Never miss an update

Circle G By Corral Ladies Boots P5122 Cowhide Leather By Round Toe Ankle Boots Black P5122 c5b28ba

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Corral Boots
Material: Leather Style: Cowboy, Western
Never miss an update

Circle G By Corral Ladies Boots P5122 Cowhide Leather By Round Toe Ankle Boots Black P5122 c5b28ba -

    Circle G By Corral Ladies Boots P5122 Cowhide Leather By Round Toe Ankle Boots Black P5122 c5b28ba
    Circle G By Corral Ladies Boots P5122 Cowhide Leather By Round Toe Ankle Boots Black P5122 c5b28ba
    Women's Black Flower Inlay Purple Sequins Leather Cowboy Boots SquareCorral Teen Youth Vintage Honey Brown Square Toe Leather Boots E1229Ladies Burgandy Frye Stacked Heel Western Cowgirl Boots sz: 8 B (Z) , New in box FRYE Women's Malorie Button Short Tan Brown Leather Boots Sz 6 $358Jar Boots Mexico blue leather high heel pointed booties western cowgirl US7 , Frye 8 Paige Tall Riding Boot Dark Brown Antiqued Leather $398MUNRO "ALIX" BLACK LEATHER SNAKE PRINT BOOTIE NIB SIZE 9.5N , NEW FREE PEOPLE ASH BLAST COW FUR & LEATHER BUCKLE ANKLE BOOTS US 10 , Women's Brown Mid Calf Cowboy Rodeo Leather Wear Square Toe BootsAttribute Womens Free People Patti Chelsea Boots Black Size 38 New , JEFFREY CAMPBELL ‘Trishna’ Black Patent Leather Over The Knee Boots Size 7M $265Harley-Davidson Women's Vonda 7.5-Inch Black Leather Motorcycle Boots D83645Corral Circle G Women's Brown Cross Snip Toe Boots L5038 , Crocs You by Crocs Jackers boots leather with leather lining tall sz 7.5 Med NEW , Women’s Black Abiline Country Western Cowboy Boots 9Mr/Ms Antelope Antelope 631 Leather Bootie Various goods Online Personalization trend , Women's Tan Floral Embroidery Square Toe Boot by Circle G L5382Teb Baker Micka Black Leather Stacked Heel Bootie US 7.5 $270 , Women's Denim Blue Heart Inlay Red Sequins Leather Cowboy Boots Square , Circle G By Corral Ladies Snip Toe Brown Turquoise Floral Western Boots L5255 , Women's Shoes Sam Edelman WILSON Wedge Booties Zip Suede Dark Grey Size 7.5 , NIB Surface to Air Harness Low Leather Boots V2 Tan Size 39 9 Booties $510NEW JEFFREY CAMPBELL SENITA BLACK SUEDE OVER THE KNEE BOOTS US 8.5 MSRP $248.00Men's/Women's Harley Davidson Women's Violet Boots D83754 Reputation first Fine art high quality product , Women's Brown Flower Inlay Black Sequins Leather Cowboy Boots Square , Man/Woman Frye Veronica Shortie Boot Black 8.5 Ideal gift for all occasions Fast delivery Non-slipWomen's Purple Stitched Leather Mid Calf Cowgirl Boots Western Wear Square Toe , Paul Green Brown Leather Nixon Moto Buckle Biker Boots Women’s Sz /US 8.5 , New Women's Salewa Wildfire GTX Hiking Shoes - Size 7 - Black - Waterproof ,
    Circle G By Corral Ladies Boots P5122 Cowhide Leather By Round Toe Ankle Boots Black P5122 c5b28ba ->Circle G By Corral Ladies Boots P5122 Cowhide Leather By Round Toe Ankle Boots Black P5122 c5b28ba -
    NEW Ladies Laredo Access Tan Leather Wide Calf Western Cowboy Boots Style 51078Man's/Woman's Moccasin Tod's Leather Smooth Various goods Quality and quantity guaranteed Selling new products , Man's/Woman's adidas Originals Adiease Womens Sneakers quality King of quantity a lot of varieties , Shane And Shawn Women Shoes Frenchie Black Pat US8/38.5Taryn Rose 7 Black 2.75 inch Patent Leather HeelsBordello TEEZE-28 Women's Champagne Satin Black High Heels Hidden Platform PumpsCole Haan London Air T-Strap Black PatentNew Balance Fresh Foam Trailbuster Mens Shoes Black / Grey Size 9 NO LID NEW , ADIDAS Solar Boost, Art No. D69873, Maroon/White, Men's Running Shoes, Size 11adidas Tubular Shadow Black Athletic Shoes Men's 12Man/Woman Saucony Men's Guide 10 Running Shoe Various goods cheapest Excellent stretchingMen's Brand New Air Jordan 10 Retro "Chicago" Athletic Sneakers [310805 100] , Los Altos Men's Genuine Eel Cowboy Western Boots Round Toe Handmade Wide , PUMA BLACK LEATHER SLIP ON SKATER SKATEBOARDING SNEAKERS SHOES 11 M MENS 44.5 , AUTHENTIC LUXURY PRADA HALF-BOOT SHOES BROGUE 2TB021 BLACK US 9.5Rancho Loco Vintage Cactus Hand Made Cowboy boots Men's Size 12DDANNER Men's Shoes 243571 Brown 9Johnston & Murphy Conard Cap Toe Oxford Men's SZ 13.0 M Tan LEA CALFSKIN D7848BRAND NEW PAUL HARNDEN SHOEMAKERS MEN'S BROWN LEATHER DERBIES 6UK$575 Mens Authentic Bally Othello Leather Platform Low-Top Sneakers White US 9 , HOGAN MEN'S SHOES SUEDE TRAINERS SNEAKERS NEW H254 H FLOCK T2015 BEIGE 457NIB Wolverine Sz 10.5 D Black Oxford Work Shoes Full Cushion Insole Oil ResistZASEL MENS RED CAMEL SUEDE LEATHER CASUAL DRESS BOAT DECK LOAFERS DRIVING SHOES , Allen Edmonds Mens Walnut Brown Leather Cameron Penny Loafer SZ 9'5 BNike Womens Air Force 1 07 FW QS Dark Citron sz 9 NIB 704011-300Nike Air Presto Essential Ultra Breathe Pale Gray/White 896277-001 Size 8 WomensBlack/Rhinestone Round Toe Winter Ankle Sexy Boots Size 10 , Ruff Hewn Maddock Brown Knee-High Riding Boot Size 8M E552 , Gentlemen/Ladies Bandolino Womens Lethia Boot- Select SZ/Color. Fine processing New in stock wonderfulTall Knee High Black Riding Boots with Harness Buckles - Size 9.5 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Circle G By Corral Ladies Boots P5122 Cowhide Leather By Round Toe Ankle Boots Black P5122 c5b28ba -

    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.

    Circle G By Corral Ladies Boots P5122 Cowhide Leather By Round Toe Ankle Boots Black P5122 c5b28ba -

    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
    Circle G By Corral Ladies Boots P5122 Cowhide Leather By Round Toe Ankle Boots Black P5122 c5b28ba