Never miss an update

Man/Woman NEW main MARC JACOBS business Metallic Brown welcome Boots main category Order welcome Direct business 96cf49b

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
Model: Metallic
UK Shoe Size (Women's): 5 Country/Region of Manufacture: Italy
Pattern: Solid Style: Booties
EUR Shoe Size (Women's): 37-38 Product Line: Brown Boots
Color: Brown Heel Height: Flat (0 to 1/2 in.)
Occasion: Casual US Shoe Size (Women's): 7
Brand: Marc Jacobs Material: Leather
Heel Type: Slim Width: 23.5cm
Never miss an update

Man/Woman NEW main MARC JACOBS business Metallic Brown welcome Boots main category Order welcome Direct business 96cf49b -

    Man/Woman NEW main MARC JACOBS business Metallic Brown welcome Boots main category Order welcome Direct business 96cf49b
    Man/Woman NEW main MARC JACOBS business Metallic Brown welcome Boots main category Order welcome Direct business 96cf49b
    Camper Beetle Womens Burgundy Nubuck Ankle BootsNEW $368 FRYE Women's Sz 8 Black Molly D-Ring Short Leather Boots , BARNEYS NEW YORK CO OP LACIE BLACK SUEDE 36.5 6.5Womens Turquoise Fashion Rhinestone Cowgirl Boots Distressed Leather Pointed Toe , Alexander McQueen Peep Toe Shearling Ankle Boots - 36 - 6usStella McCartney Dark Brown Vegan Leather Round Toe Knee HIgh Boots 36 6/ 6.5 , Women's Sartore Kathy Navy Leather Ankle Boots Size 9 1/2[Jeffrey Campbell] Carry Over Knee Boots US 8 New Without Box Unique Gorgeous , NWOT TORY BURCH KIERNAN Tall RIDING BOOTS Black Leather GOLD LOGO 9.5 equestrian , WOMEN’S EARTHKEEPERS MOUNT HOPE MID WATERPROOF LEATHER BOOTS. 8710r SIZE 6 , Vince Camuto Baldwin Women's Brown Leather Over Knee Boots US Sz 9 M Shoes , FRYE Molly Knee High Boots Size 8.5 $398 NWT Redwood Leather Side ZipperWomens Sand Flower Embroidery Distressed Western Leather Cowgirl Boots Snip ToeTSUBO Fadir compensé Cuir women's boots shoes US 5.5 (rrp:) , Pikolinos Boots Black Leather Pikolinos Rotterdam Ankle Booties with Tassle NEW , Frye Melissa Cognac Brown Zip Button Back Boots Tall Womens 8 B 3476431-COGGentlemen/Ladies EMU Australia Womens Tenzing Beautiful color comfortability Excellent workmanshipMANITOBAH MUKLUKS UNISEX GREY FUR BOOTS SIZE L/6 M/4 MADE IN CANADA , NEW Rachel Comey Mars Pink Suede Ankle Boots Size 7.5PRADA Black Patent Leather High Cuban Heel Boots Knee High Pointed Toe Sz US 9.5Christian Louboutin Leopard Ankle Boot Booties 100% Genuine Size 36 , Brand New in Box Frye Vicky Artisan Buckle Back-Zip Bone Boots Women's Size 9.5 , FLY London Women's Hira128fly Oxford - Choose SZ/ColorNew Rock M.7959-S3 Brown Mid-Calf West Heel Ankle very classic Leather Boots , Gianmarco Lorenzi Beige Leather Pointy toe Boots NEWNEW A.S.98 Russell Sneakers Size 38 Ruched Ankle Boots AS 98 , VINTAGE L.L. BEAN MADE IN USA BROWN LEATHER/RUBBER DUCK HUNT WINTER BOOTS 9MCorral WOMENS GLITTER EAGLE Inlay BROWN WESTERN 8 M Boot A3537 SNIP TOE , FREEBIRD BY STEVEN LUCY BROWN TAN ANKLE BOOTIES FRINGE MULES CLOGS SZ 7 NEW ,
    Man/Woman NEW main MARC JACOBS business Metallic Brown welcome Boots main category Order welcome Direct business 96cf49b ->Man/Woman NEW main MARC JACOBS business Metallic Brown welcome Boots main category Order welcome Direct business 96cf49b -
    Dan Post Women's Sidewinder Western Cowboy Leather Boots DP3422 Tan , Asics Onitsuka Tiger Mexico 66 Paraty White Camo Canvas Men Women Shoe D7C1N0101 , GIANVITO ROSSI Camel brown suede knee boots sz 39.5 block heelIgi&Co 87440 mens shoes black ankle boots Made in Italy casual comfort fashion , Women's Shoes Alexander Smith White Slip On With Pearls And Studs Spring Summer , NEW SCHOLL ORTHAHEEL LAWTON WOMENS COMFORTABLE SHOES WITH ADJUSTABLE STRAP , NEW TEVA VERRA WOMEN'S SANDAL HIKING TRAVEL WEAR HOOK AND LOOP BLACK SIZE US 10NEW Kork Ease Niseda Oxford Shoes Brown Leather Size 7Women's Embroidery Flats Slip On Rabbit Fur lined Loafers Mules Winter Shoes beeStuart Weitzman Superson Beige Womens Shoes Size 8 M Flats MSRP $398 , Klogs Footwear Charleston Women's Slip-Resistant Mary Janes Black Sizes 6-11 , KLOGS CLOGS BAMBI WOMEN'S DISPLAY MODEL SHOES GRANITE WIGWAM 7 MWomens Rhinestone Hand-stitched Pearls Pointy Toe Pump Kitten Heel Shoes$280 LUCCHESE SPIRIT Women CALF LEATHER SHOES SANDALS 7.5 8.5 9 9.5 New , Men/Women Authentic Burberry shoes use Trendy Very practical , Man's/Woman's Miista Women's Heather in Black use Online comfortableBRUNO MAGLI BROWN LEATHER WEDGES SIZE 38.5 SOLD OUT SEXY & STYLISH! $479 , True Religion Brown Strappy Gladiator Sandal Size 8.5 , Nike Air Zoom Tiempo TZ LAF Red/Silver-Voltage Yellow Tokyo 375983-601 SZ 9.5Nike Air Huarache 2KFresh Metal Baseball Cleats style 467796 011 Mens 13Nike Aix Max Lunar 90 Cobalt Blue/Grey/Punch Mens Trainers 654471-400 SZ 7.5Nike Air Force 1 Low Ultraforce Leather Men's Sneakers Shoes 845052-003 One New , Nike Zoom Fly Flyknit - Men's Black/Flash Crimson/Orange Peel R4561068Vasque Eriksson GTX Men's Boot US 11.5 , Calvin Klein F0896 Mens Carmicheal Leather Chukka Boot 13US- Choose SZ/Color. , Man's/Woman's Prada Sneakers Practical and economical Ranked first in its class At an affordable pricePrince Women's Warrior CC Clay Court Tennis Shoes, White / Lemon / Teal, US 9NIKE WMNS AIR MAX 1 ND WHITE BLACK 319986-109 Womens Casual Sneakers Running , Lucky Brand Size 5.5 M Nolan Chinchilla Leather Ankle Boots New Womens ShoesWomen’s Frye Boots Rory Scrunch Brown Knee High Heel Leather Size 6.5 New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man/Woman NEW main MARC JACOBS business Metallic Brown welcome Boots main category Order welcome Direct business 96cf49b -

    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.

    Man/Woman NEW main MARC JACOBS business Metallic Brown welcome Boots main category Order welcome Direct business 96cf49b -

    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
    Man/Woman NEW main MARC JACOBS business Metallic Brown welcome Boots main category Order welcome Direct business 96cf49b