Never miss an update

Clarus Size 7N Brown Ostrich Dimple Dimple Leather Riding Riding Boots Italy Made in Italy Narrow 0e93ebd

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Country/Region of Manufacture: Italy
Material: Leather Style: Riding Boots
Color: Brown Calf Width: Narrow
Brand: Clarus US Shoe Size (Women's): 7
Never miss an update

Clarus Size 7N Brown Ostrich Dimple Dimple Leather Riding Riding Boots Italy Made in Italy Narrow 0e93ebd -

    Clarus Size 7N Brown Ostrich Dimple Dimple Leather Riding Riding Boots Italy Made in Italy Narrow 0e93ebd
    Clarus Size 7N Brown Ostrich Dimple Dimple Leather Riding Riding Boots Italy Made in Italy Narrow 0e93ebd
    Frye pony hair cowhide boots size 8 , Anne Klein Laski Ankle Boots Black New with Box , NEW Steve Madden Shandi Knee High Boots Black leather Sz 6Cole Haan Pull On Black Leather Sz 9.5 Ankle Boot , Katy Perry Women's The Nakano Ankle Boot - Size 9 , Mason Women's Cowboy Western Boots Boho Brown Leather Vintage US Union Made 7.5Carlos Santana Womens Kino Black Boots 7 M Shoes , Women's Justin L4957 Narrow Round Toe Western Cowboy Boots 7 C (h520) , Men/Women womens dan post cowboy boots Various styles Modern and stylish fashion cheap priceVia Spiga Over The Knee Boots Black Leather Womens Size 8.5M Amazing! , Mr/Ms Roper cowgirl boots New varieties are launched Reliable performance List of explosions , Justin BOOTS Dark Brown Mustang Cowhide Stampede Western Boot L2559 SZ 10 1/2 BMadden Girl Deliite Bootie size 8 M Brown Heeled BootiesF-Troupe Jodhpur black leather riding style boot 6/36, Opening Ceremony sold out , Gentleman/Lady Earthies Tavolina Pewter heels 8B Special price Order welcome Various , Bass Amiya Women's Boot Tan Size 10 M US $ 130BLONDO Boots 8 Brown Riding Leather Canada Knee 38Costume National Knee High Black Boots, Inside Zip/Buckle, Square Toe Size 37.5 , Man's/Woman's So Womens riding boots black w/grey Various styles Excellent performance Great choice , Gentlemen/Ladies Lucky brand leather boots 8 Special price Carefully selected materials Different styles and styles , Nine West Quicksand Leather Bootie Boots NaturalSize: 9.5 New , Marc Fisher Stefani Suede Bootie Light Natural Grey Western 7.5M NEWGabriella Rocha women's purple patterned mid-calf rain boots (US 6 M)Seven Dials Tessaly Open Toe Booties - Women's Size 7 M, Black Suede 689 , Aerosoles Knee High Boot - 10M Brown Suede w Leather , Steve Madden Star Ankle Boots - Women's Size 8.5 M, Black , Vince Camuto brown Leather Knee High Boots Womens Size 9Sbicca Mary Moor Women's Bootie - Size 8, Taupe , Stuart Weitzman Citylink Motorcycle Black Boots Woven Silver Chain Size 35.5
    Clarus Size 7N Brown Ostrich Dimple Dimple Leather Riding Riding Boots Italy Made in Italy Narrow 0e93ebd ->Clarus Size 7N Brown Ostrich Dimple Dimple Leather Riding Riding Boots Italy Made in Italy Narrow 0e93ebd -
    FRYE Women's Engineer Gaucho 12" Boot 6M , chausser Shoes 779367 Black 23 1/2Charles David Women's Studio Ankle Boot, Black, 9 Medium US , Man/Woman David Tate Women's Best Boot High quality and low overhead Let our goods go to the world Sales online storeMarsell Cicogna darkest blue cracked finish leather shoes 37 , ADIDAS NMD R1 RUNNER PK PRIMEKNIT BOOST WOMEN'S US10 RARE! GLITCH CAMO BB2361 , Balenciaga classic shoes loafers elegant ceremony man leather 40 41 , US3-12 Womens Open ToE Ankle Boots Stilettos Shoes Cut Out Gladiator Platform M3 , PLEASER Platform T-Strap Closed Back Metal Rings Stud Sandal FLAMINGO-858 BlackEarthies "Semprini" Wedge Sandal Brown Size 12 M Brand NewJessica Simpson Women's Pouline Stiletto Sandal Gilded Gold Textile Heels , BRIAN ATWOOD 1818 $695 NUDE PATENT LEATHER PEEPTOE SLINGBACK HEELS SZ 37.5Steve Madden Women's Nectar Mule - Choose SZ/Color , Dolce&Gabbana Suede Pumps Bone Ivory Spike Heel Italy Pointed Toe 41 9 1/2 , Mr/Ms gaimo Shoes 864049 Grey 38 Reasonable price New design wonderful , PUMA Men's Evoknit FTB FG Soccer Shoe - Choose SZ/Color , Nike SB x Medicom Zoom Dunk High Elite QS 918287-147 Size 10 Bearbrick HiADIDAS ZX FLUX B54176 MEN SIZE: 11.0 RUNNING NEW CORE BLACK REFLECTIVE COMFORT , Men's fashion Designer Cowhide Leather Color Sneakers 015, GENTLER SHOPAndrew Charles 8117 SOFTY SAFARI Loafers Men's Brown US , NEW ED Ellen DeGeneres Chapala Sneakers WOMENS 5.5 Black & Gold Dot Velvet $98. , Steve Madden Men's Jaylon Loafer - Choose SZ/Color , Oofos Women's OOlala Thong Sandal Graphite Satin , Clarks 26116744 Womens Acre Bridge Ankle Bootie- Choose SZ/Color. , Gentlemen/Ladies Kamik Women's Barton Snow Boot Moderate price The highest quality material King of the crowd , Chic Womens Flat Heels Faux Lamb Fur Round Toe Pull On Ankle Boots New Plus Size , KEEN BLACK ANKLE BOOTS WITH CHILL FABRIC ANKLES GREAT SOLES SZ 6 URBAN LOOKSteve Madden Pammie Black Leather Pointed Toe Bootie 8.5 NewI35 FrankII Buckle Riding Boots, Black, 10 USWomen The North Face Primaloft Anna Purna Waterproof Winter Boots Size 8.5 39.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Clarus Size 7N Brown Ostrich Dimple Dimple Leather Riding Riding Boots Italy Made in Italy Narrow 0e93ebd -

    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.

    Clarus Size 7N Brown Ostrich Dimple Dimple Leather Riding Riding Boots Italy Made in Italy Narrow 0e93ebd -

    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
    Clarus Size 7N Brown Ostrich Dimple Dimple Leather Riding Riding Boots Italy Made in Italy Narrow 0e93ebd