Never miss an update

RARE Alexander McQueen studded McQueen biker boots Black Leather Black US 6.5 6.5/ f5f79ed

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Biker Boots
Color: Black US Shoe Size (Women's): 6.5
Brand: Alexander McQueen Material: Leather
UPC: Does not apply
Never miss an update

RARE Alexander McQueen studded McQueen biker boots Black Leather Black US 6.5 6.5/ f5f79ed -

    RARE Alexander McQueen studded McQueen biker boots Black Leather Black US 6.5 6.5/ f5f79ed
    RARE Alexander McQueen studded McQueen biker boots Black Leather Black US 6.5 6.5/ f5f79ed
    L1798-2 OLD GRINGO BODACIOUS BRASS BONE CHOCOLATE 13" WOMENS LEATHER BOOTS , $2495 CHRISTIAN LOUBOUTIN Akhalil Studded Black Riding Biker Flat Boots 36.5 , Valentino Bow Over The Knee Black Leather Boots Womens Size 37.5 , NIB$1375 Valentino Rockstud Wine Ankle City Block Heel Bootie Boot 41 11 10.5 10 , NEW CHRISTIAN DIOR BLACK SUEDE LEATHER SHEARLING CANNAGE LOGO BOOTS SHOES 38.5 , New sz 9 / 39.5 PRADA Black Round Toe Blue Fur Lined Leather Moto Womens Shoes , Vtg 90's 80's DESTROY 3-Buckle Black Boots 37 6.5 6 Rocker Punk Moto Festival1960s Pan T Boot Stretch Tights Pants Shoes Combo Mod Go Go Vintage Navy PantyNEW $1295 CHRISTIAN LOUBOUTIN CATE Suede Chain Trim Tall Boots, Taupe, Size 36$1195 Original Nicholas Kirkwood black calf ankle boots leather buckle sz 37 NIB , New Christian Louboutin TROTTINETTE Suede Boots Platform Black Shoe 37.5 39 39.5Marita Moreno Limited Wedge Ankle Boots Space1999 Size / 6.5 US $600+ , Fendi Mikado Knee High Boots Leather Heel Dark Grey size 40 $150 NIB , NIB Authentic Bottega Veneta gold Calf leather Stretch boots size 38 EU , $695 STUART WEITZMAN CABALLERO BLACK SUEDE BOOTS 8.5 / 38.5 OVER THE KNEE , Man/Woman Valentino Rockstud Mid-Calf Boots 37 Ideal gift for all occasions First quality Exquisite (processing) processing*SAVE $1000* GIVENCHY SHARK TOOTH LOCK suede ankle boots US 7.5 Brown NIBBALENCIAGA Paris Red Suede Wing Tip Chelsea Gold Studded Stud Ankle Boots 38 8New 9 M Stuart Weitzman Mainline Slate Gray Suede Over Knee Wedge Heel Boot ShoeNew Retail $1,995 Paul Andrew Yulin Laser Cut Black Knee High Boot (37IT/6.5US)DOLCE & GABBANA Black Long Suede Boots Gold Detail Shoes Size 40 EU/ 10 US $1600 , Yves Saint Laurent Janis 105 Black Zip Shearling Boots Booties $1295 39 9SUPER BEAUTIFUL!!! CAMILLA SKOVGAARD BLACK FLAT OVER THE KNEE BOOTS US 7100% AUTH NEW WOMEN LOUBOUTIN OTABOOT 70 SPIKE SUEDE CHELSEA BOOTS/BOOTIE US 7.5 , NIB Authentic Miu Miu EU37.5 Black Leather Pointy Toe Knee High BootsISABEL MARANT Lashby Boots White Leather Chelsey Ankle Bootie Cone Heel 41 NIBRalph Lauren Collection Purple Label Makala Equestrian Leather Tall Riding BootsLADIES OLD GRINGO BONE SHELBY 13" WESTERN BOOTS L2208-8 NEW IN BOXVALENTINO GARAVANI Over The Knee Bow Back Boots Black Sz 38 676JR
    RARE Alexander McQueen studded McQueen biker boots Black Leather Black US 6.5 6.5/ f5f79ed ->RARE Alexander McQueen studded McQueen biker boots Black Leather Black US 6.5 6.5/ f5f79ed -
    Torrid Women's Boots Genuine Leather Crisscross Strap (Wide Calf) Size 9.5 , Women's Durango Brown Tan Distressed Leather Slouch Western Boot RD542FRYE Tabitha Harness Short Womens Boot- Choose SZ/Color.LAUREN Ralph Lauren Women's Dallyce Over-The-Knee Boots Black Leather Size 7 B , new MARC JACOBS pewter metallic TURNLOCK LOGO flats shoes - SUPER comfyLANVIN Coral Patent Leather Flats w/Hot Pink Ribbon Trim - PRETTY - 36.5/US 6.5 , Cole Haan 2.Zerogrand Stitchlite Oxford in Marine Blue Knit/Bluefish Womens 10.5 , NEW JEFFREY CAMPBELL BLACK EL CAMINO LEATHER HEELS WOMEN'S US 7.5 , JCrew $168 Batik Floral Wedges in Navy Multi 8 blue shoes sandals e7284 MARK , Carlos By Carlos Santana Lovage Womens Black Ankle Bootie , New Manolo Blahnik Dark Brown Suede Leather Mid Heel Pumps Sz 37, US 6.5 - ItalyWhite Mountain Women's Harlan Sandal Beige Sandals , Womens Ankle Straps Sandals Platform Peep Toe Sexy Chunky High Heels Sequins S52Puma Repli Cat III 30358806 Casual Shoes Black Pink Medium (B,M) Women , NIKE AIR JORDAN 5 V RETRO 2006 white/sport royal-stealth 136027-142 sz 9.5 xi , Nike Train Speed 4 AMP M Mens Us Size 10 ( No Box cover)New Balance Men MRL420TA Re-Engineered Knit Sneaker - Taupe with Black SALEBRAND NEW 2010 NIKE AIR DIAMOND TURF DEION SANDERS MEN SZ 11CHRISTIAN GALLERY Men Dress Boots Size US 7 MEX 26 Brown Leather Side Zip , Puma X STAMPD Blaze of Glory 35980601 White Leather Suede Casual Shoes MenSanuk Cassius Mens Boat Shoe- Choose SZ/Color.New STACY ADAMS Mens SOTO Cognac LEATHER CUBAN HEEL SIP ON DRESS SHOES 24820-221 , Nike Free TR Flyknit White/Total Crimson/Purple 502 Womens Shoes Multiple SizesNIKE FREE CROSS COMPETE CROSSFIT MANGO BLACK TRAINING WMNS SZ 6-9 * 749421-802 *Adidas Women's Originals Iniki I-5923 Running Training Shoes Boost Red , New Balance 530 90 S Summer Utility Women's Classic Running Shoes W530SUA Black , Womens Sweet Ankle Boots Side Zip Pu Leather Square Toe Pearl Decor Europe Style , Fashion Womens Faux Suede Platform Knee High Boots Wedge Heels Shoes US Size E16 , Qupid Milia Metallic Snake Skin Over the Knee Boots , BCBG Ankle Boots New 10M Finito Black Kidsuede New In Box Chains
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    RARE Alexander McQueen studded McQueen biker boots Black Leather Black US 6.5 6.5/ f5f79ed -

    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.

    RARE Alexander McQueen studded McQueen biker boots Black Leather Black US 6.5 6.5/ f5f79ed -

    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
    RARE Alexander McQueen studded McQueen biker boots Black Leather Black US 6.5 6.5/ f5f79ed