Never miss an update

A2 Boot By Aerosoles Money Role A2 Women US Size 7 Black M Black Lizard Knee High Boot b52e909

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: A2 By Aerosoles
Heel Height: High (3 in. and Up) Style: Fashion - Knee-High
Material: Synthetic US Shoe Size (Women's): 7
Country/Region of Manufacture: China Width: Medium (B, M)
UPC: Does not apply Color: Black
Never miss an update

A2 Boot By Aerosoles Money Role A2 Women US Size 7 Black M Black Lizard Knee High Boot b52e909 -

    A2 Boot By Aerosoles Money Role A2 Women US Size 7 Black M Black Lizard Knee High Boot b52e909
    A2 Boot By Aerosoles Money Role A2 Women US Size 7 Black M Black Lizard Knee High Boot b52e909
    PLEASER Delight-600-48 Series 6" Heel Sexy Exotic Gladiator SandalBOBS Women Winter Boots Black Leather Size US 6.5 TT8Men's/Women's Kelsi Dagger Zidane Women's Black Bootie Good design Year-end sale Brand feastCAT Squander Black Boot Size 5.5 US (K,0) , Pura Lopez Gray Suede Block Heel Platform Ankle Booties SZ 39 , pleaser delight 1018 6" stiletto heel sexy open toe ankle booties size 13 , Nine West New Dale Black Womens Shoes Size 6.5 M Boots MSRP $139Castro Women Quilted Knew High Boots Side Zip Black Size 6 (36)$149 size 8.5 Nanette Lepore Beverly Bootie Black Suede Heel Womens Ankle ShoesNaturalizer New Wynnie Black Womens Shoes Size 8.5 XW Boots MSRP $199MARC FISHER Amber Riding Boot, Wide Calf, Black Leather, 6M, NWBMaterial Girl Women's Persia Fringe Dress Boots - Booties Cognac Size 5.5 M , Easy Spirit Lareina ankle boot wedge dark taupe suede leather sz 8 WIDE NewWomen's Bandolino Pieretta Bootie Black Size 10 #NKVI4-845 , Sigerson Morrison Brown Leather Pointed Toe Italian Boots Size 6.5 (21) , Franco Sarto $149 'Irish' Black Leather Bootie Women's Size:10M , CHINESE LAUNDRY women's boots, Flip, burnished dark camel size 8.5/39 leatherWomen's Lucky Brand 'BASHINA' Perforated Bootie BEET POWELL,5.5 , ARTURO CHIANG WOMEN'S EZURE LEATHER EQUESTRIAN RIDING BOOTS $169.00 5 , ***NWB Ruff Hewn Brown Leather Tall Boots 6M ***NEW SAM EDELMAN CIRCUS WHISKEY COGNAC TALL BOOTS WOMENS 7.5 ZIP SIDEQupid Women's Mid Calf Zip Up Wedge Boots Taupe Suede PU MAC-24 Size 9Ann Taylor Womens US 8.5M Black pebbled Leather Casual Zip-Up tall 3" Heel Boots , Dansko Women Boots Sz 37 7 Black Leather Cut Out Euro Comfort , XOXO Womens MARISA Square Toe Western Boots, Chocolate, Size 11 , Jessica Simpson Women's Caysy Tie-Back Booties Slater Taupe Size 10 M , Charles David Slip On Black ANKLE BOOTS 8 For Women Used , New Dolce Vita Pistal Faux Fur Lined Bootie women's size 7.5Bar III Women's Sophie Sandals Misty Blue Size 7 M ,
    A2 Boot By Aerosoles Money Role A2 Women US Size 7 Black M Black Lizard Knee High Boot b52e909 ->A2 Boot By Aerosoles Money Role A2 Women US Size 7 Black M Black Lizard Knee High Boot b52e909 -
    Gentleman/Lady NEW STEVE MADDEN WOMENS US-HUDSON Consumer first delicate Excellent functionNEW CoStume National Boots Black Platform Ankle Zipper High Leather Size 36 , DC SHOES MIKEY TAYLOR VULC BROWN SUEDE SHOES NEW FW 2017 40.5 NEW SKATENew Balance Men's M576 Sneaker,Green,7 D UK , Adidas Originals Superstar Triple Mens Trainers BB3696 Sneakers ShoesReplay Womens Kenda Hi-Top Trainers, Green Mil GRN 39, 8 UKHush Puppies Women's Jalaina Odell Slip-on Loafer - Choose SZ/Color , Pleaser HARLOW-01/BPT Womens Harlow-01/BPT Platform Pump- Choose SZ/Color. , 6" Black Suede Fetish Stripper Heels Dancer Shoes size 7 8 9 , Walking Cradles Women's Heidi Pump Navy Leather Pumps , Aravon Women's Mona Pump - Choose SZ/Color , ISABEL MARANT Meirid Black Suede Leather Peep Toe Sling Back Heel Sandals 38/8Chloe espadrille sandals shoes very soft white leather size 38 us 7.5 rp 750 usd , Vans chex black/blue men's size 9 NOS from 2008 , Nike CK Racer 916780-005 Men's Black Casual Sneakers 9.5 (New) , Nike LeBron Soldier IX 9 Premium Basketball Shoes Men's Size 14 Olive GreenSaucony LANZAR JAV Spike Shoes for Javelin Throw Unisex S20189-2 , NIKE AIR MAX 90 OG 543361-161 sail/cool grey-mdm grey-infrrd Size 8 , Gentleman/Lady Tony Lama (women’s) Burgundy Cowboy Boots Queensland The highest quality material Popular tide shoes , justin work boots 12 W Model WK4906 , ECCO Men's Helsinki Cap-Toe Oxford Dress ShoeMan/Woman Skidbuster Women's S5075 Reputation first The highest quality material Preferential priceWomen's Merrell Ridgepass Mid Waterproof Brindle/Sea Fog Hiking Boots Shoes 6.5 , Preowned- Air Jordan Retro 1 Womens "Denim" Mens Size 11/Womens Size 13 , Geox D643DC Womens Wlola2fit1 Ballet Flat /- Choose SZ/Color. , Womens ROCKY TMC Duty Series Postal Approved Work SHOES Style Size 6 1/2 WINC CALEYY Women ESPADRILLE FLATS (9.5 M, CHAMPAGNE)Circle G Corral L5002 Size 5.5M Womens Western Cowgirl Boots Distressed Bone NEWWomen Roman Over The Knee Chic Thigh Boot High Heel 2018 Pointed Toe Shoes PumpsSTEVE MADDEN 'Orabela' Black Suede Knee High Boots - Size 6M - New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    A2 Boot By Aerosoles Money Role A2 Women US Size 7 Black M Black Lizard Knee High Boot b52e909 -

    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.

    A2 Boot By Aerosoles Money Role A2 Women US Size 7 Black M Black Lizard Knee High Boot b52e909 -

    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
    A2 Boot By Aerosoles Money Role A2 Women US Size 7 Black M Black Lizard Knee High Boot b52e909