Never miss an update

vt13869 27635 Alessandro green Dell'Acqua woman's dark green vt13869 ankle boot e759151

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
Color: Verdone Style: Ankle Boots
US Shoe Size (Women's): Women's
Never miss an update

vt13869 27635 Alessandro green Dell'Acqua woman's dark green vt13869 ankle boot e759151 -

    vt13869 27635 Alessandro green Dell'Acqua woman's dark green vt13869 ankle boot e759151
    vt13869 27635 Alessandro green Dell'Acqua woman's dark green vt13869 ankle boot e759151
    Tin Haul Women's Mish And Mash Geometric Steed Cowgirl Boot Square Toe -Man/Woman vt17397 Premiata woman's petroleum ankle boot durability Sufficient supply At an affordable price , Man's/Woman's bx33952 Paloma Barcelo woman's black bootie Fine processing discount price Seasonal promotion , Old Gringo Women's Wink Dark Blue Booties - Snip Toe - BL2985-3 , Liberty Black Women's Toscano T-Moro Concho Harness Short Boot Round Toe - , Frye Women's Jayden Button Tall Boot - Round Toe - 76095-BLKFrye Women's Campus Stitching Horse Boot - 77370-WNTFrye Women's Sabrina Brogue Boot - Round Toe - 76371-BLKFrye Women's Dark Joan Campus Short Boot - Round Toe - 76370-RDDTin Haul Women's Cactilicious Looking Sharp Sole Cowgirl Boot - Square Toe Brown , NEW ROCKM.MAG016-S26 Ladies Floral Leather Ankle Boots- various coloursOld Gringo Women's United Patriotic Short Boot - Snip Toe - BL2976-2 , Man/Woman bx33638 Hogan woman's black bootie Moderate price Stylish and fun Authentic guarantee , New Rock Space M.373-C76 Unisex Platform Boots - Blackvt18436 Rust Mood woman's camel ankle bootLane Women's Studs and Straps Fashion Boot - Snip Toe - LB0289BCorral Women's Full Overlay Studs Cowgirl Boot - Square Toe - G1330Frye Women's Cognac Engineer Combat Boot - 76660-COG , Frye Women's Harness Boot - Square Toe - 77300-TANFrye Women's Campus 14L Boot - Square Toe - 77050-SNR , Junk Gypsy by Lane Women's Spirit Animal Tall Boot - Snip Toe - JG0022CFrye Women's Sabrina Chelsea Boot - Round Toe Black 10 M , Man's/Woman's bx33951 Paloma Barcelo woman's brown bootie Guarantee quality and quantity At a lower price Vintage tide shoesFrye Women's Phillip Studded Harness Riding Boot - Round Toe - 76506-GRY , Corral Women's Mint Maple Flowers Overlay And Studs Western Boot Snip Toe BrownFrye Women's Phillip Harness Riding Boot - Extended Calf - 76850-DNX , Frye Women's Valerie Strappy Shearling Ankle Boot - 75008-DBN , Women shoes boots snake leather model BECCA Us 3.5 to 12 , Gentlemen/Ladies vt22168 Schutz woman's silver ankle boot Every item described is available new buy online
    vt13869 27635 Alessandro green Dell'Acqua woman's dark green vt13869 ankle boot e759151 ->vt13869 27635 Alessandro green Dell'Acqua woman's dark green vt13869 ankle boot e759151 -
    CHRISTIAN LOUBOUTIN leopard print pony hair knee high boots sz. 36 $1800Nike Jordan Trainer 2 Flyknit II Grey Cement Blue Men Cross Training 921210-008 , Asics Lazerbeam RB MG Flash Green Orange Kid Junior Preschool Running C728N-8530 , NEW Foro leather sandals in navy Women's by RIA MenorcaDonald J Pliner Hazel Women’s Sz 7 Gunmetal Leather Slip On Loafers Flats ZV-294SAS Siesta Mocha NEW Tripad Comfort Orthotic Walking Moc Oxfords Womens US 10.5M , PRADA Women's 38 7-8 Kitten Heel Italy Patent Leather Toe-Nude Beige Cream Pumps , New Aquatalia Perforated Women's Beige Suede Ankle Booties Boots 10.5Pleaser FLAMINGO-808MG Womens Clear Glittered Platform Ankle Strap Sandals Heels*BRUNO MAGLI* BLACK TEXTURED COURT SHOES (39)NIB SAINT LAURENT PARIS Ivory Snake Skin 'Tribute' Sandals Heels Shoes 37/7 $925VANS Black And White Women Shoe Size 5 , Salvatore Ferragamo Beaded Pool Slide, 6, Black , Nike SB Air Max Bruin Vapor Men's Skate Shoes Black Grey Size 10.5 NWB , Nike Air Zoom Mariah Flyknit Racer Olive Green 918264 301 Men SizeAsics Gel Kayano Trainer HN7J3 9696 Mens Shoes Grey Casual Running Sneakers , Hot Mens Rivet Casual Shoes Slip On Loafers Korean Low Top Breathable Shoes SzFrench Shriner Durham Mens Shoe Sz 12 M Classic Saddle Oxford Burgundy BlackMarlox Group USA Inc. PUMA Unisex Puma Touch Digital Display Quartz Black Sport , ECCO Men's BIOM ULTRA QUEST PLUS Walking, Fashion Sneaker 49 /15-15.5 , Daniele Alessandrini Moccasin -50% Leather MADE IN ITALY Man Bl F406KL1613700-23TIOSEBON Women's Lightweight Casual Walking Athletic Shoes Breathable...Salming T1 Women's Trail Running Shoes - 7 - PinkNike Roshe One Hyp BR Womens 833826-001 Black Grey Running Shoes Size 6.5Nike LunarEpic Flyknit Women's Dark Grey/Black/Cool Grey/Fresh Mint 18677013ASICS GEL-Quantum 360 4 Women's Sage/Black 2A029300NEW Boemos Chelsea Boots Metallic Bronze /US 7 Elastic Vero CuoioFashion Women's Over The Knee Thigh Boots Suede Casual Riding Winter Warm Shoes , Women's Chic Ankle Boots High Heels Back Zipper Pointy Toe Shoe High Top BootiesSteven By Steve Madden Womens 'Rannt' Boot Shoe, Black Distressed,US 6.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    vt13869 27635 Alessandro green Dell'Acqua woman's dark green vt13869 ankle boot e759151 -

    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.

    vt13869 27635 Alessandro green Dell'Acqua woman's dark green vt13869 ankle boot e759151 -

    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
    vt13869 27635 Alessandro green Dell'Acqua woman's dark green vt13869 ankle boot e759151