Never miss an update

Made In Size Italy Brown Leather Boots Italy Womens Size 37 Womens EUC e722e5a

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Unbranded
Country/Region of Manufacture: Italy US Shoe Size (Women's): US 7
Style: Winter Boots Material: Leather
Color: Brown UPC: Does not apply
Never miss an update

Made In Size Italy Brown Leather Boots Italy Womens Size 37 Womens EUC e722e5a -

    Made In Size Italy Brown Leather Boots Italy Womens Size 37 Womens EUC e722e5a
    Made In Size Italy Brown Leather Boots Italy Womens Size 37 Womens EUC e722e5a
    Evercreatures Women's Rain Boot Ankle Wellies Blue White StripeGentleman/Lady GB35 Netty Platform Ankle Boots, Black Selling Price reduction comfortableNew Rockport Womens Black Ankle Boots Size 11Dr Martens 2487 Women US8 UK6 EU39 Shoes Oxfords Boots Buckle Leather Brown , Harley Davidson D84091 Black Leather Side Zip Boots Womens SZ 7Womens Fashion Slim Over Knee Boots Platform Block High Heels Mixed Color ShoesGentleman/Lady womens"ARIAT"Packers boots(US-7.5)(Eu-38.5)4LR technology-brown High grade Wholesale trade Speed ​​refundSalomon Women's X Ultra Mid II GTX Grey Denim/Deep Blue/Lucite Hiking Boot 9M , Jewel Badgley Mischka Angela Pointed Toe Ankle Boot in Shimmer Black - 7 , Nina Brown Buckle Ankle Boots Size 10! Worn indoors ONCE! Reatils for 179.00 , Men's/Women's GOGO-300WC Fine workmanship Moderate cost businessVintage 3" Heel Victorian Slip-On Cream Matte Ankle High Boots JENNA105/CRPU-LCNasty Gal Take a Hike Brown Leather Boot, size 9.5us/ 40 eu, $55 , GINO VAELLO Bottes à Talons Stretch Satiné et Cuir T 39 TBE , Durango Women's DRD0174 Western Boot, Tan/Cream, Size 6.5 , madden girl Sargentt Zip Up Block Heel Boots 544, Black, 6.5 US , AR35 Duncan Over Knee Fashion Boots, Grey, 5.5 US , G by GUESS Aubry2 Ankle Boots, Black, 7.5 USCalvin Klein Felda Block Heel Ankle Boots 447, Black, 6 US / 36 EUSexy Womens Suede Stiletto High Heels Fringe Tassel Mid-Calf Boots Boho Shoes , SOLE SOCIETY OSKAR Pull Tab Bootie Size 7.5 , Bottes Tout Cuir Grainé Noir Made in Italy T 40 IT / 41 FR TBE , Helly Hansen Midsund2 Mid-Calf Rain Boots, Off White/Stone Grey/Light Gum, 7 US , Womens Black Knee High Boots Fashion Zip Round Toes Synthetic Leather Shoes Chic , Man/Woman Volatile Womens Glossy Online Shopping High quality and economy Different goodsClarks Rosa Belle Zip Up Ankle Boots 077, Black, 6.5 US , Womens Sam Edelman Boots Packer Zip Putty Taupe Leather Ankle Booties 13 MBearpaw Piper - Women's Casual Suede Bootie - 2037w Dove Grey - 11 , Side Zipper Women's High Top Western Boots Black Yellow Platform Punk Shoes
    Made In Size Italy Brown Leather Boots Italy Womens Size 37 Womens EUC e722e5a ->Made In Size Italy Brown Leather Boots Italy Womens Size 37 Womens EUC e722e5a -
    Burberry Whenaston Black boots US 6 b Euro 36 Retail 950.00 , Giuseppe Zanotti Peep Toe Ankle Boot 38.5Stuart Weitzman Sandbar Slide Sandals 024, White, 8.5 USThe Line Magda formal high heel shoes in black or white and variety of sizesMan's/Woman's Zara Women Braided mules 3536/301/002 Promotion Various types and styles Most practical , Rag and Bone flats shoe espadrilles black perforated leather jute 8 38.5 GeorgieThe Highest Heel Women's Wonder Platform Boot,Black Patent Stretch,6 M USSTEVE MADDEN "DAMAS" pewter metallic pointy toe strappy heels sz. 7.5 NEW! $140Fashion Womens Leather Buckle Square toe Mid Block Heel Pumps Party Dress ShoesElizabeth and James Women's E-April, Pewter, 6.5 M USMr/Ms CASADEI RED SANDALS ITALIAN SIZE 37/ORIG.$680 Innovative design Skilled manufacturing Complete specificationsBRIAN ATWOOD Women's Hot Pink Maniac High Heels Platform Pumps EU Size 36 $795Taos Trophy Black Leather T-Strap Sandals Womens Size 10Womens rivet spike Punk Luxury high block heel sandals open toe evening shoes # , Puma Titan Tour Ignite Golf Shoes Leather Men's New - Choose Color & Size!Saucony Grid 8000 Salmon S70303-3 Men Size US 8 NEW 100% AuthenticNew NIKE AIR JORDAN 3 Retro Low GG sz: 6Y=EUR38.5(24cm) "'JAGUARS'" 441140-018 , Man/Woman NIKE LUNAR FORCE 1 DUCKBOOT 805899-400 Crazy price, Birmingham new Excellent stretching , STARWARS �~ VANSSK8-HI skating high supremestussy from japan (1489Nike Zoom Streak Spectrum Plus Supreme (Size 10.5) 100% Authentic Brand New , Men's real leather Motorcycle Western Cowboy Black Mid Calf boots Size 7 8 9 10 , YEEZY Boost 350 V2 Core Black “Red Stripe” Mens Size 10 1/2 100% AuthenticWmns Nike Lunartempo 2 II Blue Black Women Running Shoes Sneakers 818098-408 , Puma Ignite Limitless Suede Olive Women's Size 7 , EMU Women's Gum Espadrille Sneaker Dark Denim Distressed Canvas EspadrillesWOMEN'S UNISEX SHOES SNEAKERS CONVERSE CHUCK TAYLOR AS BIG EYELETS [559934C]Short Women Suede Boot Hot Martin Boots Round Toe Warm Winter Shoes Fashion ShoeHot Womens Rhinestones Ankle Boots Shoes Suede High Heel Chunky Sweet Side ZipAlfani New Anconna Black Womens Shoes Size 5.5 M Boots MSRP $129.99NEW J Crew Suede Ankle Booties Black Made in Italy - size 9.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Made In Size Italy Brown Leather Boots Italy Womens Size 37 Womens EUC e722e5a -

    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.

    Made In Size Italy Brown Leather Boots Italy Womens Size 37 Womens EUC e722e5a -

    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
    Made In Size Italy Brown Leather Boots Italy Womens Size 37 Womens EUC e722e5a