Never miss an update

Martini Marco Heel2 Cuero Blue Marco Leather Heel2 Ankle Blue Boots 6a87744

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: Martini Marco
MPN: Does not apply
Never miss an update

Martini Marco Heel2 Cuero Blue Marco Leather Heel2 Ankle Blue Boots 6a87744 -

    Martini Marco Heel2 Cuero Blue Marco Leather Heel2 Ankle Blue Boots 6a87744
    Martini Marco Heel2 Cuero Blue Marco Leather Heel2 Ankle Blue Boots 6a87744
    New Womens Ruby Shoo Maroon Red Kennedy Microfibre Boots Ankle Zip , Fashion Women Glitter Fashion Short Boots Pointed Toe High Heel Side Zip Booties , Mr/Ms XTI - 47413 Excellent craft special promotion Very good classificationNine West Womens earta Pointed Toe Over Knee Fashion Boots , G.H. Bass & Co. Women's Naomi Chelsea BootZARA BLACK ANKLE BOOTS SHOES WITH A SIDE ZIP UK5/EUR38/US7.5Zodiac Pisces Womens Boots | Star Sign Hand-crafted Ladies ShoesNew Womens Caprice Grey 25352 Nubuck Boots Ankle Elasticated Pull On , Men's/Women's XTI - 47290 Charming design Skilled manufacturing Recommended todayWomens Clarks Cheyne Anne Black Soft Leather Flat Ankle Boots Size , Latest PUMA Suede Platform SD Women's Trainers (//US 8.5)-Brand New , DURANGO, Dark Brown Slouch Crush by Durango Leather Cowboy Boot - Women, SIZE UKCMP Nietos WMN Snow Boots Female Booties Poly Denim Mel. Blue , Man/Woman XTI - 47290 bargain Upper material Fashion dynamicVery Volatile Womens DAJA Closed Toe Over Knee Fashion BootsMan's/Woman's Ladies Caterpillar Ankle Boots 'Bruiser Scrunch' Reputation first Carefully selected materials Quality and consumer firstRampage IMELDA Womens Boots Black 9 US / 7 UK , New Womens SOLE Black Elnora Leather Boots Brogue Elasticated Pull On , Miss KG Women's Sneek Ankle Boots, Red (Wine), 5 EUSporto Womens Camille Round Toe Mid-Calf Cold Weather Boots , Rieker 79604 Women's Ankle Boots Brown (Cayenne/Wood/24) 7.5 EU , Dune Black Passage Double Side Zip Block Heel Ankle Boots SizeWomens ethnic style embroider knee high Boots Buckle Zip cuban Heels shoes AU-1 , ZARA BLACK GLITTER HIGH HEEL ANKLE BOOTS SIZE 36 37 38 39 NEW WITH BOXCircus by Sam Edelman Women's Veruca Fashion BootVintage Women Ankle Boot High Heel Buckle Ankle Strap Embroidery Floral AU SIZEMan's/Woman's Ellie Shoes Women's Gogo-g Chelsea Boot for you to choose special function Superb craftsmanshipLadies Boots No Shoes Lamb Fluffy trim Heel Ankle Boot Zip Side Size 5 - 10 NEW , 01 Womens Sexy Stretch pull on over The knee Boots thigh high Boots Riding Shoe ,
    Martini Marco Heel2 Cuero Blue Marco Leather Heel2 Ankle Blue Boots 6a87744 ->Martini Marco Heel2 Cuero Blue Marco Leather Heel2 Ankle Blue Boots 6a87744 -
    New Frye Molly Button Knee High Black Leather Riding Boots Size 7.5 BLaura Bellariva 7028 Black / Gray Leather / Stretch Zip Boots 38 / US 8FRYE Women's Melissa Button Boot Dark Brown Soft Vintage Leather 7.5 M US , MOMA Men's Shoes Ankle Boots 66702-R3 Pelle Leather Black Vintage Made Italy New , Women shoes ballerina leather and fabric model IRAN Aus 2 to 10.5CLARKS Women's Delana Liri Platform Dark tan Leather 10 Medium US , New STUART WEITZMAN Size 7 GILLIGAN Gold Silver Glitter Wrap Flats ShoesCN Womens Flats Leather Pointy toe Rivet Slip on Loafers Casual Shoes Size 4.5-8Sexy 5" Heel Concealed Platform Slingback Black Matte Sandals Shoes EVE04/BPU , STUART WEITZMAN-BLACK/CREME MICRO CHECK SEQUIN PUMPS - 6.5AA , SAS Tripad Comfort Sandals Black Leather Low Wedge Ankle Strap Sandals Sz 7 MNWOB$1295 Brunello Cucinelli Multi-Velvet Strap Monili Beaded Sandal 37/7US A186 , Converse ALL STAR Sneakers - HI TOP- MEN'S USA SIZE 9 - Pink/White Double UpperJordan Son of Mars Low Men's Grey/Emerald Rise/Black/White 80603027Georgia Boots waterproof , insulated  size 13 style G109 , KrystalSB Korea Made 2.36"/6cm Up Womens Wedge Sneakers Plaftorm Shoes US5.5~8 , Men's/Women's Calvin Klein Men's Baldwin Sneaker use Environmentally friendly Caramel, gentle , Caterpillar Hyde Men's Oxford Leather Shoes size 7.5 BurgundyStacy Adams Mens Felton Moc Toe Loafer (20113) , New Balance Womens 77v1 Vazee Transform Training Shoe, Porcelain/Blue, 7 B US , New w/ box FREE PEOPLE Slip On Haircalf Sneakers Size 38 7.5 Tan Gold LeopardNEW Nike Roshe Two SI Women's Shoes Black Ivory White 881187-001 Leather $130 , Nike Air Force 1 Canvas Orange Blaze Womens Shoes Sz.10 12 318636-811 Low Bright , L'Artiste by Spring Step Women's Sugarcane , Ash Women's AS-Nippon Sneaker - Choose SZ/ColorAC860 MBT shoes black gray leather women sneakers , NEW NAOT Almeria Black Nubuck Ankle Booties sz 36 Orthopedic Comfort Shoes $240 , PLEASER VAN2013/BPU Women's Sexy 4" Heel Black Cuffable Knee High BootsSize 10 (really size 11 but per usual with Bed|Stu they run small) , RTBU BALLET I Ballet Stiletto Buckle Burlesque Mary Janes Pump Sky Blue Patent ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Martini Marco Heel2 Cuero Blue Marco Leather Heel2 Ankle Blue Boots 6a87744 -

    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.

    Martini Marco Heel2 Cuero Blue Marco Leather Heel2 Ankle Blue Boots 6a87744 -

    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
    Martini Marco Heel2 Cuero Blue Marco Leather Heel2 Ankle Blue Boots 6a87744