Never miss an update

Badgley Ankle Mischka Women's Meg Ankle Boot 29502 8 Dark Nude 8 M US 25a46f9

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
EAN: Does not apply
Color: Dark Nude MPN: MP3805
Size: 8 M US Brand: Badgley Mischka
Style: Dark Nude UPC: Does not apply
US Shoe Size (Women's): 8 M US
Never miss an update

Badgley Ankle Mischka Women's Meg Ankle Boot 29502 8 Dark Nude 8 M US 25a46f9 -

    Badgley Ankle Mischka Women's Meg Ankle Boot 29502 8 Dark Nude 8 M US 25a46f9
    Badgley Ankle Mischka Women's Meg Ankle Boot 29502 8 Dark Nude 8 M US 25a46f9
    Bed|Stu Women's Bonnie Bootie Tan Rustic 8 B(M) US , Donald J Pliner Women's Vaughn-w5 Boot Black 8 M USAquatalia Women's Florencia Suede Over The Knee BootFRYE Women's Melissa Stud Back Zip Riding Boot Black 8 M US , Dan Post Women's Liberty Western Boot Tan 8 M US , Men/Women Salvatore Ferragamo Womens Pisa 70 1 High quality and low overhead The highest quality material List of explosionsNAOT Women's Chi Boot - Choose SZ/Color , Corral Boots Women's LD Burnished Black-Grey Top Strappy Bootie , FRYE MELISSA BUTTON LIGHT BROWN us $348 , FRYE SABRINA 14L REDWOOD SOFT PEBBLED FULL GRAIN us $348Tin Haul Shoes Women's Barb'd Wire Western Boot , FRYE Women's Shirley OTK Suede Slouch Boot Black 8 M USGentleman/Lady Aquatalia Womens Jilianne fashion Environmentally friendly professional designCorral Women's 13-inch Turquoise/Brown Embroidery & Studs Snip Toe Cowboy BootsLoeffler Randall Women's Maryl Ankle Bootie Black 8 B(M) USOld Gringo Yippee Ki Yay YL291-1 Leopardito Ochre Boots , Tin Haul Shoes Women's Paisley Rocks Tan/Red 7 M USFRYE Women's Valerie Sherling Pull-On Riding Boot Black-75007 8 M US , Gentlemen/Ladies Ariat Women's Thunderbird X-Toe Western Boot Outstanding features The highest quality material Authentic guarantee , Man/Woman Old Gringo Women's Bennu Western Boot Moderate price Selected materials Elegant and robust menuNew Women's Pajar DARLING shearling lined black waterproof leather pull-on 10AAFRYE Women's Melissa Chelsea Boot Cognac 8 M USFRYE Women's Engineer 8R Ankle Boot, Charcoal Old Town, 5.5 M US , FRYE Women's Melissa Button 2 Extended Calf Riding Boot - Choose SZ/Color , SCHUTZ Women's Kin Western Boot Black 8 B(M) USRachel Zoe Women's Bestie Boot Black 8 M USGentleman/Lady Miz Mooz Women's Liliana Boot Innovative design Let our products go to the world British temperament , FRYE MAXINE TRAPUNTO HARNESS LIGHT TAN us $398Lane Boots Women's Dove Western Boot Brown 8 M US
    Badgley Ankle Mischka Women's Meg Ankle Boot 29502 8 Dark Nude 8 M US 25a46f9 ->Badgley Ankle Mischka Women's Meg Ankle Boot 29502 8 Dark Nude 8 M US 25a46f9 -
    **Latest Release** Asics Gel 195TR Mens Leather Crosstrainer (2E) (9090) , New Balance U220NV D Navy White Men Running Shoed Sneakers Trainers U220NVDNEW Brooks Glycerin 16 Women's Running Shoes from The Village SportMen's/Women's Ladies Rohde Loafers Label 1044 -W elegant Moderate cost Brand feastNew Tony Bianco Mayfair Womens Shoes Dress Shoes FlatEastland Womens Sunset Mlb Dodgers Boat Shoe- Pick SZ/Color.Womens VINCE. Snake Print Leather Slingbacks / Pointy Toe flats Sz. 7.5 MW-1174954 New Tory Burch Skyler Ocelot Leopard Print Calf Sneaker US Size 8Roger Vivier NEW Black Red Pointed Heels Pumps 6.5 NIB Authentic $495Gentle Souls Nita Blue Womens Shoes Size 6.5 M Flats MSRP $229Women Platform Sandals Open Toe Wedges Heels Sexy Black Shoes Plus US Size 4-15Burberry Wedge Delamer Sandal, Size 7, Dark Tan, Used Once , Belstaff Tallon Ankle Strap Flat Sandals, Cream/Tan/BlackBelle By Sigerson Morrison BMBELA2 Black Wedge Sandals 7311 Size 7 MGentlemen/Ladies Adidas Running shoes Men Size 9.5 Modern and elegant fashion New in stock Brand feast , NIKE AIR MAX 2 CB 94 [305440 102] CHARLES BARKLEY 34 CHUCK RETRO OG ROYAL SZ 6VINTAGE 70'S RED WING PECOS BOOTS MADE IN USA 11.5 A GREAT COND NOT MUCH USED , Paul Smith Chelsea Boots (US Size 9) New!Mr/Ms Skechers Breaker in Grey Good design Modern design Maintenance capabilitySkechers for Work Mens Flex Advantage Slip Resistant Oxford SneakerMMen/Women Salvatore Ferragamo Facundo Leather Penny Loafer Wear resistant modern a lot of varietiesNike Women's Air Max Sequent 3 Running Shoes GG8 Black 908993-010 Size 6.5Gentlemen/Ladies ASICS B756Y.0193 Womens Gel-RocketVolleyball-Shoes- Choose SZ/Color. durable discount price Vintage tide shoes , Nike Dart 12 Women's Running Shoe 831535 002 Size 9New Nike Romaleos 3 Weightlifting Shoes White Women’s Size 10 878557-100 , SAS Women's Bliss Slip-On Loafer Black Stretch FabricNEW OLUKAI KAPA MOE Ankle Boots Women's 10 M Brown Suede Leather , Castaner Quiaca Platform Ankle Boots Camel size 38 new , Caterpillar Women's Flurry Waterproof Pull on Cold Weather Faux Fur Collar AnkleChic Womens Denim Knee High Boot Block Heel Pull On Slouch Cosplay Roma Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Badgley Ankle Mischka Women's Meg Ankle Boot 29502 8 Dark Nude 8 M US 25a46f9 -

    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.

    Badgley Ankle Mischka Women's Meg Ankle Boot 29502 8 Dark Nude 8 M US 25a46f9 -

    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
    Badgley Ankle Mischka Women's Meg Ankle Boot 29502 8 Dark Nude 8 M US 25a46f9