Never miss an update

Boulet Women's Leather Western Western Leather Buckaroo Boots 6 Style 5113 Size 6.5 C 6 1/2 5d6df60

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Cowboy, Western
Brand: Boulet US Shoe Size (Women's): US 6.5
Pattern: 5113 Color: Brown
Material: Leather Width: Wide (C, D, W)
Shoe Size: US 8.5/UK 6.5/EU 39
Never miss an update

Boulet Women's Leather Western Western Leather Buckaroo Boots 6 Style 5113 Size 6.5 C 6 1/2 5d6df60 -

    Boulet Women's Leather Western Western Leather Buckaroo Boots 6 Style 5113 Size 6.5 C 6 1/2 5d6df60
    Boulet Women's Leather Western Western Leather Buckaroo Boots 6 Style 5113 Size 6.5 C 6 1/2 5d6df60
    Brand New Nine West Women's Kelela Suede Black Boots Sz 8.5M , Woolrich Women Fashion Elk Creek Mid-calf Moccasin Boot Java NEW , Womens Pointed Toes Suede Side Zippers Chic Block Heels Sexy Ankle Boots Shoes , Softinos Fon 392 Purple Women Zip Casual Ankle Nubuck Leather BootsJUSTIN 4372 BROWN TALL LADIES COWBOY RIDING WESTERN BOOTS 6.5 C RODEO BEAUTIFUL , Hush Puppy Black Suede Claudia Catelyn Boot Bootie New Sz 9.5 , New Vince Camuto Melaya Over The Knee Leather Boots Small Heel Size: 6.5 , SALE DEMONIA Women's 1 1/4" Heel Combat Ankle Boots w/ Double Buckle Strap Cuff , Vintage Laredo Black Leather Roper Boots Western Sz.6 Riding Equestrian Nice!Dr. Martens Women's Shoreditch Cherry Red Canvas 13524603 , Kickers Knee High Beige Distressed Leather Polka Dots Lined Boots Sz 38/ US 8Dolce Vita Gino Tan Leather Zip Wedge Ankle Bootie Women's Size 6.5 M* , J.Crew Gray “Quinn” Suede Ankle Booties womens sz 8.5 04065 $168 , $280 DOLCE VITA LUELA Black Leather Designer COMFORT Knee High Boots 6 , England DR MARTENS M-8 W-9 UK-7 Brown Croc Print Leather 8 Eye Ankle Boot Shoes , Women Knee High Boots Patent Leather High Heels Pointed Toe Zipper Casual ShoesPleaser SEDUCE-3010 Single Soles Hot Pink Patent Sexy Thigh High BootsWomen's Dark Black Rider Boots With Side Zipper (BrownB-003) Size-10 , Minnetonka 2-Layer Fringe Moccasin Calf Boot Women's US 9 Side Zip Style 1688Womens Leather Knee High Boots Wedges High Heels Shoes Pointy Toes Party Boots , black womens pointy toe chain rivet punk front zipper western ankle boots ridingKamik Women's Shelly Rain Boot, Nickle, 8 M US , Vince Camuto Fivvy Black Black Two Tone Calf Leather Buckled Boots 6.5 $198 36.5 , b.o.c Alicudi Taupe Fabric Boot Women's Size 9.5 M , Man's/Woman's boots/bottines felmini 40 Ideal gift for all occasions Skilled manufacturing Reliable reputation , PUMA Women's Enzo Terrain Wn Sneaker - Choose SZ/colorvintage SESTO MEUCCI FLORENCE black and brown croc embossed tall riding boots *Womens Luxury Rhinestones Thicken Fleece Lining Ankle Snow Boots Warm Shoes F564Guess Amburr Mid Calf Lined Boots, Medium Brown, 6 US
    Boulet Women's Leather Western Western Leather Buckaroo Boots 6 Style 5113 Size 6.5 C 6 1/2 5d6df60 ->Boulet Women's Leather Western Western Leather Buckaroo Boots 6 Style 5113 Size 6.5 C 6 1/2 5d6df60 -
    NEW Chinese Laundry Kiara Black Suedette High Heel Womens Boot Size US 9/SAINT LAURENT 39 Women's Black Leather Biker Boots 8.5 , Converse Chuck Taylor All Star II Oxford Sneakers, Menta/Black/White, 7 US / , Ana Lublin Shoes Women Flat shoes Black 82699 moda1 ORIGINALPropet Washable Walker Womens in Black, Bone, White , Ladies Unstructured by Clarks Casual Summer Shoes Un Haven Cove - WLOGO Lori Goldstein Calf Hair Pumps Black 7M NEW A271824Man's/Woman's Pleaser DELIGHT-600SK-01 High quality and low overhead Optimal price The first batch of customers' comprehensive specificationsMANOLO BLAHNIK Black Slingback Heels Sz 37 $600Gentlemen/Ladies New Balance SM4040N1 Women's Softball Cleat New market Brand buy online , Havaianas Women`s Flip Flops Slim Lux Sandal Sand Grey Gold Swarovski Crystals , ADIDAS DURAMO 4 M MENS RUNNING V23364 , Nike Kobe 8 VIII System TB Maroon Silver White SZ 18 (599520-601)New Balance MLAZRMG D Fresh Foam Grey Volt White Men Running Shoes MLAZRMGD , Nike Free RN 2017 Mens 880839-401 Deep Royal Blue White Running Shoes Size 10 , Gentleman/Lady Great deal Free shipping  Boost 3.0 BA8920 black Men's Size 8.5 wholesale Online export store Elegant and solemn , Rockport Men’s Shakespeare Burgundy LTHR Loafers Size 7.5W D1994/ , (AA-10006) "Nunn Bush" Mens Leather Shoes-Loafer, Black 9W, Brand New, Hand Sewn , Mens Shoes Florsheim Como Black Cherry Leather Dressy Slip on comfort 17090-18Nike Women's Downshifter 7 Athletic Shoes Grey/Fresh Mint/White Size 6.5M , Brooks Womens Neuro 2 Blue Running Shoes Size 8 (25298) , nike womens juvenate running trainers 724979 802 sneakers shoesShoes F/s Hi Reebok Beige Women CN3729 , ara Women's Mayfield 48536 GORE-TEX Boot , P448 John Low Top Fashion Sneakers, Multicolor, 5.5 US / 36 EU , $159.99 BCBG BCBGeneration Women Wexler Tall Napa Stretch Boot Shoe, Black, US 8 , Vintage Eddie Bauer Sheepskin Shearling Winter Boots Made in England 9 USTrotters SNOWFLAKES III Womens Cognac Suede Faur Fur Slip Resistant Boots Shoes , Chic Pointy Toe Women's Black Slip On High Heels Stiletto Slingbacks Ankle BootsINC DAZZLERR Women Booties (7.5 M, BLACK STARS) ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Boulet Women's Leather Western Western Leather Buckaroo Boots 6 Style 5113 Size 6.5 C 6 1/2 5d6df60 -

    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.

    Boulet Women's Leather Western Western Leather Buckaroo Boots 6 Style 5113 Size 6.5 C 6 1/2 5d6df60 -

    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
    Boulet Women's Leather Western Western Leather Buckaroo Boots 6 Style 5113 Size 6.5 C 6 1/2 5d6df60