Never miss an update

Women's Ankle Boots High Block Heels Side High Real Suede Boots Buckle Side Zippers Boots shoes b08e137

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
Heel Type: Block Style: Ankle Boots
Material: Suede US Shoe Size (Women's): 7
Occasion: Clubwear Country/Region of Manufacture: China
Pattern: Solid Fastening: Zip
Width: Medium (B, M) Heel Height: High (3 in. and Up)
Never miss an update

Women's Ankle Boots High Block Heels Side High Real Suede Boots Buckle Side Zippers Boots shoes b08e137 -

    Women's Ankle Boots High Block Heels Side High Real Suede Boots Buckle Side Zippers Boots shoes b08e137
    Women's Ankle Boots High Block Heels Side High Real Suede Boots Buckle Side Zippers Boots shoes b08e137
    Retro Chic Women Rivet Casual Metal Decor Heel Motor Ankle Boot Zip Shoes BlockSexy Women's Slim Leg Suede Leather Stretchy Thigh Fashion Over Knee Boots Shoes , Womens Warm Back Zippers High Block Heels Square Toe Winter Shoes Ankle Boots szWomen Block Low Heels Pointed Toe Ankle Boots Casual Slip On Dress Slip On Shoes , Womens Square Toe Block Heel High Top Ankle Boots Europe Shoes Vintage black newBX637 DANIELA DOLCI shoes black leather women ankle boots , Hot WOmens High Block Chunky Heels Suede Leather Round Toe Chelsea Ankle Boots , Hot Womens Block Chunky Suede Leather Ankle Boots Embroideried Party Shoes hans , Womens Suede Pull on Mid Chunky Heel Party Shoes Fur Trim Fashion Ankle Boots SZ , new Casual Women Over The Knee Boots Rivet Zipper Up Wedge Heel Shoes Shoes BlacWomens Over Knee Stretchy Thigh Knitting Gray Square Toe Chunky High Heels SzPu Leather Winter Warm Wear Plus Size Platform Single Flats Boots for WomenWomens Strappy Elastic Round Toe Low Wedge Heels Platform Ankle Boots Shoes NewWomens Buckle Strappy Platform Punk Side Zip Block Heel Knee High Boots Shoes USVintage Womens Knee High Boots Fur Lined Winter Warm Zippers Mid-calf Boots size , Womens Leather Pointy Toe Stiletto High Heeld Knee High Knight Boots Zipper ShoeWomens stylish over the knee high Boots cuban high heels suede Buckle shoes NewWomens Leather Stretchy Vogue New Thigh High Boots Over Knee Long Booties Shoes , Women's Slouch Mid Calf Boots Stiletto Cross Strappy Elastic Pull on Shoes Plus , Womens Leather Spuare Toe Chunky Heels Back Zip Ankle Boots Oxfords Ride ShoesWomens Rivet Buckle Leather Pointed Toe High Heels Stilettos Side Zippers Boots , Womens Ankle fashion SexyHigh Heels Zipper Party pointed Genuine leather bootsWomens Metal Pointy Toe Stiletto High Heels Zipper Shoes Denim Oxfords Shoes Sz , Women's dull polish chunky block heels shoes back zipper over knee thigh bootsOccident Women's Suede Stretchy Side Zip Over Knee Thigh Boots High Block ShoesWomens Block Chunky Heels Suede Over Knee High Boots Suede Party Leg Boots Size8 , Womens Suede Pull On Ankle Boots Tassels Fur Lining Winter Warm Platform Shoes SWomen's Knee High Boots Mid Heel Square Toe Side Zip Knight Boots Front BandageWomen's Zipper Up Chunky Low Heel Pointed Toe Faux Suede Pull On Shoes Casual Sz
    Women's Ankle Boots High Block Heels Side High Real Suede Boots Buckle Side Zippers Boots shoes b08e137 ->Women's Ankle Boots High Block Heels Side High Real Suede Boots Buckle Side Zippers Boots shoes b08e137 -
    $598 NIB Frye Jodi Fringe Over The Knee Boot Suede SMOKE Size 8FRYE Malorie Knotted Tall Women Leather Boot Brown Redwood sz 6 , Reebok Pump Hexalite Keith Haring CRACK IS WACK rare sneakers Size US 8 BNIBAIR JORDAN X 10 OG CHICAGO US 8 DSGant New Haven, Womens Low-Top Sneakers, Blue Ice Blue, 5 EUPAJAR Woman Brown Skin & Fur Lined Boot, Wedge Heel, Sz 39 (8) Great For Winter , Men's/Women's Vince black leather wedges High grade Sales Italy ExportLADIES SHOES/FOOTWEAR - Naot Tatiana sandal ink polar sea(navy)Christopher Kane Sneaker Slide - Size 39 - $395Man's/Woman's KISS-208DAS Quality queen Fast delivery Non-slipGeorgina Goodman Platform Slingbacks Size 41 Runs SmallMen's/Women's Nomad Women's Tide Black Wedge Sandals Innovative design Win highly appreciated Don't worry when shopping , Vogue Women Open Toe Bowtie Rhinestone Shoes High Stiletto Heel Slipper Sandal , New! Womens New Balance 577 Sneakers Shoes - limited sizesNike - COURT FORCE LOW Mens Shoes (NEW w/ FREE SHIPPING) White Black BASKETBALL , Skechers Go Run Mojo-PEP Black White Men Running Shoes Sneakers 54359-BKWAdidas Originals Gazelle Trainers Sneakers Shoes BB5476Gentleman/Lady Jordan 6 Rings Motorsport High security International choice Selling new products , adidas Originals Tubular Shadow Knit Men's White/Grey/White CQ0928converse ct 70 stussy hi 150794c sz 9COLUMBIA DRAINMAKER II MEN'S TECHLITE HIKING/FISHING/WATER SHOES #BM2552-014 , Keen Women's Hiking Black Leather Sports Size 5.5New Under Armour Women's Toccoa Running Shoes - Size 10 - Gravel / Orange PeelNew Balance WS247UC B Black & White Lifestyle Casual Running Shoes Sneakers NBBearpaw Shoes Women Emma Short 8" Charcoal Gray Suede Winter Boots Faux FurPleaser Demonia By Womens Abbey-03 Pump- Pick SZ/Color.Pristine Black ROCKPORT wedge tall boot adiprene by ADIDAS 37 US 6.5 , Man's/Woman's Report Women's Kathye Western Boot main category Strong value International big nameINC International Concepts Delisa Thigh High Boots Size 7 Black , KAANAS Women's Escalante Ankle Bootie, Taupe, 10 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Ankle Boots High Block Heels Side High Real Suede Boots Buckle Side Zippers Boots shoes b08e137 -

    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.

    Women's Ankle Boots High Block Heels Side High Real Suede Boots Buckle Side Zippers Boots shoes b08e137 -

    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
    Women's Ankle Boots High Block Heels Side High Real Suede Boots Buckle Side Zippers Boots shoes b08e137