Never miss an update

Men Ankle Rivet Decor 29306 Pointy Toe Cuban Heel Cuban Punk Ankle Boot Leather Casual Shoes Black bad4a95

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/Suede Style: Chelsea, Ankle Boots
Country/Region of Manufacture: China Width: Medium (D, M)
Never miss an update

Men Ankle Rivet Decor 29306 Pointy Toe Cuban Heel Cuban Punk Ankle Boot Leather Casual Shoes Black bad4a95 -

    Men Ankle Rivet Decor 29306 Pointy Toe Cuban Heel Cuban Punk Ankle Boot Leather Casual Shoes Black bad4a95
    Men Ankle Rivet Decor 29306 Pointy Toe Cuban Heel Cuban Punk Ankle Boot Leather Casual Shoes Black bad4a95
    AdTec Men's 9804 7" Steel Toe Work Boot , Style High Top Men's Round Toe Leather Business Motorcycle Boots Ske15 , Merrell Men's J15803 Ridgepass Bolt Composite Toe Waterproof Safety Work BootsMan's/Woman's Mens Western Cowboys Boots shiny leather Charming design Modern and stylish fashion renewed on timeMen's/Women's MEN'S SHOES SNEAKERS MERRELL TERRAMORPH [J09493] Great variety Impeccable Excellent stretchingMENS JULIUS MARLOW BRAZEN BLACK LEATHER WORK MEN'S ELASTIC SLIP ON BOOTS , Mens Dr Martens Combs 2 Broder Canvas Olive Green Military Style Boots Shu SizeMen's Genuine Leather Cowboy Western Quality Boots Style Alfanzo , 5.11 ATAC 8" Coyote Boot with Side Zip 511 Tactical Boots Size 8 New! , Men's Cargo Casual shoes Outdoor High Top Mid Calfs Combat Military Desert BootsUS5-12 Hot Mens Suede Leather Shoes Western Cowboy High Top Chelsea Ankle Boot , DEMONIA DEFIANT Men's Calf/Ankle Vegan Combat Boots , Panhandle Slim Brown Lizard / Leather Cowboy Boots Mens 8 D / Womens 9.5 M New , Justin Boots Jackson Roper Black Leather Men's sz 13 EEE style 3133 KipskinLaredo Men's Trucker M Leather Mid-Calf Boot , Mens Riding Knee High Boots jockey boot Leather honour guard Boots Shoes , Forastero Cowboy Western Men's Brown Boots Size 8 , ROCKY HIGH-GLOSS DRESS LEATHER OXFORD SHOE 510-8 - ALL SIZES - NEW , Adtec Men's 6" Comfort Work Boot Wide Fit Boot , UPower June Safety Trainers / Shoes White Mens & Womens Toe Cap Snickers Direct , Men Cross Strappy Leather Chunky Heels Outdoor Military Knight High Top Boots xiRetro Mens Carved Brogue Oxfords Casual Shoes Suede Ankle Chelsea Boots New HotMen's/Women's Men's Boots Size 11 Easy to clean surface Latest styles cheap priceAdTec Men's 1030 6" Waterproof Steel Toe Work Boot , Mens Genuine Leather Suede Round Toe Buckle Ankle Knight Boots Chelsea Shoes HOT , Ariat 10002204 Boots - Men's Size 13EE - BrownNEW Mens Wolverine EXCESS Leather Durashocks Wellington Work Boots W04695 , 14 15 brown Black Men's Ankle boots Real leather Zip Up Motor Formal dress shoesMens Retro Wedding Leather Causal High Top Boot Business Pointed Toe Shoes 914
    Men Ankle Rivet Decor 29306 Pointy Toe Cuban Heel Cuban Punk Ankle Boot Leather Casual Shoes Black bad4a95 ->Men Ankle Rivet Decor 29306 Pointy Toe Cuban Heel Cuban Punk Ankle Boot Leather Casual Shoes Black bad4a95 -
    Man/Woman LOWA Albula LL Women trekking boots Innovative design Selected materials ExportALDO Women's Dominicaa Ankle Bootie, Black Suede, 7 B US , Arche Noir Black Suede Mussem Heel Ankle Boot Shoe 40New , Corral Boots G1116 WOMENS 16" TALL Western Brown Tall Whip Stitch and Studs 7 M , Man/Woman NEW ROYAL REPUBLIQ WOMENS ANKLE BOOTS Many varieties discount price Known for its beautiful quality , Hummel Womens Slimmer Stadil Herringbone Hig Hi-Top Trainers, Red Eggplant 414Laura Biagiotti 5100 Women Ladies Shoes Woman Boots BrownWalking shoes - TBS Easywalk 78 shoes France , Sofft Fondah loafer black leather suede 7.5 Med NEW$225 BCBG BCBGMAXAZRIA Womens MA-Darien1 Peep Pump Shoe, Natural, US 8 , 7" Silver Glitter Platform Pole Dancer Stripper Heels Pleaser Shoes Adore 7 8 9Glorious CHARLES JOURDAN (Paris) Gold Lame Pumps w/Ankle Straps 7.5BWomen High Heel Roma Open Toe Sandal Cut out Slingback Platform Party Shoes 10cm , New Saucony Womens Ride 9 Everun Athletic S10318-1 Trail Running Shoes Size 6 , Peak Men's Raid Basketball Shoe , Men's Converse Fast Break 83 Mid "Purple/White" Athletic Fashion Casual 156972CPuma Future cat M1 SF NM Rossa Corsa White Sneakers for Men New (304951 01) , vintage vans DX VANS Authentic 44 DX / brown / VN0A38ENMR3 , Nike Hyerdunk 2014 Lunarlon Sneakers Mens Size 11 US 653483-505 , 30 Nike Flyknit Racer Men's 15 Macaron Pack Blueberry White Shoes 526628-102Nike Air Jordan 13 Retro CP PE Black Sunstone Orion Blue 823902-015 Size 11.5 , Camper Brown Leather Casual Oxford Walking Shoes Men's Size 43 / 10 , Chic Mens White Metal Pointed Toe Shoes Rhinestone Dress Wedding Loafer Plus R02 , New H. S. Trask Range Rover 9 W chili (4260) , Adidas Alphabounce Womens DA9971 White Grey ForgedMesh Running Shoes Size 11 , OLUKAI Waipahe - Womens Comfort Bootie Friar Brown/Friar Brown - 11Charles by Charles David Women's Royalty Open-Toe Bootie Black Suede Zipper , Weida Women's Boots Sheep Skin Rubber Sole Size 7 US 38 Brown , Women Pointy Toe High Chunky Heel Knee Boot Real Leather Pull On Rhinestone ClubSTEPHANE KELIAN - BOTTES TALONS 7.3 CM CUIR VELOURS MARRON 5 38 -TRES BON ETAT
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men Ankle Rivet Decor 29306 Pointy Toe Cuban Heel Cuban Punk Ankle Boot Leather Casual Shoes Black bad4a95 -

    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.

    Men Ankle Rivet Decor 29306 Pointy Toe Cuban Heel Cuban Punk Ankle Boot Leather Casual Shoes Black bad4a95 -

    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
    Men Ankle Rivet Decor 29306 Pointy Toe Cuban Heel Cuban Punk Ankle Boot Leather Casual Shoes Black bad4a95