Never miss an update

New loophairand-13141 With Klein Box- Anne Suede Klein Black Suede booties - Ashlingg - 7M b9c3a7c

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: Anne Klein
Heel Type: Block Style: Booties
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 7
Material: Suede Width: Medium (B, M)
Pattern: Solid Color: Black
Occasion: Casual
Never miss an update

New loophairand-13141 With Klein Box- Anne Suede Klein Black Suede booties - Ashlingg - 7M b9c3a7c -

    New loophairand-13141 With Klein Box- Anne Suede Klein Black Suede booties - Ashlingg - 7M b9c3a7c
    New loophairand-13141 With Klein Box- Anne Suede Klein Black Suede booties - Ashlingg - 7M b9c3a7c
    Cute Womens Bling Sequins Hand Made Crystal Ankle Boots Winter Warm Pink ShoesSAM EDELMAN "Lisle" Womens Sz 9M Black Leather Ankle Boots Back Zipper 2" Heel , New Clarks MUCKERS MIST Snow Women Suede Waterproof Boots Sz. 7 , Women Pointed Toe Over The Knee Boots Elastic Pull On Shoes Low Heels Bt15 , Justin Boots Wh Iguana Lizard Western Cowgirl 6B Womens Shoes Blk Leather 4752 , Sam Edelman Victoria Brand New Womens Size 12 Tall Black Suede boots.Retail $170New Womens Round Toe Knee High Boots Winter Warm Shoes Buckle Med Block Heel SiWomens fashion Over the Knee High Snow Boots Tall Fox fur Fur Lined Suede LiningNEW-Bearpaw Women's Becka Waterproof Snow Boots-Color is Stone & Size 7 , Joan & David Hand Made Italy Womens 6.5 37 leather knee high riding boots black , Pleaser KIMBERLY-102 Ankle/Mid-Calf Boots Womens Black Faux Leather Wedge Shoes , Palladium Women Blanc Hi Casual Boots- Choose SZ/Color.Occident Fashion Retro Pointed Block Heels Color Stitching Velvet Ankle Boots sz , Hush Puppies Cille Gwen Womens Boot- Choose SZ/Color.Kamik Womens 10 Black Snow Boots Insulated Greenbay 4 Made in Canada , Fashion Women Faux patent leather hollow out heel block middle heels ankle bootsKendall+ Kylie Haedyn 2 Patent Leather Boot black size 7.5Ariat Womens Unbridled Lolita-W Lolita Sandal 8- Choose SZ/Color. , Womens Nubuck Leather Flats Loafers Shoes winter Warm Fur Trim Casual Boots Size , JEFFREY CAMPBELL “JONAS” BOOTIES 8 Gray Suede FREE PEOPLE SHOES Western AnkleTeva Womens Delavina Ankle - Wool Ankle Bootie Shoes, Brown, US 5.5 , Vagabond Marja Leather Croc. Embossed Ankle Boots Size 6US/36EU NWOBWomen's Leopard Betsey Johnson High Heel Booties, Size 7.5 , Chung Shi Eskimo Comfort Black Nylon Snow Winter Boots Women's 38 / 7 , womens strpe block mid heel fashion synthetic round toe pull on riding boots NewZARA Tan Fringed Cow Leather Boots Cuban Heels Authentic RRP GBP 89.99 2108/001Fashion women's rivet buckle strap block heel metal decor Punk ankle bootsEasy Spirit Antigravity Doremi Side Zip Up Ankle Boots 388, Black, 8.5 W USNew ECCO Pailin Leather Ankle Boot/ Black US 10-10.5 $150
    New loophairand-13141 With Klein Box- Anne Suede Klein Black Suede booties - Ashlingg - 7M b9c3a7c ->New loophairand-13141 With Klein Box- Anne Suede Klein Black Suede booties - Ashlingg - 7M b9c3a7c -
    ,Jeffrey Campbell Cromwell Side Cutout Western cowboy Bootie 8.5 black SNAKESKIN , Muck Boots Black/Charcoal Women's Arctic Apres Slip-on Boot - Size 5 , Women High Heel Denim Over Knee High Boots Fur Lining Thigh Long Boots Plus SizeROBERTO CAVALLI Suede Hidden Platform Boots Sz 40 , Mr/Ms Adidas Adi-Ease Skate Shoes, Collegaiate Burgundy Selling Reliable performance Complete specifications , SAN MARINA Paris Boots leggings Brown Leather T 37 > 38 GOOD CONDITIONDemonia Crypto-301 Goth Punk Steampunk Victorian Knee Boots 4" HeelHarley Davidson Riding Boots ladies size 8Men/Women XTREME-809TT Black Hot Pink High security high quality Various , SALE *Comfortable*US 8 Womens (5.5 UK) Ganter of Germany,Black leather,W-08 NEW , Women's Converse Work Shoes Composite Toe White Leather C430 , Ruby Shoo Petra Burgundy Womens Mid Heels Court Shoes , Gentlemen/Ladies ECLIPSE-622 Complete specification range Trendy Authentic guarantee , Womens Hollow Out Breathable Real Leather Increase Thick Sole Casual Shoes A702ADIDAS ORIGINALS SHOES MENS SUPERSTAR DUCK CAMO CANVAS SIZE 8.5 CONDITION 9.5/10 , PUMA California Casual Men's Peacoat/White/Team Gold 36660808 , AIR JORDAN 23 318376-001 black/varsity red-stealth 23 Size 7RARE VINTAGE Men's LEHIGH MetGuard NICE Work Boots Steel Toe Brown Leather-8 EEEDouble H Work Boots For Men Size 11EE Color BlackSkechers USA Mens Larson Sotes Oxford- Pick SZ/Color. , Sperry Top Sider Men's Boat Shoes A/O 2-Eye Sahara 197640Converse X John Varvatos Mini Stud Leather Hi Chuck Taylor 151295C Mens Size 13To Boot New York Adam Derrick Brown Leather Double Monk Strap Size 10 (sh134)Skechers Sport Women's Microburst Mamba Fashion Sneaker - Choose SZ/Color , PUMA 19003603 Womens Carson 2 Molded Wn- Choose SZ/Color.Converse Star Player Ox Grey Womens Trainers , Nike SF Air Force 1 Mid Womens AA3966-005 Vast Grey Leather Nylon Shoes Size 10 , Sol Sana Women's Jenni Boot Ankle Bootie, Black Steel Glitter, 36 EU/6 M US , Steve Madden Gorgeous Gray Womens Shoes Size 7 M Boots MSRP $149 , Cole Haan Gray Lundy Croc-Embossed Leather Open Toe GRAND OS Boots Sz 8B $298.00
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New loophairand-13141 With Klein Box- Anne Suede Klein Black Suede booties - Ashlingg - 7M b9c3a7c -

    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.

    New loophairand-13141 With Klein Box- Anne Suede Klein Black Suede booties - Ashlingg - 7M b9c3a7c -

    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
    New loophairand-13141 With Klein Box- Anne Suede Klein Black Suede booties - Ashlingg - 7M b9c3a7c