Never miss an update

Ladies 29990 Harley Boots Davidson Biker Style Ladies Boots*Sackett* 2c8614a

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Harley Davidson
Shoe Size: Various Fastening: Zip
Style: Combat Boots Main Colour: Brown
Width: Standard
Never miss an update

Ladies 29990 Harley Boots Davidson Biker Style Ladies Boots*Sackett* 2c8614a -

    Ladies 29990 Harley Boots Davidson Biker Style Ladies Boots*Sackett* 2c8614a
    Ladies 29990 Harley Boots Davidson Biker Style Ladies Boots*Sackett* 2c8614a
    Ladies Caterpillar Anna Black Leather Casual Mid-Calf Pull On BootsKENSETT DIANA LADIES CLARKS LEATHER BLOCK HEEL SMART ZIP FORMAL ANKLE BOOTS SIZE , Men/Women Ladies Gabor Boots Style 92094-W Clearance price Fast delivery Selling new products , Ladies Clarks Calla Aster Black or Grey Suede Smart Mid Heel Ankle Boots , LADIES HARLEY DAVIDSON HUSTIN WATERPROOF LOW BLOCK HEEL BLACK BROWN BIKER BOOTSLADIES CLARKS ORINOCO BLOOM ZIP CASUAL FUR UTILITY STYLE MID CALF BOOTS SIZE , Ladies Gabor Ankle Boot The Style 72826-W , Ladies Clarks Maypearl Alice Smart Casual Leather Ankle Boots D FittingLadies Van Dal Calf High Boots KlineLADIES CLARKS LEATHER PULL ON BLOCK HEEL ANKLE CHELSEA BOOTS MASCARPONE BAY SIZELadies Harley Davidson Biker Boots Label RosanaLADIES WOMENS HARLEY DAVIDSON HARNESS ZIP UP BROWN LEATHER ANKLE BOOTSLadies Clarks Smart Long Boots Style - Verlie GailLadies Clarks Orinoco Jive Oiled Leather Casual Mid Calf Boots D FittingLadies Clarks Suede Wedge Knee High Boots Label - Hazen Madison , Gentleman/Lady Ladies Padders Smart Ankle Boots Tina selling price online shop Excellent workmanshipLadies Easy B Strap Ankle Boots Bradwell , PADDERS LADIES TINA RIPTAPE STRAP FLAT ROUND TOE WINTER CASUAL SMART ANKLE BOOTSMASCARPONE BAY LADIES CLARKS LEATHER SMART CASUAL CHELSEA HEELED ANKLE BOOTS , Ladies Clarks Unstructured Casual Pull On Boots Style - Un Ashburn'Ladies Rieker' Rounded Toe Zip Up Ankle Boots - Z4663Ladies Clarks Clarkdale Arlo Dark Tan Suede Leather Smart Chelsea BootsLadies Remonte Stylish Fleece Lining Ankle Boots R6446 , Ladies Clarks Warm Lined Long Boots Lima Rhapsody , Ladies Rieker 96058 Red Casual Warm Lined Long BootsLadies Remonte R2278 Brown & Blue Leather Zip Up Ankle BootsMINX TRISH LADIES CLARKS LEATHER BUCKLE MID CALF CASUAL WOMENS BIKER BOOTSLadies Clarks Slip-On Ankle Boots Monica PearlLadies Rieker 93756 Grey Casual Warm Lined Long Zip Up Boots ,
    Ladies 29990 Harley Boots Davidson Biker Style Ladies Boots*Sackett* 2c8614a ->Ladies 29990 Harley Boots Davidson Biker Style Ladies Boots*Sackett* 2c8614a -
    NIB - YEEZY Women's 'YEEZY 950' Pirate Black WINTER BOOTS - US 5.5 / /3 , STUART WEITZMAN LUXE REPTILE REMINISCENT LEATHER KNEE HIGH BOOTS SHOES~8.5 M , Balenciaga Black Ceinture Cutout Leather Creeper Boots Size 36 , HOGAN REBEL MEN'S SHOES LEATHER TRAINERS SNEAKERS NEW R261 GREY E1A , Nike Hyperdunk X EP 10 Sportstyle Basketball Shoes Black/Black-White AO7890-001 , Clarks Womens UN SPIRE LIGHT BLUE EXTRA SOFT D , Sabah Gaziantep Turkey Handmade Leather Flats Ballet Shoes Loafers W 38 MaroonSanita Women's Acasia Clog - Choose SZ/Color , Rachel Roy Gardner Coral Pink Orange Genuine Snakeskin Leather Pump Shoe Sz 7.5NWB Le Pancaldine t. carolina Viola Mary Jane Flats Purple/Black sz 40 (8.5,9)100% Auth Salvatore Ferragamo Ganchini Brown Leather Pumps 4 1/2 Made In Italy , US4-14 RHINESTONE Sandals Shiny Flip Flop Strap Women's Beach Sandals GladiatorsMarc By Marc Jacobs Wedge Thong Flip-flops Sz39BIRKENSTOCK Leather Ankle Strap Sandal YARA EXQ Metallic Silver EU36 US5-5.5 UK3 , New Balance Mens Shoes MW577VW HOOK AND LOOP 4E Wide Width White NewNike Air Jordan Retro IX Statue Liberty Size 12 302370 109 XI XII XIIIVans Desert Embellish Size 9 Men Color Black , Nike NikeLab Zoom Fly SP Chicago Taupe Grey New Size 7 [AA3172-200]Man/Woman Jordan 12 Crazy price, Birmingham Price reduction wonderful , Nike Air Max 90 Ultra Essential Black/Dark Grey/White 819474 013 Mens Sz 9 , FRYE LEATHER RIDING BOOTS size US 5.5 HOT MADE IN MEXICO MUST HAVE IT WOWBass Mens Loafer Dress Shoes Sz 11.5 EE Black Leather Tassel Made in Brazil , Prada Calzature Uomo Runway Men Leather Crisscoss Sandals Size 6.5 & Size 10.5Kenneth Cole New York Women's Pauline Ballet Flat Navy Suede Flats , Mr/Ms Hunter Women's Original Chelsea Boot Navy Wear resistant New in stock classic styleNew Hogan Womens Sneaker Interactive Turquoise Metalic colore size: 8 , Women Mid-Calf Snow Boots Tassel Beaded Ostrich Feather Furry Fuzzy Boho ShoesNIB - Circa Joan & David Black Boots - River 7M , Cole Haan Callie Slip-On Waterproof Rain Shoes 659, Black, 5 US , Men/Women CLARKS Women's Enfield Senya Ankle Bootie Modern technology King of quantity comfortable ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ladies 29990 Harley Boots Davidson Biker Style Ladies Boots*Sackett* 2c8614a -

    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.

    Ladies 29990 Harley Boots Davidson Biker Style Ladies Boots*Sackett* 2c8614a -

    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
    Ladies 29990 Harley Boots Davidson Biker Style Ladies Boots*Sackett* 2c8614a