Never miss an update

ZARA Womens Boots Size US US 7 7 Black Faux Leather Back Knee High Wool Back Shoes NWT 539b274




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: NWT - minor signs of retail shelf life.
Style: Knee High Boots Fastening: Slip On
Boot Shaft Height: Knee-High EUR Shoe Size (Women's): 38
Heel Height: Low (3/4 in. to 1 1/2 in.) Color: Black
US Shoe Size (Women's): 7 Brand: ZARA
Material: Faux Leather Heel Type: Block
Pattern: Solid UPC: Does not apply
Never miss an update

ZARA Womens Boots Size US US 7 7 Black Faux Leather Back Knee High Wool Back Shoes NWT 539b274 - blurrypron.com

    ZARA Womens Boots Size US US 7 7 Black Faux Leather Back Knee High Wool Back Shoes NWT 539b274
    ZARA Womens Boots Size US US 7 7 Black Faux Leather Back Knee High Wool Back Shoes NWT 539b274
    Womens Fur Ankle snow Boots Flat Heels Shoes Casual Mixed Color Winter Warm NewSquare Toe Chunky High Heels Patent Leather Side Zipper Women Ankle Boots Ths01 , Rhinestone Pointed Toe Slim High Heels Back Zipper Suede Women Ankle Boots Ths01Women's Retro Suede Ankle Boots Pointy Toe Chukka Chelsea Boots Pull On ShoesU.S. Polo VERNA4144W7_S1_BLK boots Women's - colour Black USNew Fashion Women's Mixed Color Denim Leather Strap Boots Rivets Flats Shoes 010 , Fashion Women Retro Round Toe Stiletto Heel Joint Side Zip Comfy Knee High BootsNew Women Mirror Over Knee High Boots Pointy Toes Slim Heels Side Zip Cool Shoes , Fashion Womens Pointed Toe Stilettos High Heels Floral Flowers Ankle Boots Shoes , Fergalicious Womens Crissy Closed Toe Ankle Fashion Boots , Leopard Print Pointed Toe Stiletto High Heels Pull On Women's Boots Shoes Ths01Punk Womens Over The Knee Thigh Boots Knight Shoes Black Pointy Toe Flat Heel sz , New Planet Shoes Tannin Womens Comfort Suede Ankle BootsEvercreatures High Quality Ladies Special Stripes Rain Boots In the Navy WelliesArche France Womens Black Cut Out Green Zip Up Booties 37 US 6 , Evercreatures High Quality Ladies Special Stripes Rain Boots Fire Line WelliesMarc Fisher Womens Aaliyah Pointed Toe Ankle Fashion BootsEvercreatures High Quality Fashion Plaid Stripes Tall Rubber Rain boots WelliesEvercreatures High Quality Ladies Special Stripes Rain Boots Mother Love WelliesVintage Women's Pointed Toe Side Zip Stiletto Heel Ankel Boots Platform BandageCute Floral Prints Rain boot Great Quality Knee-high Rain boots Wellies UK Brand , Europe Women's Fashion Pointed Toe High Stiletto Heels Zipper Ankle Boots Plus S , Evercreatures High Quality Fashion Ladies Rain Boots Gumboots Blue Beret Wellies , Evercreatures High Quality UK Brand Wellies Colorful striped Rain Boots , Evercreatures Rain Boot Gumboot Blue White Stripe Tall RainBoots Bristol Wellies18 lady pointy Toe High Top ankle Boots slim High Heels zip Rivet shoes Sexy new , Alfani Womens Vandela2 Closed Toe Ankle Fashion Boots Anthracite/Blk Size 7.5Ladies Fashion Over Knee High Boots Sequins Stilrttos Nightclub Party 7Color NewEmbriodery Bohe Womens Shoes New Suede Knee High Boots Block Heels Side Zip Boot
    ZARA Womens Boots Size US US 7 7 Black Faux Leather Back Knee High Wool Back Shoes NWT 539b274 - blurrypron.com>ZARA Womens Boots Size US US 7 7 Black Faux Leather Back Knee High Wool Back Shoes NWT 539b274 - blurrypron.com
    Women's Turquoise Flower Inlay Fuchsia Sequins Leather Cowboy Boots SquareVera Wang Natasha Biker Leather Booties Black Women Sz 9 M 6738Billy Reid $595 Black Leather Shearling Wedge Boots Womens Size 9 MSANTONI chelsea boots, fatte a mano, brown suede, womens size US 8.5 $1200 , Y3 Y-3 Qasa High Black/White Mens 8.5 , Gentleman/Lady King Gee Work Boots (zips) US12 Selling Reliable performance Full range of specifications , "Ladies Clarks" Slip On Flats - Cheyn MadiNew Top End Nikko Womens Shoes Casual Boots AnkleNEW Valentino Rockstud Nude Poudre Patent Leather Ballet Ballerina Flat $745 US8 , Imagine Vince Camuto Women's Im-OVA Dress Pump, Black Satin , 7.5 M US , Hot Fashion Womens Open Toe High Block Heels Roman Sandals Platfrom Hollow ShoesCasteller Shoes Genuine leather man made upper sole Black Sz 6.5 Womens NEWBadgley Mischka Humbie II 2 Smoke Glitter Sparkle Silver Peep toe Platform NEW , Auth Salvatore Ferragamo Pumps Leather Gray DG028220 90052080Fendi Shoe Blk Satin Crystal Flowers Satin 38.5 , alexander mcqueen rich blue lex pump womens us size 11 medium , $230 Cole Haan Air Jocelyn Birch Platino Sandals Heel Shoes Womens 10 NEW IN BOXSaucony Men's Redeemer ISO Running Shoe, Black/Blue,10.5 M USReebok x Titolo Pump 25th Anniversary Back To The 80’s OG Limited Edition RARE , Columbia Men’s SNOWBLADE™ Omni-Grip® Waterproof Boot Black BM1581-010 , Dockers Men's Full Grain Leather Kingman Brown Stain Defender Ankle Boots (5778)Polo Ralph Lauren Enville Leather Combat Inspired Boots Men's Size 11 Brown $240Polo Ralph Lauren Dennison Boots Brown Leather Camo Fabric Men's 12 D New 14323Men's Harley Davidson Thornton - Black - Width: med - Boots , Mizuno Wave Inspire 9 Running Shoes Women’s Size 6.5 US Near Mint ConditionSkechers Shape Ups Womens Sz 8 Black Leather Mary Jane Exercise ShoesWomen Rhinestones Tassels Square Head Ankle Boots Shinning Patent Leather ShoesBorn Timms Women's black leather ankle booties sz. 7 M , VGUC Dingo Women's Size 5.5M Brown Suede & Leather Knee High Western BootsGentlemen/Ladies Nine West Women's Cartolina Fabric Innovative design Good market Shopping promotion ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ZARA Womens Boots Size US US 7 7 Black Faux Leather Back Knee High Wool Back Shoes NWT 539b274 - blurrypron.com

    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.

    ZARA Womens Boots Size US US 7 7 Black Faux Leather Back Knee High Wool Back Shoes NWT 539b274 - blurrypron.com

    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.

    Conclusion

    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
    ZARA Womens Boots Size US US 7 7 Black Faux Leather Back Knee High Wool Back Shoes NWT 539b274
    Boots
    >
    ;