Never miss an update

New 9, Helens Heart Heart Purple Boots Sequin Western Boots Size 5, 6, 7, 8, 9, 10, 11 d6da264

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
Country/Region of Manufacture: United States
Features: Sequin Style: Cowboy, Western
Color: Purple Boot Shaft Height: Mid-Calf
Details: Embroidered Heel Height: High (3 in. and Up)
Occasion: Casual, Dress, Party, Work Material: Synthetic
Brand: Helen's Heart Width: Medium (B, M)
Heel Type: Block Fastening: Zip
Never miss an update

New 9, Helens Heart Heart Purple Boots Sequin Western Boots Size 5, 6, 7, 8, 9, 10, 11 d6da264 -

    New 9, Helens Heart Heart Purple Boots Sequin Western Boots Size 5, 6, 7, 8, 9, 10, 11 d6da264
    New 9, Helens Heart Heart Purple Boots Sequin Western Boots Size 5, 6, 7, 8, 9, 10, 11 d6da264
    Women's Frye Jackie Button Short Back Zip Ankle Boot Leather Redwood Size 6LOVE MOSCHINO Women Black Embroidered Tattoo Faux Sheepskin Winter Boots Size 6Born Women's Trinculo Black Distressed Leather booties New With Box!Lucky Brand Womens Fausst Short Heel BootieVintage Cowboy Boots Women's 1970's Size 7M Tan w Stitching 3" Heels Boho RetroNew FRYE Womens Clara Tassel Over the Knee Otk Slouch Boot 8.5 M MSRP $ 498 , Rebecca Minkoff Womens Logan Booties- New Without Box (Black,9,5) , Cole Haan Darla Over the Knee OTK Boots Black Suede Womens Tall Boots Size 6.5 , FREE PEOPLE x Farylrobin Chelsea Olive Green Suede Pull On Ankle Boots Sz 8 I74 , Saint Laurent Black Suede Studded Fringe Pointed Toe Ankle Boot Size 37 7 , Sebastian Milano Black Patent Leather Knee High Metallic Heel Boot ITALY Sz 37.5Peter Fox Black Vintage Snap Up Ankle Granny Boots Size 8B GothFranco Sarto Roselle Women's black leather tall boots sz. 9 MMarc By Marc Jacobs Thompson OTK Over the Knee Combat Black Sneaker Boots 5 $548Paul Smith Womens Brown Calf Leather Jade Boots SSLP-143T-CLF-687 Brown sz 7.5Yippee Ki Yay by Old Gringo Ladies Roby Boot YL097-1Lucchese Brown Leather Tall Equestrian Cowgirl Western Riding Boots Womens 7 BDr Martens Faora Black Ankle Boots Shoes 22615001 Womens Size 8 , LADIES LAREDO SQUARE TOE AZTEC WESTERN BOOTS 5647Frye Womens Leslie Short Side Zip Casual Ankle Boots Fashion Booties Heels Shoes , NIB Schutz sz 8.5 Salmon mid-heel boots oyster/black colorblock nubuck leather , MERRELL TREMBLANT WATERPROOF INSULATED WINTER BOOTS WOMEN'S 9.5 M RTL $165 , Vaneli Women's Brown Leather Candice Ankle Boots Size 10 M NIB Vanelli , ECCO Gore Tex Leather Ankle waterproof boots black EUC G2NIB Dr. Martens Women 8-Eye Boot Pascal Grey TP Split LeatherHarley-Davidson Women's Alivia Black Leather 7-Inch Motorcycle Boots D84269CIRCLE G BY Corral Women's Crackle Embroidered Cowgirl Boot Square Toe - L5228 , Clarks Women's Wilrose Frost Black Suede Ankle BootsSoludos Women's Metallic Tall Wedge Pump Metallic Tall Wedge Pale Gold US 9 ,
    New 9, Helens Heart Heart Purple Boots Sequin Western Boots Size 5, 6, 7, 8, 9, 10, 11 d6da264 ->New 9, Helens Heart Heart Purple Boots Sequin Western Boots Size 5, 6, 7, 8, 9, 10, 11 d6da264 -
    FitFlop Women's Superskate Fringe Loafer - Choose SZ/colorFRYE DARA Chestnut brown Suede Chelsea Boots women's size 8.5 B NWOB , NEW PUMA TFX Distance V5 RUNNING/FITNESS/TRAINING/RUNNERS SHOES , Fred Perry Hughes Flatform Low Womens Black White Canvas Trainers"Ladies Clarks" Smart Slip On Loafers Griffin Milly , EOS Portugal WILLOW BLACK Leather Boot RRP$219, Hot Sale! Super comfy! , Women shoes pumps leather model MIA Aus 2 to 10.5Men's/Women's HOMERS Shoes 854013 Black 37 Selling special function Non-slipZARA NEW WOMAN SS18 BLACK SLINGBACK SHOES REF:7520/301 , Chinese Style Womens Bowtie Leather Zipper Folk Round Toe Shoes Ankle Boots NewNine West Women's Ertha Leather Wedge Sandal - Choose SZ/Color , Naot Women's Pixie Wedge Sandal - Choose SZ/ColorDevious Women's Domina 108 Ankle-Strap Sandal Silver Metallic Polyurethane[599839-001] NIKE LUNAR FORCE 1 FUCE LEATHER MENS SNEAKERS WOLF GRY/DP RYL BLUE- , MENS NEW BALANCE NUMERIC 868 SKATEBOARDING SHOES PHANTOM GREY (LGR) , Converse CTAS 151295C John Varvatos Hi Mini Stud LEATHER Men's 8-13 Retail $250Skechers Men's Soven Vandor High Top Chocolate SneakersNEW MERRELL WILDERNESS AC HIKING BOOTS ANKLE BOOTS MENS 10.5 SUEDE J91681Lambretta Men's Rhode Island Boat Casual Summer Shoes 7 - 12NEW! Quoddy Telos Chukka Boot Brown Leather 11 USA $375 UNLINED Black soleHOGAN H321 MAN SNEAKER SHOES CASUAL FREE TIME CODE HXM3210Y850H5S9E7G , Charcoal Skechers Go Trail Escape Women Black Round Toe Suede Hiking Shoe 14113 , NEW Asics Women's Size 9.5 Gel-195Tr Ankle-High Cross Training Running Shoes NWTScott Womens T2 Kinabalu 2.0 Shoes 235896 Green/Red Size 8Adidas Women's Alphabounce EM Running Shoes BW0324 Marathon Training Trainers , New Womens Platform Knee High Boots High Heel Pumps Classic Zipper Leather ShoesAnkle Boots Women's Shoes Pointed Toe High Stiletto Heel Nightclub Bowknot Sexy , Women Fashion Clear PVC Ankle Boots Low Wedge Heels Shoes Breathable Zipper Boot , Laura Biagiotti Women's Biker Ankle Boots Side Zip Fastening Decorative Buckle , PUMA Women's Basket Platform Reset WN's Fashion Sn - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New 9, Helens Heart Heart Purple Boots Sequin Western Boots Size 5, 6, 7, 8, 9, 10, 11 d6da264 -

    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.

    New 9, Helens Heart Heart Purple Boots Sequin Western Boots Size 5, 6, 7, 8, 9, 10, 11 d6da264 -

    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
    New 9, Helens Heart Heart Purple Boots Sequin Western Boots Size 5, 6, 7, 8, 9, 10, 11 d6da264