Never miss an update

EMU 8920 Australia Women's Suede Talinga Suede Ankle Booties Chocolate Size Size 7.0M dda59a7

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
Brand: EMU Australia
US Shoe Size (Women's): 7.0 Color: Chocolate
Width: Medium Style: Booties
UPC: 809996343210
Never miss an update

EMU 8920 Australia Women's Suede Talinga Suede Ankle Booties Chocolate Size Size 7.0M dda59a7 -

    EMU 8920 Australia Women's Suede Talinga Suede Ankle Booties Chocolate Size Size 7.0M dda59a7
    EMU 8920 Australia Women's Suede Talinga Suede Ankle Booties Chocolate Size Size 7.0M dda59a7
    Womens Bowknot Pointed Toe Slim Mid Heels Side Zipper Suede Boots Jd_ukNine West Nicolah Brown Womens Shoes Size 7 M Boots MSRP $179Sexy Lady Over Knee High Boots Pointed Toe Stiletto Heel Side Zip Strappy ShoesWomens Ankle Boots Low Heel Zipper Velvet Lined Warm Casual Shoes Plus Sz Sbox , Women's Nocona Boots Size 5 B Green Black Lizard Ankle Cowboy Western Pointed , FAHRENHEIT Knee High Hidden Platform Stiletto Heel Gladiator Peeptoe Sandal Boot , $199 BCBG Max Azria Women Lexy Knee High Canvas Boots Shoe, Dark Caramel, US 6.5Seychelles Womens Black Fashion Boots Size 7.5 (286266) , Women Gothic Rivet Studded Knee High Riding Boots Flat Combat Punk Zip Boots Y65 , $199 BCBG MAXAZRIA Women Aubrey Ankle Suede Upper Bootie Shoe,Brown Suede,US 9.5Man/Woman Boots Women's Tall Black Miz Mooz Outstanding features Attractive fashion Known for its beautiful qualityDollhouse Wild Women's Black Sequin Studded Cowgirl Zippered Boots Size 8 M , Women's Joan & David Brown Black Leather Buckle Riding Boots Sz 37 EU / 6.5 US , CAT Womens Brown Fashion Boots Size 8 (279026) , Ankle winter boots with faux fur snow by Dansko size 6.5 to 7 vintage retro , $195 BCBG BCBGMAXAZRIA Womens Over The Knee Knee High Boot Shoes, Black, US 10 , Marc Fisher Womens Petel 3 Fabric Cap Toe Over Knee Fashion BootsNINE WEST BOOTS BOOTIES maroon Burgundy SOLID EUC 10M suede high heel NEW WEDGETOP SHOP BEAUTIFUL ANKLE BOOTS BLACK AND SNAKE EMBOSSED LEATHER SZ 36 NWOBMarc Fisher New Alexis Black Womens Shoes Size 5.5 M Boots MSRP $179 , $295 BCBG BCBGMAXAZRIA Womens MA-Anika Knee High Boot Shoe, Charcoal, US 10 , Merrell Moab Ventilator Mid Taupe Hiking Shoes Boots Womens Sz 6 J86592$199 BCBG Max Azria Womens Lexy Knee High Canvas Boot Shoes, Dark Caramel, US 8 , Vince Camuto VC Pazell Womens Brown Leather Knee High Riding Boots Sz 5M , ECCO BROWN LEATHER 'SAUNTER 65' ANKLE BOOTS SZ.41/US 10-NEW WITHOUT BOX , Dr. Martens Women’s 1460 Boots, Black Nappa. US Size 6 SH1 , Man's/Woman's SPRING STEP WOMEN'S FALL WINTER BOOTS High quality and low overhead Trendy uniqueSteve Madden Gorgeous Gray Womens Shoes Size 7.5 M Boots MSRP $129.99 , Lauren Ralph Lauren Faux Leather Booties Boots Shoes Size 6B ,
    EMU 8920 Australia Women's Suede Talinga Suede Ankle Booties Chocolate Size Size 7.0M dda59a7 ->EMU 8920 Australia Women's Suede Talinga Suede Ankle Booties Chocolate Size Size 7.0M dda59a7 -
    Man's/Woman's Durango Boots for you to choose Online export store Diversified new designNew Balance M590RY5 D Black Yellow Men Running Training Shoes Sneakers M590RY5D , $870 NEW BALLY US 8.5 Leather Fashion Knee High Brown Leather Boots Shoes , BEAUTIFEEL WOMEN'S LIDA WALKING COMFORT MID ANKLE BOOT ZIPPER , Nike Free Rn Motion FK 2017 Size 11 US White Men's Running ShoesWomens Pointy Toe Glitter Pump Party Shoes High Heels Stretchy Over Knee BootsLadies Gabor Wide Fitting Mid Calf Boots Style 52.792-W , Calvin Klein Womens Edona Loafer Flat- Pick SZ/Color. , Fendi Black black flat sandals, US 6/IT 36 - excellent conditionLucky Brand Women's Emmie Ballet Flat, Peach Whip, 6 Medium USHighest Heel Womens 4.5" Calf High Boot Carbon Fiber Heel Red Suede Shoe , L-3360952 New Tory Burch Chelsea 45mm Sandbox Beige Wedge Shoes Size US-10.5 , New Free People Jeffrey Campbell Black Suede Platform Wedge Ankle Bootie 8 MNew Women's Block Heels Slingbacks Ankle Strappy Fashion Porm Suede ShoesConverse Pro LEATHER 76 Mid Shoes size Men's 13 155647C $80 , Gentleman/Lady EMERICA Skateboard Shoes WESTGATE CC BURGUNDY/WHITE Elegant appearance modern Popular tide shoes , NIB Asics GT-1000 3 Running Shoes Carbon/Lightning/Gr T4K3N-7491 Mens Sz 8.5 , Adidas Pro Bounce 2018 Men's Mid Top Basketball Shoes | AH2658Nike Air Jordan Retro 6 Tinker Air Trainer II 384664-104 White Infrared 23 Grey2007 Nike Air Force 1 Supreme Red Suede DS Men's Size 11.5 leather 315122 611 , Teenage Mutant Ninja Turtles Casual Mens ShoesBRAND NEW - SAINT LAURENT - COURT CLASSICS - METALLIC STAR - LEATHER - LOW TOPCole Haan Men's Lenox Hill Cap OxfordBritish Tan11.5 W USVans Women’s Sk8 Hi Slim Gossamer Green Blanc Sz 9.5 NIB , Man/Woman Camper Hoops Womens Beige Canvas Trainers Clever and practical Strong value Valuable boutique , Nike Roshe Run Print women running crossing shoes orange/gray 100% authentic , Mizuno EZRun [J1GF183801] Women Running Shoes Black/Grey-White , ARMANI JEANS WOMAN CASUAL FREE TIME SNEAKER SHOES SUEDE LEATHER PONY CODE 6A431 , Nike Juvenate SE Womens 862335-003 Size 7.5 Floral Spring Garden Running SneakerSTEVE MADDEN LA CARTE BLACK BOOTIE SIZE 9.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    EMU 8920 Australia Women's Suede Talinga Suede Ankle Booties Chocolate Size Size 7.0M dda59a7 -

    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.

    EMU 8920 Australia Women's Suede Talinga Suede Ankle Booties Chocolate Size Size 7.0M dda59a7 -

    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
    EMU 8920 Australia Women's Suede Talinga Suede Ankle Booties Chocolate Size Size 7.0M dda59a7