRO sz 9 624041 300 ELECTRIC GREEN GALAXY PARANORMAN DBGeorgia GR530 5" Giant Romeo Waterproof Steel Toe EH Rated Slip On Chelsea Boots , Men's Dr. Martens Composite Safety Toe Black Work Boots Size 13 M AW140Authentic BALENCIAGA Speed mid-top sneakers 6112 BURGUNDY SIZE US 10,Mens 8.5 M Cole Haan Air Santa Barbara Penny Loafers Shoes Brown Leather Slip-OnMen's Genuine Leather Cowhide Western Rodeo Cowboy Boots Style CARR-TOROStacy Adams Slip On Loafers Tassels Size 8 Medium Black Excellent Cond. SAdidas Y-3 ADILETTE Sandals Slippers Slides Flip-Flops AC7526 blueVintage Hanover LB Sheppard Brown Genuine Calfskin Wingtips Sz 7 1/2 D NIBASICS Noosa FF (T772N-3906) Womens Running Shoes Aquarium / Flash Coral Size 6Nike Wmns Free TR 6 VI Black Metallic Red Bronze Women Training Shoes 833413-005 , Men's/Women's Drew Women's Lizzy Guarantee quality and quantity real King of the crowd , Reebok Women BS9529 CLUB C 85 EMBOSS Casual shoes black Sneakers , ASICS Gel Kayano 23 Running Shoes Multi-Color Women's Size 6 (Narrow)Jessica Simpson Women's Baiden Riding Boot Slater Taupe 8 B(M) US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    INC NEW 5.5 M Tracy Black boots zip up Buckle Black 29662 detail boots heel 6550533 -

    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.

    INC NEW 5.5 M Tracy Black boots zip up Buckle Black 29662 detail boots heel 6550533 -

    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
    INC NEW 5.5 M Tracy Black boots zip up Buckle Black 29662 detail boots heel 6550533