Never miss an update

NEW Asics Gel-Kayano 23 Womens Var Sizes 23 Platinum/Pink Sizes NEW Running Shoes $160 ad9465c

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: ASICS
Style: Running, Cross Training Product Line: ASICS GEL-Kayano
Material: Synthetic Fastening: Lace Up
Pattern: Geometric Model: Kayano
Width: Medium (B, M) US Shoe Size (Women's): 5 thru 8.5
Heel Type: Block Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Color: Multi-Color
Never miss an update

NEW Asics Gel-Kayano 23 Womens Var Sizes 23 Platinum/Pink Sizes NEW Running Shoes $160 ad9465c -

    NEW Asics Gel-Kayano 23 Womens Var Sizes 23 Platinum/Pink Sizes NEW Running Shoes $160 ad9465c
    NEW Asics Gel-Kayano 23 Womens Var Sizes 23 Platinum/Pink Sizes NEW Running Shoes $160 ad9465c
    ELLA MOSS MELANIE Multi-Colored Leather Designer Pumps Mary Janes 7.0 M , Pleaser Women's Flamingo 810LG Ankle-Strap Sandal Silver Glitter/Silver Glitter , Nike Wmns Air Huarache Run Triple Black Women Running Shoes Sneakers 634835-012 , Pleaser Women's Adore 769RS Platform Ankle-Strap Sandal Black/Silver ChromeBrooks Adrenaline GTS 17 Rock N Roll RNR Black Blue Pink Women's US Sizes , Ryka Women's Enhance 3 Cross-Trainer Shoe, Black/Grey, 8 M US , Nike Free 5.0 Print Running Women's Shoes Size 6Nike Womens Air Zoom Pegasus 34 Running Trainers 880560 Sneakers Shoes 001 , adidas Originals Women's NMD_r1 - Choose SZ/Color , Pleaser Women's Adore 2000 Platform Boot Black Stretch Patent/Black , adidas Performance Women's Mana Rc Bounce W Running Shoe - Choose SZ/ColorNIKE DUNK SKY HI Women’s Wedge Sneakers Green Gray Patterned Size 7 543258-302ECCO Women's Women's Soft 9 Tie Fashion Sneaker, Ginger Patent, 39 EU / 8-8.5 US33 Salomon Speedcross Vario GTX Gore-Tex Trail Running Shoes Womens Size 7Pleaser Womens Flamingo 810LG Ankle-Strap Sandal Red Glitter/Red Glitter Sandals , Nike Dunk Sky Hi Wedge Sneakerboot 2.0 Woman US 6 Burgundy 684954-600 NEW $180Gel Solution Speed FF Ladies Size 7.5 , NIB Puma Fenty Rihanna Black Patent Leather Pointy Creepers Platform Women’s 7 , Brooks Ghost 11 D WIDE Navy Grey Blue Women Running Shoes Sneakers 120277 1DNike Free Rn Commuter Running Women's Shoes , ELEVTD Women's Jesse Patent Lug Sole Tassel Loafer Red Patent Leather/Calf Hair , Brooks Adrenaline GTS 14 Women's Running Shoes White SilverSpring Step Women's Lovelyness Floral Slingback White Multi LeatherDONALD J PLINER NEKITA 5151 Black Leather Designer Pumps Open Toe 6.5 MImagine by Vince Camuto Women's Pavi Slingback Pump Crystal/Silver Shimmer Satin , NIKE WOMEN FREE FLYKNIT ID MULTI-COLOR SZ 10.5W // MENS SZ 9 [858072-994] , Pleaser Women's Moon 760FH Platform Sandal Black-Red Patent/BlackKenneth Cole Reaction Women's Sole Rise Platform Wedge Sandal Cognac MicrosuedeEmeril Lagasse Footwear Women's Read High Top Sneaker Black Leather ,
    NEW Asics Gel-Kayano 23 Womens Var Sizes 23 Platinum/Pink Sizes NEW Running Shoes $160 ad9465c ->NEW Asics Gel-Kayano 23 Womens Var Sizes 23 Platinum/Pink Sizes NEW Running Shoes $160 ad9465c -
    FREE PEOPLE CRACKLE OVERHOLT ANKLE BOOT BOOTIES JEFFREY CAMPBELL SHOES 7.5 $168Ralph Lauren Collection Gold Metallic Suede Peep Toe Sandals Heels Size 7BNEW BURBERRY Lyndhurst House Check Brown Suede Flat Ankle Boots (Size 37) - $795 , Rag & Bone Classic Newbury Black Boots 36.5 , Merrell All Out Crush Light J35549 Mens Red Trail Running Shoes Cross Training.Mr/Ms Aquatalia Women's Giada Suede Riding Boot High quality and cheap delicate Different stylesAsics Gel Kayano 23 Mens Neutral Running Shoe (2E) (9345 Silver/Imperial/Black)Skechers Serene Elation Womens Black Slip On Pumps Mary Jane Shoes Size 4-8Men/Women Ladies Clarks Ankle Boots 'Lora Lana' High security Pleasant appearance Fashion versatile shoes , Gentlemen/Ladies Ferragamo Ballet Flats Brown 40 Aesthetic appearance delicate Diversified new design , Diana Ferrari (G) Leilah Supersoft Women's Boots US6 , $995 Herve Leger Womens Sera High Heel Bandage Shoe, Fuchsia, US 9.5 , Women's Dansko Professional "Mila" brown Leather sandals Shoes 41 (US 11)Jimmy Choo Gold Open Toe Mule Pumps Size 9NEW VINCE VAIL BROWN LEATHER ANKLE BOOTS WEDGE HEEL 6I35 Rosiee Flower T-Strap Sandals, Cherry Red, 10 US , Rare adidas Torsion Adidas green & blue Men's size US 18NEW BALANCE 999 SZ 7.5 ELITE EDITION RIDERS CLUB PACK GREY MAROON GUM ML999BB , Men's/Women's FRED PERRY NAVY SNEAKERS SFPU1815210-266 Best-selling worldwide Win the praise of customers Caramel, gentleMen's/Women's MEN'S SHOES SNEAKERS NEW BALANCE [ML574ENB] Cheap online shop International big name , NIKE AIR JORDAN XXXI 31 MAX RETRO MJ SIZE 13 BLACK XI XII XIII XSALE NIKE SB DUNK HIGH PRO PREMIUM PRM KRAMPUS BLACK RED SZ 9.5 554673 006 XMAS , Harley Davidson Men's Foxfield Black Work Boots Shoes D93344 , Gorilla Shoe Messenger Boot Heavy Duty Footwear Mens Dark Brown NWT , Impulse Sport Culture P12091 Black High top casual Shoes Men , Jessica Simpson Dinellia Floral-Print Sneakers 6M NEW , NEW Womens NEW BALANCE 577 KM3 Grey Pink Komen Cross Training Sneakers Shoes**Adidas UltraBOOST Uncaged Running Shoe - Women's Size 7, Aqua/White , 31 Womens Nike Tiempo Legend VI 6 FG Soccer Cleats White Blue 844248-164 SZ 8Gentleman/Lady PLS+T Shoes 665418 Grey 36 Great variety Beautiful Outstanding function ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Asics Gel-Kayano 23 Womens Var Sizes 23 Platinum/Pink Sizes NEW Running Shoes $160 ad9465c -

    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 Asics Gel-Kayano 23 Womens Var Sizes 23 Platinum/Pink Sizes NEW Running Shoes $160 ad9465c -

    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 Asics Gel-Kayano 23 Womens Var Sizes 23 Platinum/Pink Sizes NEW Running Shoes $160 ad9465c
    Athletic Shoes