Never miss an update

Corral A1094 Distressed Brown Brown with Bone Embroidery Boots Boots A1094 177d6b2

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Modified Item: No
Country of Manufacture: Mexico Country/Region of Manufacture: Mexico
Details: Embroidered Style: Cowboy, Western
Color: Brown Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Brand: Corral Boots Material: Leather
Toe Type: Snip toe Pattern: Solid
Never miss an update

Corral A1094 Distressed Brown Brown with Bone Embroidery Boots Boots A1094 177d6b2 -

    Corral A1094 Distressed Brown Brown with Bone Embroidery Boots Boots A1094 177d6b2
    Corral A1094 Distressed Brown Brown with Bone Embroidery Boots Boots A1094 177d6b2
    TORY BURCH ANJELICA BOOT FUR TRIM DARK KNOT Split Suede BEIGE SIZE 9 NEW IN BOX!Dolce & Gabbana Cin/Blk Suede/Rubber Over Knee Boots/Shoes Sz 39/9FRYE SHOES VERONICA SHORTIE BOOTS BRUSH OFF DARK BROWN LEATHER NEW 77511 8Corral Ladies Snip Toe Brown Bronze Chunky Collar & Harness Western Boot E1017 , Dan Post DP3695 Livie Pull On 6" Tan & Turquoise Snip Toe Cowgirl Ankle Boots$578 New in Box Frye Mara Button Genuine Shearling Boot. Size 8.New Ralph Lauren Collection Brown Leather High Heel Cohira Boots Shoes sz 38.5 B , Chloe "Nero" Black Leather Knee High Boots SZ 38.5 , Gentlemen/Ladies Drew Women's Glacier Boots Brown Nubuck Comfortable feeling Ranked first in its class negotiationGianvito Rossi Black Leather Peep Toe Ankle Booties SZ 40 , ARA WOMEN'S GABY WATERPROOF, GORE-TEX ANKLE BOOTIE ZIPPER , Tory Burch Amanda Tall Flat Riding Boots BLACK Leather SZ 6.5Women's brand new white J.B Dillion cowboy boots, size 7 , Helle Comfort Women's Laia Ankle Boot , Macie Bean Square Toe Lily-Ana Floral Chocolate Glitterific Cowboy Boots NIB 9.5FRYE Carmen Harness Short Tan Leather Boots Women's Size 7.5 Hardly WoreCorral Women's Wine Studded Overlay Square Toe Western Boots E1271Stuart Weitzman Women's Loverain Faux Fur Studs Rain Boots Black 10.5 NEW IN BOX , RARE! JCREW Women's 7 Brown Suede Washington Boots NOT IN STOREBCBGMAXAZRIA LIGHT GREY LEDDER CAGED LEATHER ANKLE HIGH HEEL BOOTIE 8.5M $395 , Corral Women's Side Wing And Cross Fashion Square Toe Boots A2645 , FRYE SACHA MOTO SHOOTIE US 7 Woman's Ankle Bootie , Mr/Ms Ralph Lauren Morissey Booties size 6 feature Fast delivery Full range of specificationsNew RAG & BONE Size 10 DREA Blue Channel Suede Chelsea Ankle Boots 41 , Manolo Blahnik Black Suede Leather Double Buckle Ankle Boots Size 41 11Corral Ladies Chocolate-Tan Lamb Abstract Short Top Boot C1064 , Rag & Bone Newbury Suede Bootie Boot Gray 7.5Fiorenti + Baker Ankle Boot Women's 38.5 38 1/2 Dark Gray Suede Exposed Zipper , Ralph Lauren Collection Purple Label Silvana Leather Sneaker Ankle Boots
    Corral A1094 Distressed Brown Brown with Bone Embroidery Boots Boots A1094 177d6b2 ->Corral A1094 Distressed Brown Brown with Bone Embroidery Boots Boots A1094 177d6b2 -
    NEW Stuart Weitzman Alljill Suede Stretch Over The Knee Boots, Black 6.5M $765 , Softinos Shoes Ion Womens Black Blue Red Leather Slip On Ballet Flats Size 4-8 , Gentlemen/Ladies GOGO-300WC White Patent Elegant appearance Cheaper than the price valueJCrew $218 Tortoise Heels in Suede Sz 7 Tawny Sand G4482 Light Beige Shoes AVLVivienne Westwood Anglomania Melissa Three Straps Elevated Blue US 5Arnaldo Toscani Shoes Women Pumps & Heels White 88250 BDT TRENDY , Tory Burch Andrea Wedge Suede Rabbit Fur Boots booties Women's Shoes Size 5 , New Balance 574 Fresh Foam Grey White MS574BG Mens Size 8.5Puma RED Ferrari Size 13 Men's Athletic Sneaker Eur 47 UK12. Great Gift St2Nike Roshe One Mens 511881-606 Port Wine Black Mesh Running Shoes Size 9.5 , REEBOK INSTAPUMP FURY OG MEN'S SHOES Sz 10 V65750 BLACK - WHITE SLIP ON , USED MENS NIKE AIR JORDAN XI 11 RETRO 136046 142 WHITE COLUMBIA BL 2000 ED SZ 12Klogs Springfield Closed Back Unisex Clogs - Usa Made Black - 7 Medium , British Mens Retro Pull On High Top Casual Ankle boots Oxfords Flats Shoes A46Mens Round Toe Fashion Sneakers Flats Shoes Floral embroidery Breathable Loafers , men's black Kenneth Cole Reaction Wing Tip oxfords Size 11VANGELO/TUX-1 Dress Tuxedo For Wedding Prom Wrinkle Free Gray Patent Size 8.5M , Hogan Shoes Sneaker Sz. 6,5 Italy Man Brown HXM2540Y820-HK11117 PUT OFFER , Nike Women's Flex Contact Running Shoes Bordeaux/Tea Berry/Pink Nebula 8.5Converse Chuck Taylor All Star Black White Lo Unisex Leather TrainersGentleman/Lady Prada Green Suede Sneakers Sz 39 Reliable quality Lush design Most practicalLife Stride Women's Aliza Ballet Flat Black PU FlatsWomen's Nike Zoom Cage 3 HC Preowned Tennis Shoe Size 7 , Nike Women's City Loop Women's Sneakers Size 10 Style AA1097 100ASICS Women's Gel-Solution Speed 3 Tennis Shoe , Adidas Originals Eqt Support Adv - Women's BB2326 TURBO Womens Size 6.5Lucky Brand Wesson Bootie Xxl Light GreyNew Women Pointy Toe Pull On Over The Knee Boots Winter High Heels Thigh Shoes , $210 BORN Black Leather Military Style Boots Size 6.5 M Women's Harness EX COND!INC International Concepts Womens Fedee Leather Closed Toe, Black, Size 10.0 XJY
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Corral A1094 Distressed Brown Brown with Bone Embroidery Boots Boots A1094 177d6b2 -

    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.

    Corral A1094 Distressed Brown Brown with Bone Embroidery Boots Boots A1094 177d6b2 -

    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
    Corral A1094 Distressed Brown Brown with Bone Embroidery Boots Boots A1094 177d6b2