Never miss an update

New Balance Balance Women's W880BP6, Blue Blue/Purpl, 8/Purpl, 8 B US 2b61dba

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: New Balance
US Shoe Size (Women's): US Size Style: Sneakers
UPC: Does not apply
Never miss an update

New Balance Balance Women's W880BP6, Blue Blue/Purpl, 8/Purpl, 8 B US 2b61dba -

    New Balance Balance Women's W880BP6, Blue Blue/Purpl, 8/Purpl, 8 B US 2b61dba
    New Balance Balance Women's W880BP6, Blue Blue/Purpl, 8/Purpl, 8 B US 2b61dba
    New Balance Women's 775v2 Comfort Ride Running Shoe , DIADORA HERITAGE WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW CAMARO H FUXIA 34E , 615868-002 Nike Women's Wmns Air Max 1 VT QS,Black/Silver Sneaker ShoesSCARPE DONNA NEW BALANCE LIFESTYLE WSX90TXB SNEAKERS X90 NEW BALANCE NEROwomen's shoes MBT 6 / 6,5 () sneakers orange suede performance BT67-37 , Adidas DEERUPT Runner Shoes Athletic Sneaker Lightweight Mesh DA9619 Sz4-12 , WOMENS SAUCONY TYPE A LADIES RUNNING/SNEAKERS/FITNESS/TRAINING SHOES , VOILE BLANCHE WOMAN CASUAL SNEAKER SHOES LEATHER CODE 0012010435.01.9110 JULIANike Womens Air Max 95 Cargo Khaki Green Trainers 307960 303 , Nike Air Huarache Womens Trainers Light Base Grey Arctic Pink Purple 634835 0651805 adidas RUN LUX CLIMA Women's Training Running Shoes CQ0817BY959 MBT shoes blue nabuk leather women sneakers , Adidas NMD R1 Grey & Raw Pink Sizes 3.5 to 8.5 Nomad Boost BY9647 Heather Gray , NIKE AIR MAX THEA ULTRA FK FLYKNIT 40 NEW tavas zero free one 1 90 97 270 , Puma Thunder Desert WNS 36802402 Smoke Green Women's Sneakers Athletic ShoesBROOKS TRANSCEND 3 WOMENS RUNNING SHOES (B) (617) , DIADORA HERITAGE WOMEN'S SHOES SUEDE TRAINERS SNEAKERS NEW CAMARO H BLACK 332Man/Woman Blu Byblos - BEATRICE_682001 Modern and elegant fashion Orders are welcome At an affordable priceISABEL MARANT Shoes 149511 Beige 38 , NIKE Women's Free Tr Flyknit 3, Igloo SIZE 8.5WOMENS SALOMON ELLIPSE 2 GTX WOMENS RUNNING/SNEAKERS/TRAINING/WALKING SHOESwomen's shoes MBT 4 / 4,5 () sneakers green textile dynamic AC494-35 , Bona Fide Asics Gel Kayano 23 Womens Fit Running Shoes (B) (9093) , WOMENS BROOKS WIRE V5 LADIES RUNNING/SNEAKERS/FITNESS/TRAINING SPIKES SHOES , 1804 adidas PHARRELL WILLIAMS TENNIS HU Women's Tennis Shoes DB2558[asics] GEL-NIMBUS 20-W Lime Women's Running Shoes T850N.8585 US 5-9.5 , WOMENS INOV8 X-TALON 212 OFFROAD & TRAIL LADIES RUNNERES/SNEAKERS/RUNNING SHOES , [bargain] Asics Gel Kayano 22 Lite-Show Womens Running Shoe (B) (6793) | New!MBT WOMAN SPORTS FITNESS SNEAKER SHOES SUEDE SYNTHETIC CODE MOJA LUX 400263
    New Balance Balance Women's W880BP6, Blue Blue/Purpl, 8/Purpl, 8 B US 2b61dba ->New Balance Balance Women's W880BP6, Blue Blue/Purpl, 8/Purpl, 8 B US 2b61dba -
    Steve Madden TREVUR Womens Trevur Ankle Bootie- Choose SZ/Color. , Womens Blowfish Alms Black Texas PU Pisa Mid Calf Boots Size , Kenneth Cole New York Kam Fashion Sneakers, WhiteXTI Womens 41285 Trainers, Silver Plata 129, 6 UKJack Rogers Starstruck Womens Ballet Flat- Choose SZ/Color.ECCO Women's Soft 8 Fashion Sneaker, White, 40 EU/9-9.5 M US , New Baldinini Light Brown Leather Shoes Size 37 US 7Pleaser XTREME-809 Women's Black Patent High Heels Platform Ankle Strap Sandals , Fendi Sz 35.5 Black/White/Teal Monogram FF Block High Heel Peep Toe Shoes PumpsRocket Dog BIGTOPWB Womens Bigtop Sandal- Choose SZ/Color. , Christian Louboutin Size 40 black Alti Pump 160 NAPPA SPIKES , Authentic Versace Medusa Gold Palazzo Pump 38 $925 RetailWomens Franco Sarto Fauna Collection Lt. Gray Size 8.5M:2018 Summer Women Sexy Transparent Sandals 18cm High Heels Wedges Peep Toe ShoesVia Spiga Pacifica Platform Sandal Black Women's Size 8 M US - MSRP $ 225 , Genuine leather womens flat Rhinestone slides mules shoes slippers pointed toes , NIKE WOMEN'S SIZE 10 AIR ZOOM PEGASUS 33 RUNNING SHOE 831356 DARK GREY/BLK/WHITE , Nike 364770007 Black Sneakers Size 9 MensAustralian Cattle Dog With Heart Print Running Shoes For Women-Free Shipping , Mens Nike Air Flight 2000 White/Gray Sneakers Size 13 no 136027-001New NIKE Air Pegasus EGD, Size 10.5, Black/Anthracite-Wolf, 876111-001 , Jordan Academy Mens 844515-015 Cool Grey Blue Lagoon Basketball Shoes Size 8NIKE Vapor Untouchable 2 TD Mid White Red Flyweave Football Cleats Mens 13 14 15 , New Balance Lifestyle Retro 90s Shoes Grey Men MSX90-CRD , Tod’s Dark Blue Suede Drivers Loafers Shoes Size 9 US 10 , Men's Salvatore Ferragamo Black Leather Casual Dress Shoes Loafers Size 9 EEEMoreschi Men's 8 Black Woven Leather Slip-On Loafers Casual Dress Italian Shoe.Man/Woman Nike Lunar Launch Running Women's Shoes economic The latest technology Non-slip1710 Nike Air Zoom Pegasus 34 Women's Training Running Shoes 880560-0011711 adidas Aero Bounce Women's Training Running Shoes BW0295 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Balance Balance Women's W880BP6, Blue Blue/Purpl, 8/Purpl, 8 B US 2b61dba -

    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 Balance Balance Women's W880BP6, Blue Blue/Purpl, 8/Purpl, 8 B US 2b61dba -

    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 Balance Balance Women's W880BP6, Blue Blue/Purpl, 8/Purpl, 8 B US 2b61dba
    Athletic Shoes