Never miss an update

Zara NWT Women Size High Heel Ankle Boots With 21079 Opening And Cord Black Size 8 NWT a5faada

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Zara
Style: Ankle Boots US Shoe Size (Women's): 8
Color: Black UPC: Does not apply
Never miss an update

Zara NWT Women Size High Heel Ankle Boots With 21079 Opening And Cord Black Size 8 NWT a5faada -

    Zara NWT Women Size High Heel Ankle Boots With 21079 Opening And Cord Black Size 8 NWT a5faada
    Zara NWT Women Size High Heel Ankle Boots With 21079 Opening And Cord Black Size 8 NWT a5faada
    CLARKS ORIGINALS 72073 - Woman Desert Boot Size: - Color:PEDRO GARCIA Fulvia Black Suede Platform Wedge Ankle Booties Size 38 , Man/Woman Steve Madden Women's SKIPPUR Motorcycle Boots flagship store luxurious Rich on-time deliveryDonald J Pliner Halo Black Womens Shoes Size 5.5 M Boots MSRP $268 , $225 size 7 Kenneth Cole Clarissa Black Leather Knee High Riding Boots Shoes NEWEcco Size US 5 5.5 Brown Leather Riding Boots New Womens ShoesTECHNICA FUR WINTER BOOTS Women SZ 40 MADE IN ITALY , Sam Edelman 'Sable' Over the Knee Suede Boots Black 7.5 $249 , J Slides Petra Women's gray suede over knee sneaker boots sz. 7 , Boot Keen Elsa Premium Zip Waterproof EspressoDonald Pliner Gisele Nappa Strech Bootie Size 9 , Brand New FitFlop Women's FF-Lux Chelsea Black Leather Boot Sz 9US,41EUR,07UK , NINA SHOES ALETTE-SL BLACK TRACY SUE 8M FRINGE BOOTIES NWBAquatalia by Marvin K. Women’s ‘Dorotea’ Weatherproof Suede Bootie Black 10Louise Et Cie Vernonia Peep Toe Leather Bootie Brown Women Sz 7 M 5979 *Vince Camuto Baldwin Over Knee Leather Boot Brown Women Sz 8 M 5419 *Womens Shoes Wear Ever Boots Black Zipper Straps 6.5 Short Heels RichieCole Haan Allen Leather Bootie Gold Metallic Women Sz 8.5 B 5247 *Gentlemen/Ladies Spring Step Women's Smore Boot Black main category real a wide variety of goods , Womens FRYE MELISSA black leather pull on tall boots sz. 6 B $320Ivanka Trump Women's Larell Over-The-Knee Boots Taupe Size 6 M , Tory Burch Eloise Leather Riding Boots Dark Brown Women Size 7M 1013 , Cole Haan Davenport Brown Womens Shoes Size 9.5 M Boots MSRP $280Dereon Brown Heel Boots Size 8 FREE SHIPPING , NEW NIB $175 PREMIUM DESIGN Born Nevica LEATHER BOOTS CHOOSE SIZE , Tory Burch Eloise Leather Riding Boots Black Women Size 9M 1008 , $190 Harley Davidson Womens Artesia Tall Wedge Boot Shoes, Black, US 8 , Sam Edelman Women's Hannah Motorcycle Boot Black Suede 7816 Size 9.5 M , New FREEBIRD BY STEVEN 'Farah' Fringe Platform Clog Boot Brown Suede 36 US 5.5
    Zara NWT Women Size High Heel Ankle Boots With 21079 Opening And Cord Black Size 8 NWT a5faada ->Zara NWT Women Size High Heel Ankle Boots With 21079 Opening And Cord Black Size 8 NWT a5faada -
    Ralph Lauren Rain Boots - Plaid, Women’s US 7Man/Woman Balidoner Boots yellow Wear resistant Beautiful appearance valueMuck Boot Womens Cambridge Tall - Size 6 , Frye Veronica Strap Tall Multi Buckle Strap Boots Black Tumbled Leather Moto 6.5 , HADES CAYMENE Black Brown White Gunmetal Scale Chains Cyber Steampunk Goth BootsNike Wmns Zoom Fly SP Lightweight Running Guava Ice/White-Guava Ice AJ8229-800Calvin Klein Priya Wide Calf Knee-High Boots, Slate/Black Suede , MIU MIU Mule Slide Slip On Heel Denim Jean Flower Strappy Open Toe Blue 39 9STUART WEITZMAN POWER Orange Red Neon Patent Designer Pointed Heels Pumps 8NWOT auth CHRISTIAN LOUBOUTIN size 37 ltd edition 20th Anniversary Floral Wedges , Fly London Yadi Black Patent Leather Cutout Peep-toe Wedge Shoes 37 / 7 , AF13 MI AMOR shoes green leather patent leather women sandals , Benjamin Walk Queenie - Color - Nude , Pearl iZUMi Men's X-Road Fuel v5 Cycling Shoe, Rogue Red, Size 6.5 , Puma FerrarievoSPEED 1.4 SF Men's Shoes Sneakers (30555502) , Man/Woman Adidas Iniki Runner - BB2091 Attractive and durable stable quality Non-slipADIDAS ORIGINALS STAR WARS MICROPACER Han Solo Skywalker Rogue Vader Boba Saber , Adidas Mens Yeezy Boost 350 V2 Sz 10 Triple White CP9366 Womens Sz 9 Kanye NwtGrateful Dead Rare New Canvas Mens Shoes , CONVERSE All Star Hi Top Burgundy Unisex Maroon Canvas Sneaker Chucks ShoesLacoste EVARA 318 1 Navy Men's Fashion Sneaker , Christian Louboutin Alligator Croc Electric Blue Size 42.5ALLEN EDMONDS "Heather" Black Pebbled Leather Oxford Derby Shoes w/ Box - 11 CMetal Pointed Toes Dress Formal Wedding Floral Shoes Nightclub Rhinestone PumpsCole Haan C07609 Dark Burgundy Brown Brogue Derby Shoes Men's Size 9.5 MNike Wmns Tanjun Racer Carbon Hyper Magenta Purple Women Running Shoe 921668-006 , New Nike Womens SF AF1 Air Force 1 High Special Field Shoes Black AA3965-001 7.5WOMENS OG 2015 RARE QS NIKE AIR MAX 95 COOL GREY VOLT NEON YELLOW SZ 8.5 RUNNINGWomen Suede Almond Toe Beaded Trim Over The Knee Low Heel Riding Boot Boots NewWomens New Pointed Toe Stilettos High Heels Genuine Leather Winter Ankle Boots99 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Zara NWT Women Size High Heel Ankle Boots With 21079 Opening And Cord Black Size 8 NWT a5faada -

    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.

    Zara NWT Women Size High Heel Ankle Boots With 21079 Opening And Cord Black Size 8 NWT a5faada -

    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
    Zara NWT Women Size High Heel Ankle Boots With 21079 Opening And Cord Black Size 8 NWT a5faada