Never miss an update

Mens Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chic Business Chelsea Ankle [email protected] 9c2a166

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: Unbranded
Material: Leather Style: Ankle Boots
Pattern: Solid Country/Region of Manufacture: China
Width: Medium (D, M) Fastening: Zip
Never miss an update

Mens Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chic Business Chelsea Ankle [email protected] 9c2a166 -

    Mens Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chic Business Chelsea Ankle [email protected] 9c2a166
    Mens Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chic Business Chelsea Ankle [email protected] 9c2a166
    Mens Leather Suede Low Heel Buckle Strap High Tops Cuban Heel Chain Yellow Shoes , New Mens Dress Shoe Chevy Boot - Brandy LeatherNew Mens England Zip Furlining Mid Calf Leather Ankle Boots Shoes Military ArmyNew Cole Haan Men’s Keaton Waterproof Hiker Boot Leather Dark Brown 11 , men's shoes MOMA 7,5 () ankle boots black leather BX489-40,5 , Mens Pointy Toe Rivet Hip Hop Nightclub Side Zipper Leather Ankle Boots Shoes szNew Rock M106 S29- Mens Tower Platform Shoes - Black2018 European and American fashion leather high tube men's leather bootsAsics Lethal Testimonial 4 IT Mens Football Shoes (D) (0190) + Free Aus DeliveryTod's men's Leather and Canvas high top Boots Size 9.5Man's/Woman's MAGNANNI Men's Shoes 837463 Blue 41 High quality and cheap luxurious Lightweight shoesLowa APPROACH PRO Gore-Tex® LO super-comfy low-cut hiking alpine boots , GREEN GEORGE men shoes handmade in Italy dark brown pebbled leather chelsea bootNew Retro Men's Genuine Leather British Martin Ankle Boots Casual Fashion Shoes , New Mens Dress Shoe Chevy Boot - Tumbled Brown LeatherRocky Men's Maxx Waterproof Pull-On Work Boot - Safety Toe - RKK0212 , New Rock Solid Heel Men's Leather Boots - Brown - MR013-S2 - Gothic,Goth,Leather , NEW ROCK 373-S4 BLACK METALLIC REACTOR GOTH LEATHER BOOT BIKER BOOTSMens UNDERGROUND Tracker Double Sole Steel Caps Shoes - Size 9 US , Dr Martens Vonda Black Red 14 eyelets Leather Womens Boots , Mens Ankle Boots Pointy Toe Outdoow Breath Buckle Chelsea Luxury Stylish Chic&& , Mens hand made real cow leather retro soft sole shoes slip on round toe loafers , New Cole Haan Men GrandExplore Waterproof Moc Toe Boot Chestnut Red Check 13 , Man's/Woman's VINTAGE MEN'S WESTERN BOOTS Attractive and durable Low price a wide variety of goods , NEWROCK New Rock 7800 Black Plain Real Leather Cowboy Goth Biker Rock BootsMens Real Cow Leather Ankle Boots Pointy Toe Outdoow Breath Buckle Chelsea Shoes , NEWROCK New Rock M.7965 Brown Western Cowboy Gothic Biker Leather Boots Shoes , British Style Mens Pointed Toe Pull On Leather Ankel Boots Chelsea Retro Shoes , Men Black Handmade Brogue Wingtip Genuine Derby Leather Shoes
    Mens Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chic Business Chelsea Ankle Boots@ 9c2a166 ->Mens Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chic Business Chelsea Ankle Boots@ 9c2a166 -
    Frye Gemma Tall Shearlingsvlos FRYE Womens Winter Boot- Choose SZ/Color. , Onitsuka Tiger - Ultimate 81 - High Rise/Black , WOMENS UNDER ARMOUR SLINGFLEX RISE LADIES TRAINING/SNEAKERS/RUNNING SHOESJslides - Women's Edie Leather - Rosegold CrackedLadies Gabor Style 25.483.13 Colour-Fumo/Sibler Court Shoe , Vagabond Women's Aurora Black Satin Platform Oxford Shoes Retail $110 size 8NEW Nine West Tria Womens Sz 9.5 M Black Suede Textile Tie Up Bootie HeelsWomen's Hidden Increased Heel Sports SHoes Emboridery Slip On Floral SHoes Size , Ladies Vagabond Tia Festival Open Toe Strappy Flat Casual Work Sandals All SizesFashare Womens Closed Toe Espadrilles Platform Heel Wedge Shoes Ankle Strap S... , Size US 7.5 wide: Women's Saucony Guide ISO Running Shoes Fog/Purple/MintGentlemen/Ladies Merlutti Women Plaid Khaki Loafers feature Lush design Great choice , NIKE AIR JORDAN FORMULA 23 MEN'S ATHLETIC SHOES SIZE 10 COLOR RED 908859 600 , Reebok Kamikaze II Portland Trailblazer Size 7 , Nike Zoom Kobe 4 IV, MLK, US10, DS BNIB, FREE SHIPPINGli ning way of wade code red size 14 new , ARETINA Size 10 Black Suede Leather Buckle Loafer Driving Moccasins Mens Shoes , SAINT LAURENT PARIS 2195$ Authentic Wyatt 30 Chelsea Ankle Boots In Black Python , Brand New Vans UltraRange MTE Pe Men's Fashion Sneakers [VN0A3DQ4OVP] , Men Sneakers Diesel Casual Shoes Bikkren Fabric Canvas Blue Y01112 P0576 H5394Men's/Women's Nunn Bush Men's Jefferson New market Preferred material Cost-effective , Skechers USA Men's Glides Razan Slip-On Loafer - Choose SZ/Color , Naot Men's Chief Black Raven Leather/Walnut Leather Comfort Shoes , Adidas originals NMD_R1 wmns trainers sneakers BY3035 eu 36 2/3 us 5.5 NEWGentleman/Lady steve madden boots 9.5 Charming design Good market comfortableCole Haan Althea Bootie - Women's Size 8.5 B - BlackRocket Dog Women's TAYTE Library PU/Finland Knit Fabric Combat Boot, Saddle, 7 M , Sam Edelman New Womens Keegan Black Suede Boots 10 M Shoes NWB , INC FRANKII Women Riding Boots (11 W, BLACK) , Chic Slouch Suede Womens Over Knee Boots Riding Stiletto Heels Platform Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chic Business Chelsea Ankle Boots@ 9c2a166 -

    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.

    Mens Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chic Business Chelsea Ankle [email protected] 9c2a166 -

    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
    Mens Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chic Business Chelsea Ankle [email protected] 9c2a166