Never miss an update

French Connection - Women's Claudia 12672 Connection Ankle Bootie - Choose SZ/Color e0f4fed

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: French Connection
Style: Ankle & Bootie Manufacturer: French Connection
Size Type: Regular MPN: Claudia
US Shoe Size (Women's): Multiple Variations Model: Claudia
Never miss an update

French Connection - Women's Claudia 12672 Connection Ankle Bootie - Choose SZ/Color e0f4fed -

    French Connection - Women's Claudia 12672 Connection Ankle Bootie - Choose SZ/Color e0f4fed
    French Connection - Women's Claudia 12672 Connection Ankle Bootie - Choose SZ/Color e0f4fed
    Chinese Laundry Women's Brinna Over The Knee Boot Black Suede 8 M USThe Original MuckBoots Adult Chore Mid Rain Boot - Choose SZ/Color , Reaction Kenneth Cole Lead Star Womens Boots (10, Black)Carlos by Santana Women's Miles Ankle Boot - Choose SZ/Color , Dolce Vita Women's Jorden Over The Knee Boot Black Stella Suede 8 M USMinnetonka Women's Layer Fringe Boot Brown 8 M USNorth Face Bridgeton Bootie Zip Womens A32Y9-YXQ Tagumi Brown Boots Size 7.5Jack Rogers Chloe Womens Rain Boot- Choose SZ/Color.Laredo Women's Bridget Western Boot, Tan, 9 M US , Cougar Creek Women's Boot Navy/Tan 7 M US , Aerosoles Women's Tavern Ankle Boot Black Fabric 7 W US , Rose Petals Women's Tristan-Ww Riding Boot Black 7 M US , Bogs Women's Amanda 4-Eye Solid Rain Boot - Choose SZ/Color , Aerosoles Women's Vitality Boot Black 8 B(M) USMuck Boot Hale Multi-Season Women'S Rubber Boot , Original Car Shoe Womens Brown Leather Gold Buckle Tall Boots Size 39/9 ~RTL$785Franco Sarto Kerri Women Round Toe Suede Gray Knee High Boot Black 8 M USOriginal Car Shoe Womens Brown Leather Suede Knee High Boots sz 6.5 ret $695 NIBSperry Womens Saltwater Canvas Duck Rose/Oat Boot - 8.5 MEasy Spirit Women's Collington Boot Dark Taupe/Dark Taupe Suede 8 M US , Nine West 25021969 Womens Vain Suede Boot- Choose SZ/Color.Nine West Women's Acesso Suede Ankle Bootie Black 7 M USRoper Women's Dusty Riding Boot Brown 8 M US , New Original Car Shoe Women's Brown Leather Suede Knee High Boots sz 9 RTL$695Aerosoles Women's Push Limits Boot Black Leather 7 M US , Pedro Garcia Kesia Black Suede Women's Knee High Flats Boots Size US 8 MGentlemen/Ladies NEW MOSCHINO WOMENS LOVE MOSCHINO BOOTS the most convenient Various types and styles Good qualityEileen Fisher Women's Cinch-Sd Boot, Black, 10 M US , Bernardo Women's Heidi Fashion Boot Blush Nubuck 8 M US ,
    French Connection - Women's Claudia 12672 Connection Ankle Bootie - Choose SZ/Color e0f4fed ->French Connection - Women's Claudia 12672 Connection Ankle Bootie - Choose SZ/Color e0f4fed -
    Womens FRYE Western Cowboy Ankle Boots Size 6.5b Leather Brown 77815 BILLY SHORTBrand New Genuine JORDAN Air Jordan Retro 14 Shoes White AUS Stock , Miss Sixty Zaira Silver Trainers Shoe Shoes Size 37Men/Women Vanishing Elephant T Bar sandals Beautiful color Optimal price Authentic guaranteeWOMENS HUSH PUPPIES WINSTON LADIES BLACK NAVY CASUAL WORK DRESS FLATS SHOES , GUESS Katrines 3 Sandal WOMEN HEELSValentino Rockstud Blue Pointed Toe Ballerina Flats Size IT39/US9 ~Retail $850Salvatore Ferragamo Boutique Cream/Black Leather Pumps Shoes Size 8Cwomen Cross Strap Backless pointy toe bandage mid strange heel slip on shoesROBERT CLERGERIE Classic Black Suede Pumps Size 10 FrancePRADA MIU MIU Brown SUEDE GOLD Heels PLATFORM PUMP Shoes US 9 (9.5) Size 39.5 , NIB Tory Burch Janey Pump Shoes 2" heel BLACK 11 MOscar de la Renta Crystal Bows Wedding Shoes Satin Sandals Pumps 38,5 Italy NWB , Man's/Woman's Birkenstock Madrid Mocca Womens Sandals Moderate price Latest styles Pick up at the boutique , Salvatore Ferragamo Women's TROPEA WEDGE Nero Patent Leather Nero Patent , ADIDAS SUPERSTAR ORIGINAL LEATHER LO SNEAKERS MEN SHOES WHITE B39399 SIZE 14 NEW , Men's Air Jordan XXXII Photo Blue/Team Orange/Metallic Silver AA1253 400Nike Free OG '14 Woven Dove Grey/Blue Graphite-Light Retro 725070-004 SZ 9.5 , ADIDAS ULTRABOOST - ASH PEARL/CORE BLACK BB6174Under Armour Men's Speedform Gemini Vent - 4E - Choose SZ/Color , LOS ALTOS CHERRY GENUINE SNIP TOE OSTRICH LEG WESTERN COWBOY BOOT (EE)Del toro shoes Red Suede Chukka Size 11 , G.H. BASS Weejuns Men's Bennett Solid Elegance Chukka Ankle Boot Brown Leather , New in Box Polo Ralph Lauren Alpine 100 Brown Leather Men's SneakersGenuine Leather Formal Dress Business Mens Monk Strap Shoes Wedding Oxfords Chic , Skechers Performance Women's Go Walk 4 Fascinate , New Balance Women's Fresh Foam Zante v3 Shoes Grey with Grey & WhiteHOKA ONE ONE BONDI 5 Womens. Size 10.5 , Womens Nike Shox Avenue Sneakers New, Navy Blue / Silver 844131-400 SKU AAXOXO Brianna Riding Boot Black New with Box ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    French Connection - Women's Claudia 12672 Connection Ankle Bootie - Choose SZ/Color e0f4fed -

    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.

    French Connection - Women's Claudia 12672 Connection Ankle Bootie - Choose SZ/Color e0f4fed -

    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
    French Connection - Women's Claudia 12672 Connection Ankle Bootie - Choose SZ/Color e0f4fed