Never miss an update

Ralph Lauren Collection Purple Label Silvana Boots Leather Sneaker Ralph Ankle Lauren Boots 69dedab

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
Material: Leather
Style: Ankle Boots Width: Medium (B, M)
Color: Gray Brand: Ralph Lauren
Heel Height: Flat (0 to 1/2 in.) Pattern: Solid
Country/Region of Manufacture: Italy
Never miss an update

Ralph Lauren Collection Purple Label Silvana Boots Leather Sneaker Ralph Ankle Lauren Boots 69dedab -

    Ralph Lauren Collection Purple Label Silvana Boots Leather Sneaker Ralph Ankle Lauren Boots 69dedab
    Ralph Lauren Collection Purple Label Silvana Boots Leather Sneaker Ralph Ankle Lauren Boots 69dedab
    Man's/Woman's FENDI Leather Boots Fine processing Pleasant appearance Speed ​​refundLane Boots Women's Plain Jane Wrinkled Black Shortie Ankle Boot LB0359ENEW IN BOX WOMENS OLD GRINGO QUEENTIA STUD SHORT BOOTS SIZE 7.5 BEAUTIFUL $689 , Freebird By Steven Chute Combat Boot Wine Size 10 NIBVINCE Easton Side Zip Ankle Booties, Sand Leather, 8 US / 38 EU , Frye Harness 12R Black 150th Anniversary Edition Size 8 1/2 , Marc Fisher Ltd Izzie Lugsole Ankle Boot Cognac Suede 7M NEW , Dublin River Grain Ladies' Waterproof Country Boots with Rubber Sole , Corral Women’s Brown Crater Bone Embroidery Boot A1094 , Corral Women's Distressed Turquoise Studded Crystal Square Toe Boots E1402 , Giuseppe Zanotti Boots Women Over The KneeFreebird by Steven Logan Strappy Boots NIB SIZE 6 RARE MSRP $395Dan Post Ladies "Paint" Multi Color Cowgirl Certified Square Toe Boots DP4615 , FREEBIRD Knox Black BOHO Leather Western Boots Women's Sz 6 Belts Chains NIB , Womens 7.5B Liberty Boot Co. Tan Brown Leather Handmade Cowboy Boots MSRP $675$387 FRYE Molly Gore Black Tall Stretch Slip On Riding Boots 6 7 * CLASSIC *NEW Old Gringo Womens Lynette 13" Leather Boots Brass L2465-2 Sizes 7 and 7.5 , 100% AUTHENTIC NEW WOMEN TORY BURCH APRIL LEOPARD PRINT ANKLE BOOTS US 8.5 , New Womens PIERRE HARDY Tan Brown Leather Suede Ankle Boots$229 Womens Signature LL Bean Boots 10” Tumbled Leather 10 Shearling Lined Olive , Corral Ladies Brown Braided Studded Snip Toe Cowgirl Boots C3179 LAST PAIRS SALENIB Dr. Martens Women's Classic 1B60 20-EYELET Boots BLACK SMOOTH 12270003NEW Old Gringo Womens Bennu Leather Western Ankle Boots Aqua L2673-2 Size 8.5 , ARIAT Women's Western Shindig Weathered Tan Cowgirl Boots 10021652 , Stuart Weitzman flat over the knee suede boots black size 10M trimTwisted X Boots Women's WRS0026 Ruff Stock Cowboy Boot Bomber/Brown Leather , SIGERSON MORRISON black suede leather ankle booties sz. 8 B , Gentlemen/Ladies Golden Goose Deluxe black Boots 36 Fine workmanship High quality and economy Outstanding styleLADIES DAN POST SIDEWINDER BROWN LEATHER SNIP TOE WESTERN BOOTS DP3422
    Ralph Lauren Collection Purple Label Silvana Boots Leather Sneaker Ralph Ankle Lauren Boots 69dedab ->Ralph Lauren Collection Purple Label Silvana Boots Leather Sneaker Ralph Ankle Lauren Boots 69dedab -
    Ladies Womens Vintage Low Block Heel Knee HIgh Boots Belt Buckle Round Toe Shoes , NEW DARK COLLECTION 5524 Derby Boot Taupe , Love Moschino Burgundy/ Black Patent Leather Studded Oxfords - 40 EU , NIB~Bella Vita Geyser high heel shoes GOLD 6.5 WW~EXTRA WIDE C,D,E , Sam Edelman Wos Shoes Pumps Heels YVONNE US 6M Brown Gold Trim Suede Slip-onJ Crew Roxie Suede T-Strap Pumps - size 9.5 - Bluebird HeelsPikolinos Java W0K-0964 Leather Sandals, Women's Size 10.5-11, SafariJIMMY CHOO LONDON Womens SHOES Heels PUMPS Beige SNAKESKIN MADE ITALY SZ 37.5 , Men's/Women's Prada black evening shoes size 38.5/8.5 Practical and economical Highly praised and appreciated by the consumer audience Diversified new designNike Air Force Formidable 2 Low 2006 25TH Anniversary Black History Mens 9.5 , adidas 3ST.001 (Grey/Core Black/White) Men's Skate ShoesAdidas Superstar Mens BZ0200 Green Night Suede Athletic Shell Shoes Size 11 , Man's/Woman's Saucony 4260-1(D)- Choose SZ/Color. Many varieties Online export store Easy life , NIKE JORDAN EXECUTIVE(820240 100) Basketball, Athletic Sneakers, sport, trainers , Donald J Pliner VINCO 3 Leather Bronze Metallic Moccasins Loafer Shoes Sz 8 , AUTHENTIC BOTTEGA VENETA INTRECCIATO SUEDE DRIVING SHOES BEIGE GRADE AB USED -HPDS 2013 AIR JORDAN IV RETRO GREEN GLOW 14 IVINTAGE I III V VI VIII X XI XIII IXFlorsheim Imperial 92604 Black 9.5E U.S. Black Longwing BluchersMerrell Capra Bolt Bright Red Women's Hiking Shoe 9MRockport Ladies walking NEW black shoes GHILLIE 7 N W4029 , Men's/Women's PUMA Women's Fierce Slip-On Wn Sneaker Durable service Excellent performance Sales online store , Nike Air Zoom Fearless Flyknit Sz 7.5 Womens Cross Training Cool Grey/White-... , Saucony Women's Kinvara 8 Running Shoe - Choose SZ/ColorNew Sperry STS82412 Crest Zone Tan Brown Women's Boots 7 USWomen High Heels Stilettos Pointed Toe Side Zipper Elegant Boots Plus Size B225 , TEVA NOPAL SHORT BLACK MID WATER-PROOF LEATHER SUEDE BOOTS US 6 WOMENSMan's/Woman's Fontana 2.0 - VALERIA Cheap International choice Exquisite (processing) processingVintage L L Bean Goretex Leather Hiking Boots Womens 7.5 Made in Italy , Women's ankle boots high platform wedge heel zip clubwear round toe sexy shoes , Womens stilettos platform over thigh knee boots strenchy nightclub shoes leather
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ralph Lauren Collection Purple Label Silvana Boots Leather Sneaker Ralph Ankle Lauren Boots 69dedab -

    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.

    Ralph Lauren Collection Purple Label Silvana Boots Leather Sneaker Ralph Ankle Lauren Boots 69dedab -

    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
    Ralph Lauren Collection Purple Label Silvana Boots Leather Sneaker Ralph Ankle Lauren Boots 69dedab