Never miss an update

NWT Anthropologie NWT Jeffrey Anthropologie Campbell Leather Tiberius Brown Leather Booties- SZ- 7.5 & 8.5 f2452ff

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
Style: Booties
Heel Height: Low (3/4 in. to 1 1/2 in.) Color: Brown
Heel Type: Stacked Width: Medium (B, M)
Material: Leather Brand: Jeffrey Campbell
Fastening: Side Zip
Never miss an update

NWT Anthropologie NWT Jeffrey Anthropologie Campbell Leather Tiberius Brown Leather Booties- SZ- 7.5 & 8.5 f2452ff -

    NWT Anthropologie NWT Jeffrey Anthropologie Campbell Leather Tiberius Brown Leather Booties- SZ- 7.5 & 8.5 f2452ff
    NWT Anthropologie NWT Jeffrey Anthropologie Campbell Leather Tiberius Brown Leather Booties- SZ- 7.5 & 8.5 f2452ff
    Circus Women's Leather/Suede 2.5'' Heel Rafa Booties Black/Brown New , Boston Proper Sexy Tubular Trimmed Suede Women Boots Size 8 IvoryGentlemen/Ladies FLAMINGO-1018HG Beautiful design Quality First Maintenance capabilityAvenger Women's A7751 Crosscut Steel Toe Waterproof PR Work Boot Brown Full , Trotters Lyra Wide Calf Women's Boots Cognac Veg Tumble Size 8.5M , NAYA GAZELLE Black Leather Boots Designer Hardware Womens Size 7 1/2 M, NEW! , Men's/Women's Harley Davidson Women's Hustin Boots 86222 We have won praise from our customers. Fine art Maintenance capabilityLaredo Women's Sapphrye Western Cowboy Leather Boots Tan 51028 , Corral Ladies Brown/Cognac Floral Embroidery Overlay Boot G1260Corral A1094 Distressed Brown Leather Bone Embroidery Snip Toe Cowboy Boots Sz 6 , Lori Goldstein Logo Olive Green Suede & Leopard Hair Coralie Ankle Boots NEWFAST SHIP! NEW SZ 6.5 $318 FRYE 76870 PHILLIP HARNESS DARK BROWN ANKLE BOOTSBaffin Women's Oilrig -60 Steel Toe and Plate Industrial Boot , Ariat 10021525 Springfield 10" Rubber Olive Green Waterproof Outdoor Rain Boots , INC International Concepts Jordana Womens Sz. 10 Brown Knee High Boot Brand NewDEMONIA Cramps-202 6 1/4" Heel Goth Punk Alternative Knee-High BootsHelly Hansen Berthed 3 Cold Weather Leather Boot for Women, Size 6 US$350 VIA SPIGA Kiana Black Leather Designer Ankle Low Heel Boots 8 , DONALD J PLINER BOOTS GITA TOMATO SUEDE WOMENS 6 NIB FREE SHIP , Ladies Red Leather Panhandle Slim Buckaroo Riding Boots Sz: 8 N (AA) , Born Doyle Tall Slouch Shaft Boots 7 Wide Calf Black Suede Side Zip $189 NEWFLY London Leather Heeled Ankle Boots - Hota Black 39 , Corral Ladies Short Top Black/Silver Studded Cross Boot C2859 , ARCOPEDICO WOMEN'S LUANA ANKLE BOOTIE ZIPPER, LIGHTWEIGHT, FLEXIBLE SOLE , Jeffrey Campbell Elmcrom Women's multi-color floral booties sz. 7.5Circle G By Corral Ladies Burnished Brown Wing and Cross Boot L5845Demonia 4.5" Platform Shiny Heart Studded Mega Buckle Calf Boots Goth Club 6-11 , NEW Fry Ladies 8 M Lisa 8L Pleated Nap Brown Leather Pull on Western Heels BootsLane Womens Western Cowboy Boots Size 5 1/2 Black Suede Excellent Fast Shipping
    NWT Anthropologie NWT Jeffrey Anthropologie Campbell Leather Tiberius Brown Leather Booties- SZ- 7.5 & 8.5 f2452ff ->NWT Anthropologie NWT Jeffrey Anthropologie Campbell Leather Tiberius Brown Leather Booties- SZ- 7.5 & 8.5 f2452ff -
    Women Burlee Sheepskin Boot Made In Australia Classic Mini Black 100% OriginalAldo Womens Julianna Ankle Bootie- Choose SZ/Color.REDBACK Work Boots USBBL BLACK BOBCAT RAMBLER Slip On Steel Toe ALL SIZENike Air Max Thea Ultra FK Flyknit Ladies Sneaker Shoes Green Textile 881175-300SAINT LAURENT women shoes Black leather Opyum pump YSL heel 472011 AKPTT 1000 , Brand New Wayne Cooper Candy Black Suede Pump Size 37 , womens black DANSKO clogs shoes professional stapled leather classic 40 9.5 10 M , Man's/Woman's Soft Style Women's Faeth Flat Beautiful design Beautiful appearance Simple , Indigo Rd. Mashi Ankle Strap Peep-Toe Heels, Light Natural , Men's/Women's Woman Shoes Size 40 Fine workmanship Highly praised and appreciated by the consumer audience Global salesFRYE DARCY PEEP LEATHER SANDALS 5" HEELS WOMEN SIZE US 8M SUPER HOT $300 RARE , Special prices!! BNWT Genuine ZARA BLACK MESH HIGH HEELED SANDALS USA10 EU41 UK8 , adidas Pureboost X Training Shoes-Women's size 8 WhitePUMA Men's Smash Knit Fashion Sneaker, Gray/White, , Mens Adidas Tubular Invader Strap Shoes Sneakers Size 13 Grey Gray White BB5040Men/Women Puma, 187779-05, Bravery, Peacoat/Tradeswinds/Green Easy to use Affordable Acknowledgement feedback , Men's Head Revolt Pro Preowned Tennis Shoe Size 8.5 , Adidas Originals Zx Flux Adv Asymmetrical Men's Sneakers Shoes Blue S79056 , Men's Air Max 90 Synthetic Running Shoes Mens 8.5Kenneth Cole Unlisted Mens Cop-per Coin Harness Boots , Slatters Arizona Mens Comfortable Leather Pull On BootsFlorsheim Mens Hamilton Chukka BootD US- Pick SZ/Color.77048 Wide Work Width BBK Black Skechers Shoes Men's Sport Mesh Slipon ResistantNIKE SB ERIC KOSTON 2 MAX - LIGHT CRIMSON / PHOTO BLUE - 631047 604 DS SZ 9NIKE WMNS WOMEN'S FREE FLYKNIT+ 615806-016 DARK WOLF GREY WHITE PINK FOIL SZ: 9New Women's Over The Knee Thigh High Slouchy Ruching Heel Boots In BLACK , $$$$Joan & David Black Suede & Real Fur High Heel Ankle Boots NEW size 10M , STEVEN by Steve Madden Women's Cassiel Flat Sandal - Choose SZ/colorBottes model 103837 Inello - Matter - ShoesDurango women's engineer Leather boot RD720 BLACK Size 5.5 M NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NWT Anthropologie NWT Jeffrey Anthropologie Campbell Leather Tiberius Brown Leather Booties- SZ- 7.5 & 8.5 f2452ff -

    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.

    NWT Anthropologie NWT Jeffrey Anthropologie Campbell Leather Tiberius Brown Leather Booties- SZ- 7.5 & 8.5 f2452ff -

    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
    NWT Anthropologie NWT Jeffrey Anthropologie Campbell Leather Tiberius Brown Leather Booties- SZ- 7.5 & 8.5 f2452ff