Never miss an update

Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292

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
Brand: Clarks
Model Number: 26128367-75 Color: Black
Style: Casual Boots Manufacturer: Clarks
US Shoe Size (Women's): 7.5 Manufacturer Part Number: 26128367-75
UPC: 889306648549
Never miss an update

Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 -

    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292
    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292
    New Women Suede Pull On Block Heel Over The Knee Knight Boots Sexy Slouch ShoesSexy Women's Block Heel Suede Over Knee Thigh Riding Boots Poined Toe Party Shoe , Womens Punk Studded Leather Round Toe Flat Shoes Rivet Knight Ankle Boots Sexy# , Fashion sexy women super high heel over the knee thigh boots platform party shoeSexy Furry Womens Shoes Ankle Boots Stiletto High Heels Bandage Pointy Toe newWomen's Over Knee Thigh Boots Block High Heel Party Sexy Pointed Toe Suede Shoes , Sexy Ladies Pointy Toe Shiny Ankle Boots Stilettos High Heel Zipper Shoes Size , Womens Retro Side Zip Block Low Suede Warm Comfy England Heel Knee High Boots , Ovation Girls' Euroweave Pull-on Breeches Tan 8 , Dr. Scholl's Womens Casey Closed Toe Ankle Fashion Boots Whiskey Size 9.0 ZrAx , White Mountain Womens Tivia Fabric Closed Toe Mid-Calf Cold Cognac Size 9.5 SR , Sperry Womens DASHER LILLE Leather Almond Toe Ankle Fashion, Brown, Size 6.5 Tdq , Smoky Mountain Women's Lucky Western Boot - Snip Toe - 6636 , Crown Vintage Womens carly Leather Closed Toe Ankle sparrow taupe Size 11.0 j2 , Womens Over The Knee High Boots Block High Heel Side Zip Stretchy Solid ShoesLamo Footwear Women's Wembley Tweed Boot - EW1737-CHOINC International Concepts Womens rikkie Suede Almond Toe soft taupe Size 6.0Bare Traps Womens Dallia Closed Toe Mid-Calf Fashion Boots Dark Brown Size 6.5 , Nine West Womens Nicolah Leather Pointed Toe Knee High Fashion Cognac Size 7.0 , White Mountain Womens BEHARI Fabric Closed Toe Ankle Fashion Chestnut Size 6.5Womens Boots Winter Rivet Motorcycle Knee High Boots British Knight Boots BuckleWomen Fashion Satin Pointy Toe Pull On High Heels Solid Knee High Boot Shoes New , Unisa Womens Zali 2 Closed Toe Ankle Fashion Boots Black Size 9.0 0JccAldo Womens Tuxedo Suede Pointed Toe Ankle, Bordo Miscellaneous, Size 6.5GUESS Womens Tamsin Leather Pointed Toe Ankle Fashion Tan/mushroom Size 10.0 , Womens stylish embroider knee high Boots Buckle Zip cuban Heels shoes Suede Size , Jessica Simpson Womens JS-WOVELLA Fabric Almond Toe Black Velvet Size 6.5 v1IT , Stylish Womens Leather Over The Knee High Long Boots Block High Heel Shoes HOT , Womens Ankle Boots Buckle High Heel Rivet Roma Chic Winter Fashion New Stiletto
    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 ->Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 -
    Jessica Simpson Women's Channie Ankle Bootie - Choose SZ/colorFEIT Women's Shoes Triple Wrap Low Wool Cuoio LEATHER hand made sneakers Size36 , Converse All Star Courmayeur [Product Customized] Shoes Studded ORIGINALCalvin Klein Gavinia Patent Leather Strappy Flats, Women's Size7M, BlackMOT-CLe 7072 Black Leather / Patent / Suede Wedge Loafers Shoes 38 / US 8 , Bottega Veneta Black Woven Leather Driving Shoes Flats 38.5 , Gentle Souls By Kenneth Cole Womens Penn Ballet Flat Shoes, Black, US 6.5 , NWOT Marc Fisher Denim Jeweled Espadrille Flats SZ 7 , Women Peep Toe Wedge Heel High Platform Butterfly Print Summer Sandals Silver , Stylish Ladies Evening Less Platform No-Heels Side Zip Wedge Bootie Chic Shoes , Men/Women Unsex Pointy Toe Stilettos High Heel Patent Leather Sexy Clubwear Shoe , SERGIO ROSSI BLACK LEATHER ANKLE STRAPS SANDAL PUMPS Sz 40M MADE IN ITALYSkechers Men's Go Run Mojo - Pep Ankle-High Running ShoeAdidas Jeremy Scott Zebra Shoes G95749, Rare Size 5! , NIKE INTERNATIONALIST MID MENS SNEAKERS SIZE: 8.5 BLACK BLUE ANTHRCTE 682844 003 , Nike Dunk High Premium SB "Chicken & Waffles" 313171-722 Men's Sz 6.5 , Nike Air Max TN plus Tuned 1 Black Men's Sneakers Shoes 852630 020 Limited , New Reebok Grabstore Insta Pump Fury Road Men Running Training V65974 Size 12 , Air Jordan XXXI 31 Low "Oreo" Black White Men's Shoe Size 8 897564-001 NEW , Nike Air Max 90 HYPERFUSE White INDEPENDENCE DAY Sz 8.5 , Nike Air Jordan Retro 1 Chicago Red Black & 9 IX Barons NIB W/Receipt 100% DSRocky Men's SawBlade 9'' Waterproof Logger Work Boots , I Travel Brown Leather Men's Loafer Shoes Size US 14/ , Wolverine Men Boots Evans Boots Black Size 13 NIB $400 Retail , Deckers dba Ahnu Mens - Select SZ/Color. , Columbia Size 7.5 Beige Sneakers New Womens Shoes , Men/Women Baabuk Urban Wooler Sneaker New varieties are launched special promotion Shopping promotion , Field and Stream Trophy Hunter Womens Gore-Tex Thinsulate BootsWomen's Pointy Toe Stilettos Thigh High OTK Boots Sexy Warm Skinny Stretch Shoes , Georgia GB00114 Mid Calf Boot Dark Brown Size 11.5 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 -

    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.

    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292 -

    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
    Clarks Women's Maypearl Juno Boot - Women's Black mogochinese-29998 7.5 7.5 e6b1292