Never miss an update

Caprice Amelia 29986 Womens Zip Zip Fastening Ankle mogochinese-29992 Boots f4d2f2e

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: Caprice
Occasion: Casual Style: Chelsea Boots
US Shoe Size (Women's): Various Width: Medium (B, M)
Boot Shaft Height: Ankle Heel Type: Block
Fastening: Zip Heel Height: 3cm
MPN: Does not apply Material: Leather
Never miss an update

Caprice Amelia 29986 Womens Zip Zip Fastening Ankle mogochinese-29992 Boots f4d2f2e -

    Caprice Amelia 29986 Womens Zip Zip Fastening Ankle mogochinese-29992 Boots f4d2f2e
    Caprice Amelia 29986 Womens Zip Zip Fastening Ankle mogochinese-29992 Boots f4d2f2e
    Josef Seibel Womens Faye 05 Ankle Bootie /6-- Pick SZ/Color.Pleaser ADORE-1018SRS Exotic Dancing Platform Ankle/Mid-Calf Boots , Oak Tree Farms Tan Greenland Mid-Calf Cowboy Boots with Tassel. Size 11 , Merrell Women's Silversun Zip Waterproof Black Winter Boots J42702 , naturalizer Demi Wide Calf Riding Boots, Black$500 Marc Jacobs Silver Georgia Western Bootie Boot, M9000730 (US 5.5) , Joe Sanchez Matil Western Boots Size Women's EUR. 40 USA. 9-9.5 Men's US. 8New Leather Buckle Low Heels Mid Calf Motorcycle Boot Womens Warm Riding ShoesMadewell $218 The Hollis Boots 7.5 english saddle boot shoes leather brown f5108Steve Madden Women's Sinful Heeled Sandal, - Choose SZ/color , Dr Martens Kathleena Buckle Calf Motorcycle Leather Boots Women's US 6 Brown NEWFrye Lindsay Plate Tall Riding Boots Size 6 Black Smooth Leather Cowboy , New Free People Royal Rush Ankle Boot Size 38 Msrp.$348 *Sold Out , Frye Billy Pull-on Boot Navajo Pattern; LOWERED!!! , Bearpaw Whitney - Women's Waterproof Boot - 2050w Gray - 8Adrienne Vittadini Sande Cross Straps Dress Ankle Booties, Black, 8.5 US , Women Genuine Leather Knee High Boots Flat Round Toe Oxfords Combat Fashion Shoe , New Style Under Armour Women's UA Valsetz RTS 1.5 Boots Black 3021037200 New! , Men's/Women's MIA Women's Joshua Ankle Bootie Durable service Year-end sale Cheap order , Cobb Hill Women's Christine Chelsea Boot - Choose SZ/ColorDagger 3060 Black Patent 6" Spike Heel Fetish Thigh Boot Size 12CLARKS Women's Athie Terra Boot - Choose SZ/colorSarto by Franco Sarto Women's Amelia Combat Boot , Latitude Femme Made in Italy women's fashion brown leather high boots $265 , Steve Madden Skippur Knee-High Boots, Black Leather, 7 US , WOMENS YVES SAINT LAURENT YSL 4" WEDGE Heel ANKLE BOOTS OLIVE GREEN SHOES sz 39J.CREW NWT Womens Brown Chelsea LEATHER Ankle Boots Size 7 , DEMONIA DAMNED-318 Punk Gothic Buckle Strap White Platform Women's Knee BootsNEW WOMEN'S DR. MARTENS MAGDALENA WYOMING BLACK LEATHER BOOTS US SIZE 9
    Caprice Amelia 29986 Womens Zip Zip Fastening Ankle mogochinese-29992 Boots f4d2f2e ->Caprice Amelia 29986 Womens Zip Zip Fastening Ankle mogochinese-29992 Boots f4d2f2e -
    Columbia Women's Bangor Omni-Heat Ankle Boot - Choose SZ/color , Womens TORY BURCH ELOISE 218255 black leather knee high boots sz. 8 M , HENRY BEGUELIN brown stretch leather strap detail knee high boots Italian 36.5Globe Willow Mens Trainers Earth New ShoesNew Punk Motor Mens Fashion Zip England Ankle Boots Shoes Booties Side BlackSalomon - XA Pro 3D Trail Running Shoe - Black/Magnet/Quiet ShadeBirkenstock Boston Leather Clogs regular and narrow width different colors , Sandals wedge comfort leather - Taos Shoes Tradition , Clarks Lorry Grace CLARKS Womens Flat- Choose SZ/Color. , Vera Wang Lavender Blush Mauve Pink Patent Leather Ribbon Bow Ballet Flats 8.5Men's/Women's Church's Shoes 226830 Black 36 Innovative design Various types and styles Sales online store , Charlotte Olympia $495 Cat Green Suede Flats In Size 38–7.5 US ! NIB !Hot New Womens Crystal Sweet Lolita Shoes Round To Patent Leather Flats Loafers , L.A.M.B. Black Platform Stiletto High Heel Leather Pumps Button Design Size 7 BRALPH LAUREN COLLECTION black leather strappy gladiator sandals heels size 37.5 , $1200 NIB MIU MIU RUNWAY ROSE BOOTS 35 US 5 , Calleen Cordero Amanda Flat Sandal Brown Cognac Alexa Ankle Strap New w/Box 6.5 , Men's New Balance Fresh Foam Vongo-M Running Shoe - MVNGOBH - GREAT ITEM! , PUMA Men's The Ren Boot NBK Sneaker - Choose SZ/ColorEastland Men's Seneca Chukka Boot - Choose SZ/ColorKlogs Tiburon Unisex Comfort Slip-resistant Clog - Black - 5 Medium , Nike Juvenate Print - Black - WomensNike Womens Lunarglide 8 Runing Trainers 843726 800 Sneakers Shoes , Women's Asics GEL-Quantum 360 Shift MX Running Athletic Carbon/Black/Aruba blue , WMNS NIKE AIR MAX 2014 PINK-BLACK SZ 8 [621078-500] , NIKE Womens Nike Air Zoom Vomero 12 863766-001 BLACK/WHITE-ANTHRACITE Size 6.5 , Merrell Women's Moab 2 Mid GTX Hiking Boot - Choose SZ/ColorGentlemen/Ladies Cole Haan Waterproof Leather Boots 8B use Fine art Excellent stretchingDEMONIA Creeper-216 Series 3" PF Goth Punk Alternative CreeperAustralia Luxe Collective Brown Shearling Boots New Size 5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Caprice Amelia 29986 Womens Zip Zip Fastening Ankle mogochinese-29992 Boots f4d2f2e -

    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.

    Caprice Amelia 29986 Womens Zip Zip Fastening Ankle mogochinese-29992 Boots f4d2f2e -

    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
    Caprice Amelia 29986 Womens Zip Zip Fastening Ankle mogochinese-29992 Boots f4d2f2e