Never miss an update

Womens Ted 29437 Baker jayhmarketing-29469 Qatena Boots Boots BURGUNDY Boots 877a407

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Shoe Type: Boots
Brand: Ted Baker Style: Ankle Boots
SKU: 3290360034 Main Colour: Reds
Gender: Womens Colour: Red
Product Name: Qatena Boots Features: BURGUNDY
Never miss an update

Womens Ted 29437 Baker jayhmarketing-29469 Qatena Boots Boots BURGUNDY Boots 877a407 -

    Womens Ted 29437 Baker jayhmarketing-29469 Qatena Boots Boots BURGUNDY Boots 877a407
    Womens Ted 29437 Baker jayhmarketing-29469 Qatena Boots Boots BURGUNDY Boots 877a407
    Pleaser Delight 5000 Black Faux Leather Stretch Crotch Chap Boots Stiletto HeelsFly London Yex Womens Black Leather Wedge Chelsea Ankle Boots Size 4-8 , Gentleman/Lady Isabel marant Jaeryn black -38 Quality queen Affordable renewed on timeBNWT TIBI Rachel Dark Brown Leather Sculptural Heel Ankle Booties Boots 41 11 10Harley Davidson Ladies Sackett Biker Boots Brown Leather Double Zip Motorbike , MAX KIBARDIN Designer Tan Leather Ankle Boots NEW $1300 ladies 37Womens Ted Baker Matynas Boots KHAKI Boots , Womens Dr Martens Vonda Black Softy T Rose Red Leather Calf Boots SizeNew Womens Steve Madden Black Deem Suede Boots Ankle Zip , New Django & Juliette Rowdy Tan Womens Shoes Dress Boots LongBNIB Barbour Womens Georgia Knee High Boots Brown Nubuck UK4 rrp LFO0237BR71Women's Ankle Boots Heels Shoes LIU JO Brazil Coffee Stivaletto Celeste Leather , New Mollini Whippy Black Womens Shoes Casual Boots Ankle , New Mollini Detailer Womens Shoes Boots AnkleWomen's Shoes Brogues Heels HOGAN BY KARL LAGERFELD Leather Gray Ice Luxus , SALE! NWOT Sold Out CHRISTIAN LOUBOUTIN Nude Boots Shoes Buy 5 Get FREE PostageNew Diana Ferrari Austin Taupe Womens Shoes Casual Boots LongDr Martens Aimilita Grizzly Women Leather Matt Cherry Red Boots Size , Men's/Women's Ladies Gabor Ankle Boots - 72.984 Modern technology Online export store high quality product , Scarpa Vortex GoreTex Unisex Waterproof Leather Hiking ShoesLadies Tecnica Moon Boot W.E Monaco WP Thermal Warm Cushioned Boots All Sizes , Ladies Irregular Choice Angelica Pearson Fairy Tale Evening High Heels All SizesFly london Mol 2 Camel Leather Womens Knee Hi BootsNew Womens Kendall + Kylie Tan Natural Colt Suede Boots Ankle Elasticated , New Django & Juliette Nascot Womens Shoes Casual Boots Ankle , New Nude Abby Nu Womens Shoes Casual Boots Ankle , Gentlemen/Ladies Isabel Marant Bobby Sneakers fashion Price reduction Selling new products , Chic Retro Women's Winter Over Knee Boots Punk Genuine Leather Buckles Zip ShoeNew Maria Rossi Dakota St Blue Womens Shoes Casual Boots Long ,
    Womens Ted 29437 Baker jayhmarketing-29469 Qatena Boots Boots BURGUNDY Boots 877a407 ->Womens Ted 29437 Baker jayhmarketing-29469 Qatena Boots Boots BURGUNDY Boots 877a407 -
    Nike Women's Air Max Goadome Boots Brown 916807-200 Size 7 , Saint Laurent Debbie 100 silver stud western boot in Size 38 , Tory Burch "Reva" Crackled Metallic Silver Leather Ballet Flats Size 6.5 B *EUC* , Zimmermann Goldentime Pointed Flat | Tangerine Vine Floral | Fresh water Pearls , Orthaheel Vionic Arcadia Women's Gray Green Synthetic Mary Jane Slip Shoes 8M 39 , Womens Super High Heels Stiletto Sandals Club Dance Transparent Shoes Sexy Lady , CASADEI BLACK LEATHER BUCKLE DETAIL CLASSIC PUMP Sz 8B MADE IN ITALYStyle by Charles David Womens Wonder Suede Pointed Toe SlingBack, Grey, Size 8.0ECCO Women's Shape 55 Plateau Platform Pump , Christian Louboitin Bianca Sling 140mm Pump Heels ShoesNew Converse CT 70 Hi Top Spotted Jacq Sneakers Shoes Mens 13 Wmn 15 156316C[AO1133-001] NIKE AIR HUARACHE DRIFT WOLF GREY VOLT WHITE MEN SNEAKER SIZE 10 , New Balance Men's MW577 Hook and Loop Walking Shoe - Choose SZ/ColorMen's Nike Air Max Stutter Step 2 Basketball Shoes, 653455 008 Sizes 9-15 Grey/Puma X FUBU Tsugi Jun Black/Red 367440-01 Mens Size 6.5CLEAN Nike Air Jordan 7 VII Retro Ugly Sweater Nothing But Net Size 9.5 , Nike LeBron 11 Preheat Forging Iron Doernbecher , CONVERSE Jack Purcell navy blue 12.0 cm USA made 90s baby sneaker kawaii M09BRAND NEW NIKE AIR PIPPEN X KITH US 15 UNRELEASED PROMO SAMPLE RONNIE FIEG RARE , NIB SPERRY TOP-SIDER A/O 2-EYE SW CANVAS FADED NAVY $80 STYLE STS10615 SIZE 7 M , Olukai 10361 4040 Makia Ulana Black Men's Casual Slip On Shoes , Shoes Puma R698 360592 04 Core Leather Man Sneaker White Vaporous Gray trainingPuma Basket Classic Metallic Silver 362023 02 Women's SZ 7Perro de Presa Canario Dog Running Shoes For Women-Free ShippingShoes Puma ST Trainer Evo Gleam 361538 01 Woman Running Sneakers Black Glitter G , Nike WMNS Blazer Mid Premium SE women lifestyle sneakers NEW cayenne 857664-600 , WOMEN'S/JUNIOR SHOES SNEAKERS ADIDAS X_PLR J [CQ2968] , Adidas Originals NMD R1 Women's Mesh BY9952 Icy Pink White Rose Runner RareNEW Women's Air Vapormax Moc 2.0 University Red Fuchsia Blast Black AJ6599-600Men's/Women's Naturalizer Women's Zeline Ankle Bootie New market Selected materials Personalization trend ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Ted 29437 Baker jayhmarketing-29469 Qatena Boots Boots BURGUNDY Boots 877a407 -

    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.

    Womens Ted 29437 Baker jayhmarketing-29469 Qatena Boots Boots BURGUNDY Boots 877a407 -

    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
    Womens Ted 29437 Baker jayhmarketing-29469 Qatena Boots Boots BURGUNDY Boots 877a407