Never miss an update

NEW REEBOK U52949 INSTAPUMP FURY OB AR1413 AR1413 WHITE BLACK OREO NEW U52949 Mixed sz 11 0383b2b

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Country/Region of Manufacture: China
US Shoe Size (Men's): 11 Style: Athletic Sneakers
Color: White Product Line: Reebok Insta Pump
Brand: Reebok Material: Synthetic
UPC: Does not apply
Never miss an update

NEW REEBOK U52949 INSTAPUMP FURY OB AR1413 AR1413 WHITE BLACK OREO NEW U52949 Mixed sz 11 0383b2b -

    NEW REEBOK U52949 INSTAPUMP FURY OB AR1413 AR1413 WHITE BLACK OREO NEW U52949 Mixed sz 11 0383b2b
    NEW REEBOK U52949 INSTAPUMP FURY OB AR1413 AR1413 WHITE BLACK OREO NEW U52949 Mixed sz 11 0383b2b
    TEVA ARROWOOD LUX MID WATERPROOF BROWN LEATHER SHOES BOOTS SIZE US 8.5 MENS , Under Armour Glenrock Mid 2.0 Hiking Shoes SMS Sample Men's size 9 Tan/Black , NIB MENS SIZE 10.5 NIKE AIR MAX 90 PREMIUM SNEAKERS BRIGHT CRIMSON 700155-604 , Adidas D Lillard 2 Boost SNAKE Black Burgundy Maroon Red Gum 16 Basketball Shoes , Men's Nike Nike LUNAR ECLIPSE Size 8 Gray Mesh Neon Lunarlon New No Box , 2003 Retro Adidas Lakers Purple Yellow Sz 13 Basketball Shoes-Old Skool!NIKE ROSHERUN ROSHE RUN CRIMSON RED/GRAY SHOES MENS , NIKE MONTREAL PREMIUM LOW SNEAKERS MEN SHOES 314510-701 SIZE 11 NEW , 747489-004 NEW Nike Hypervenom Phantom II SG-Pro Soccer Cleats Grey Size 7 , VANS OLD SKOOL MENS BLACK CANVAS TRAINERSNike Men's Air ZoomPegasus 33 Running Shoes Size 10 NIBNew Balance CRT300LC D Leather White Black Men Court Shoes Sneakers CRT300LCD , NIKE AIR FOOTSCAPE WOVEN NM SMOKEY BLUE 875797 002 SZ 8 , Nike Zoom Cage 2 Men's Tennis Shoe 705247 101 Size 7.5Merrell Capra Rapid Sieve Grey Black Blue Outdoors Hiking Shoes Trainers ML37681Adidas Rivalry Hi Shoes Sneakers New D65195 Size 12 , adidas stan smith pharrell williams Polka Dot, Size 9.5 , NEW Rare NIKE Flyknit Lunar 1 Black on Black colorway Mens Size 14, 48.5 EUR , New Balance 460V2 Mens Cushioned Running Shoes BNIB 10 MedNike Air Griffey Max II Men’s Sneakers 442171-101 WHITE/BLACK/HYPER JADE SZ 6.5Nike SF AF1 Mid Men's Size 10.5 Desert Moss GreenOB Li-Ning Men's Rouge Rabbit Smart Running Shoes Smart Chip Sneakers , New Balance Men's Running Sneakers 574 Engineered Mesh Gunmetal Pigment ML574EMNNike Train Speed 4 AMP Michigan State Spartans Shoes Mens 12 Trainers AthleticNEW ADIDAS CRAZY LIGHT BOOST = SIZE 8.5 = MEN'S BASKETBALL SHOES C75907adidas Superstar 80s CNY Shoes NEW Men Size 10 Chinese New Year Rooster SneakersNike Mens Air Python Prm Sail Metallic Gold Fashion Sneakers 9.5 70566-102 NIB , NEW Mens Nike Roshe Run Shoes Chilling Red/Dark Pewter/Crimson 511881 608Adidas Boost Crazy Explosive primeknit 2016 Andrew Wiggins Stained Glass PE ,
    NEW REEBOK U52949 INSTAPUMP FURY OB AR1413 AR1413 WHITE BLACK OREO NEW U52949 Mixed sz 11 0383b2b ->NEW REEBOK U52949 INSTAPUMP FURY OB AR1413 AR1413 WHITE BLACK OREO NEW U52949 Mixed sz 11 0383b2b -
    NEW HUNTER WOMENS WOMEN'S NORRIS FIELD GLOSS RAIN BOOTS: BLACKPS KAUFMAN TOLTECA ANKLE HARNESS BOOT BROWN BRAND NEW SIZE 37.5Man/Woman Lucchese Women's L4741.S54 Classic Cowboy Boots Elegant shape Reliable performance Human border , Ladies Dixon Boot Co. Full Quill Ostrich Cowboy Boots sz: 8.5 (AA)Nike SB Shoes Zoom Stefan Janoski OG Black White Skateboard SneakersHush Puppies Tyro 1958 collection Leather Wedge Ankle Boots Size 9New Diana Ferrari Pilgrim Black Womens Shoes Dress Shoes FlatGentlemen/Ladies Scholl Sonoma Thong Taupe Beige New product First batch of customers Known for its excellent quality , Man/Woman Tahari Roseann Slingback Pumps, Black Great variety cheapest Fashion versatile shoesGentlemen/Ladies Ladies Gabor Shoes Sharona 86094-W Durable service Trendy Highly appreciated and widely trusted in and out , Sexy Womens Super High Heels Pointy Toe Slip On Nightclub Stilettos Party ShoesNine West Fabeyana Beige Womens Shoes Size 7 M Heels MSRP $109 , Mila Paoli Sandals Exploding Flower Petal Bouquet Pin Heel Delicate Straps 8 , Giuseppe Zanotti Sequins Black Wedge Size 38.5 , Small RAINBOW The Tropics Narrow Strap Premier Leather Flip Flops SIERRA/BERRYNike Ultra Breathe Cortez Women's US Size 12 Walking Shoes Blue/White 833801 400 , NEW BALANCE 597 SIZE WHITE TRAINERS MEN'S SNEAKERS SHOES ML597WHL RUNNINGNEW Adidas Mens Size 11 ZX Flux Pk Originals Blue Textile Casual Shoes BA7372adidas Originals ZX Flux Men's White/Black/Gum BY2037British Mens Black Pointed Toe Moto Biker Mid-Calf Riding Boots Casual Shoes szNew Mens Ankle Boots High Top Pointed Toe Zip Hidden Heel Shoes Black CasualDZ949 MBT shoes brown leather men slip on 6 - 6.5 ()Allen Edmonds Manchester Mens 11.5 D Black Leather Wing Tip Tassel Loafer , Puma Women's Size 8.5 Basket Platform Velvet Rope Sneaker Olive 364092-01New Balance Women's WK706v2 Walking Shoe - Choose SZ/ColorGentleman/Lady Womens Nike Free Special purchase Various types and styles International big name , Adidas Superstar Women’s Size 5 Floral Design Very Rare , NIKE W Nike Zoom All Out Low 2 AJ0036-202 LIGHT CREAM Size 7 , Skechers Women's Go Walk Lite-Luna Boat Shoe - Choose SZ/colorTEVA Women’s Insulated Waterproof Winter Boots SIZE 9.5 Black Leather
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW REEBOK U52949 INSTAPUMP FURY OB AR1413 AR1413 WHITE BLACK OREO NEW U52949 Mixed sz 11 0383b2b -

    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 REEBOK U52949 INSTAPUMP FURY OB AR1413 AR1413 WHITE BLACK OREO NEW U52949 Mixed sz 11 0383b2b -

    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 REEBOK U52949 INSTAPUMP FURY OB AR1413 AR1413 WHITE BLACK OREO NEW U52949 Mixed sz 11 0383b2b
    Athletic Shoes