Never miss an update

Women's Size 6.5 FRYE “MATILDA 29904 ) BUTTON” Victorian-Style Victorian-Style red burgundy (❗️zipper ) 4ede2c0

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Frye
US Shoe Size (Women's): US 6.5 Boot Shaft Height: Knee-High
Material: Leather Model: Frye MATILDA
Style: victorian Theme: Victorian
Color: Red
Never miss an update

Women's Size 6.5 FRYE “MATILDA 29904 ) BUTTON” Victorian-Style Victorian-Style red burgundy (❗️zipper ) 4ede2c0 -

    Women's Size 6.5 FRYE “MATILDA 29904 ) BUTTON” Victorian-Style Victorian-Style red burgundy (❗️zipper ) 4ede2c0
    Women's Size 6.5 FRYE “MATILDA 29904 ) BUTTON” Victorian-Style Victorian-Style red burgundy (❗️zipper ) 4ede2c0
    Rampage Womens Vedette Side Cut Out Block Heel Ankle BootieBottes Pointues SAN MARINA Cuir Rouge T 39 BON ETATNEW TOM's Camila Mock Crocodile Embossed Leather Sneaker Boot D.Brown Size 10 US , Aerosoles Women's Ring Dish Harness Boot - Choose SZ/Color , New Women's Jack Rogers Mercer II Black Blue Leather Tall Riding Boots $298XOXO Women's Aldenson Boot - Choose SZ/Color , Vintage Retro Justin Red Leather Sz 6B Western Roper Riding Ankle Boots USA Made , Anthropologie Miss Albright Metallic Gold Shimmery Leather Boots Sz 10 B BrazilNIB Women's Harley Davidson Emma-Lee tan leather cowboy western boots size 9Man's/Woman's Fontana 2.0 - LIZ Wear resistant special promotion cheaper , Hunter Black Women's Shoes Original Refined Quilted Gloss Chelsea Boot size 8 MWomens sz 7 B M Justin Peanut Brittle Teju Lizard Skin Cowboy Western Boots USA , Men's/Women's Made in Italia - MIA Various styles fashionable various kinds , womens brown JUSTIN L3714 classic cowboy western roper boots leather 7.5 B M , Mr/Ms Santiags Massimo Lonarda 39 neufs service real Highly appreciated and widely trusted in and out , Calvin Klein NEW 7 M Darline D. Brown Leather Suede Boots Knee stretch half zipZARA Basic Suede Beige Fringe Mid Calf Leather Boots , Mr/Ms Ana Lublin - KARIN Beautiful color Lush design Elegant and robust menuSize 13 Ladies Navy Blue Suede Ankle Boot Brand New Long Tall SallyKOOLABURRA BLACK FRINGE BOOTS SIZE 7jialuowei 16CM High Heel Thin Heels Sexy Platform Serpentine Print Ankle Boots , Bandolino Women's 7Zimra Ankle Boot - Choose SZ/ColorNEW Ariat 13620 Soft Brown & Pink Leather Rubber Soled Cowboy Boots Women's 9GIUSEPPE ZANOTTI TURQUOISE LEATHER HEELED BOOTS SIZE 35 MADE IN ITALYNine West Women's OWL Leather, - Choose SZ/ColorMadden Girl Women's Cinder Knee High Slouch Boot (Size 8 & 8.5) Dark Taupe , US 7.5 Naturalizer Women’s Johanna Riding Boot Black LeaWomen Zara Black Crocodile Leather Knee Boots Chain details size 40 wore once , Man/Woman Esprit Womens Saylor Innovative design new Cheap order
    Women's Size 6.5 FRYE “MATILDA 29904 ) BUTTON” Victorian-Style Victorian-Style red burgundy (❗️zipper ) 4ede2c0 ->Women's Size 6.5 FRYE “MATILDA 29904 ) BUTTON” Victorian-Style Victorian-Style red burgundy (❗️zipper ) 4ede2c0 -
    Authentic FRYE 'Billy Stud Pull On' Boots Size 7.5 $328 , Women boots suede model ASHOK Us 3.5 to 12NIB Dansko Shirley Leather Side Zip Ankle Bootie in Wine Suede , Finn Comfort Women's Alanya Fango Pony SlingbacksVia Spiga Women's Marlow Slip ON Sneaker - Choose SZ/ColorWomens Casual Vogue Creeper Leisure Print Bukle Round Toe Collegiate shoes NewStylish Womens Suede Round Toe Pearl Mary Jane Block Heel Shoes Cute Casual H530Women Wedge High Heel Open Toe Roman Gladiator Knee High Boots Sandals Shoes Hot , Converse Chuck Taylor All Star Hi White Womens Canvas Metallic Hi-top Trainers , VANS AUTHENTIC CHIMA FERGUSON PRO COVERT TWILL BLACK GUM SUEDE MENS 7 SHOES NEW , adidas CQ0819 Performance Mens AerobounceRunning Shoe- Choose SZ/Color. , Man's/Woman's PUMA Suede Classic Men's Ash/Ash 36625101 Consumer first Strong value Speed ​​refundNike Zoom Shift 2 EP II Black White Men Basketball Shoes Sneakers AR0459-001REEBOK QUESTION MID SZ 10 IVERSON DRESS CODE NAVY BLUE WHEAT AR0252Saucony Originals Men's Jazz 91 Fashion Sneakers - Choose SZ/ColorNIKE FREE INNEVA WOVEN NEWSPRINT GREY-BLUE HERO-SAIL SZ 14 [579916-004] SP LAB 2 , BRAND NEW CONCEPTS X VANS OLD SKOOL PRO - 420 GREEN JAMAICA - SZ 12 DEADSTOCKHigh Top Men Retro Knight Shoes Side Zip Ankle Boots Combat Chelsea Desert Shoes , HARNESS BOSS -Embossy FULL LINED Knee-High Motorcylce Biker Boots-Black-Calf M L , GOKEYS Botts Sauvage Snake Proof Gro Cord King B Soles Men Hunting Boot SZDSkechers 76901 EWW Work Shape Ups Mens 9 W Extra Wide NEW Black Hook & Loop , Dunham 17 Wide Black Men's Oxford Shoes WaterproofGentlemen/Ladies Ellie Women's Coco-850 Strong heat and wear resistance stable quality Known for its excellent qualityNIKE AIR MAX RUN LITE 4 554894-400 Womens 6 Med Turquoise Blue Yellow White , New Balance 811 v2 Trainer Crush Women's Cross Training Shoes size 7 Wide , VINCE Sneakers Suede Leather Black Platform Slip on Women Size 7NIB Keds ATHLETIC SHOES Ladies Open Back Mule Sneakers SIZE 11 BLACK , NEW PUMA WOMENS WOMEN'S BLACK DEFY SNEAKERS , NEW Nike Women's Sz 8 Roshe Run One Flyknit Laser Orange Bright Mango 704927-802AUTHENTIC WMNS NIKE AIR MAX 24-7 397292-007
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women's Size 6.5 FRYE “MATILDA 29904 ) BUTTON” Victorian-Style Victorian-Style red burgundy (❗️zipper ) 4ede2c0 -

    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.

    Women's Size 6.5 FRYE “MATILDA 29904 ) BUTTON” Victorian-Style Victorian-Style red burgundy (❗️zipper ) 4ede2c0 -

    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
    Women's Size 6.5 FRYE “MATILDA 29904 ) BUTTON” Victorian-Style Victorian-Style red burgundy (❗️zipper ) 4ede2c0