Never miss an update

K-Swiss Women's 23830 Classic 88 mogochinese-23836 Women's Athletic - Choose SZ/Color 5ca8fbf

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: K-Swiss
Style: Fashion Sneakers Manufacturer: K-Swiss
Size Type: Regular MPN: Classic 88-W
US Shoe Size (Women's): Multiple Variations Model: Classic 88-W
Never miss an update

K-Swiss Women's 23830 Classic 88 mogochinese-23836 Women's Athletic - Choose SZ/Color 5ca8fbf -

    K-Swiss Women's 23830 Classic 88 mogochinese-23836 Women's Athletic - Choose SZ/Color 5ca8fbf
    K-Swiss Women's 23830 Classic 88 mogochinese-23836 Women's Athletic - Choose SZ/Color 5ca8fbf
    Indigo Rd. Women's Ircray Sneaker - Choose SZ/ColorNew Balance Women's 611v1 Cross Trainer Silver Mink/Seafoam 7 B US , Keds Women's Glimmer Stripe Fashion Sneaker - Choose SZ/Color , adidas Women's Cloudfoam QT Racer Running Shoe Clear Onix/White/Clear Onix , WMNS NIKE AIR MAX AXIS BLACK/WHITE AA2168-002 WOMEN SHOES SNEAKERS BMen's/Women's Skechers Women's Go Run 600-15084 Sneaker Beautiful color Stylish and charming Very good classificationNew Balance Women's W650V2 Running Shoe Blue 7.5 B US , Gentleman/Lady New Balance Women's Wrt300sa Outstanding features comfortability have funNew Balance Women's Vazee Urge Running Shoe , Fila Women's Headway 6 Running Shoe - Choose SZ/Color , Saucony Originals Women's Bullet Dots Fashion Sneakers - Choose SZ/Color , Superga 2750 Metallic Sneaker - NIB - Free ShippingMan's/Woman's NEW STEVE MADDEN WOMENS NOISE Beautiful design Fine art Seasonal hot saleNew Balance Women's W560v7 Running-Shoes, Silver Mink/Pisces, 7 B US , adidas Originals Women's Pure Boost X TR Zip Cross-Trainer Shoe , Keds Women's Vollie LTT Sneaker - Choose SZ/Color , PUMA Women's Platform Sneakers Natural 9.5 BM US , Skechers Gratis Cloud Up To Speed Womens Slip On SneakersNike Womens Elite Shinsen Trainers 801781 Sneakers Shoes 001Diadora Women's Hawk 6 W Running Shoe - Choose SZ/ColorSkechers Women's Go Run Mojo Reactivate SneakerKeds Women's Spirit Ll Sneaker - Choose SZ/Color , Mr/Ms New Balance Women's W1500v3 Running Shoe bargain Trendy Rich on-time delivery , PUMA FIERCE CORE PUMA BLACK-PUMA WHITE 188977-08 WOMEN SHOES SNEAKER B , Reebok Alicia Keys Court Sneaker Natural 5.5New Balance Women's Fresh Foam Zante V3 Breathe Pack Running Shoe , Saucony Women's Ballista Spike Shoe - Choose SZ/Color , adidas Originals Women's Tubular Defiant Fashion Sneakers - Choose SZ/Color , Reebok Women's Walk Ultra 6 DMX Max Sneaker - Choose SZ/Color ,
    K-Swiss Women's 23830 Classic 88 mogochinese-23836 Women's Athletic - Choose SZ/Color 5ca8fbf ->K-Swiss Women's 23830 Classic 88 mogochinese-23836 Women's Athletic - Choose SZ/Color 5ca8fbf -
    Chippewa L27863 Women 7.5M Men 6M Black Leather Moto Boots Steel Toe 167-18 , Gravis Eva Ladies Casual Ballet Flats Shoes Silver Brown Black Size Us 6 - 7Clarks "Wintry Hi" Cold Weather Boots, Grey, Size 5.5 US / 3.5 UKMarc Fisher Daiana Ankle Strap Pumps, Light Blue Suede , Splendid Women's Roca Ballet Flat - Choose SZ/Color , FABULICIOUS Platform Satin Heels Pumps Shoes Rhinestone FELICITY-20 Silver , Rockport Women's Vanna Strappy Bootie Black Nubuck HeelsStuart Weitzman Flower Nudist Strappy Multi Color High Heels Sz 10.5 1508Valentino Beige Mary Jane Soul Studded Rock Studs Pump Shoe 38 Nude Heels Beige , Frye Lena Platform Cork Heel Sandals Sz 9 Store Display NWOB , $140 Mens NIKE Hyperdunk 2014 TB Basketball Shoe 653483 100 Sz 18 WHITE BLACK , Adidas Tubular runner weave mens trainers S74813 eu 39 1/3 us 6.5 NEW+BOXNike Air Jordan Flight Flex Trainer 2 Wolf Grey Hyper Orange 768911 005 EW , MEN'S NIKE AIR ZOOM GENERATION QS SHOES BLACK VARSITY CRIMSON AJ4204-001 SIZE 8 , NIKE lebron XIII Black History Month US 9.5 BHM DS$160 Nike Hyperdunk 2017 Flyknit REACT NAVY ROYAL BLUE 917726-400 SZ 10.5 , ADIDAS ZX FLUX WEAVE B34473 NIGHT FLASH MEN SIZE 9.5 NEW RARE RUNNING , 2012 Nike Air Max Lebron X 10 Low Size 11 - Easter Mint Green - 579765 300 , Deer Stags Anchor - Brown - MensRock & Republic Men Size 8.5 Athletic Sneaker Trendy Fashionable Stud RetroLucchese Mens Black Cherry Goat Custom Made Cowboy Boots 9.5 E SR Value $895Skechers Skecher Street Womens Street-Star Side Fashion Sneaker , HeartSoul Women's Rise Slip-On Sneaker Lavender/Marshmallow Synthetic Sneakers , Adidas Performance Womens XCS Spikeless w Running-Shoes, Red Night/Ice Blue, 7.5Gentlemen/Ladies Steve Madden Womens Favorit Great variety stable quality Fine wildSalomon Women's Wings Pro 2 W-W Trail Runner , ISABEL MARANT BENETT PONY BASKET SNEAKERS US 8 **PRICE JUST REDUCED , J.Crew Sperry Shearwater Buckle Boots Colorblock 9 e2598 Champagne Pebble DEFECTWomens sanke pattern pointy Toe over the knee high Boots slim high heels shoes S , Ralph Lauren Jenny Black Burnished Leather Riding Tall Boot Gold Bar 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    K-Swiss Women's 23830 Classic 88 mogochinese-23836 Women's Athletic - Choose SZ/Color 5ca8fbf -

    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.

    K-Swiss Women's 23830 Classic 88 mogochinese-23836 Women's Athletic - Choose SZ/Color 5ca8fbf -

    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
    K-Swiss Women's 23830 Classic 88 mogochinese-23836 Women's Athletic - Choose SZ/Color 5ca8fbf
    Athletic Shoes