Never miss an update

Very Choose Volatile Sz/Color Lars Suede Leather Wedge Pointy Wedge Mid Calf Boots Choose Sz/Color 086d8ef

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
Width: Medium (B, M)
Heel Type: Wedge Brand: VERY VOLATILE
Fastening: Zip Pattern: Solid
Occasion: Casual Style: Mid-Calf Boots
Material: Suede Leather Heel Height: High (3 in. and Up)
Never miss an update

Very Choose Volatile Sz/Color Lars Suede Leather Wedge Pointy Wedge Mid Calf Boots Choose Sz/Color 086d8ef -

    Very Choose Volatile Sz/Color Lars Suede Leather Wedge Pointy Wedge Mid Calf Boots Choose Sz/Color 086d8ef
    Very Choose Volatile Sz/Color Lars Suede Leather Wedge Pointy Wedge Mid Calf Boots Choose Sz/Color 086d8ef
    Aquatalia By Marvink K Women's Fur Lined Shoes Size 7.5 Made In Italy Very Cute , Cougar Women's Creek Snow Boot , Jack Rogers Sadie Boots - Women's Size 7.5M, Black , Funtasma 4.5" Heel White Steampunk Can Can Girl Button Boots 6 7 8 9 10 11 12 , Steven By Steve Madden Wishfil Women's Size 9 Black Leather Tall Knee High Boots , *NEW* VIA SPIGA Sz 7.5 37.5 Niurka Suede Fringe Bootie Tan $350 Boot Brown AnkleNIB BEARPAW LAUREN TRIPLE TOGGLE WOMENS SUEDE BOOTS CHOCOLATE HICKORY 7 8 9 10 , Man/Woman Beautiful Woman Leather Boots with heels Fine workmanship Quality First Great choice , Jack Rogers Deborah Booties in Olive. Brand New. Size 8New Box Womens North Face Grey Corl Thermoball Utility Insulated Boots 6 6.5 7.5 , Frye 77405 Jennifer Estes Black Leather Cavalry Motorcycle Boot Women’ Size 7.5*NEW* PAUL GREEN "Dillon" Sz US 6 Almond Toe Leather Ankle Bootie $349 , Womens Frye Boots Size 6 Suede Brown Below Knee Heel Cushion Excellent , Funtasma 3.75" Heel Bullet Strap Camo Punk Military Boots 6 7 8 9 10 11 12Stuart Weitzman Women's Shoes Boots Heel Black Suede Size 8.5 FREE SHIPPING!MIZ MOOZ New York Women's Size US 6-6.5 Grey Zip Up Ankle Boots XB-234Twisted X Women's Distressed Leather Boot Round Toe - WAB004 Size 7MWOMEN'S BOGS CLASSIC MID TRIANGLES WOMEN'S INSULATED BOOTS 72114 009 size 11Catherine Malandrino Size 8.5 Pasta Pearl Over The Knee Boots Black NEW NIB , TOPSHOP Austin Western Buckle Bootie Black Size 38 US Size 8Lucky Brand Womens Lisza Booties in Black 8.5 US , Semilla Sz US 6.5 Ankle Boots Black Suede Gold Trim Stiletto Heel $695Gentleman/Lady Women's charcoal suede boots size 8 We have won praise from our customers. Preferred material Comfortable and natural , Pleaser FLAMINGO-1018 1019 8" Heel Exotic Dancing Ankle BootsALLROUNDER Mephisto High Shaft Winter Boots, Brown, Womens Size 6, WATERPROOF , BOGS Womens Rain Boots Strawberry Blue Sz 6, 8 or Black/ Gray Sz 10 , Man/Woman Anne Klein Lanette Women's Boots Black Moderate price Quality and quantity guaranteed Strong heat and heat resistance , TONY LAMA Women's Black Leather Cowboy/Western Boots Size 4 C Made in USA , New Hunter Original Tall Size 5 Sage Color Rain Boots.
    Very Choose Volatile Sz/Color Lars Suede Leather Wedge Pointy Wedge Mid Calf Boots Choose Sz/Color 086d8ef ->Very Choose Volatile Sz/Color Lars Suede Leather Wedge Pointy Wedge Mid Calf Boots Choose Sz/Color 086d8ef -
    Sam Edelman Jodie Ankle Boot 8.5 M Dark Brown Leather New w/BoxMen/Women Dolce Vita Women's Mollie Ankle Boot Diverse new design delicate Valuable boutiqueTod's Women's Black Suede Knee High Platform Boots Size 36.5/ 6.5 US , NEW SLATTERS RANCH MENS COMFORTABLE LEATHER DRESS BOOTS , ara Hawaii Clogs And Mules Women black Schwarz schwarz Size 5 38 EUCalvin Klein Women's Elin Pointed Toe Flat, Oxblood, Size 6.0Man's/Woman's SCHOLL ORTHAHEEL IMPULSE Shoes *BNWT* The color is very eye-catching Highly praised and appreciated by the consumer audience cheap priceSanita Clogs Professional Ziggy Psychedelic Optical Illusion Size 38 7-7.5 MINT! , NIB $565+ Jimmy Choo WAINE Gold Chainmail-Paneled Off White Leather Flat Shoe 11 , Miu Miu Crystal Embellished Cap Toe Platform Taupe Suede Espadrille FlatSize 39 , STUART WEITZMAN BLACK SATIN BOW DETAIL OPEN TOE HIGH HEEL PUMPS SIZE 9$250 JOAN&DAVID STEPHANIE Natural Nubuck Designer Wooden Platform Pumps 9 , Christian Louboutin GALUPUMP 100 Laser Cut D'orsay Heels Pumps Shoes Gold 38 EUNIKE Zoom Hyperdunk 2016 LTD EDD Elena Delle Donne Mn Size 7 (869484-999) , DC Men's Manteca SE Skate Shoe, - Choose SZ/ColorAdidas EQT Support 93/17 Mens Running Shoe Black/White BY9509 NEW Mens Size 12 , Adidas Yeezy 750 Boost Kanye West Light Grey Gum Suede Glow Tan 350 42 8.5 9VINTAGE LUCCHESE USA BLACK CHERRY LEATHER WESTERN COWBOY RANCH BOSS BOOTS 8DSlightly Used Danner Forest Heights II Black Size 9EE (32650)Extra Wide Chukka , Converse Pro Leather Plus Mid WBF BLACK Barcelona Spain BCN 134764C RARE! , Xtratuf Men's Finatic II Chocolate/Tan Size 8 Casual ShoesNike Stefan Janoski Max 631303 008 Skateboard Lifestyle Running Shoe size 13Allen Edmonds STRAND Cap-Toe Brogue Oxford Mens Shoes Black Calf Leather US 8.5DDC Women's Rebound High TX SE Skate w Skateboarding Shoe, Tan/Brown, Size 6.0Ladies Lacsote Carnaby EVO 117 3 Flat Casual Festival Metallic Trainer All SizesMerrell Women's Capra Bolt Waterproof Hiking Shoe, Grey/Purple, 6 M USNIKE W Air Max 270 Flyknit AH6803-300 CLEAR EMERALD Size 7Women Retro Embroidery Block Heels Elegant Autumn Suede Ankle Boots Side Zipper , Cole haan myriam origianlgrand bootie-java leather size 6 , Naughty Monkey NMLB0154 Womens Metalicah Ankle Bootie- Choose SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Very Choose Volatile Sz/Color Lars Suede Leather Wedge Pointy Wedge Mid Calf Boots Choose Sz/Color 086d8ef -

    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 Choose Volatile Sz/Color Lars Suede Leather Wedge Pointy Wedge Mid Calf Boots Choose Sz/Color 086d8ef -

    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 Choose Volatile Sz/Color Lars Suede Leather Wedge Pointy Wedge Mid Calf Boots Choose Sz/Color 086d8ef