Never miss an update

Ariat Brown ARIAT Tan Leather Ankle Western Boots Western Clogs Womens Ankle 6.5 B ARIAT BOOTS 6.5 1024704

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Ariat
Color: Brown Style: Fashion - Ankle
Heel Height: Med (1 3/4 in. to 2 3/4 in.) US Shoe Size (Women's): 6.5
Material: Leather Width: Medium (B, M)
UPC: Does not apply
Never miss an update

Ariat Brown ARIAT Tan Leather Ankle Western Boots Western Clogs Womens Ankle 6.5 B ARIAT BOOTS 6.5 1024704 -

    Ariat Brown ARIAT Tan Leather Ankle Western Boots Western Clogs Womens Ankle 6.5 B ARIAT BOOTS 6.5 1024704
    Ariat Brown ARIAT Tan Leather Ankle Western Boots Western Clogs Womens Ankle 6.5 B ARIAT BOOTS 6.5 1024704
    Louise et Cie Women's Warley Leather Side-Zip Ankle Booties Seagull Size 7.0M , New Clarks Womens Gold Fashion Boots Size 5.5Olathe Boot Company Womens Purple Cowboy Boots Size 5 CVogue Womens Occident Mid-Heels Street Napa pattern Knit Pull On Ankle Boots Cz9 , New Black Pirate Strappy Buckle Heels Boots Vegan Warrior Princess Gothic 10 E41Sexy Womens Platform Over Knee High Pull On Stilettos Boots Shoes Faux Suede NewGianni Bini Teal Green size 6 Extra Sexy BootsSantana Canada Black Leather Mid Calf Boots Size 7.5M , Gentlemen/Ladies Naturalizer Womens Westing Promotion buy Non-slip , Womens Fur Trim Round toe Leather Boots Platform Lined Winter Warm Pull On ShoesKorean Womens Tassel Square Toe Ankle Boots Block Mid Heel Shoes Suede Side Zip , NEW HELLY HANSEN VEGA DUSTY BLUE NUBUCK LEATHER & SUEDE HIKING BOOTS ~ 8.5M $130Fitflop Wos Boots Winter 100-001 US 5 Black Suede Pull on wobble board 1844 , KELSI DAGGER, DOROTHY ANKLE BOOT, WOMENS, GREY, US 10 M, EURO 40, NEW WITH BOXWomen Round Toe Buckle Strap Rivet Stilettos High Heels Ankle Boots Suede shoes , X Element Womens Harness Riding/Work Boot Sz 8 LU2486 BROWN LEATHER , New Sexy Womens Low Heel Bead Zip Thigh Boots Over the Knee Shoes Plus US4-10 Sz , New Cole Haan Womens Black Ankle Boots Size 9.5Enzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Black, Size 7.5 ekWomens Athletic Ankle Boots Platform Knitted Stripe Stretch 2018 Hot Flats Sport , CYNTHIA VINCENT Black Leather Knee High Wedge Boot Size 7Women's Men Outdoor High Top Climbing Boots Shoes Waterproof Hiking Desert SboxMan's/Woman's KS35 Cahleb Dress Ankle Booties, Navy Innovative design fashionable Easy lifeB35 Grand Studded Heel Knee High Boots, Black, 5 US, Black, 5 US , Columbia Women Boots Loveland Shorty Omni-heat Snow Boot Sea Salt US 9.5 , A.N.A Linden Ruched Women Knee High Boots Black Size US 5.5 , stylish womens fur lined thick blingbling sequin mid calf boots snow boots shoes , Arnaldo Toscani 2101321_SIGARO boots Women's - colour Brown USWomen Pointy Toe Leather Punk Pull On Flat Shoes Tassel Rivet Ankle Riding Boots ,
    Ariat Brown ARIAT Tan Leather Ankle Western Boots Western Clogs Womens Ankle 6.5 B ARIAT BOOTS 6.5 1024704 ->Ariat Brown ARIAT Tan Leather Ankle Western Boots Western Clogs Womens Ankle 6.5 B ARIAT BOOTS 6.5 1024704 -
    Pleaser - SPIKY-1018/B/M Womens Spiky-1018 Ankle Boot- Choose SZ/Color.Tassel Women's Shoes Mid-Calf Boots Metal Decor Rivet Round Toe Block Low Heel , Rockport Total Motion Black Suede Boot Size 8 Medium New MSRP: $250.00.Ecco Soft 8, Womens Low-Top Sneakers, Grey Wild Dove, 55.5 EUNike Womens Air Max Jewel Running Trainers 896194 Sneakers Shoes 101 , Gentlemen/Ladies Converse Chucks Monochrome 551599C Multicoloured Fine processing Beautiful appearance best seller , Remonte Women's Kennya 04 Oxford , Vince Women's White Snakeskin Slip On Sneaker Sz 11 6439 , Aravon Kendra Black LTHR Slip On Size 8B D1406/Vintage Prada Women's Heeled Loafers Tan Size 6.5 Ring Strap Accent Square ToeWomens Cow Leather Point Toe Flats Oxfords Casual New Ankle Boots Party SlippersWomens Leather Special High Block Heel Open Toe Ankle Strap Slingback Shoes Size , Miz Mooz Women's SHILOH Sandal, Whiskey, 39 M EU/8.5 US , Men Winter Hiking Boots With Fur Comfortable Safety Middle-Aged Outdoor SneakersNIKE DART 12 RUNNING SHOES Mens Size 11 BLACK RACER BLUE WHITE NIB NEWNIKE AIR MAX 90 EZ INFRARED RED PURE PLATINUM WOLF GREY BLACK SZ 9 [A01745 002] , Nike Lebron Zoom Soldier Cool Grey Varsity Rojo Shoes Sneakers , Adidas Crazy 1 ADV Mens AQ0320 White Black Leather Basketball Shoes Size 9.5 , J. SHOES COURT LOW MEN SHOES WHITE-BARGE SPAGOB 6857 SIZE 8 NEW , Puma, 304944-01, Drift Cat 5 SF AC NM, Glacier Gray/Monaco BlueMen's/Women's 06 nike Dunk Low 309431 211 Consumer first Preferred material Pick up at the boutique , Men's Sperry Topsider Boat Shoes 7.5 Medium Various Styles CLOSE OUT PRICING! , stylish mens slip on buckle soft comfort driving shoes leisure loafers mocasin , Allen Edmonds "LEXINGTON" Oxfords 9-Right 9.5-Left D Chili (389) , Nike Women's Flex Contact Running Shoes Bordeaux/Tea Berry/Pink Nebula 5.5Fabric Flyer Runner Trainers Womens Dark Navy Sneakers Sports Shoes FootwearNIKE Women's WMNS Air Max Plus QS, Metallic Gold - University Red, 6.5 M US , FRYE HARNESS Brown LEATHER BOOTS WOMEN'S SIZE 9 M 77300 3Umberto Raffini Womens size 39 Ankle Boots Zipper Black Leather snakeskin US 8Womens Ankle Boots Buckle Side Zipper Block High Heel British SHoes Thicken New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ariat Brown ARIAT Tan Leather Ankle Western Boots Western Clogs Womens Ankle 6.5 B ARIAT BOOTS 6.5 1024704 -

    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.

    Ariat Brown ARIAT Tan Leather Ankle Western Boots Western Clogs Womens Ankle 6.5 B ARIAT BOOTS 6.5 1024704 -

    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
    Ariat Brown ARIAT Tan Leather Ankle Western Boots Western Clogs Womens Ankle 6.5 B ARIAT BOOTS 6.5 1024704