Never miss an update

Style & Mid-Calf Co. Womens Fridaa Round US Toe Mid-Calf Round Riding Boots Brown 8 M US 7c0101c

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
EAN: Does not apply
Color: Brown MPN: Does not apply
Size: 8 M US Brand: Style & Co.
US Shoe Size (Women's): 8 M US UPC: Does not apply
Style: Brown
Never miss an update

Style & Mid-Calf Co. Womens Fridaa Round US Toe Mid-Calf Round Riding Boots Brown 8 M US 7c0101c -

    Style & Mid-Calf Co. Womens Fridaa Round US Toe Mid-Calf Round Riding Boots Brown 8 M US 7c0101c
    Style & Mid-Calf Co. Womens Fridaa Round US Toe Mid-Calf Round Riding Boots Brown 8 M US 7c0101c
    Chaps Rubi Black Dark Brown Burnished Leather Riding Boots Shoes for WomenRed Button Pointy Pointed Toe Platform Stiletto High Heel Ankle Boot Booties 8 , Carlos Santana Alexia Knee High Boots Black Embroidered Floral Size 7 NEWNautica Womens Lovise Rain Boot- Pick SZ/Color. , Jessica Simpson Lenore Brown Leather Pointy Toe Ankle Booties Womens Size 6 M*NEW Cut-Out, Side Buckle, Nude 3Ankle Boot/Bootie – Shoe Republica – 9Women's Justin Cowboy Boots, Size 9 B, Excellent ConditionWomens Pointed Toe Genuine Leather Riding Boots Knee High Boots Party ShoesWomen New Occident Pointy Toe Low heel Solid Zipper Ankle boots Casual pull on , Betsey Johnson Sz 7 M Olive Leather Bootie 5" Heels Ankle Boots Shoes For WomenCrocs Women's Sanrah Embellished Flip Wedge Sandal - Choose SZ/colorSKECHERS AUSTRALIA Women BLACK Suede Button Mid Calf Faux Fur Boot Shoe 6 M $80Wanted Shoes Women's Tava Bootie Size 10 MNina Women's Roxie Ankle Bootie Suede-true Black Size 8.0 , Corkys Wind Women's Mid-Calf Waterproof Rain Boots with Padded Footbed , Carlos Santana Rome Open Toe Dress Bootie 6.5 M Pewter New with Box , Journee women's Angel knee high boot. Size 7.5. Gray. New in box , b.o.c. Women's Dakota Tall Riding Boots Size 9.5 Dark Brown Suede Retail $175Born BOC Booties Womens 9.5M Black Leather Heel BootsStaheekum Brand Black Classic Mid-Calf Australian Sheepskin Wool Boots Women's , Karen Scott Women's Deliee Wide Calf Boot Black / Cognac Size 8 M USTEVA DELAVINA LOW Black Waterproof LEATHER WOMENS BOOTS SIZE US 6 9.5 1003012 , Lucky Brand Basel Side Zip Ankle Boots 517, Taupe, 6 US , Carlos by Carlos Santana Women's Brie Ankle Bootie, Black (Women) , Rainbow Rain Boots US Size 5 (/ EU36) , CLARKS Women's Tilmont Ivy Oxford - Choose SZ/colorAnthropologie X Farylrobin Women's Kyle Suede Ankle Boot Retail $148 size 7Steve Madden Women's Hanna Harness Boot Taupe Suede 8.5Franco Sarto Kerri Black Womens Shoes Size 8 M Boots MSRP $199
    Style & Mid-Calf Co. Womens Fridaa Round US Toe Mid-Calf Round Riding Boots Brown 8 M US 7c0101c ->Style & Mid-Calf Co. Womens Fridaa Round US Toe Mid-Calf Round Riding Boots Brown 8 M US 7c0101c -
    New $395 TORY BURCH BRISTOL EQUESTRIAN BELTED LOGO ANKLE BOOTS HEELS Women's 5.5 , STUART WEITZMAN BLACK NAPPA LEATHER RIDING BOOTS SZ 8.5 M Excellent! , NIB FAUSTO SANTINI BLACK BOOTS, SZ 38.5 38 1/2Women's shoes boots cracker leather model BONNIE Us size 3.5 to 12 , BareTraps Women's Denyce Snow Boot, Black, Size 8.5 US / 6.5 UK , ADORE-708UV 7" NEON UV REACTIVE CLEAR ANKLE STRAP POLE DANCE PLATFORM SANDALPleaser FLAMINGO-808LG Platform Ankle Strap Sandal Holographic GlittersWomens Madden Girl Blitzzz Dress Sandal Nude Multi Size 8.5 - NewGentlemen/Ladies Nike Air Max Men's size 10 Exquisite (middle) workmanship buy Different styles , Jordan Trainer Essential Mens 888122-018 Black Purple Training Shoes Size 12 , NEW Nike Kobe A.D. NXT Volt 916832 710 Men , NİKE AİR JORDAN 1 RETRO HIGH OG GAME ROYAL Size US11 100% Authentic 555088-403 , NIB $250 Converse X John Varvatos CT Brush DBL Zip Hi Silver 147377C US Mens 7.5Lucasarts Lucien Piccard Mens Navona Rose Gold-Tone Stainless Steel WatchMen/Women Zara Men Smart shoes 2410/302/105 Innovative design Upper material Excellent function , Skechers Women's Go Flex Train-14825 Walking Shoe - Choose SZ/Color , Vionic New Men's Neil Sport Sandal Dark Brown 11ZARA NEW AW16 SNEAKERS US7.5,EU38,UK5 Ref. 6708/101 , SAS HANDSEWN WHITE LEATHER Womens 9.5 M Casual COMFORT WALKING Shoes USA MADENew Mizuno 410941 9N00 Wave Shadow Griffin / White Women's Running Shoes 9 USMan's/Woman's Nfinity TITAN, size 8 durable Quality and quantity guaranteed As of the latest modelSaucony Koa TR Running-Shoes Black/Light Purple Women's Shoes Size 11 M , Nike Flex Run 2018 Women's Atmosphere Grey/Vast Grey/Crimson Pulse A7408005 , New Balance WRT96TNB D Black & Geige Lifestyle Running Shoes Sneakers 2016 NB , Nike Air Jordan Retro 11 XI Retro Heiress Stingray (GS) 10y (WMS)11.5 852625-030 , Men's/Women's thigh high boots size 9 Queensland Elegant style Rich on-time delivery , Women Military Tactical Boots Desert Combat Outdoor Army Hiking Travel Shoes newfemale new square head thick with patent leather high boots elastic high heels , Black Above Knee Ladies High Boots with Slim Heel and Lateral ApplicationMadden Girl Women's NAASH Ankle Boot, Black Paris, 9 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Style & Mid-Calf Co. Womens Fridaa Round US Toe Mid-Calf Round Riding Boots Brown 8 M US 7c0101c -

    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.

    Style & Mid-Calf Co. Womens Fridaa Round US Toe Mid-Calf Round Riding Boots Brown 8 M US 7c0101c -

    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
    Style & Mid-Calf Co. Womens Fridaa Round US Toe Mid-Calf Round Riding Boots Brown 8 M US 7c0101c