Never miss an update

New Balance Womens 415 Trainers, Grey Trainers, GreyWhite Grey GreyWhite Seasonal, 7 EU 58e3831

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: New Balance
MPN: WL415GW UPC: 191264087330
EAN: 0191264087330
Never miss an update

New Balance Womens 415 Trainers, Grey Trainers, GreyWhite Grey GreyWhite Seasonal, 7 EU 58e3831 -

    New Balance Womens 415 Trainers, Grey Trainers, GreyWhite Grey GreyWhite Seasonal, 7 EU 58e3831
    New Balance Womens 415 Trainers, Grey Trainers, GreyWhite Grey GreyWhite Seasonal, 7 EU 58e3831
    Gola Orchid Textile, Womens Trainers, White WhiteRose Gold, 5 38 EU , Puma Womens Modern S Low-Top Sneakers Black Size 3.5Gola Womens Tennis Mark Cox Trainers, Off-White Off WhiteDK.Green WN, 4 , Kaporal Womens Icare Low red Size 5 UKGiudecca Womens JYCX15PR29-1 Low-Top Sneakers Grey Size 3.5 , Mustang Womens 1246-303-21 Low-Top Sneakers, Silver 21 Silber, 8 UKGola Womens Coaster Trainers, Grey PalomaOff White Gw, 7 EUKeds Womens Tpl Kick Met. Suede Silver Trainers, Silver Silver 85, 4.5 UK , Gola Womens Bullet Suede NavyWhite Trainers Ew Blue, 3 EU , Kangaroos Women 32501 Low-Top Black Size 6.5 UK , Jenny Womens Sapporo Low-Top Sneakers Grey Size 8 UK , Maruti Womens Carly Peacock Leather Trainers, White White B00, 5 UKGaastra Womens Vesper TWI W Trainers, Blue Silver 7300, 8 UK , Skechers Womens Utopia Low-Top Trainers 33536 White 7 UK, 40 EU , Puma Womens Vikky Platform VT Low-Top Sneakers Black White, 7.5 UK , Palladium Womens Us Pampa F Hi-Top Trainers, Pink Peach WhipMarshmallow K94, , Creative Recreation Women s Gs Lacava Trainers Black Noir Black White Cheetahxyxyx Womens Trainers, Green Moss 01, 40 40 EUNapapijri Womens Mia Low-Top Sneakers Pink Size 7 UKVanessa Wu Womens Jade Hi-Top Trainers, Beige Noir 11, 5 UK , Mustang Womens 1267-306-875 Low-Top Sneakers, Blue Sky 875, 3.5 UKGola Harrier, WomenS Low-Top Sneakers, Grey GreyWhite, 5 EURemonte R7804, Womens Low-Top Sneakers, White Iceweiss81, 7.5 EULico Womens Glare V Hi-Top Trainers, Blue Rosegold Rosegold, 5 UKCarvela Womens Krowd NP Espadrilles, Silver Silver 63, 7 UKAldo Womens Acaredia Low-Top Sneakers, White Bright White 70, 6 UKNew Balance Womens GW500V1 Trainers, White WhiteGold, 6 EUPuma Desierto Fun L Hi-Top Trainers Chocolate Brown, 4 UK , Marip Womens 26210-P Trainers, Pink Camoscio Azalea, 4.5 UK
    New Balance Womens 415 Trainers, Grey Trainers, GreyWhite Grey GreyWhite Seasonal, 7 EU 58e3831 ->New Balance Womens 415 Trainers, Grey Trainers, GreyWhite Grey GreyWhite Seasonal, 7 EU 58e3831 -
    *Goffredo Fantini Italian Leather Boots Ankle High Square Chunky Heel 37 1/2 6 7 , Adidas NMD_R1 Men's Running Trainers Shoes SIZE US 7-11Man's/Woman's Clarks Women’s Hope Track Ankle Boots quality Excellent performance Known for its excellent quality , Cole Haan Genevieve Weave Sandal Flat Ankle Strap Sandals 277, , Indigo Rd. Mandi Cutout Sandals, Black, 10 US , Brand New authentic Chiara Ferragni Logomania Lip pointy slipper Size Euro 39 , The J. Peterman Company Espadrilles Flats Cork Weave Leather Italy Womens 39 8 , Antonio Melani Peep Toe Platform Heels Pumps Canvas Leather Hawaiian Print Sz 9Gentleman/Lady David Tate Adagio Women's Sandal Special price New products in 2018 Elegant and stable packagingBCBG Max Azria Maelle sandal teal satin 3.75 " heels sz 9.5 Med New $200+ , fine Rene Caovilla womens red leather high heel shoes size 9 , Privileged Yellow Open Toe Tassel Fringe Closed Back Stiletto High Heel ShoesPRADA Silver Glitter Platform Peep Toe Heels, US 10 HEEL 6" , PLEASER BEJEWELED-709DM Platform Exotic Dancing Ankle Strap SandalAzura Women's Anarosa Embellished Thong Sandal , $~Nike Air Force 1 Black with Red Trim 050810-LN4~Mens Shoe Size 13 US~LBDMCCarolina Men's 6" Scope Work Boot - Steel Toe - CA1399British Cowboy Real Leather Men's High Top Chelsea Round Toe Pull On SHoes BootsViberg Petrol Chamois Rough Out Service Boot - Sz. 11 - 2030 Last - Dainite Sole , Mark Nason Los Angeles Men's Kinney Sneaker - Choose SZ/ColorBritish Men Slip On Casual Oxfords Night club Pointy Toe embroidery Loafer ShoesSkechers Men's Elment-Brencen Loafer - Choose SZ/Color$250 Cole Haan Mens Grand Horizon Oxford II Sneakers, Grey Suede/Fog, US 11 , ALLEN EDMONDS "BENNINGTON" 45205 Brwn Leather Woven Apron Tassel Loafers (11.5D)New 1st Quality Allen Edmonds Stockbridge 7 EEE blackWmns Nike Tessen Pure Platinum White Grey Women Running Shoes Sneaker AA2172-002 , Vibram FiveFingers Grado Womens Casual Leather Shoes Sizes 36-42 , Boohoo Womens Erin Tie Back Flat Over The Knee Thigh High Boots Sz 7UK, 9US; $81 , Bandolino Women's Floella Ankle BootEllen Tracy Bear Faux Fur Short Boot, Women's - Size 8 M, Black ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Balance Womens 415 Trainers, Grey Trainers, GreyWhite Grey GreyWhite Seasonal, 7 EU 58e3831 -

    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.

    New Balance Womens 415 Trainers, Grey Trainers, GreyWhite Grey GreyWhite Seasonal, 7 EU 58e3831 -

    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
    New Balance Womens 415 Trainers, Grey Trainers, GreyWhite Grey GreyWhite Seasonal, 7 EU 58e3831
    Athletic Shoes