Never miss an update

Women new 494 Shoe High Block High Heel Knee High Boot Boot Multi-Color Pointed Toe Leather Ch aef4bac

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
Country/Region of Manufacture: China
Pattern: Multi-Colored Style: Knee High Boots
Fastening: Pull On Heel Height: High (3 in. and Up)
Occasion: Party Material: Leather
Brand: Unbranded Width: Medium (B, M)
Heel Type: Block
Never miss an update

Women new 494 Shoe High Block High Heel Knee High Boot Boot Multi-Color Pointed Toe Leather Ch aef4bac -

    Women new 494 Shoe High Block High Heel Knee High Boot Boot Multi-Color Pointed Toe Leather Ch aef4bac
    Women new 494 Shoe High Block High Heel Knee High Boot Boot Multi-Color Pointed Toe Leather Ch aef4bac
    Muck Boots Company Women's ARCTIC WEEKEND BLACK-PINK PLAID, Neoprene Rubber , ASH Toxico Black Leather Lug Sole Platform Pull On Ankle Boots 35Naturalizer Women's High Heel Tyla Ankle Boot 7 ½, Brown Was $165 , Cole Haan Violet Air Gray/Taupe Leather HH Tall Boots NEW $548 Size 8FRYE Melissa equestrian riding leather harness boots inside zip women's size 8 MCircle G by Corral Women's Grey Suede Braided Fringe Booties P5129Hunter Women Rain Boot Original Tall Wellington Half Matte Half Glossy Sz 10 NewWomen Runway Pointy Toe Party Dance Knee Boot Side Zip Stiletto High Heel ShoesNoble Outfitters MUDS Cold Front Womens Boots 7.5 , FRYE Steffie Harness Black Leather Boots Size 8.5 ix , Tory Burch Brita Black Leather High Heel Bootie Boots 6.5 MTopshop Premium Womens Black Leather Ankle Boots 36Sexy womens Pointy toe over the knee high Boots slim high heels party shoes Size , NEW Free People Sloane Ankle boot size 9 MSRP: $148 SuedeKenneth Cole Black Label Women Sheera LE Fringe Ankle Boot Shoe, Black, US 9 , Womens Ankle Boots Stretch Black With Pink Bow and Heel Fall Winter 2018 7.5New in Box Ariat Womens Round-Up Wide Square Toe 11" Boots Wicker/Hot PinkLa Redoute Collections Womens High Heeled Leather Ankle Boots , WOMENS SIZE 11W BROWN LEATHER BOOTS BY DAVID TATE **NEW IN BOX** BEAUTIFUL!!!#Brand New SaleDonald J Pliner Women's Quinto Over-the-Knee Black Leather Boot , Womens Dual Leather Ankle Boots With Stud Detail , Man's/Woman's Durango Knee High Leather Boots Adequate supply and timely delivery Let our goods go to the world Popular tide shoesCAMPER SHOES LILA ANKLE BOOTS BLACK LEATHER BOOTIES 37 46792-001NWOB Lauren By Ralph Lauren McLeod Riding Boot, size 8.5US, color Brown, SuedeEnzo Angiolini SZ 7.5 US Ellerby Distressed Riding Knee Tall Boots Charcoal New , Nine West Shiryl Tall Slouch Pull On Boots, Black Suede , NEW JUICY COUTURE Ollie leopard Print Women Fashion Boots Ankle shoes , Cole Haan Air Oleanna Riding Boot Dark Woodbury Size 8 , Calvin Klein Women's Carney Over The Knee Boot ,
    Women new 494 Shoe High Block High Heel Knee High Boot Boot Multi-Color Pointed Toe Leather Ch aef4bac ->Women new 494 Shoe High Block High Heel Knee High Boot Boot Multi-Color Pointed Toe Leather Ch aef4bac -
    MENS CLARKS WALLABEE Black Leather Shoes Work Casual Comfortable Shoes BootsGentleman/Lady Womens New Balance Zante Fresh Foam for you to choose Selected materials Amoy , NEW SLATTERS KESTREL MENS COMFORTABLE LEATHER SLIDE SANDALSMr/Ms Chloè Leather Suede Western Boots Louis, elaborate a good reputation in the world Superb craftsmanshipLADIES SHOES/FOOTWEAR - Cabello Jodie ankle boot tanVeronique Branquihno VB28040 05020 Light Beige Loafer Size US 7.5 M , Puma Safety 642855 Velocity Womens Black Low Steel Toe SD Oxford Work ShoesThalia Sodi Womens Flor Peep Toe T-Strap Platform Pumps Champagne Size 11.0$1299 Dsquared Shoes Blue Real Leather Size US 10 IT 40 Save 8295NEW La Plume Beige Nubuk Women's Sandals shoes , Womens Merrell M-Connect Trail shoe Sport Oxford Sz. 9.5 New Womens shoes , $398 NEW BX Stuart Weitzman Naked Tinsel Silk Sandals US 7.5 High 3" Heels ShoesGentleman/Lady REEBOK ROYAL CLASSICS Best-selling worldwide Make full use of materials a wide variety of goods , HOKA ONE ONE GAVIOTA BLACK CARIBBEAN SEA SPORTS RUNNING SHOES SIZE US 10.5 MENS , ACRONYM x NIKE AIR FORCE 1 DOWNTOWN HIGH SP Black Olive size 9 649941-003 , Laredo Men's Harding Grey Waxy Leather Boots 68457 , Danner Men's Outdoor Danner Light II 6" Leather Boots Brown 33000Sanuk Shoes Mens Vagabond Tripper Denim 7 M Charcoal Plaid 1017923 , Men's Florsheim Style 18371 Brown Woven Leather Tasseled Loafers US 12 DMen's Dansko Professional Clogs Black Oiled LeatherSperry Top-Sider Men's Hamilton Ii Venetian Slip-on Loafer - Choose SZ/Color , Allen Edmonds Men's Shoes "Sedona" Penny Loafers Natural 9 D (126) , Frye 80025 FRYE Mens Aiden Penny D US- Choose SZ/Color.Man/Woman VINCE Verrell Backless Fashion Sneakers, Off-White Practical and economical High-quality materials Excellent functionWomen BW1293 Adidas marathon 10 Running shoes black sneakers , HOKA ONE ONE BONDI WHITE LEATHER RUNNING SHOES, WOMEN 10.5/ /3 ~ NEWNew Women's NikeLab Nike Air Max 90 Pinnacle Light Bone Sail Size 6 839612 001Nike Air Huarache Run Womens AT5700-300 Olive Rose Gold Running Shoes Size 7NIKE WOMEN'S AIR MAX 97 SE SZ: WMNS 5.5 (AQ4137 101)Knee High Boots TOMMY HILFIGER Midnight 403 SIZE 39 / US 8.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women new 494 Shoe High Block High Heel Knee High Boot Boot Multi-Color Pointed Toe Leather Ch aef4bac -

    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.

    Women new 494 Shoe High Block High Heel Knee High Boot Boot Multi-Color Pointed Toe Leather Ch aef4bac -

    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
    Women new 494 Shoe High Block High Heel Knee High Boot Boot Multi-Color Pointed Toe Leather Ch aef4bac