Never miss an update

Reebok Women's Zigpulse Track Shoe - Choose Choose Shoe SZ Women's/Color bc1ac9a

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: Reebok
Style: Road Running Manufacturer: Reebok
US Shoe Size (Women's): Multiple Variations Model: REEBOK ZIGPULSE-W
Never miss an update

Reebok Women's Zigpulse Track Shoe - Choose Choose Shoe SZ Women's/Color bc1ac9a -

    Reebok Women's Zigpulse Track Shoe - Choose Choose Shoe SZ Women's/Color bc1ac9a
    Reebok Women's Zigpulse Track Shoe - Choose Choose Shoe SZ Women's/Color bc1ac9a
    T.U.K. V6804 Unisex Creeper Oxford- Choose SZ/Color.New Balance WC896V1 Tennis Shoe-W Womens 896v1 Shoe- Choose SZ/Color. , PUMA 18973804 Womens Fierce Bright Cross-Trainer Shoe- Choose SZ/Color. , ASICS T758N.9601 Womens GT-2000 5 Running Shoe D- Choose SZ/Color. , Nike Womens Air Max 2017 Running Trainers 849560 Sneakers Shoes 008 , PUMA Women's Tazon 6 Wn Sneaker - Choose SZ/ColorPUMA 36140407 Womens Yarra Classic Wns Cross-Trainer Shoe- Choose SZ/Color. , adidas Women's Adizero Adios W Running Shoe, - Choose SZ/Coloradidas Performance CG2711 Womens Adidas Athletics 24/7 W Cross-Trainer-ShoesSalewa Ultra Train-W Womens Train Mountain Training Shoe- Choose SZ/Color.Man's/Woman's Freedom ISO Year-end special promotions Attractive fashion Brand feast , New Balance Women's 1296v2 Stability Tennis Shoe Grey 11 W US , Nike Metcon 4 Womens 924593-004 Atmosphere Grey Cross Training Shoes Size 8K- Swiss 95394 K-Swiss Womens Hypercourt 2.0- Choose SZ/Color.Ahnu Precita-W Womens Precita Slip On Sneaker- Choose SZ/Color. , New Balance Women's 696v1 Classic Sneaker - Choose SZ/Color , ECCO Womens Scinapse Premium Low Fashion Sneaker 40- Pick SZ/Color. , Saucony S19033-1 Womens Showdown 4 Track Shoe- Choose SZ/Color. , Under Armour 1282000 Womens UA SpeedForm Slingride Running ShoesLIME LIGHTPuma Shantell Martin Platform Trace Strap Womens 366533-01 White Shoes Size 6.5 , adidas Men's Crazytrain Elite M Cross Trainer - Choose SZ/ColorMan's/Woman's Brooks Womens Levitate Attractive and durable Year-end sale Caramel, gentle , adidas Performance BA8564 Womens X 17.4 FG W Soccer Shoe- Choose SZ/Color. , Pearl iZUMi Men's X-Alp Canyon Cycling Shoe - Choose SZ/ColorNike Zoom Fearless Flyknit Womens 850426-102 White Pink Training Shoes Size 11Dansko Women's Honor Fashion Sneaker - Choose SZ/Color , PUMA IGNITE XT V2 GOLD WNS-W Womens Ignite Xt v2 Gold WNS Cross-Trainer Shoeadidas Performance S74471 Womens CC Rocket W Running Shoe- Choose SZ/Color.ECCO Women's Gillian Tie Fashion Sneaker - Choose SZ/Color
    Reebok Women's Zigpulse Track Shoe - Choose Choose Shoe SZ Women's/Color bc1ac9a ->Reebok Women's Zigpulse Track Shoe - Choose Choose Shoe SZ Women's/Color bc1ac9a -
    Bogs Women's Classic Tall Winter Plaid Waterproof Insulated Boot Black Multi7...EUC Justin White Blue All Leather Round Toe Ostrich Cowboy Boots Size 6 B- L5525 , Fontana 2.0 Shoes Women Boots Black 83326 moda1 SALEAsics GEL-Kenun SP [T8A0N-0229] Men Running Shoes Sakura Birch/Coffee/Blossom , Converse Chuck Taylor All Star Material Burgundy Black White Women Shoes 549634CCLOGS HIGH BLACK - Made in Italy 35 al 42 - Heel 13-MY395 blackAndrew Charles 7631 SOFTY SAUGE Loafers Women's Green AUBalenciaga Brown Leather Arena Flats (Size 37)Disney Irregular Choice Star Wars C-3PO Flats Pumps 36 US5.5 UK3.5 Near Mint , SAM EDELMAN WOMEN BLACK REAL FUR STRAP HEEL SANDALS SHOES SIZE 8 , CAMSSOO Women's Pointed Toe Studded Strappy Pumps Rivets Mid Heels Wedding PartyGentleman/Lady Prada Suede Peeptoe Heels Size 35.5 use Let our goods go to the world fine , Wonderful Stuart Weitzman Glotallulah Black Satin Peeptoe Heels Size 10Seychelles Women's Hazel Dress Pump - Choose SZ/Color , $364 SJP Shoes 39.5 BLACK Patent Leather Pumps 'DIANA' ITALIAN Shoes *PRIMO* 9 , Valentino Rockstud Black Platform Peep Toe Pumps Size 38Nike Kd 7 "Easy Money" Size US 11 , FILA Mens Shoes Hightops Size 10 Classics White Strap , Nike Air Force 1 Foamposite Cup Liquid Black/Triple Blck AH6771 001 Size 10.5 , Ariat Men's Conquest Rubber Neoprene Insulated Hunting Boot - Choose SZ/ColorJACK PYKE FIELDMAN WATERPROOF BREATHABLE WALKING HIKING BOOT SHOECOLE HAAN MENS GUNNISON DRIVER MOCCASIN BROWN 9.5 STORE DISPLAY WITH BOXGiorgio Brutini Men's Orbison Slip-On Loafer - Choose SZ/Color , Men's Driving Shoes Minimalism Suede Leather Moccasins Slip on Penny LoafersJordan Mens Hydro III Retro Slide Sandals Black/Red/Cement Grey 854556-003Magnanni NEW 8 Brown Hand Painted Cap Toes Made in Spain , Vans Sk8-Hi Slim Zip DX Mono Python Angora Cream Off Women's 5.5 RARE , NEW BALANCE FRESH FOAM CRUZ V2 BLACK BLACK WCRUZRB2 B WOMENS US SIZESNike Roshe One Rosheone Hyper Breathe HYP Sneaker Trainers 833826 500 800 SALE , Gentleman/Lady Boohoo Womens Pin Stud Chelsea Boots Reasonable price auction Pick up at the boutique
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Reebok Women's Zigpulse Track Shoe - Choose Choose Shoe SZ Women's/Color bc1ac9a -

    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.

    Reebok Women's Zigpulse Track Shoe - Choose Choose Shoe SZ Women's/Color bc1ac9a -

    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
    Reebok Women's Zigpulse Track Shoe - Choose Choose Shoe SZ Women's/Color bc1ac9a
    Athletic Shoes