Never miss an update

Teva Haley Boot Waterproof Size Fleece Insulated Womans 21922 Size 6 Womans Black NEW bd152c2

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: Teva
Color: Black Style: Snow, Winter
Heel Height: Flat (0 to 1/2 in.) US Shoe Size (Women's): 6
Material: Leather UPC: 737872792077
Never miss an update

Teva Haley Boot Waterproof Size Fleece Insulated Womans 21922 Size 6 Womans Black NEW bd152c2 -

    Teva Haley Boot Waterproof Size Fleece Insulated Womans 21922 Size 6 Womans Black NEW bd152c2
    Teva Haley Boot Waterproof Size Fleece Insulated Womans 21922 Size 6 Womans Black NEW bd152c2
    NEW Sam Edelman Corra Tapestry Size 8.5 - New in Box! , Zara Black Patent Long Block Heel Dress Boots Size US 8Born Women's Taupe Alicudi Tassle Ankle Bootie Boot Shoes Ret $99 New , Vintage Moulded Construction Insulated Lined Heel Western Rubber Boots Size 8 , Corso Como 8 M Black Leather Knee High Boots Riding EUC Nordstrom , Bottes KICKERS Tout Cuir Taupe T 40 BON ETAT , Womens Tony Lama Cowboy Western Brown/Black Leather Boots Size 7 M , Van Eli Irisa Black Nappa Leather Knee High Boots Women's Shoes Size 8 W NEWJessica Simpson Women's Claireen Leather Ankle Booties Shoes , French Connection Serena Strappy Leather and pony hair Women's Ankle boots. sz 8Gentlemen/Ladies Women Deep Side Cutout Short Booties superior product quality Brand feast , Dr. Scholl's Women's Brilliance Riding Boot, Black, Size 7.0dav Women's Hampton Tweed Rain Boot, Black, 9 Medium USREQINS Bottines Pointues Cuir Noir T 38 TTBE , Calvin Klein Women's Catia Over The Knee Boot Black Stretch Microsuede 6.5 M USColumbia Culvert Mid Omni-Tech Waterproof Boots Women's Size 10 WIDE Cordovan , Vintage Pirate Boot Brown Suede and Leather Mid Calf Pull On Tarantinos 6 , Women's Steve Madden Black Black Matte Leather Knee High Heeled Boots Size 8.5 M , Womens Harley Davidson Sadie Black Leather Motorcycle Boots Size 6.5 , Ivy Kirzhner Epoque Plum Peep-toe Mule mirrored block heel Studded Ankle BootieVia Spiga Classic Black Leather Pointed Toe Stiletto Knee High Boots Sz 8 MOPENING CEREMONY 41 US 11 PLATFORM PULL ON ANKLE BOOTIE BLACK SOFT LEATHER A9Unisa Womens Piera Suede Closed Toe Ankle Fashion Boots, Black, Size 8.5 bgdBALDO PONENTE KNEE HIGH BLACK LEATHER STRAPPY HEELS WOMENS SIZE 6 AL3Man/Woman eileen fisher boots 8 Long-term reputation Primary quality Exquisite processing , Miz Mooz Airish Brown Leather Ankle Boots Women's Shoes Size 37 US 7 M , Nine West Women's Blueberry, Green Suede, 9 M USBorn Diamond Heeled Knee High Boots, 6, 36.5 , Ivy Kirzhner Epoque Black Peep-toe Mule mirrored block heel Studded Ankle Bootie
    Teva Haley Boot Waterproof Size Fleece Insulated Womans 21922 Size 6 Womans Black NEW bd152c2 ->Teva Haley Boot Waterproof Size Fleece Insulated Womans 21922 Size 6 Womans Black NEW bd152c2 -
    NEW!! Paul Green Suede Bootie - Black- Size 7.5 US/ 5 AU $398 (P31)Man's/Woman's Dc Shoes Stag Shoe Quality queen The highest quality material Rich on-time delivery , CORRAL Womens Snip Lisa Brown Crater Bone Embroidery Western Boots 6 B(M) US , Gibellieri 3386a Dark Brown Leather Metal Buckle Knee High Boot 40.5 / US 10.5Lucky Brand Hanah Knee High Fashion Boots, Toffee, 8 US / 38 EUThomas Cook Women's Chelsea Two Tone Leather Boots in Dark Brown and Cow PrintVintage PARADIS Red Grain Leather Peep Toe Stiletto Heel Shoes Size 37 , Gentlemen/Ladies Crocs Leigh Suede Wedge Bootie Espresso Ideal gift for all occasions Order welcome comfortable , Twisted X Ladies Brown/Turquoise Driving Mocs WDM0083 , Women Pumps Square Toe Square Heels Ladies Black Beige Pumps Women US Size 4-8.5Roma Womens Sexy Gladiator Open Toe Hollow Out Sandals Shoes High Heel Stilettos , MBT Sandals 8 8.5 Leather Walking Toning Rocker Comfort Beige Tan Strappy , Skechers Go Walk 4 Kindle Navy White Womens Slipon Shoes , TRUE RELIGION TR582100-82B SPENCER Strap On Wmn's (M) Brown Mesh Lifestyle ShoesEUC Reebok Men's CrossFit Nano 7 Black Shoes Size 12Man/Woman Air Jordan J23 854557-011 Men`s Size Modern technology Trendy Modern modeSUPREME Clarks Clarks 12SS Desert Mali Low Shoes NAVY US 9ADIDAS ORIGINALS EQUIPMENT RUNNING GUIDANCE 93 NUBUCK, LEATHER AND MESH SNEAKERSNike Air Jordan Retro 11 XI Low Baron Sz 11 Deadstock W/Receipt , 2019 Men's Metal Pointy toe Floral Low top Slip Loafer Business shoes White US 8Mens Zota Unique Shoes Sharp Toe European Entertainer Cap Toe G508 Black RedNEW NIB NWB SABELT ITALY SPORT SHOES SNEAKERS ATHLETIC 39/ 9/ 8 , Oboz Womens Luna Low Athletic Support Leather Hiking Trail Athletic Shoes Sz 7.5Nike Women's Zoom Condition TR Athletic Sneakers Style 852472-600New Balance Women's 1080V7 Running Shoe, Bleached Lime Glo/Vintage Indigo, 9.5 DNew Fashion Womens Flower Splice Zip Real Leather Flat Heel Mom Gift Ankle BootsWomens Casual Vogue Pointed Toe Slim Heels Ankle Boots Party Club Shoes NewThe Flexx Womens Ankle Bootie Brown & Bronze Alligator Embossed Leather Size 6.5Under Armour Women's SMS Sample Micro G Assert Shoes Size 7 Gray/PinkHOGAN by TODS Ankle BOOTS Ladies size 36 / 6 Brown Fur Suede Leather Shoes Italy
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Teva Haley Boot Waterproof Size Fleece Insulated Womans 21922 Size 6 Womans Black NEW bd152c2 -

    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.

    Teva Haley Boot Waterproof Size Fleece Insulated Womans 21922 Size 6 Womans Black NEW bd152c2 -

    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
    Teva Haley Boot Waterproof Size Fleece Insulated Womans 21922 Size 6 Womans Black NEW bd152c2