Never miss an update

Gentle Souls Souls New Penny Black New Boots Womens Shoes Size 8 M Boots MSRP $249 4bcbc3c

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
Brand: Gentle Souls
Color: black Style: Penny
Heel Height: Flat (0 to 1/2 in.) Model: Penny
Material: Leather MPN: Does Not Apply
US Shoe Size (Women's): 8 Width: Medium (B, M)
Calf Width: Normal UPC: 888452766534
Never miss an update

Gentle Souls Souls New Penny Black New Boots Womens Shoes Size 8 M Boots MSRP $249 4bcbc3c -

    Gentle Souls Souls New Penny Black New Boots Womens Shoes Size 8 M Boots MSRP $249 4bcbc3c
    Gentle Souls Souls New Penny Black New Boots Womens Shoes Size 8 M Boots MSRP $249 4bcbc3c
    Pleaser Women's Flamingo-1018hg Ankle Boot - Choose SZ/Color , Cole Haan Arlean Mid-Calf Fashion Boots, Black Suede, 11 USSize 11 M By Frye 'Jackie Button' Dark Blue/Black Riding Boots Sharp!Dr. Martens Women`s Jadon Aggy Style BLACK Smooth Size US 9 Size 8 Men , NEW!! NIB! Gorgeous!! Aquatalia Camel Suede Ankle Booties Boots sz 10 $550Burberry Mid Buckle Black Rain Boots with BoxSteve Madden Crushing Knee High Slouch Boots Sz 8.5 Rhinestones Crystals NEWRag & Bone women US 8 moto brown leather ankle Motorcycle boots , Lowa Melrose GTX Mid Anthracite Ice Blue Winter Snow Boot Womens Size 7.5 , DANSKO Black Leather Wedge Heel Romy Strap Booties Comfort Shoes 7 US / 37 EU , New Danner Lifestyle Women's Jag Distressed Leather Boots Brown 37359 sz8.5 mBURBERRY BLACK PATENT 'TRENCH' ANKLE BOOTES IN GREAT PRE-OWNED CONDITIONFIORENTINI + BAKER Boots Eli Eternity Black ankle size 35.5 (6.5 US) ItalyDOC DR. MARTENS WHITE TOPOS HAIR-ON CHEETAH LEOPARD ANIMAL BOOTS RARE UNISEX 6UKDR MARTENS Amilita Aunt Sally Black 9-Eye Toe Cap Boots Shoes US 8 M NWOBLucchese Cassidy Tan Mad Dog Leather Boots Cowboy Size 6.5 Women’sThe North Face Women's Bridgeton Tall Winter BootsBottes femme Noir JB Martin Signature Taille 37 FR/ 6 US , New Kork-Ease Levin Knee High Boots Black Wood Women Size 9 $305 SOLD OUT! , Man/Woman Frye Samantha Tall Suede Boot, 6 durability Elegant style Human borderVintage 1960’s Red Leather Boots Women’s Gogo Knee High Platform Boots 6 RetroNew COLE HAAN Women Leather Red Waterproof Rain Ankle Pull On Flat Boot Sz 6 M , AQUATALIA Black Solid Stretch Nappa Suede Knee Length Rhumba Boots Size 9 B4286 , Free People Dorado Ankle Boot Size 9 MSRP: $278 New Leather Women , Frye melissa button Fatgue oiled suede boots women's size 7 b Retail 368.00Dr Martens Air Wair Triumph Grey Leather Plaid Lined Fold Over Boots Womens 8 , Frye Cara Roper Mid Women's Leather Western Riding Bootssz 5 M NEW TORY BURCH tall boots DARBY dark brown leather/ stretch back panel , Columbia Women's Bugaboot Plus III XTM OH Winter Boot - Choose SZ/Color
    Gentle Souls Souls New Penny Black New Boots Womens Shoes Size 8 M Boots MSRP $249 4bcbc3c ->Gentle Souls Souls New Penny Black New Boots Womens Shoes Size 8 M Boots MSRP $249 4bcbc3c -
    naturalizer Rozene Knee-High Comfort Boots, Banana Nread Leather, 4 US / 34 EU , Asics Tiger Gel-Lyte Komachi Triple White Men Running Shoes Sneakers H858N-0101 , Nike Zoom Train Complete Triple Black Men Cross Training Shoe Sneaker 882119-003New Vivobarefoot Kanna Womens Mesh Olive Minimalist Vegan Casual ShoeVagabond Womens Cintia Low-Top Sneakers Gold Size 3 UKNIB COLE HAAN Size 8 Women's Nude 100% Leather ELSIE BOW Skimmer Loafer , New Arrival, FINN Comfort Womens 6 1/2 US (4 UK)' ESTORII' BLACK ,P-W-75 , Betsey Johnson Blair Dot Black Gold Glitter Red Heart Sneakers Size 6.0 ShoesTory Burch Blue Glitter & Silver-Tone Leather Round Toe Ruched Flats Size 9.5MGentlemen/Ladies New Balance Women's WL696 Classics Sneaker Guarantee quality and quantity Comfortable touch buy onlineWomen's Chinese Laundry Danika Bootie Taupe Size 9 #NK4D3-655 , CLARKS Womens Rosalyn Olivia Closed Toe Classic Pumps , Rhinestone Bowknot High Platform Wedge Heel Real Leather Sneakers Shoes Womens , PLEASER Adore-701RBS 7" Heel Sexy Exotic Platform Slide , Adidas X PLR Black White For Men Size 8 to 12 New In Box CQ2405 100% OriginalNIKE AIR PRESTO ESSENTIAL SHOE WOLF GREY/WOLF GREY 848187-010 Size 13Nike SB Zoom Dunk High Elite New Mens Size Shoes White College Blue 918287 147Men's Brand New Nike Air Max Zero Essential Athletic Era Sneakers [876070 600] , Saucony Men's Freedom ISO Running Shoe, Blue/Black/Citron, 9 M US , Nike LEBRON SOLDIER XII SFG AO4054-001 BLACK/HAZEL RUSH sz 9 , Men's/Women's Merrell Men'S Trail Glove 4 Runner Fine processing Fine art Pick up at the boutiqueMan's/Woman's air jordan 16 low Fashion pattern comfortability fine , Wolverine Mens Oxford Shoes Luke Tan Leather W40298adidas Men's Football Predator Tango 18.3 TR Shoes, Black, Size 12.0 , Skechers Men's D'Lites Oxford - Choose SZ/Color , Asics GT 1000 5 Athletic Shoes - Women's Size 9.5, Grey/Purple/Teal , NIKE WOMENS AIR HUARACHE LIGHT PRM TRAINING SHOES $120.00ASICS GEL-Quantum 360 Knit - White - WomensWOMEN VISVIM G.KIEFER HI 2-TONE RED SAND BEIGE CREAM FBT MOC G00000010-03 7Nike Air Max 270 Womens AH6789-801 Guava Ice Wheat Pink Running Shoes Size 10
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentle Souls Souls New Penny Black New Boots Womens Shoes Size 8 M Boots MSRP $249 4bcbc3c -

    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.

    Gentle Souls Souls New Penny Black New Boots Womens Shoes Size 8 M Boots MSRP $249 4bcbc3c -

    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
    Gentle Souls Souls New Penny Black New Boots Womens Shoes Size 8 M Boots MSRP $249 4bcbc3c