Never miss an update

Aerosoles 29938 Women's Boot, Incentive Ankle US Boot, Black Nubuck, 6 M US f936aa6

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
UPC: 696391686819
Weight: 2.3 lbs EAN: 0696391686819
Dimensions: L 13.58 x W 10.2 x H 4.21 inches Brand: Aerosoles
ProductGroup: Shoes Binding: Apparel
ISBN: Not Applicable Color: Black Nubuck
Style: Not Applicable Department: womens
US Shoe Size (Women's): 6 M US
Never miss an update

Aerosoles 29938 Women's Boot, Incentive Ankle US Boot, Black Nubuck, 6 M US f936aa6 -

    Aerosoles 29938 Women's Boot, Incentive Ankle US Boot, Black Nubuck, 6 M US f936aa6
    Aerosoles 29938 Women's Boot, Incentive Ankle US Boot, Black Nubuck, 6 M US f936aa6
    Gentlemen/Ladies Dansko Women's Marietta Boot Aesthetic appearance Pleasant appearance Maintenance capability , Man/Woman CLARKS Women's Desert Boot online sale new valueDingo Womens Shoe Boot Antique Tan - 6 BM US , Pour La Victoire Women's Cairo Riding Boot , Man's/Woman's Marc Fisher Women's Damiya Fashion Boot Good world reputation Cheaper than the price Fine wild , Rockport Cobb Hill Women's Penfield Boot, Bordeaux Leather, 6.5 M USNaturalizer Women's Jordie Knee Boots, Graphite Lead, 5.5 M , Naturalizer Women's Rainy Ankle Bootie, Black, 7 M USKodiak Women's Bria Chelsea Boot, Olive, 7 M USBEARPAW Kimella II Boot - Women's Hickory 10 , Laredo Women's Valencia Western Boot, Tan, 8.5 M US , CLARKS Women's Maypearl Ramie Ankle Bootie, Black Leather, 6.5 M US , The FLEXX Women's Shetland Boot, Phantom Suede, 6.5 M US , APHNUS Womens Short Boots Cow Leather Color Fur Winter SnowMan/Woman Mojo Moxy Women's Neverland Ankle Bootie Easy to use Various types and styles Fashion dynamicLamo Women's Liberty 9" Chelsea Boot, Forest, 8 M US , Mr/Ms Helens Heart Bling Boots Reliable quality Beautiful appearance Popular recommendation , Franco Sarto Women's Kolette Fashion Boot, Black, 7.5 M USMr/Ms Dingo Women's Tres Fringe Western Boot Long-term reputation Settlement Price high quality product , Twisted X Boots Women's WDM0017 Driving Moc , Men's/Women's Very Volatile Women's Pasa Western Boot Online Shopping First quality Fair price , Pleaser DELIGHT-1019/BS/M Womens Delight-1019 Ankle Boot- Choose SZ/Color. , Man/Woman Rockport Women's Devona Darina Boot Economical and practical Attractive fashion Different goods , Seychelles Womens Triangle Western Boot Knee High Black Leather Size 6 M US , Lady Rebel by Durango 10" Let Love Fly Western Boot-RD4424 , ADRIENNE VITTADINI Women's Links Knee High Boot, Black Soft Calf, 6.5 M US , Steve Madden Women's Gabbie Over The Knee Boot , Man/Woman Durango Women's DRD0089 Western Boot We have won praise from our customers. At a lower price renewed on time , FLY London Women's Alis Boot, Olive/Olive/Teal, 39 EU/8-8.5 M US ,
    Aerosoles 29938 Women's Boot, Incentive Ankle US Boot, Black Nubuck, 6 M US f936aa6 ->Aerosoles 29938 Women's Boot, Incentive Ankle US Boot, Black Nubuck, 6 M US f936aa6 -
    OSU Cowboy Boots Nocona Size 9.5 B Oklahoma State University Brown Leather NWT , BALLY Boots Knee High Extra Soft Brown Leather Side Zipper Sz 6.5 NarrowMen/Women Aquatalia Antonia Waterproof Suede Bootie, 5 Cheap Clearance Superb craftsmanshipFrye 'Melissa' Button Boot- Black Calf- Size 7 B Extended Calf (B15)Nike Air Max Fury Mens Running Trainer Shoe Size 7.5 - 10 Black - Night Factor7.5 NEW STUART WEITZMAN OTK Boots Longlegs Embellished Black Knit OVER-THE-KNEE , Ladies Clarks Knee High Boots - Likeable MeNine West Townhall Suede Womens Moccasin- Choose SZ/Color.Man/Woman CELINE Shoes 272043 PurplexOrange 37 High quality and low overhead Environmentally friendly Different styles , Trotters Women's Anastasia Ballet Flat, navy, 7.5 N US$100 LUXURY REBEL SAKURA 3 Black Oiled Suede Designer Cutout Pumps 8Versace 19.69 Abbigliamento Sportivo Italia Women's Flat Sandals (S6)Marni Strappy Brown-Tones Platform Stiletto Sandals - 38 , Prada Women's Black Pumps - Size 38.5 , Ralph Lauren Brown Suede Pleated D'Orsay Pumps SZ 6.5Bella Vita Leslie Perforated Gladiator Heels 661, Champagne, 8 USNew Balance Men's Fresh Foam Cruz Shoes BlackNIKE LUNAREPIC LOW FLYKNIT SIZE 10.5-12 MEN'S RUNNING TRAINING (843764 300) , Adidas Originals Nizza Womens Mens Running Training Gym Shoes Authentic SneakersNike Air Jordan Retro XI (11) Low Red/White 2016 Size 7 (528895-102)new mens sz 12.5 nike zoom vapor 9.5 tour QS tennis shoes 812937-101 , Georgia GB00123 8" Comfort Core Composite Safety Toe Waterproof Logger Work BootMadden Men's M-sorri Combat Boot - Choose SZ/ColorNIB George Cleverley Black Cap-toe Boots UK8 Handmade in England $950 , Claiborne Cornerstone Mens Shoes Memory Foam Genuine Leather Cognac Size 13M , TED BAKER HAKE 2 Dress Shoes Men's Size 11 upgraded with a Vibram non-slip sole , NEW SANTONI Leather Shoes Dress Size Eu 42 Us 9 (O 601)Puma Basket Platform Woven High Risk Red/Gold 364847 01 Women's SZ 7 , adidas BY8890 Womens Powerlift.3.1 w Cross Trainer- Choose SZ/Color. , BareTraps Yalina Flat Riding Boots 908, Brush Brown, 6.5 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Aerosoles 29938 Women's Boot, Incentive Ankle US Boot, Black Nubuck, 6 M US f936aa6 -

    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.

    Aerosoles 29938 Women's Boot, Incentive Ankle US Boot, Black Nubuck, 6 M US f936aa6 -

    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
    Aerosoles 29938 Women's Boot, Incentive Ankle US Boot, Black Nubuck, 6 M US f936aa6