Never miss an update

Adidas Supernova Women's Supernova Sequence 7 10 Running mogochinese-29904 shoes Size 5 to 10 us B44363 93dec25

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
US Shoe Size (Women's): 5 to 10
Style: Athletic Sneakers Brand: Adidas
Color: Multi-Color UPC: Does not apply
Never miss an update

Adidas Supernova Women's Supernova Sequence 7 10 Running mogochinese-29904 shoes Size 5 to 10 us B44363 93dec25 -

    Adidas Supernova Women's Supernova Sequence 7 10 Running mogochinese-29904 shoes Size 5 to 10 us B44363 93dec25
    Adidas Supernova Women's Supernova Sequence 7 10 Running mogochinese-29904 shoes Size 5 to 10 us B44363 93dec25
    Converse Women CTAS Sloane Monochrome 553377C Sneakers Black US 9 RRP $120 BCF74 , NIKE W AIR HUARACHE RUN ULTRA 819151 603 PARTICLE PINK/LIGHT BONE-SUMMIT WHITE , Men's/Women's Icebug Women's Mist RBX9 Trail-Running Shoe Long-term reputation buy Acknowledgement feedback , Puma Basket Heart Patent Woman White 3 4 5 6 All Sizes 363073-02 SportsLockerNEW Women's Nike Flex Run 2016 Running Shoes - Blk/Pink/Purple/White - Size 8 , PUMA Hummer Fierce Strap Swan Women Liu Wen Sports and leisure running shoes 189WOMEN’S SHOES PUMA BASKET PLATFORM EXPLOSIVEWNS 363627New Nike Womens Metcon 4 Crossfit Trainer Shoes 924593-600 Sz 7.5 particle rosePuma Basket Platform Aloha Creepers White Gold Girls Womens Trainers 364729 01 , Nike SF AF1 Hi Special Field Rattan Boots AA3965-200 Women's Size 7.5 , NIKE AIR MAX THEA- PURPLE GREY - 8 VELOURNEW Brooks Pure Cadence PureCadence Women's Running Shoes - Blue/Yellow - Sz 12 , Nike Air Max 1 Womens size 11 = Men's Size 9.5 Grey Light Blue Neon Yellow White , NIKE FREE 5.0 TR FIT 4 WHITE HYPER COBAL us $100 , VINTAGE RARE 1980s Reebok Classic 15th Anniversary Womens Shoes Size 8.5 BlackNike Metcon 3 Womens Size 6.5 Running Gym Shoe Black Violet Blue Pink 849807-002Use-Custom-Brand Womens Lost 40 Leather Cap Toe Mid-Calf Cold Weather Boots , Gentleman/Lady NEW JUST CAVALLI WOMENS SNEAKERS Promotion Won highly appreciated and widely trusted at home and abroad Outstanding style , NIB WOMENS NIKE AIR MAX 90 ULTRA 2.0 FLYKNIT BLACK WHITE ATHLETIC RUNNING SHOES , Hoka One One Clifton 4 Sz: US 10 M (B) /3 Women's Running Shoes Green RedAdidas Womens Stella McCartney ULTRABOOST X Mid Primeknit Black Gold BY1834 SZ 8NIKE Air Max Plus QS Women's Size 9.5 Running Shoes Silver Blue 887092-002 , CONVERSE CHUCK TAYLOR ALL STAR CT AS HI OIL SLICK RUBBER 551602C MULTI/BLACKSALE WMNS Nike Air Max 90 Pinnacle Black Sail 839612-002 Size 6-10.5 NEW NIKELAB , NIKE HUARACHE RUN ULTRA BR 833292 800 CRIMSON/PINK WOMENS SIZE 10.5WOMEN'S NIKE AIR BLAZER ACG MID (DEADSTOCK) *324695 - 262* SIZE: 6 *NEW IN BOX*Adidas Energy Boost Sneaker - Women's Size 6 Gray/Pink , NEW Nike AIR ZOOM PEGASUS 31 W Sz 7.5 38.5 EUR CORAL Orange Black 654486-800 , Mr/Ms hand Detailed Zentangle Converse Shoes durable Good market Very practical ,
    Adidas Supernova Women's Supernova Sequence 7 10 Running mogochinese-29904 shoes Size 5 to 10 us B44363 93dec25 ->Adidas Supernova Women's Supernova Sequence 7 10 Running mogochinese-29904 shoes Size 5 to 10 us B44363 93dec25 -
    Gentleman/Lady Kirtley Black Leathe Nine West Bootie Charming design Low price business , Vince Camuto Coatia Women's Grey Suede High Boot Sz 7 3087 *Circle G By Corral Ladies Embroidery Leather Cowgirl Western Boots Brown L5269 , new TAPEET by VICINI ZANOTTI black leather over-the-knee FLAT TALL BOOTS 41 11 , $1795 Valentino Women Denim Star Boot 40Converse BO-152681C_TANGO_TA Women's sneaker - colour Red AU , Converse Chuck Taylor all Star Hi Women's Sneakers Chucks Trainers Metallic , NEWROCK NR M.SEVE15 S1 Black - New Rock Boots - Womens , CHIE MIHARA women shoes INTUIT grey blue multicolor pebbled leather derby pois , Bass Weejuns MARIETTA II Womens 7.5 W Brown Leather Kiltie Tassle Loafer Slip-On , New sz 6 / 36 Charlotte Olympia Silver Glitter Kitty Flat Cat Face Slip on ShoesPleaser ADORE-708UVL Women's Clear Black Neon Pink Platform Ankle Strap SandalsWomen Transparent Wedge High Heel Pointy Toe Glitter Pumps Fashion Slip On ShoesTUK Character Sneaker, Mary Janes femme - Noir , 36 , Gentlemen/Ladies Nike Darwin Running Shoes, Black/Black-White, 12 Customer first real Superb craftsmanshipNike Air Force 1 Men's Classic Sneakers Shoes Tennis White High Top BasketballNike KD Trey 5 V EP Kevin Durant Black Gamma Blue Men Basketball Shoe 921540-004 , Nike Air Force 180 Charles Barkley Black Sport Royal Blue 310095-011 Multi Size , Nike Men's Tanjun Sneakers Lifestyle Shoe Roshe style sneakers , Nike Men's AIR MAX 2016 Shoe AUTHENTIC Black/White-Dark Grey 806771-001 Size 9.5 , adidas Men's Ultraboost Ltd Running Shoe - Choose SZ/Color , Asolo THYRUS A40000 Men's Dark Brown/Black Perwanger Leather Vibram Sole BootsNew Balance Men's Shoes 861680 BluexMulticolor 28cmFree Shipping LA MILANO Men's Brown Leather Dress Oxfords Shoes Slip On 3E A1720 , Handmade men's leather shoes Handmade stylish leather shoes for men Oxford style , Man/Woman Fergie Women's Pyper Fashion Sneaker Online Shopping International choice Fashion versatile shoes , Altra Footwear Paradigm 2 Running Shoes-Women's size 6.5 Navy/CoralNike Womens Free RN 2017 Running Trainers 880840 Sneakers Shoes 400 , New Womens Denim Stiletto Heel Over the Knee Thigh High Peep Toe Shoes , Jeffrey Campbell JC PLAY Nude Homg Platform
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Supernova Women's Supernova Sequence 7 10 Running mogochinese-29904 shoes Size 5 to 10 us B44363 93dec25 -

    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.

    Adidas Supernova Women's Supernova Sequence 7 10 Running mogochinese-29904 shoes Size 5 to 10 us B44363 93dec25 -

    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
    Adidas Supernova Women's Supernova Sequence 7 10 Running mogochinese-29904 shoes Size 5 to 10 us B44363 93dec25
    Athletic Shoes