Never miss an update

New SKECHERS Slicker Leather New Suede Women Shoes mogochinese-29996 Size Slicker 7.5 2f422a5

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
Color: Black / Multi-color Style: Fashion Sneakers, Walking
US Shoe Size (Women's): 7.5 Material: Leather / Suede
Width: Medium (B, M) UPC: 889110338674
Never miss an update

New SKECHERS Slicker Leather New Suede Women Shoes mogochinese-29996 Size Slicker 7.5 2f422a5 -

    New SKECHERS Slicker Leather New Suede Women Shoes mogochinese-29996 Size Slicker 7.5 2f422a5
    New SKECHERS Slicker Leather New Suede Women Shoes mogochinese-29996 Size Slicker 7.5 2f422a5
    NEW NIKE DUNK LOW Womens 7 (5.5Y) LTD NIB sb NRSKECHERS Women's 7.5 Shape Ups Toning Walking Exercise Shoes Gray Pink Leather , Women's Skechers EZ Flex 3.0-Estrella - Black - New!Nike Womens Running Shoes Size 9 (21974) , SKECHERS FLEX APPEAL 2.0 Women’s Sandals Size 6 Gray .....S26ASICS GEL-Enhance Ultra 4.0 Running Shoes, Women's Size 8, Silver/White , Nike Free Run Running Shoes Size 5 GreyNike Air Max Axis (Women’s) Pink - Size 8.5Skechers Women's Ultra Flex SneakerReebok Instapump Fury Sand Gary White Pink Blu US Size 7 FREE SHIPPING BRAND NEW , Nike Dualtone Racer Womens Sneaker Purple Black Running Training 917682 604 NIBMen's/Women's REEBOK QUICK TURN WOMENS RUNNING 1-106898 Easy to clean surface excellent uniqueRalph Lauren Size 8 M CEDAR Persimmon Leather Fashion Sneakers New Womens ShoesNIKE SHOX NZ NSV PRM Premium GLOW in the DARK white/mint candy . women's 7.5Brooks Ladies 8.5 D Wide (40) Addiction Walker V-Strap Black Leather Walking , Nike Wmns Roshe One Flyknit Bright Mango White 704927 802 Msrp $120 AVOriginal Kitson Diva Buttons 34530 PKRD Pink Casual Women Shoes , NIKE Women's Air Liner Leather Saddle Golf Cleat Shoes 5.5 , PUMA BURST CHEVRON WOMEN'S RUNNING SHOES, , Converse Women's Size 7 Cloud Grey Shoreline Slip ShoesNEW BALANCE W790LP6 WOMEN'S 790v6 RUNNING SHOES SZ 6(D) WIDE , Vasque Womens Blur Trail Running Shoes Gray Size 6 M New , NEW M76543 Rockport XCS Walk Together T-Toe Sneakers, Women's Size 7.5W, Black , NIKE WMNS ZOOM FIT 704658 400 CLEARWATER (BLUE) VOLT RUNNING WALKING TRAINING , RARE Converse Chuck Taylor Valentine Hearts Print Sneakers Shoes US W 10 M 8 , Women Adidas Originals Tubular Viral W Chalk White Speckled S75914 Work OutSaucony Sealot ISO 3 Athletic Shoes - Women's Size 9 - White/Red , YRU Women's Blue Elevation Denim Platform Trainer Size 7VANS Old Skool DX (Suede/Italian Weave) Infinity Blue WOMEN'S SIZE 8.5 ,
    New SKECHERS Slicker Leather New Suede Women Shoes mogochinese-29996 Size Slicker 7.5 2f422a5 ->New SKECHERS Slicker Leather New Suede Women Shoes mogochinese-29996 Size Slicker 7.5 2f422a5 -
    MET TEXAS VITELLO NERO NEW 8 M 39 BLACK LEATHER COWBOY BIKER BOOTS BOOTIES , Men's/Women's STUART WEITZMAN Suede Booties (SIZE 9) Moderate price Quality First Exquisite workmanshipJosef Seibel Kevin 01, Mens Hi-Top, Black Schwarz, 9 EU , Sax CHAUSSURE LEATHER EVEN Black mod. 19300 , Nike Flyknit Air Max Mens Running Trainers 620469 Sneakers Shoes 016 , Women's Shoes Converse All Star Vintage Gold Chuck Taylor Cneaker Ltd Ed Spring , Men/Women Sundowner Classy Metal Combo Sandal Every item described is available First quality Simple , B-440 TORY BURCH REVA ROYAL TAN TUMBLED LEATHER GOLD LOGO BALLET FLATS SZ 5 1/2LADIES SHOES/FOOTWEAR - Kiarflex Sandal Kasey black , Vaneli Ganet Flats, Women's Size 5 M, Navy , Rhinestone Womens Pump Pearls Tassels Rivet High Block Heels Party slip on ShoesClassic Beautiful shoes Leather black pumps with golden heels platform , $565 NEW Stella McCartney Steel Citron Wedge Espadrilles size 36 EU / 6 USMan/Woman Skechers Women's Pop Ups-Camp Gold online sale new Tide shoes list , Skechers Performance 54519 Mens Go Golf Blade Shoe- Choose SZ/Color. , ASICS GEL-Scram 4 Men's Carbon/Lava Orange 1A045020Nike Roshe One Mens 511881-016 Black Siren Red Mesh Running Shoes Size 9 , Nike Mens Air Trainer Max '91 QS NFL Raiders Wolf Grey/Black 615147-001 Size 10 , Ted Baker Men's Gourdon Oxford - Choose SZ/color$700 New Santoni Mens Blue Double Monk Strap Shoes Size 7 US 6 EUEmporio Armani Moccasin Sz. 41,5 Leather Man Black X4B022XF053-2 MAKE OFFERDunham Men's Royalton Oxford - Choose SZ/Color , VANS Era 59 (C&L) Moroccan Geo Dress Blues Skate Shoes Women's Size 8Crocs crocs CB Star Wars Chewbacca Lined MuleB(M) US Women/11- Pick SZ/Color.Genuine men's woven vogue pull on ankle boots chelsea heel dress formal shoes SHBaskets en Toile Femme US Polo Assn Rose 38 , OluKai Women's Alohi Slip On Sneaker Black/Black Sneakers , Sexy Thigh High Platform Stiletto Heel Zipper Side Boots Shoes Adult WomenSexy Knee High Boots Open Toe Flat Heel Hallow Out Sexy Fashion Strap Sandal NewRomika Women's Cassie 36 Winter Boot, Black, 36 EU/5-5.5 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New SKECHERS Slicker Leather New Suede Women Shoes mogochinese-29996 Size Slicker 7.5 2f422a5 -

    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 SKECHERS Slicker Leather New Suede Women Shoes mogochinese-29996 Size Slicker 7.5 2f422a5 -

    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 SKECHERS Slicker Leather New Suede Women Shoes mogochinese-29996 Size Slicker 7.5 2f422a5
    Athletic Shoes