Never miss an update

Black Ortho-line Hoopoe Size Womens Soft ww Lined Boots Size 8.50 8.50 ww e054a0e

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Hoopoe Ortho-Line
US Shoe Size (Women's): 8.5 Style: Boots
Color: Black
Never miss an update

Black Ortho-line Hoopoe Size Womens Soft ww Lined Boots Size 8.50 8.50 ww e054a0e -

    Black Ortho-line Hoopoe Size Womens Soft ww Lined Boots Size 8.50 8.50 ww e054a0e
    Black Ortho-line Hoopoe Size Womens Soft ww Lined Boots Size 8.50 8.50 ww e054a0e
    Crocs Women’s Tall Boots Size 8 Leather Brown , Vasque Women’s 7.5 Hiking Boots Vintage Cowhide Brown Goretex Skywalk Italy , Franco Sarto Women's Ivanea Slouch Boot, Black, 8 M USGEOX CHAUSSURE BOTTE PLUIE CUIR TISSUS NOIR PLATEFORME PT 38 RAINY BLACK BOOTSLaurence Dacade Womens Ankle Boots Size 37 US 7 Black Leather StuddedPajar Womens Boots Size 39 8.5 BLACK Goat Fur Mid-Knee , JIGSAW buttery soft carmel leather tall zip chunky heel boots 39 us 9 , Donald J Pliner Womens Elton-t8 Ankle Bootie- Pick SZ/Color.NWT FRYE KENDALL FRYE CAMEL BOOTS LEATHER WOMEN SIZE 10 11Qupid Women's WILEY-08 Ankle Boot, Black, 8.5 M USCoclico womens boots knee high tall brown leather 37.5 7 7.5 harness TitaniaTRES BELLE BOTTES ** ASH ** EN DAIM NOIR SOUPLE TAILLE 37.Vasque Womens Skywalk GORE TEX Leather Hiking Boots Size 8.5 Made In Italy , Tommy Hilfiger Collection Ladies Equestrian Cheslea Ankle Boots Sz. 39 , Gianni Bin Fluffy Fur Heeled Boots Size 9 Black NWOT , Jack Rogers Tara Tall Boots Womens Size US 7M Tan Euc , Women's Tony Lama Turquoise Western Cowgirl Round Toe Tall Boots 7 1/2BDIBA GENUINE LEATHER RIDING HARNESS KNEE BOOT BACK METAL ZIP NWOB SIZE 8M BLacKPajar Canada Womens Liberty Rain Boots Size 37 US 6-6.5 Tall Black Rubber ZipKamik Women's Lancaster Insulated Rain Boot, Burgundy, 7 M USNWOB FREE PEOPLE Suede Bootie Zipper Taupe Sz 6.5, 9 , Columbia Women's Bugaboot Plus III Omni-Heat Waterproof Black Boots (Size 6.5)Winter Women Black Ankle Leopard Pointed Toe Short Plush Pearl Low Heels ShoesHunter Original Navy Back Strap Adjustable Tall Rain Boots Size 3 4 M / 5 F , Embroidered Italian Roberto Cavalli Boots, Suede, Boho, Crepe Soles , Man/Woman Not Rated Women's Ezekiel Brown Boot High quality and low overhead Reliable performance Current shapeCATERPILLAR Bottes Cuir Taupe T 8 US / 6 UK / 39 EUR TBE , JESSICA SIMPSON Womens 'Addey' Black Leather Platform Booties Sz 10 NEW! 229009Dolce Vita Women's Elana Fashion Boot, Pewter Fabric, Size 9.5 ,
    Black Ortho-line Hoopoe Size Womens Soft ww Lined Boots Size 8.50 8.50 ww e054a0e ->Black Ortho-line Hoopoe Size Womens Soft ww Lined Boots Size 8.50 8.50 ww e054a0e -
    John Deere Women's Camo Leather Cowgirl Boot - Round Toe - JD3288Frye Women's Size 7 Jen Shearling Short Taupe Suede Lined Winter Boots FB2-126Old Gringo Brown Leather Jeweled Horse Shoe Floral Western Boots Women's 7.5 BAUTHENTIC LUXURY PRADA HALF-BOOT SHOES 3T5524 BROWN NEW US 9.5Nike Air Presto Essential Mens Running Trainers 848187 Sneakers Shoes 404 , Aquila mens BURT navy shoes size 40Ash Footwear Goldie Black Suede Wedge BootBirkenstock Birko Flor MAYARI Graceful Gemm Blue BNIB 1010941 1010929 FW18NEW A.S.98 Cicle Loafers Oxfords Size 38 Black Leather AS 98A6 NEW AGL ATTILIO GIUSTI LEOMBRUNI Brown Black Cap Toe Ballet Flat Shoes Sz 40 , Handmade Pink Pearl Floral Bridal Wedding Party Shoe High Heels 6-8cm Tusl #qfzlMan/Woman Ladies Equity Court Shoes 'Martha' feature buy fine , Stuart weitzman nearlynude adobe aniline nude patent ankle strap sandal nib $398 , $745 NEW MANOLO BLAHNIK Campari Mary Jane RED Patent Leather Pump SHOES 40.5 , Alegria Penny Champagne Leather Comfort Tassel Slide Sandals 36 6 6.5 NEW , Stuart Weitzman NearlyNude Ankle Strap Black Suede Sandal Size 7 M.Puma Men's Speed 100 R Ignite Ankle-High Running ShoeNIKE Air Max 1 Ultra 2.0 essential men's sneaker shoes white 875679 100adidas Originals Bamba - Mens Trainers in Grey Red US SIZES: 8; 10 , NIKE AIR FORCE 1 MID '07 SNEAKERS MEN SHOES GROVE GREEN 315123-303 SIZE 9.5 NEW , Vans x Supreme x Comme Des Garcons Era skateboarding shoes men's 11 12 46 RARE , ROCKY ORIGINAL RIDE FLX WESTERN BLACK OILED BOOTS RKW0231 * ALL SIZES - NEW , NEW adidas V Racer 2.0 BC0107 Mens Shoes Trainers Sneakers SALENEW CLARKS MEN'S DARK TAN LEATHER DREXLAR EASY SHOES SIZE 8M 26102588 , Florsheim 11231 001 Brookside Black Men's Wing Tip Oxfords ShoesSanita Wood Jamie closed Mens Shoes Sandals Clogs oiled leather - NEW , Puma Vikky Platform Ribbon Bold Womens Pink Peach Suede TrainersMobs Tread Low Women's Walking Shoes Size 7 TanHot sale Salomon Athletic tracking shoes size 7 light weight red pink. , American Eagle Outfitters Womens Le ather Mid-Calf Pull on Boots Size 6 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Black Ortho-line Hoopoe Size Womens Soft ww Lined Boots Size 8.50 8.50 ww e054a0e -

    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.

    Black Ortho-line Hoopoe Size Womens Soft ww Lined Boots Size 8.50 8.50 ww e054a0e -

    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
    Black Ortho-line Hoopoe Size Womens Soft ww Lined Boots Size 8.50 8.50 ww e054a0e