Never miss an update

adidas ClimaWarm Boots~Only BB3966 Choleah Padded ClimaProof BB3966 Womens Womens Boots~Only 26f57f5

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
Brand: adidas
Adidas Range: Outdoor Style: Boots
Range: Outdoor Main Colour: Black, White
Product Code: BB3966 Upper Material: Synthetic, Textile
MPN: BB3966 Exact Colour: Black, White
Size Advice: adidas are always small fittings. Gender: Womens
Size Advice (Cont): We recommend that you buy half a size bigger than usual Uk sizes Product ID: 4056565832989
Never miss an update

adidas ClimaWarm Boots~Only BB3966 Choleah Padded ClimaProof BB3966 Womens Womens Boots~Only 26f57f5 -

    adidas ClimaWarm Boots~Only BB3966 Choleah Padded ClimaProof BB3966 Womens Womens Boots~Only 26f57f5
    adidas ClimaWarm Boots~Only BB3966 Choleah Padded ClimaProof BB3966 Womens Womens Boots~Only 26f57f5
    Romika Gomera Sandale 05, Womens Mules, Beige Platino , 4 EU , Dr. Brinkmann Women s 605011 Clogs Blue Blau ozean , Legero Womens Taro Hi-Top Slippers, Brown Nut, 5 EU , ara Mantova-st, Women s Hi-Top Slippers, Grau street 76 , 8 EU , Rieker Women s 63660 Mules, Beige Fango-Silver Altgold 65 , 6.5 UKNEW Silk Magnolia Silk White Extra Large Robe , Giesswein Kemberg, Women s Hi-Top Slippers, Beige Natur , 3.5 EU , Padders Women s Cherish Hi-Top Slippers, Blue Navy , 6 EUBULK 500x PLUSH Comfy Happy Sole Design Slippers - Kids Sizes RESELLDr. Brinkmann Womens 700920 Mules Red Size 6 , Romika Mokasso 62 Youth and Women Slippers, Anthracite Grey Size 8.5Giesswein Vaterstetten, Women s Unlined slippers, Gray - Grau schiefer 017 , , Gioseppo Womens 46106-p Hi-Top Slippers, Beige Beige Beige, 6 UK , Haflinger H ttenschuh Paul High Unisex-Adult Gray Anthrazit Size 45Romika Womens Mikado H 35 Slippers Gray Grau anthrazit 700 Size 46 Her , Rieker Women s 63660 Mules, Beige Fango-Silver Altgold 65 , 7.5 UKGiesswein Womens Neichen Open Back Slippers, White Natur, 7.5 UKTambo Teddies Slippers wool Australian made gift teddy bearMan's/Woman's Wellness by DOMOCLIP Foot Warmer bargain discount price Brand feastLegero Womens Mira Hi-Top Slippers, Grey Ematite, 5.5 UK , Padders Womens Mellow Slippers 460 29, Blue, 3 UKFiorucci Womens FEPE024 Hi-Top Slippers, Blau Navy, 6 UK , Fiorucci Womens FEPE023 Hi-Top Slippers, Blue Denim, 6 UKGiesswein 520549012-272 Mimi Slippers Size 40Padders Women s Luxury Low-Top Slippers, Beige 30 Buff Combi , 3 EU , Romika Womens Romana 11 Hi-Top Slippers Black Size 7.5 UK , Romika Womens Victoria 02 Hi-Top Slippers Black Size 3.5 UK , Gaastra Womens Cat SLD Slippers Pink Size 10 , Patterson Medical Medium Size One Pair Fleece Open Slippers
    adidas ClimaWarm Boots~Only BB3966 Choleah Padded ClimaProof BB3966 Womens Womens Boots~Only 26f57f5 ->adidas ClimaWarm Boots~Only BB3966 Choleah Padded ClimaProof BB3966 Womens Womens Boots~Only 26f57f5 -
    RB899 Reebok Women's Stealth Uniform Boots - Sage GreenNike Air Force 1 High Mens Casual Shoes Black Anthracite AH6768-001 , Esprit Saylor Block-Heel Ankle Booties, Black, 7 US , Pleaser Kiss 292 Black Patent T-Strap Open Toe Cut-Out Sandals Ankle Booties , NEW ECCO Shoes Sandals model CITY CANNES black patent leather , GUESS Eleonora Cross Strap Sparkle Studded Wedge Sandals 885, Silver, 10 USGentleman/Lady Slides St. Agni Sand size 41 Quality products Ranked first in its class Outstanding function , US$605 3.1 Phillip Lam Slip-On snake pattern leather Sneaker-EU37/US 7/AU 6/CROC BUSY DAY 2.0 HEATHER A LINE~DUET FLAT LOAFER SLIP ON SHOE~Gray~W 7~NWT , Dr. Martens Women’s Madison US 7 Black Leather Air Cushion WingTip Strap Shoes , NIB $225 M4D3 Rafalle Over The Knee Leather Suede Boot Chocolate Brown Size 7.5Womens Super Stiletto Heels Party Peep Toe Platform Sandals Print Platform NewPatent Leather Pointy Toe Womens Buckles Slip On Chunky Heeled Dress Shoes SizeNew $425 Diane von Furstenberg Juliesa Prune/Suede Black Elastic Heel Open Toe , NWT $980 DOLCE & GABBANA Shoes Brown Leather Fur Leopard Booties EU39 / US8.5SAINT LAURENT black ankle-strap studded sandal size 38.5New REEBOK V45034 Club C Rivet Gray Tennis Shoe Sneaker 45.5 - US 12 , Men's Nautilus Composite Toe Slip-On Shoe, Slip Resistant in Black-Sizes 6 to 15 , Men's Brand New Adidas Adizero Prime Kolor Athletic Fashion Sneakers [DB2545] , Nike Air Jordan III 3 Retro GS 1988 88 WHITE CEMENT GREY FIRE RED BLACK 7Y 7Baffin Men's Titan Canadian Made Industrial Rubber Boot - Choose SZ/ColorNew Fashion Mens slip on suede oxford flower casual Business dress loafers shoesGentleman/Lady NIKE AIR MAX 2014 7 High grade International choice Outstanding styleadidas Crazyflight X W Shoe- Women's Cross Training BA9265 Size 12 , Gentlemen/Ladies Hades Women's Vintage Mustard Clearance price product quality Don't worry when shopping , G by Guess Womens Hailee WC Round Toe Knee High Fashion Boots, Brown, Size 7.0 r$349.95 FRYE LIZARD INLAY BOOTS SHOES US 6 NWOB , Diesel Chrissie Black Leather Casual Fashion over the knee BootsDolce Vita Women's Sibil Ankle Bootie - Choose SZ/ColorKenneth Cole REACTION Women's Float Away Ankle Bootie - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    adidas ClimaWarm Boots~Only BB3966 Choleah Padded ClimaProof BB3966 Womens Womens Boots~Only 26f57f5 -

    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.

    adidas ClimaWarm Boots~Only BB3966 Choleah Padded ClimaProof BB3966 Womens Womens Boots~Only 26f57f5 -

    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
    adidas ClimaWarm Boots~Only BB3966 Choleah Padded ClimaProof BB3966 Womens Womens Boots~Only 26f57f5