Never miss an update

FRYE Women's Jackie FRYE Jackie 7 Button Riding Boot Black 7 M US 62679d3

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
Department: womens
Style: Does not apply Size: 7 B(M) US
MPN: 76579 Color: Black-76579
Model: 76579 US Shoe Size (Women's): Does not apply
Brand: FRYE UPC: 889655133161
EAN: 0889655133161
Never miss an update

FRYE Women's Jackie FRYE Jackie 7 Button Riding Boot Black 7 M US 62679d3 -

    FRYE Women's Jackie FRYE Jackie 7 Button Riding Boot Black 7 M US 62679d3
    FRYE Women's Jackie FRYE Jackie 7 Button Riding Boot Black 7 M US 62679d3
    FRYE Womens Jenny Jet Bootie Boot- Pick SZ/Color. , NEW ZADIG & VOLTAIRE WOMENS ROADY PLUS BOOTSArcopedico Women's N42 Cafe Leather Boot 38 US Women's 7-7.5 MCorral Boots Tobacco Studded Strap Ankle Bootie C3021 , Pikolinos Women's Bootie Le Mans Ankle Boot Brandy 38 M EUJIMMY CHOO WEDGE SNEAKERS PANAMA GRAY SMOKE WOMEN LEATHER SUEDE SHOES BOOTS 10 , FRYE Women's Natalie Mid Engineer Lug Shearling Winter Boot Black 8 M US , FRYE Women's Renee Seam Tall Riding Boot Charcoal 6.5 M USKEEN Women's Gypsum Ii Mid Wp-w BootMidnight Navy/Opaline9 M USCorral Chocolate Lamb Floral Embroidered Boots A3597 , Ash Womens Soho Motorcycle Boot /- Pick SZ/Color. , FRYE Women's Sacha Short Black 6 B US , Vionic Women's Country Logan Ankle Boot Black 9.5M US , Geox D640GD Womens Wpeaceful4 Snow Boot /- Choose SZ/Color.Steve Madden GAIN01S1 Womens Gain Motorcycle Boot- Choose SZ/Color.Pajar Snowcap 2 Boot - NIB - Free Shipping , Frye Womens Nora Stud Zip Short Black 7 M USKamik Women's SiennaF Waterproof Winter Boot Apple Cinn 8 B(M) US , Ariat Women's Autry Western Cowboy Boot Woodsmoke 6.5 B USGeox Women's D Italy Penny Loafer Smoke Grey 38 EU/8 M US , NEW MM6 MAISON MARGIELA WOMENS ANKLE BOOTSFRYE Women's Natalie Double Zip Boot Black Polished Soft Full Grain 7 M USAriat Womens 10023194 Dulce Western Boot- Choose SZ/Color.Pikolinos Womens Le Mans 838-8657 Brandy Chukka Boot - 40Robert Clergerie Womens Racot Moka Brown Leather Knee High Boots Size 9.5 US , Frye Jackie Zip Short Womens Redwood Leather High Heel Booties , See By Chloe Womens Jamie Ankle Bootie /- Pick SZ/Color. , Ariat Women's Ryman Western Cowboy Boot Moon Rock 9.5 B USFRYE Phillip Chelsea Womens Boot- Choose SZ/Color.
    FRYE Women's Jackie FRYE Jackie 7 Button Riding Boot Black 7 M US 62679d3 ->FRYE Women's Jackie FRYE Jackie 7 Button Riding Boot Black 7 M US 62679d3 -
    Christian Louboutin Black Moulage Booties In Paten size 39 , Corral Women's Sequin Inlay Snip Toe Black Leather Boots A1070 , FOOTPRINTS BROWN LEATHER MEN'S SHOES--SIZE 44--91/2--285--M11-NARROW FIT-NEW , EVERLAST MENS CIRCUIT LEISURE SLIP ON SHOES LIFESTYLE SHOES ALL SIZESReebok Crossfit Nano 8 [CM9169] Men Training Shoes Red/BlackLadies Remonte Knee High Leather Warm Lined Boots - R2277NEW Morell Avarcas sandals in putty Women's by RIA MenorcaGentlemen/Ladies Tony Bianco Sierra Stone Lycra for you to choose Low price cheaperDonald J Pliner Womens LILIAN Round Toe Loafers, Black, Size 10.0Man/Woman Dansko Professional Lighting Patent Excellent value New design Fair priceSAS ROAMER SANDAL Brown Leather Flat Sandal Sz 8.5M , Womens High Heel Faux Leather Clear Slip on Classics Pumps Pointy Toe Prom SHoesWomen's Sexy Super-High Heel Pump Platform Shoes Ankle Strap Peep Toe Sandals , Nanette Nanette Lepore Women's Mariel Heeled Sandal Black Size 8.0PLEASER PINK LABEL Teeze-49W 5 3/4" Heel Extended Size Platform Sandal , Valentino Garavani Black Leather "Rockstud" Open Toe Sandals SZ 36 , Nike Mamba 3 Mens Distance White Black Track Spikes Size 12 | 706617-106 , adidas Men's Cosmic 2 SL Running Shoe Crystal White/White/Grey Sneakers , Gentlemen/Ladies NIKE AIR MAX 1 ESSENTIAL excellent quality Primary quality Exquisite workmanshipNIKE AIR MAX 2017 ID (918091-992) WHITE/BLUE/GREEN MNS. SZ. 11.5 , Man's/Woman's Yeezy 500 Blush Beautiful color Environmentally friendly International big nameSeaVees Baja Slip On Portal Shoe - Men'sGentlemen/Ladies GH Bass Men's 70-73028 - Warrick Not so expensive Beautiful appearance Outstanding function , Allen Edmonds Wingham 11.5 Brown Tassel Loafers Men's Dress ShoeNEW BALANCE W990NM3. MADE IN USA! NEW N BOX. GREAT SHOE, VERY COMFORTABLE!Adidas Originals Women's Prophere Shoes Size 5 to 10 us CQ2541Clarks Women's Neenah Garden Cap Toe Ballet Flat Nude Nubuck/Patent LeatherNew Converse Chuck Taylor Lo Grey Mono Old Colorway Triple Thunder Womens 7.5 , TEVA FOXY ANKLE BISON LEATHER ZIPPER BOOTS BOOTIES US 10 WOMENS 1008317 , Chic Womens High Chunky Heels Pointy Toe Shoes OL Dress Back Zip Casual Shoes SZ ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    FRYE Women's Jackie FRYE Jackie 7 Button Riding Boot Black 7 M US 62679d3 -

    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.

    FRYE Women's Jackie FRYE Jackie 7 Button Riding Boot Black 7 M US 62679d3 -

    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
    FRYE Women's Jackie FRYE Jackie 7 Button Riding Boot Black 7 M US 62679d3