Never miss an update

Very 29247 Volatile Boots Women's Summer Cowboy Boots Size Faux Snake Size 8 Tan 8f26652

Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Little Cosmetic Stains (Floor Sample)
Modified Item: No Theme: Summer
Style: Cowboy Boots Color: Tan
US Shoe Size (Women's): 8 Brand: VOLATILE
Heel Height: High (3 in. and Up) Heel Type: Block
Material: Faux Suede UPC: Does not apply
Never miss an update

Very 29247 Volatile Boots Women's Summer Cowboy Boots Size Faux Snake Size 8 Tan 8f26652 -

    Very 29247 Volatile Boots Women's Summer Cowboy Boots Size Faux Snake Size 8 Tan 8f26652
    Very 29247 Volatile Boots Women's Summer Cowboy Boots Size Faux Snake Size 8 Tan 8f26652
    Ariat Fatbaby Original Pink and Kick Back Suede Cowgirl Boots Size 8.5B NEW , BareTraps Women's Bt Yardley Snow Boot, Black, 6 M USGentleman/Lady Womens FRYE BOOTS~Size 11M Every item described is available product quality King of the crowdLucky Brand Womens Basel3 Leather Closed Toe Ankle Fashion BootsFRYE Karma zip 70s blonde BOOTS 8 1/2 B chunky boho heel , New $210 MATISSE Robbie Brown Leather BOOTS Engineer Motorcycle Strap 7.5 7 1/2Ulu Makea Boots Womens Rabbit Fur Embroidered Floral Suede Tall Primaloft 8.5 , Ecco Hobart Riding Boots Size 7.5 US 38 EUR Knee High Buckle Zip Black Leather PSANCHO 4873 'Mistral' Western Ankle Leather Boots, Brown & Taupe, $299 , WOMENS 7 B Tan CHARLIE 1 HORSE by LUCCHESE I4508 Mad Dog WESTERN BOOTS $370Aerosoles Women's Mysterious Over The Knee Boot 8M , STEVE MADDEN MOTTOO BLACK LEATHER ANKLE BOOT SIZE 7.5NWOB FREE PEOPLE "AQUARIAN" Ankle Boot in Red , Marc Fisher Women's Teague Ankle Boot Black Leather 11M , Justin women's Green Lizard Leather Cowboy Boot -9509 Size US 4.5 BNew Women's Merrell Moab 2 Mid Waterproof Hiking Boots J06054 Granite dc Loc 9FBronx Size 7 MIXER UP Khaki Suede Leather Chukka Ankle Boots New Womens ShoesPIKOLINOS BLACK LEATHER FASHION ANKLE BOOTS ZIP SHOES US WOMENS SZ 7.5 8 , Giuliano Venanzi White Leather Fur Cuff Mid Calf Heel Boots Sz 7/ EUC!Via Spiga Brown Leather Tenley High Heel Riding Boots Size 9.5 New $398 Women'sHunter Classic Brown Original Gloss Tall Equestrian Rain Rainbows Boots 10 EXC , Kelsi Dagger Brooklyn Women's Zena Bootie,Cocoa,10 M USClarks Hazen Flora Women's Full Zip Wedge Boots , Fergalicious Women's Barley Bootie Doe Oiled Fabric Ankle Boots , Pleaser ADORE-1017MFF Ankle/Mid-Calf Boots Exotic Stripper Marabou Fur Fringe , Tony Mora Womens Black Leather Western Boot 3389 Size 4.5 M NewSam Edelman Woman Paige Fringe Booties/Boots Navy Suede Retail $140 8MSJP Kelly Brown Leather Knee High Boots Women's Shoes Size 37.5 US 7.5 M NEW , New Sam Edelman 'Park' Boot Leather Equestrian belted spiked Riding Boot 7.5 ,
    Very 29247 Volatile Boots Women's Summer Cowboy Boots Size Faux Snake Size 8 Tan 8f26652 ->Very 29247 Volatile Boots Women's Summer Cowboy Boots Size Faux Snake Size 8 Tan 8f26652 -
    Authentic New Balance W575LB3 Womens Running Shoes (D)Calvin Klein Jaslina Womens Boots Black 8 US / 6 UKGentlemen/Ladies Rieker L7171 Casual Slip On Shoe Consumer first The highest quality material Official website , Semler Womens Rosa Trainers, Beige Panna-Perle, 10.5 UKGentleman/Lady Oofos OOriginal Black Moderate price Modern design Don't worry when shoppingFulinken 4 Color Sz 5-10 Leather Fringe Loafer Casual Dress Slip On Womens Shoes , ALDO Women's Laori Boat Shoe - Choose SZ/ColorSanita Blue Leather Clog, Siz Eu 35, US 5NWT STELLA MCCARTNEY Made In Italy Silver Elyse Brogue Platform Oxfords Size 40Divarese Navy Blue Suede Pointed Toe Heels Size 10Vtg 6M Yves Saint Laurent Bronze Metalic Leather Block Heels - ITALY , Made in Italia NEREA_BLU décolleté Shoes Women's - colour Blue USDONALD J PLINER VALERI D Women's shoes Sz.10 black crepe elastic New FREE SHIP , Sam Edelman Patti Women's Patent Leather Classic Nude Sandal Sz 10W 2065ALBERTA FERRETTI Nude Satin Gemstone High Heel Pump Sandal Shoe 10-40 NEW , $990 Bottega Veneta Women's Black Karung Snakeskin Heel Sandals 40 407119 1000 , HAFLINGER Bio Kurt BLACK cork footbed clog Slipper US 7 8 9 10Womens Tassel Slip On Slingback Fringe BigBuckle Loafer Slide Mule Slipper Shoes , Brand New Vans Classic Slip-on Men's Athletic Fashion Sneakers [VN0A38F7OS3] , MERRELL INTERCEPT GORE-TEX MENS HIKING TRAIL SHOES SIZE 11.5 Black GRAY J75115 , Air Jordan 9 Retro Boot NRG AR4491 001 Concord Men SZ 7.5 - 13 Ship Now , Mr/Ms LE COQ SPORTIF Alsace Bleu Beautiful color Wholesale trade Extreme speed logistics , NEW BALANCE NUMERIC SHOES NM440GYG BLACK / GREY SKATE AUSTRALIAN SELLER D WIDTHMen's Liberty Lt Purple/Lilac Color Croco Print Leather Dress Shoes Style L-550Florsheim Comfortech Mens size 14 D Black Leather Wing Tip Dress Shoes VERY NICEFI-7253 Red Embroidered Slip on Metal Tip Fiesso by Aurelio GarciaNew Size 11.5 BACCO BUCCI Leather (Made In Italy) Mens Shoes! Reg$225 Sale$99Mezlan Size 8 M Burgundy Crocodile Vero CuoioNike Huarache Drift Casual Sneaker 943344 200 GS Size 5Y/6.5 Women Olive GreenSiren By Mark Nason Women’s 7 Grey Ankle Boots Booties Wedge Heels Shoes Zip Up ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Very 29247 Volatile Boots Women's Summer Cowboy Boots Size Faux Snake Size 8 Tan 8f26652 -

    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.

    Very 29247 Volatile Boots Women's Summer Cowboy Boots Size Faux Snake Size 8 Tan 8f26652 -

    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
    Very 29247 Volatile Boots Women's Summer Cowboy Boots Size Faux Snake Size 8 Tan 8f26652