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 Bootie , Bottes Pointues SAN MARINA Cuir Rouge T 39 BON ETATNEW TOM's Camila Mock Crocodile Embossed Leather Sneaker Boot D.Brown Size 10 USAerosoles Women's Ring Dish Harness Boot - Choose SZ/ColorNew Women's Jack Rogers Mercer II Black Blue Leather Tall Riding Boots $298XOXO Women's Aldenson Boot - Choose SZ/ColorVintage Retro Justin Red Leather Sz 6B Western Roper Riding Ankle Boots USA MadeAnthropologie Miss Albright Metallic Gold Shimmery Leather Boots Sz 10 B Brazil , NIB Women's Harley Davidson Emma-Lee tan leather cowboy western boots size 9 , Man's/Woman's Fontana 2.0 - LIZ Wear resistant special promotion cheaperHunter Black Women's Shoes Original Refined Quilted Gloss Chelsea Boot size 8 M , Womens sz 7 B M Justin Peanut Brittle Teju Lizard Skin Cowboy Western Boots USAMen's/Women's Made in Italia - MIA Various styles fashionable various kindswomens 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 outCalvin Klein NEW 7 M Darline D. Brown Leather Suede Boots Knee stretch half zip , ZARA Basic Suede Beige Fringe Mid Calf Leather BootsMr/Ms Ana Lublin - KARIN Beautiful color Lush design Elegant and robust menuSize 13 Ladies Navy Blue Suede Ankle Boot Brand New Long Tall Sally , KOOLABURRA BLACK FRINGE BOOTS SIZE 7 , jialuowei 16CM High Heel Thin Heels Sexy Platform Serpentine Print Ankle BootsBandolino Women's 7Zimra Ankle Boot - Choose SZ/Color , NEW Ariat 13620 Soft Brown & Pink Leather Rubber Soled Cowboy Boots Women's 9GIUSEPPE ZANOTTI TURQUOISE LEATHER HEELED BOOTS SIZE 35 MADE IN ITALY , Nine West Women's OWL Leather, - Choose SZ/Color , Madden Girl Women's Cinder Knee High Slouch Boot (Size 8 & 8.5) Dark TaupeUS 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 -
    NEW MENS BROOKS PR Sprint 3 RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOES , Cat Caterpillar Awe P721547 EB mens black ankle boots casual shoes fashion , Puma Suede Platform FL womens Trainers 364718 01 Sneakers Shoes , Birkenstock Gizeh Birko-flor Regular Fit Unisex Stone Synthetic & Nubuck Sandals , NEW THE NORTH FACE Floral Women's Slip On Thermoball Supreme Mule IV Shoe Sz 9Vaneli Modesta Slingback Pumps - Women's Size 5 M - Black , Marion Parke NIB Taupe Brushed Calf Leather Kay Strappy Pumps SZ 38 , Stuart Weitzman Shoes Size 5 Black Solid Satin Stiletto Open Toe Heels PumpsMen/Women NEW ANCARANI WOMENS PUMP Attractive and durable a variety of Different styles and styles , 2018 Womens Fashion Genuine Fur Boots Round Toe Block High Heel Zip Color Girls , DIOR HELLS Miss DIOR Peep Toe 10.5 cm CORAIL Size 40ZARA WOMAN SS LAMINATED LEATHER Triangular-shaped heel ANKLE BOOTS 5120/101 , Gentle Souls Womens Gerry Wedge Peep Toe Sandal Shoes , LOUBOUTIN 36.5/6 PIGALLE FOLLIES 100 Suede UNICORN Point Toe Pumps Heels NEWGuess Woman Shoes Black Suede Size 8M Pre-owned Stilettos , Saucony Originals Womens Jazz CL Cozy Sneaker- Pick SZ/Color. , Mens Large Size Under Armour TB Spine Bionic Green Athletic Shoes 17 M..332A , Onitsuka Tiger Colorado Eighty-Five - Blue - MensConverse CHUCK TAYLOR ALL STAR NUBUCK HIGH TOP MEN'S SIZE 11 159749C $65 , Adidas Tubular X 2.0 Mens Shoes Coral Black/Black/Trace Blue by3615Adidas Energy Boost Mens Shoes Size 12 Volt [BB3455]NEW! HOKA ONE ONE CLIFTON 4 - MEN'S Sulphur Spring/Midnight Yellow Blue , Merrell Capra Women's Bright Red Hiking Shoe 8M{M43401} WOMEN'S REEBOK PRINCESS SPIRIT SHOE COLLEGIATE ROYAL/WHITE *NEW!*Reebok Womens Twistform Blaze 2.0 MU Mtm Running Shoe- Pick SZ/Color. , NIKE AIR MAX 95 SE PREMIUM 'PORT WINE' UK5 EU38.5 US7.5 SPACE BLUE AH8697 400 , LUC BERJEN - BOTTES TOUT CUIR VEAU NOIR 36.5ITL 37/37.5FR - TRES BON ETAT BOITE , Gentlemen/Ladies Carlos Santana Candace Boot Taupe 5M Many styles Won highly appreciated and widely trusted at home and abroad Personalization trendTrotters Women's Jolie Ankle Boot, Black Metalic Snake, 9.5 2W US , Bearpaw Celine - Women's Waterproof Boot - 2051w Charcoal - 7 ,
    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