Never miss an update

Donald Pliner Womens Donata2 Leather Brown Leather Boots Slip Donata2 On Ankle Mid Calf Boots 10M 1f148f0

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Very good condition - minimal wear. !
Color: Brown Brand: Donald J Pliner
Heel Height: Low (3/4 in. to 1 1/2 in.) Style: Combat Boots
US Shoe Size (Women's): US 10 Heel Type: Block
Material: Leather Boot Shaft Height: Mid-Calf
Width: Medium (B, M) Features: Slip-On
Never miss an update

Donald Pliner Womens Donata2 Leather Brown Leather Boots Slip Donata2 On Ankle Mid Calf Boots 10M 1f148f0 -

    Donald Pliner Womens Donata2 Leather Brown Leather Boots Slip Donata2 On Ankle Mid Calf Boots 10M 1f148f0
    Donald Pliner Womens Donata2 Leather Brown Leather Boots Slip Donata2 On Ankle Mid Calf Boots 10M 1f148f0
    LUCKY BRAND Women’s 8 1/2 Brown Leather Studded Buckle Calf High Boots F7 , NEW Via Spiga Ottavia Block Heel Bootie, Chestnut Suede, Women Size 7.5 M, $280NEW WOMEN'S CITY BY DURANGO HIGH HEEL BOOT (DRD0088) BROWN LEATHER 8 MEDIUM $160WOMENS BORN MAGDA W22414 BRN LEATHER DOUBLE BUCKLE MOTORCYCLE BOOTS SZ 6.5~1/2Mr/Ms Marcello Paci Womens Boots Best-selling worldwide Stylish and fun Human border , Flamingo 891 Nude Vegan Suede 8" High Heel Platform Shoe With Ankle Cuff 5-12 , ANA BLACK / BRASS STUDDED LEATHER WESTERN BIKER COWGIRL BOOTS MID CALF 11 MJambu Birmingham Ankle Boot 7 M Brown New with Box , Nine West Women's Perfect PR 2 Boot-Women's 9.5 M BlackNEW ITALEAU Miralda Water Resistant Bootie Brown Suede Women Size 36 (6 US) $395 , Antelope 352 Ankle Booties Black Women's Boots 352-BlackSteven by Steve Madden Women's Alleyy Taupe Suede Boots 5.5 MFlexus by Spring Step Women's Korine Cold Weather BootBrand New Ann Taylor Angie Suede Tie Bootie Size 7.5 Black , Teva Foxy Mid Women Boots Black Olive US 9.5 /UK8 /EU40.5Montrail Moraine Italian 8-Eye Suede Mountaineering Ankle Boot Women's US 6.5Cole Haan Elion Bootie - Women's Size 8.5B, BlackLauren Ralph Lauren Tula Tall Wedge Boots 9.5M $149.00 , ROCA WEAR "Elen" Brown and Tan Boots size 10 , Madden Girl "Palaze" Knee High Boots Black Man Made Upper New with BoxMERRELL Pixie Pull on Waterproof Brown Leather Winter Snow Tall Boots Women 8Funtasma MATEY-115 Women's Brown Distressed Pu-Microfiber Round Toe Ankle BootsBearpaw Kassidy Slouchy Boots 6 M Black New with BoxAdore 1024 Rhinestone Fringe Open Back/Toe Gold Platform Ankle Boot Size 5-11Arturo Chiang Cruu Wedge Boots-Women's size 7.5M TaupeNEW CLARKS DREAM REGAL Black 37627 LONG BOOTS WOMENS 9M LEATHER ZIP SIDE SUEDENew Lucky Brand "Salmah" Sz 8 Silky Black Leather Bootie Block Heel 70s AnkleAnthropologie Everybody by BZ Moda Cabernet Leather Belted Boots 10.5M -- $160NEW MINNETONKA BROWN SUEDE CALF HIGH 3 LAYER FRINGE BOOTS WOMEN'S SIZE 6
    Donald Pliner Womens Donata2 Leather Brown Leather Boots Slip Donata2 On Ankle Mid Calf Boots 10M 1f148f0 ->Donald Pliner Womens Donata2 Leather Brown Leather Boots Slip Donata2 On Ankle Mid Calf Boots 10M 1f148f0 -
    Pour La Victoire Women's Rickie Ankle Boot - Choose SZ/Color , Gentlemen/Ladies Bogs Women's Classic High Rainboot Fine processing online shop various kindsEmporio Armani X3N126 Booties - Women's Size 9 M, Black , Valentino Black Leather Rockstud Ankle Boots Sz 37/8~ Retail $1295Under Armour Micro G Mantis Nm Women's Shoes Size 5Man/Woman Rossi Women's 341 Musk Boot Black Practical and economical Cheaper than the price uniqueEasy Spirit Women's Traveltime Clog, Dark Taupe/Dark Taupe Suede, 10 M US , AnnaKastle Womens Suede Leather Block Heel Mid Pumps Dress Shoes , GUESS Womens kenzie2 Open Toe Ankle Strap Classic Pumps Blush Suede Size 9.5 Y , COLE HAAN Womens Red Patent Leather Pumps Sz 5.5 BJil Sander Navy Women's Gobo Heel Bootie14262 Skechers Go Flex Solana Womens Flip Flops 8- Choose SZ/Color.Gentleman/Lady Sanuk Men's Chiba Quest Sneaker, Complete specification Attractive fashion Full range of specificationsNIKE ZOOM STEFAN JANOSKI L LEATHER BLACK ANTHRACITE OSTRICH 616490 007 SZ 11.5Air Jordan Men's X 10 Retro Powder Blue 310805-106 Basketball ShoesOnitsuka Tiger Men Samsara Lo black black D714L-9090NIKE AIR JORDAN 1 RETRO HIGH PREMIUM "CAMO" WOLF GREY-D GREY SZ 13 [AA3993-027]Nike Roshe Run Size Urban Safari Sz6 Exclusive Rare Rosherun Collab 511881008 , $150 Nike Shox Gravity Men's Shoes Size 13 Atmosphere Grey Black AR1999-011 , NEW RARE Vintage 90s New Balance 576 Green Turquoise Suede Size US 11.5 D OGGentlemen/Ladies alligator boots elegant Win highly appreciated Human border , Mens Kenneth Cole Loafers Brown Size 10.5 New York Casual Slip On Shoes , Cole Haan Men 13 M Grand OS Brown Leather Wingtip Brogue Oxford ShoeCole Haan 7-1/2 D/B Off-White Reverse Calf / Suede Bucks Shoes - USA - $230.00 , Reebok Size 6 REALFLEX SELECT Coral Pink Running Sneakers New Womens ShoesCobb Hill Women's Willa Bow Slipon Sneaker Grey Leather Size 6.5 , Converse Chuck Taylor All Star 3v Ox Womens Blush Pink Leather Trainers , Nike Volley Zoom Hyperspike Volleyball Shoe Women SZ 12 Black Gray 585763-001 , Salomon Women's XA Pro 3D CS Waterproof W Trail Running Shoe - Choose SZ/Color , J. Crew Suede Ladies 9 Mid Calf Boots Gray
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Donald Pliner Womens Donata2 Leather Brown Leather Boots Slip Donata2 On Ankle Mid Calf Boots 10M 1f148f0 -

    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.

    Donald Pliner Womens Donata2 Leather Brown Leather Boots Slip Donata2 On Ankle Mid Calf Boots 10M 1f148f0 -

    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
    Donald Pliner Womens Donata2 Leather Brown Leather Boots Slip Donata2 On Ankle Mid Calf Boots 10M 1f148f0