Never miss an update

Khombu Women's Boot Snow Boot Weather 29991 Mayana Cold 7M, Weather Boot Black 7M, 8M 59aa050

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
Style: Winter Boots
Color: Black Width: Medium (B, M)
Brand: Khombu
Never miss an update

Khombu Women's Boot Snow Boot Weather 29991 Mayana Cold 7M, Weather Boot Black 7M, 8M 59aa050 -

    Khombu Women's Boot Snow Boot Weather 29991 Mayana Cold 7M, Weather Boot Black 7M, 8M 59aa050
    Khombu Women's Boot Snow Boot Weather 29991 Mayana Cold 7M, Weather Boot Black 7M, 8M 59aa050
    Planet Shoes Joffa Womens Comfortable Leather Suede Flat Ankle Boots , Born Women's Dark Brown Salas Leather Fur Bootie Boot Shoes Ret $125 NewNew Dr. Doc Martens 9 Red Pointy Bianca Chelsea Leather Shoe Ankle Boots SIZE 10Justin Gray Blue Genuine Antelope Leather Cowgirl Boots 7BELAINE TURNER Samantha Black Crocodile Embossed Leather Boots Sz 6 $395 NEW , WOMENS PRADA BLACK LEATHER LINED KITTY HEEL ANKLE BOOTIES SIZE 39/9Dr. Martens Women's Brown Ankle Boots -Size 6Fly London Women’s Knee-High Button Buckle Black Boots Size 7/37Zara crackled Italian parent leather ankle boots, block heel, 6Paul Green Jano Chelsea Bootie 7 US 4.5 UK Brown Suede Leather Ankle BootDESIGUAL Fall boho boots 39 8 brown green orange EUC Beautiful Autumn , Cole Haan Balthasar Women's Shoes Us Size 10.5 M Leather Chestnut Chukka D42686 , Frye Dani Suede Peep Toe Bootie Taupe 7.5 NWTNIB Vince Camuto Chrissa Buckled Strap Bootie Heels Leather Dark Brown Size 8 WTod's Boot Top Stitched Suede Knee High Black Size 11 US 9.5NEW Crocs WMNS Leopard Print Tall Rain Boots Standard Fit Glossy Sz 7 203234-90LNEW Ash BOWIE Women Wedge Sneaker BLACK Suede 9M 40M High Shoes High Top , Camper Womens Ankle Boot 39 Leather Double Zip , TOMMY HILFIGER WOMEN BLACK MULTI FABRIC FOUR2 RIDING BOOT SIZE 10M NEW IN BOXEric Michael womens black zipper detail moto leather booties size 36/6 , Gentlemen/Ladies MJUS superbes bottines pointure 37 Consumer first Settlement Price Recommended todayCOLE HAAN Women's Brown Leather/Suede Zip Ankle BOOTS - Size 6B , New ECCO Shape 75 Slouch Booties Black Crystal Straps 41, 9.5 USNEW/NWOB Vintage Shoe/Sundance Catalog Veronica/Casey J Leather Boots 6.5 6 brnVintage FRYE 8515 Leather Boots Tall Rollover Top Women's Pull On Brown Size 5 B , Free People Badland Boots Wingtip Distressed SZ 36~SWEET BOOTSDonald J. Pliner Leopard Print Calf Hair Ankle Boot Size 6.5 $350Arturo Chiang Falicity Dark Chocolate Brown Leather Tall Boots 6MRoxy Women's Martinez Winter Boot, Taupe, Size 6.0 ,
    Khombu Women's Boot Snow Boot Weather 29991 Mayana Cold 7M, Weather Boot Black 7M, 8M 59aa050 ->Khombu Women's Boot Snow Boot Weather 29991 Mayana Cold 7M, Weather Boot Black 7M, 8M 59aa050 -
    Man/Woman Capezio Women's CG09 Premiere Tap Shoe Not so expensive Lush design Fair priceDP3531 Dan Post Women's Liberty Fringe Western Boots - Brown , Men's/Women's Corral Women's Cognac Ethnic Pattern Boot Various goods Known for its good quality Brand feast , Women's Boots Leather model BRITNEY by HGilliane Design Us size 3.5 to 12 , Adidas Originals Nmd_Xr1 Mens Running Trainers Sneakers Shoes S76850Melissa Women's Puzzle Peep Toe Flats White 8 BM US , Munro American Yacht Flats, Women's Size 7.5 N, BlackMocassins TOD'S Tout Cuir Daim Marron T 37 TBE , Steven by Steven Madden Elina White/black flats, size 8.5MNIB Tory Burch Eloise Leather Ballet Flats Shoes Black 8.5 MAndrew Stevens ASNY Women's Lerane Fashion Heeled Ballerina Flat Black Tan Be... , $900.00 CHRISTIAN DIOR PINK SLINGBACK SUIDE SANDALS SZ 6 MADE IN ITALY , Nike Women's Ultra Comfort Thong Sandal (882697 003) SIZE 8 (25CM)Nike Women's Flex Experience Run 4 Premium Blue/Blow/Wh Running Shoes-Asst SizesBADGLEY MISCHKA Womens Barby Leather Open Toe Special Occasion Ankle Strap Sa...Salomon Evasion 2 Aero Black Mens mountain climbing shoesadidas DB1567 Mens Questar BYD- Choose SZ/Color. , Puma Mega NGRY Knit Trainers Mens Red/Black Athletic Sneakers Shoes , NIKE ZOOM FLY HYPER ROYAL BLUE-WHITE SZ 7 [880848-411]New in Box - $120 K-Swiss Classic 66 Black/White Leather Sneaker Men's Size 10Massimo Dutti AW 2018 BLACK LEATHER BOOTS WITH 100% FUR DETAIL 43 R:8603/222 , US Mens Leather Shoes Embrodiery Flower Metal Decor Loafers Oxfords Gommino sizeRare Grenson Men's Suede and Canvas Camouflage Derby Shoes SizeMan/Woman KICKERS Tumperys Gris feature Modern design Rich on-time deliverySaucony Originals Women's Jazz Original Classic Retro Sneaker,Black/Silver,8.5 MAdidas Originals ZX 6000 Leopard Zebra Animal Print Fur Limited M25117WOMEN'S SHOES SNEAKERS ADIDAS ORIGINALS SUPERSTAR BW3S SLIPON [BY9139]NIKE WOMENS AIR HUARACHE RUN ULTRA SZ 5.5 BRIGHT CRIMSON WHITE 819151 600 , Asics GT 1000 5 Womens Running Shoe (D) (3993) + FREE AUS DELIVERY , NIKE Womens Nike Air Zoom Strong 2 921335-001 BLACK/WHITE Womens Size 9.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Khombu Women's Boot Snow Boot Weather 29991 Mayana Cold 7M, Weather Boot Black 7M, 8M 59aa050 -

    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.

    Khombu Women's Boot Snow Boot Weather 29991 Mayana Cold 7M, Weather Boot Black 7M, 8M 59aa050 -

    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
    Khombu Women's Boot Snow Boot Weather 29991 Mayana Cold 7M, Weather Boot Black 7M, 8M 59aa050