Never miss an update

Tommy Hilfiger Shahar Knee High Boots, Multi Boots, Black Hilfiger Multi a104e5b

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: Tommy Hilfiger
Heel Height: Low (3/4 in. to 1 1/2 in.) Style: Knee High Boots
Material: Synthetic Width: Medium (B, M)
Pattern: Solid Color: Black
Shade: Black Heel Type: Block
Never miss an update

Tommy Hilfiger Shahar Knee High Boots, Multi Boots, Black Hilfiger Multi a104e5b -

    Tommy Hilfiger Shahar Knee High Boots, Multi Boots, Black Hilfiger Multi a104e5b
    Tommy Hilfiger Shahar Knee High Boots, Multi Boots, Black Hilfiger Multi a104e5b
    NEW VIZZANO WOMENS COMFORT KNEE HIGH LOW HEEL BOOTS MADE IN BRAZIL , Womens Vagabond Grace Black Nubuck Mid Heel Retro Casual Ankle Boots , Sexy Stretch Skintight Thigh High Boots SZ 6 to12 Adore-3000 , Womens Clarks Hope Track Black Leather Comfort Wide E Fit Ankle Boots Shu SizePLEASER DEL2018/B/PU Sexy Matte Black Platform 6" Heels Knee High Stripper Boots , Sexy Black Matte Fringe Platform 7" Heels Ankle Boots Stripper Dancer ShoesWomens Clarks Cheyne Anne Black Soft Leather Flat Ankle Boots Shu SizeWomens Barbour Blyth Waterproof Winter Wellingtons Rubber Rain Boots US 5-11PLEASER Sexy Stripper Black Platform Rear Lacing 8" Heel Exotic Ankle High Boots , NEW INUOVO LONGITUDE WOMENS LEATHER FASHION FLAT MID CALF BOOTS , Sexy Stripper Mini Iridescent Glitter Platform Black 7" High Heels Ankle Boots , Unisex Adults Tecnica Moon Boot Nylon Waterproof Winter Knee High Boot , Womens Barbour Blyth Snow Winter Wellington Rubber Waterproof Rain Boots US 5-11 , PLEASER Sexy 8" Stiletto Heel Extreme Platform Black Knee Boots FLAM2000/B/M , Womens Fly London Yomi Mousse Leather Wedge Heels Platform Ankle Boots , NEW INUOVO DEGREE WOMENS COMFORTABLE LEATHER KNEE HIGH LOW HEEL BOOTS , NEW PLANET SHOES PINTO2 WOMENS COMFORTABLE FASHION LEATHER BOOTS , WOMENS TECNICA MOON BOOT NYLON WATERPROOF RAIN WINTER SNOW SKI SKING BOOTS 3-8 , NEW NATURALIZER CASSANDRA WOMENS COMFORTABLE LEATHER FLAT ANKLE BOOTSWomens Barbour Lindisfarne Waterproof Rubber Winter Knee High Wellington US 5-11 , Men's/Women's NEW MANAS WOMENS ANKLE BOOTS Clever and practical Online export store Contrary to the same paragraphPLEASER ADO2023/B/PU Sexy 7" Heel Matte Black Platform Knee High Stripper Boots , Womens Fly London Yomi Cupido Suede Leather Black Wedge Heel Ankle Boots , WOMENS ORIGINAL MOON BOOTS NYLON WATERPROOF SKI SNOW WINTER BOOTS LADIES 3-8Man's/Woman's NEW MANAS WOMENS ANKLE BOOTS Packaging diversity Carefully selected materials Exquisite processingWomens Poetic Licence Sidewalk Black Polka Dot Heeled Ankle Boots Shu Size , Womens Vagabond Grace Retro Black Casual Nubuck Mid Heel Ankle Boots US 5.5-10 , Womens Ruby Shoo Karolina Black Low Heel Ankle Boots Shu Size , Mr/Ms NEW GARRICE WOMENS ANKLE BOOTS The color is very eye-catching High-quality materials fine ,
    Tommy Hilfiger Shahar Knee High Boots, Multi Boots, Black Hilfiger Multi a104e5b ->Tommy Hilfiger Shahar Knee High Boots, Multi Boots, Black Hilfiger Multi a104e5b -
    OTBT Women's Trek Bootie Tobacco Size 8.0Belstaff Radcot Red Womens Shoes Size 8 M Boots MSRP $695 , NEW!!Jimmy Choo 'Dayno'- Red Leather -Size 7.5 US/ 37.5 EU $1425-(P40)ADIDAS Y-3 HAYWORTH GUARD KNIT [AF6296] BLACK/WHITE DRKSHDW RUNNER Y3NEW Klogs Naples Womens 7M Closed Back Clogs Gray Python Print Leather Slip On , BLACK CROCODILE PRINT LEATHER SHOES, WITH LEATHER FLOWER, FLAT HEEL, SIZE 8 , J.Crew Orange Suede Gold Studded Spikes Ballet Flats Shoes Sz 10 , New William Rast Sugar Zippered Suede Black Pumps $160 Sz 8 , NEW Max Studio Beige Studded Vegan Leather SIRENTY Heels Sexy Sandals 9.5 M $118 , Gentlemen/Ladies Escarpins GUESS BEKKI Noir NEUF Promotion Fine art Authentic guarantee , J Crew Mixed Leather Strappy High Heel Sandals Pumps 7 Heels - SilverOriginal TARYN ROSE Size 9 1/2 Black Patent 40.5 Slingback Heels Pumps Shoes 9.5Stuart Weitzman Missjane black sandal shoes SZ 37.5 US SZ 7 new , Salvatore Ferragamo Lillaz 7 B Black Reptile Leather Bow Pumps Italy , Giuseppe Zanotti Blue Enameled Metal Ivy Flowers Detailed Brown Sandal 41/10.5MSKECHERS Skechers Vaso Vivir Womens Sneakers 7.5- Pick SZ/Color.Gothic Flats Flip Flop Ladies Hollow Knee High Boots Sandals Sexy Shoes Plus sz , New Balance Mens 574 Johnny Appleseed Made in the USA Maroon Shoe M574JA Size 10Nike CJ Strike 2 TD Football Cleats Black & Blue 678119 004 Men's 14 USGentleman/Lady ECCO Men's Esphino Low Hiking Shoe Practical and economical Beautiful appearance Pick up at the boutiqueMens US 11 Dr Martens Industrial Ironbridge Black Leather Steel Toe BootsNEW Fila Orbit Low 1010123.25Y Mens Shoes Trainers Sneakers SALETony Lama Kango Stallion Riding Leather Cowboy Mens Western Boots Size 9.5 , Ben Sherman Brent Plain Toe Derby Brown Men's Shoes Sz. US 15,Paul Smith Men's Brown Leather Brogue Shoes Size , New Women's Nike TANJUN White/White-Black 812655 110 Fast ShippingJambu MJ17BRY50 Mens Bryce-Water Ready Fisherman Sandal- Choose SZ/Color.Women's Nike Free 5.0 TR Fit 5 PRT Size 7-9 Black/Volt New in Box 704695 014 , Vionic with Orthaheel Technology Women's Kirra Thong Sandal Black Leather , NIB TOMMY HILFIGER ILIA2 BLACK KNEE HIGH FASHION RIDING BOOTS SZ 5-8 WIDE CALF ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Tommy Hilfiger Shahar Knee High Boots, Multi Boots, Black Hilfiger Multi a104e5b -

    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.

    Tommy Hilfiger Shahar Knee High Boots, Multi Boots, Black Hilfiger Multi a104e5b -

    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
    Tommy Hilfiger Shahar Knee High Boots, Multi Boots, Black Hilfiger Multi a104e5b