Never miss an update

New Charlotte Olympia Charlotte Prosperity Boots Boots Blue 29511 Soldouteverywhere 38.5 8.5 e5c639d

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: Charlotte Olympia
EUR Shoe Size (Women's): 38.5 Style: Tall Boots
Country/Region of Manufacture: Italy US Shoe Size (Women's): 8.5
Never miss an update

New Charlotte Olympia Charlotte Prosperity Boots Boots Blue 29511 Soldouteverywhere 38.5 8.5 e5c639d -

    New Charlotte Olympia Charlotte Prosperity Boots Boots Blue 29511 Soldouteverywhere 38.5 8.5 e5c639d
    New Charlotte Olympia Charlotte Prosperity Boots Boots Blue 29511 Soldouteverywhere 38.5 8.5 e5c639d
    Stuart Weitzman Lowland Black Over the Knee Stretch Thigh Suede Sz 10.5 W NEW , YSL Saint Laurent NIB $1195 janis classic leather boots US 8RARE WOMENS SNAKESKIN CLAUDIA CIUTI REAR ZIPS AUTHENTIC LILAC & TURQUOISE BOOT 9sz 6.5 / 36.5 Valentino Tan Beige Leather Biker Moto with Studs Ankle Boot Shoes , GIVENCHY Laura Chain-Link Ankle Boots Size 35.5 , $850 ALEXANDER WANG MICA BLACK STUDDED WELT LEATHER COMBAT ANKLE BOOTS SIZE 37NIB Christian Louboutin Top 70 Roche Grey Suede Ankle Zipper Tall Heel Boots 36Jimmy Choo Biker Moto Motorcycle Boots Black Leather Size 37 / 7 OP $1250 , Stuart Weitzman Highland Black Suede Boots Size: US 7.5 Regular m RET $ 798.00CHLOE Susanna Womens Beige Leather Gold-Stud Triple-Buckle Ankle Boots 9.5-39.5$1190 CELINE Lambskin Leather Zipper Detail Booties SIZE 40FENDI Cuffed Rollover Beige Taupe Shearling Fur Suede Logo Flat Ankle Boots $885 , $1410 New AZZEDINE ALAIA PARIS Gray Black Suede Leather Boots 38.5 38 1/2 8.5 8 , $1100 Ferragamo Knee-High FERSEA Black Leather/Gold 6/8.5B Absolutely GORGEOUS!New sz 9.5 39.5 Chloe Navy Blue Suede Ankle Bootie Shoes Heel Boot Shoes , $1795 WOMENS COCK OF THE WALK DESIGNS "Celebracion Dia de los Muertos" BOOTS 7B , Christian Louboutin Womens Boots Size 38 8 Black Leather Gold Heel Rainbow AnkleGibellieri 112 Black Leather / Zip-Up Mid-Calf Heel Boots 38.5 / US 8.5Valentino Garavani Riding Boots Flat Knee High Tall Fringe Black 35/4.5-5 $1845 , Frankie Stern Black Lug Sole Wedge Sneaker Boot , AUTHENTIC CHRISTIAN LOUBOUTIN 37 ALTA 70 NEW KNEE TALL STRETCH BLACK BOOTSsz 6.5 / 36.5 Jimmy Choo Method Brown Leather Ankle Bootie Logo Block Heel Shoes , NEW Stuart Weitzman Lowland Buff Suede Boots Size 12 12M 12B 42 NWB , $1695 Givenchy Black Leather Chain Tall Flat Riding Boot 36-6 Equestrian BootiesBurberry Edenberry Black Leather Knee High Tall Riding Boots - Size 6 US (36 EU) , JUSTIN Black Leather Cobalt-Blue Lizard Skin Women Cowboy Pull-On Boots Sz7B$895 NWB Women's Lowland Stretch Londra Suede OTK boots 5 5.5 6 6.5 7 7.5 8 8.5M , Fendi Joan Brown Pony Hair & Fur Ankle Boots, Size 40MAISON MARTIN MARGIELA split toe floral brocade jacquard tabi boots 38 / 8 NEW ,
    New Charlotte Olympia Charlotte Prosperity Boots Boots Blue 29511 Soldouteverywhere 38.5 8.5 e5c639d ->New Charlotte Olympia Charlotte Prosperity Boots Boots Blue 29511 Soldouteverywhere 38.5 8.5 e5c639d -
    Demonia Women's Riv106/Wpu-b Ankle Bootie, White Vegan Leather-Blk Patent, 12 MPleaser Women's Flamingo-1018hg Ankle Boot - Choose SZ/ColorMade in Italia woman's Shoes Ankle boots Black side zip 82906 moda1 ORIGINALAldo Loviradda Peep Toe Ankle Booties, Black, 7.5 US / 38 EUDe Blossom Collection Sofia 52 Women's Red Block Heeled Rhinestone Wedge SandalsKENNETH COLE Classic Womens Red High Heel Pumps Patent Leather Shoes Size 9.5Prada Black Suede with Patent Leather Pointed Heels Size 37 , Manolo Blahnik Ladies Size 38.5 Black Closed Toe Heels , Emilio Pucci Black Gold Patent Leather Pointed Toe Pumps Size 40 / 10US - ITALY , PRADA T strap Bow Embellished Block Heel IT 37 US 7David Tate Women's Rosette Navy Satin Sandals Size 8.5NLadies sandals by FlyFlot - nappa soft leatherfußbett PU sole - red , Miu Miu NWT Blue Denim Glitter Platform Ankle Strap Sandals SZ 36New Balance MFLCLBL Running Shoes - Men's Size 8 2E, Blue/Black/Green , Etnies Skateboarding Shoes HIGHLIGHT BLEDSOE Evolution Foam BLACK/CAMO , UNDER ARMOUR SPEEDFORM SLINGSHOT 2 MEN'S RUNNING SHOES SIZE 11 BLACKSperry Top-Sider Clipper LTT STS14473 Gold Cup Boat Sneakers Shoes Men's 11 newNike Air Max LeBron VIII V/2 Basketball Shoes 429676-100 Sz 13 Home Wht/Blk/Red , ADIDAS CRAZY 8 PRIMEKNIT ADV COLLEGIATE BURGUNDY RED WHITE PK BY4366 SZ 9Nike Air Jordan XIII 13 Retro BIRMINGHAM BARONS WHITE BLACK WOLF GREY TEAL 11.5New Prvt. Label: by Mezlan M brown (5272) , TORY BURCH IVORY/NAVY MICRODOT WEDGE FLIP FLOP WOMEN'S SIZE 7 , Nike Classic Cortez Leather Women's Shoes Size 10 , Under Armour Women's SpeedForm AMP Athletic Training Shoes Black/White , Old Friend Women's Dolly Zipper Boot Sand Leather ZipperPleaser QUEEN-100 Women's Gold Faux Leather Open Toe Fringe Ankle Mid-Calf Bootsvia spiga classic square toe tall black Exquisite leather boots size 7.5Allsaints Women's Gray Suede Boots Size 39 US 9Womens Sexy High Heels Pointy Toe Ankle short Boots Leather Stilettos Shoes Lady , Sexy Womens Super High Heel Over Knee High Boots Leather 12cm Heels Zip Boot New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Charlotte Olympia Charlotte Prosperity Boots Boots Blue 29511 Soldouteverywhere 38.5 8.5 e5c639d -

    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.

    New Charlotte Olympia Charlotte Prosperity Boots Boots Blue 29511 Soldouteverywhere 38.5 8.5 e5c639d -

    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
    New Charlotte Olympia Charlotte Prosperity Boots Boots Blue 29511 Soldouteverywhere 38.5 8.5 e5c639d