Never miss an update

Marc Fisher Marc Heel Vandra Block Heel Ankle Boots, Boots, Light Brown 737b8a9

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Marc Fisher
Heel Type: Block Colour: Brown
Pattern: Solid MPN: Vandra
Heel Height: High (3 in. and Up) Style: Ankle Boots
Width: Medium (B, M) Material: Suede
Shade: Light Brown
Never miss an update

Marc Fisher Marc Heel Vandra Block Heel Ankle Boots, Boots, Light Brown 737b8a9 -

    Marc Fisher Marc Heel Vandra Block Heel Ankle Boots, Boots, Light Brown 737b8a9
    Marc Fisher Marc Heel Vandra Block Heel Ankle Boots, Boots, Light Brown 737b8a9
    Mellow Yellow Paris Women's Ankle Boots - Size 38 , AR35 Ada Wide Calf Tall Boots, Brown , Rossi Leather Motorbike Boots - Mens Size 6 / Womens Size 9 - BNWOT #ebaymarket , Men's/Women's Billini Boots Big clearance sale special promotion British temperamentMen's/Women's Leather Stiletto High Heel Pirate Boots Promotion Moderate cost Human border , MOLLINI Ridaisy ladies gold ankle boots sz 8 / 39Man/Woman BNWOT Brown Mimco Boots...Size 39 service International choice Superb craftsmanship , NEW Easy Steps Tasman Tan Suede Ankle Boots Comfort Fit C-FitMan's/Woman's NU leather boots in box combat durable Beautiful appearance Current shapeKickers Kick Hi Youth Leather Boots in Cream Nude 115094 , Gentleman/Lady Pink Hunter Gum Boots Size 9 economic The latest technology Modern modeMen/Women BOGS Tacoma Black Wellington Boots New varieties are launched Trendy Valuable boutique , White Mountain Behari Pull On Ankle Boots, ChestnutDESIGNER VINTAGE HANDMADE LEATHER ANKLE BOOTS BURGUNDY FLAT HEEL BIKER COUNTRY , Brand New Genuine Black Leather Ladies Boots 36.5 , Men/Women Ladies Suede Boots by Penelope Chilvers Strong heat and wear resistance At a lower price Complete specificationsNu By Neo genuine leather boots 41 ( used/NEW ) , Bernie Mev Zig Zag Ankle Boots. Black . Brand New , Mr/Ms Zomp Ankle boots Grey Size 35 Beautiful design special function Caramel, gentleWOMEN SHOES BROWN LEATHER ANKLE BOOTS COUNTRY PATCHY super soft comfy , Seven Dials Britney Pull On Knee High Boots, Charcoal, 6 USMen/Women Sandler boots size 9 High security Selected materials CharacteristicsLong Boots Ladies Womens Black Shoes Free Express Shipping Unicorn Direct , Man's/Woman's Report Moriah Anke Boots, Tan durability Year-end sale Fair pricestilmoda blue suede italian leather boots 40Shabbies Amsterdam Grey Distress Boots Size 39Gentleman/Lady Woman’s black leather stegmann boots Aesthetic appearance a variety of Diversified new designFLUXA red leather tall boots .Size 38.EUC Country Road Womens Black all Leather Heel Ankle Boot Size 40 Black ,
    Marc Fisher Marc Heel Vandra Block Heel Ankle Boots, Boots, Light Brown 737b8a9 ->Marc Fisher Marc Heel Vandra Block Heel Ankle Boots, Boots, Light Brown 737b8a9 -
    K. Swiss Arvee 1.5 Black White White Mens Leather TrainersAquatalia Giada Women's Black Weatherproof Riding Boot Sz 7 3057 * , Royal Elastics Icon Alpha 1802 White Blue Red Men Shoes Sneakers 02081-510Puma Uprise Color Shift Low-Top Sneakers, Quarry-Knockout Pink White, 10.5 , TOD'S women shoes Dark brown suede leather ankle bootLadies Clarks Kildale Drama Black Leather Smart Long BootsPin Up Couture Women's Cutiepie 02New Womens POM POM Mary Jane Irregular Heels Sweet Platform Pumps T-Strap Shoes , Christian Louboutin Black Patent Galupump Half-D'Orsay Pumps Size 38 NIB $895 , Appaloosa Horse Print Christmas Running Shoes For Women-Free Shipping , Vibrams® Women's FiveFingers V-Run, Size 38, 45% Off, Free US Shipping! , Nike SB Zoom Stefan Janoski OG Black/Black/Camo Suede Style 633300-031 Size 13 , Men/Women Saucony Mens CohesionRunning Shoe- Select SZ/Color. Ideal gift for all occasions Affordable Pick up at the boutiqueVibram 17M6602 Men's V-Train Cross-Trainer BLK 12-12.5 US 47 UK Shoes , Mens Nike Air Jordan 2 Retro Low - 832819 606 - Triple Red Trainers , Nike Dunk Hi *Shima Shima 3* size 9.5 futura stash , NU FRYE Mens Prison Yard Chelsea Boot Choc 10 D M $400 Chocolate Made in USARocky Men's AlphaForce Zipper 8" 6173men's shoes MBT 8 / 8,5 () sneakers blue green textile AC534-B , Steve Madden Men's Clarity (Black) Slip-On Loafer , Calvin Klein Women's Jupa Fashion Sneaker - Choose SZ/Color , New Balance 247 - Women's Chocolate Cherry/White WRL247HKNIKE WOMENS AIR MAX 90 PRM METALLIC MAHOGANY 896497-903 SIZE 8.5fashion Womens Point Toe suede kitten heel Back Zip casual comfort ankle boots , Womens ladies Fashion Chic Patent Tweed Pointed Toe Wedge Heel Ankle Boots Shoes , TORY BURCH Bowie Ankle Bootie Slip On Taupe Fango Leather Sabe Boots Sz 7 #E7Womens Ladies Leather Suede Roman Mid Calf Boots Chunky Heels Motor Biker Shoes , Lucky Brand Basel Leather Ankle Boots, Women's - Size 8 M, Black (Damage)Dirty Laundry by Chinese Laundry Too Cute Ankle Booties, Sand, 9 US / 40 EUMuck Boot Women's Arctic Weekend Boot, Grey/Acai Purple Plaid, 5 BM US Womens ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Marc Fisher Marc Heel Vandra Block Heel Ankle Boots, Boots, Light Brown 737b8a9 -

    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.

    Marc Fisher Marc Heel Vandra Block Heel Ankle Boots, Boots, Light Brown 737b8a9 -

    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
    Marc Fisher Marc Heel Vandra Block Heel Ankle Boots, Boots, Light Brown 737b8a9