Never miss an update

Womens Sonora Jamie Jamie Sz Turquoise Tooled Boots Brown Short Leather Mid-Calf Leather Sz 7 B 0223566

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Sonora
Material: Leather Style: Cowboy, Western
Fastening: Slip On Width: Medium (B, M)
US Shoe Size (Women's): US 7/UK 5/EU 37.5 Color: Brown
Country/Region of Manufacture: Mexico Heel Height: Low (3/4 in. to 1 1/2 in.)
UPC: 749186455579
Never miss an update

Womens Sonora Jamie Jamie Sz Turquoise Tooled Boots Brown Short Leather Mid-Calf Leather Sz 7 B 0223566 -

    Womens Sonora Jamie Jamie Sz Turquoise Tooled Boots Brown Short Leather Mid-Calf Leather Sz 7 B 0223566
    Womens Sonora Jamie Jamie Sz Turquoise Tooled Boots Brown Short Leather Mid-Calf Leather Sz 7 B 0223566
    Brand New Franco Sarto Women's Lizbeth Wide calf Leather knee Boot Sz 6.5US,36.5 , Catherine Malandrino Bast Tall Black Suede Leather Boot - Size 6.5 USPaulo Iantorno Women Ankle Boots /US 10 Narrow Brown Leather Pull-On ItalyBoden Vintage Style Tall Brown Leather Knee High Heel Pull On Boots Size 8 NWOBNIB Platinum Stinger Lo Women Boots WP10002 Sheepskin Water Resistent 9 10Ladies Womens Bent Rail Western ANTIQUED BOMBER BROWN Boots Justin 6.5 B 6 1/2 B , NEW! NIB! MATT BERNSON Black Diamond Leather Suede ROARK Riding Boots Sz 6 $295 , SEYCHELLES WMN'S SLAP ON THE WRIST BOOTS BLK LTHR US SZ RT 7/ LFT 6.5M MISSMATCH , J Crew Glazed Pecan Brown Buffalo Plaid Perfect Winter Boots 10Laredo Ladies Kadi Distressed Brown Cowboy Boots 5742 New , DIJE CALIFORNIA SIERRA BLACK GENUINE AUSTRALIAN SHEEPSKIN NEW TO THE MARKET , STELLE MONELLE Suede Leather Ankle Boot Booties Sz 36 Made In ItalySamuel Hubbard Womens Boot-Up Boot in Black Suede Size 6.5 , Corso Como 9118 Womens Black Baylee Vintage Calf Leather Knee-High Boots SZ 8.5MSteve Madden Women's Trevur Buckle Block-Heel Booties Black Leather Size 5.5MNEW Women's FRYE Melissa Harness Tall Leather Boot, Dark Brown, Sz 6.5 M - $438 , Ecco Bella Women's cognac leather double zip booties sz. 41 , NIB Smoky Mountain women's boots, gray, size 7M , Spring Step Women's Endear BootieCole Haan Abbot Women's blue suede ankle booties sz. 5.5 B , MATT BERNSON - COLT BARK SUEDE CREAM SHEARLING ANKLE BOOT SZ 6 RETAIL $369 , Dolce Vita Women's Black Vix Thigh High Boot Sz 7.5 2823 *WOMEN'S HUNTER BOOTS CORT BURNT ORANGE 8M , ECCO Women's Touch 35 black leather zip Booties sz. 40 , Durango women's Western Leather Boots RD3219 Tan size 9 M NEWIvy Kirzhner Circuit Black Pointed Toe Gold Heel Buckle Strappy Studded Boot , NEW Anthropologie SPLENDID Black Suede Leopard Calf Hair ROSALIE Ankle Boot $178LAUREN RALPH LAUREN MARLA BLACK BURNISHED CALF LEATHER RIDING BOOT SIZE 7B , FRYE Grey Suede Leather Boots Sz 8 $218 NWOB ,
    Womens Sonora Jamie Jamie Sz Turquoise Tooled Boots Brown Short Leather Mid-Calf Leather Sz 7 B 0223566 ->Womens Sonora Jamie Jamie Sz Turquoise Tooled Boots Brown Short Leather Mid-Calf Leather Sz 7 B 0223566 -
    Dr. MARTENS R11821670 - 1460 Woman Size: - Color: , ASH GONG Low-Wedge Boots Black Suede 38M NIBStrategia - Boots - 320795 - Black , Converse All Star 2 Black Classic Skulls [Product Customized] Shoes Borch , NEW LAZAMANI 57231 ANKLE BOOT GREY WOMENS BLOCK HEEL BOOTS , Spring Step Women's Gail Tan Nubuck Slingbacks , L'Artiste by Spring Step Women's Burbank Natural Leather Platform ShoesFashion Stylish Pointed Toe Strap Cut Out Formal Casual Shoes Womens Mixed ColorWomen’s new black suede Spain Gaimo espadrilles wedges sandals jute leather 10 , Stuart Weitzman Gray Shimmer Cloth Pumps Size 8AAJimmy Choo Brown Leather Embossed Peep Toe Pumps/Slingbacks/Heels/Shoes Sz 35.5 , Demonia Women's Damned 318 Knee-High Platform Buckle BootNine West Women's Tennyson Pump - Choose SZ/ColorChristian Louboutin Stef patent leather almond toe pumps Size 8 , NIB Christian Louboutin So Kate 120 Opal Green Blue Patent Heel Pump Shoe 41Mephisto Sandals Black Patent Leather with Rhinestones Women Size 41 US 11 Sydel , BIRKENSTOCK BIRKI'S SAILOR MOCCA CLOG SLIPPERS BROWN SUEDE LEATHER NEW , New Balance Men's Training Shoe MX608V4G Grey D Medium Size 12.5 , Easton Men’s Black White Ankle Top Steel Cleat Athletic Shoes Size Sz 13 Medium , Adidas CQ0933 Men tubular shadow Running shoes black white sneakers , Nike Men's FlyKnit Racer Running Shoe Style 526628-731 , Nike Kobe AD White Metallic Silver Ice 922482-102 Mens 8 - 13 Bryant , Hi-Tec Women's Altitude V I Waterproof Hiking Boot Dark Chocolate/Black 8 M US , Stacy Adams Men's Giannino Monk Strap Wingtip Slip-On Loafer Dress Blue 25084 , New Nike Air Zoom Hyper Ace Women’s Volleyball Shoes 902367-106BY9521 adidas Originals NMD R2 PK Boost W Women's Originals NMD Yeezy DS Last SZECCO Footwear Womens Aimee High Top Sneaker Black 42 EU/11-11.5 M US , ADIDAS WOMENS SHOES KANADIA 8 TR W BB4418Cole Haan Air Liberty Black Leather Pull Up Zip Riding Boots D32274 sz: US 6SAM EDELMAN 'Petty' Women's Leather Snake Print Ankle Boots Size 6.5M NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Sonora Jamie Jamie Sz Turquoise Tooled Boots Brown Short Leather Mid-Calf Leather Sz 7 B 0223566 -

    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.

    Womens Sonora Jamie Jamie Sz Turquoise Tooled Boots Brown Short Leather Mid-Calf Leather Sz 7 B 0223566 -

    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
    Womens Sonora Jamie Jamie Sz Turquoise Tooled Boots Brown Short Leather Mid-Calf Leather Sz 7 B 0223566