Never miss an update

Men's/Women's Sneakers Adidas EQT Support Mid capability Mid sanfrancisco-14512 Fashion pattern discount Maintenance capability f96f75d

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: adidas
UPC: Does not apply
Never miss an update

Men's/Women's Sneakers Adidas EQT Support Mid capability Mid sanfrancisco-14512 Fashion pattern discount Maintenance capability f96f75d -

    Men's/Women's Sneakers Adidas EQT Support Mid capability Mid sanfrancisco-14512 Fashion pattern discount Maintenance capability f96f75d
    Men's/Women's Sneakers Adidas EQT Support Mid capability Mid sanfrancisco-14512 Fashion pattern discount Maintenance capability f96f75d
    Man/Woman Sneakers Wave Spacetime Adidas Packaging diversity Settlement Price The first batch of customers' comprehensive specifications , Gentlemen/Ladies Sneakers Hogan New Interactive leather Excellent value Attractive fashion Seasonal promotion , Men/Women Shoes Philippe Model Suede Black sell International choice Lightweight shoesMan's/Woman's Diadora Heritage Sneakers N9000 for you to choose Modern design Very good classification , Men's/Women's Sneakers Leather Crown Economical and practical a good reputation in the world Fashion dynamic , Men's/Women's Snekaers Y-3 Excellent value Year-end sale Elegant and solemnMan's/Woman's Sneakers Hogan Low Leather And Fabric for you to choose Environmentally friendly Don't worry when shoppingMr/Ms Sneakers Santa Monica Dsquared2 Crazy price, Birmingham Low price Seasonal hot saleGentlemen/Ladies Sneakers The Last Los Leather Not so expensive real Easy life , Mr/Ms Sneakers Philipp Plein Runner Adequate supply and timely delivery Elegant style Popular tide shoes , Gentlemen/Ladies Golden Goose Superstar Veal Best-selling worldwide Quality and quantity guaranteed Valuable boutique , Gentleman/Lady Shoes Hogan Olympia Slash 3D Practical and economical Has a long reputation Caramel, gentleMan's/Woman's Dsqaured Sneakers New Runner Beautiful color Stylish and fun valueGentlemen/Ladies Sneakers Hogan H321 leather sell Orders are welcome Suitable for color , Men's/Women's Sneakers Golden Goose Landed High quality and cheap Strong value Caramel, gentle , Gentleman/Lady Sneakers Golden Goose Superstar Silver Beautiful design real Fashion versatile shoesNorthwave Katana SRS WOMEN’S MTB CYCLING SHOES,BLACK/FUSCHIA - Size 38, 39 Or 41 , Man/Woman Premiata Eric Perforated Complete specification range First quality Very good classification , Men's/Women's Sneakers Hogan New Olympia service Primary quality Different stylesGentlemen/Ladies Sneakers Philippe Model Suede Comfortable feeling First quality Fair price , Men's/Women's Sneakers Giuseppe Zanotti May Briel service Orders are welcome fineMen's/Women's Hogan Olympia Sneakers Easy to use Online negotiation , Northwave Torpedo JUNIOR CYCLING SHOES 2-Straps WHITE/BLACK/RED-Size 35,37 Or 38 , Gentleman/Lady Sneakers Hogan Interactive Leather Fabric Easy to use Order welcome List of explosionsMan's/Woman's Sneakers Hogan Grey Suede sell Fast delivery Known for its beautiful qualityGentleman/Lady New Balance Men's M880gg6 Cheap a variety of Seasonal hot sale , Mr/Ms Philippe Model Leather Shoes Blue Guarantee quality and quantity special promotion Popular tide shoesMan/Woman Sneakers Philippe Model Worked use special function The first batch of customers' comprehensive specificationsGentlemen/Ladies CallagHan Sneaker Up 2.0 Outstanding features Selected materials Sales online store
    Men's/Women's Sneakers Adidas EQT Support Mid capability Mid sanfrancisco-14512 Fashion pattern discount Maintenance capability f96f75d ->Men's/Women's Sneakers Adidas EQT Support Mid capability Mid sanfrancisco-14512 Fashion pattern discount Maintenance capability f96f75d -
    New Australia Luxe Collective Women's Shearling Classic Cosy Short Boots Grey , New Free People Jack Tall Over Knee High Campus Womens Boots Taupe Size 6Lacoste Lerond 118 1 QSP Women Leather Trainers in White & Pink 735CAW0093 , $120 MISS SIXTY MAGGIE Black Blue Oiled Suede Designer Comfort Loafers 6Womens Report NIB Elisabeth Gold Flats 6 MGentlemen/Ladies ECCO Footwear Womens CS14 Casual Oxford Elegant appearance discount Characteristics , NEW Vionic w Orthaheel Technology CORFU Coral Pixel Flip Flops, Women Size 8NIB PRADA LEATHER PUMPS SHOES US 8 $750DONALD J PLINER NICKI RIPPLE SOLE WEDGE SHOES!!!!! EUC!!!! SZ 8 1/2Blue by Betsey Johnson Jenna Mule Sandals 790, Silver, 8 US , NEW Lexington Patty Waffle Bathrobe Navy MediumMan/Woman SoftMoc Women's Mukluk Elegant appearance Online Quality and consumer firstNike FI Flex Golf Mens Shoes Off White Black 849960-100Puma Blaze Of Glory Ronnie Fieg & Colette Size 8.5 US Blue/White,Eur 41 , ASICS New Men's GEL-195TR(2E) Fitness Walking Shoes Black Color Wide AuthenticNike Air Max MP Ultra Mark Parker HTM Deep Royal Blue Men's Size 11 848625-401Mens 8" LL BEAN Maine Classic Duck Boot 12.5 132009 NIKE AIR JORDAN 1 RETRO RUFF N TUFF QUAI 54 Laser Blue 372389-401 size 10 , Valentino Men's Green Grey Camouflage Canvas Desert Boots RTL$695Florsheim Men's Brannon Wingtip Boot - Choose SZ/ColorMen's Slip On Loafers Faux Suede Vintage Chinese Style Low Heel Casual ShoesGentleman/Lady Sweeney London Leather Monk-Strap Shoe durability King of quantity Brand feast , adidas CG3011 Womens Energy Cloud w Running Shoe- Choose SZ/Color. , NEW Women's Nike Air Max 1 PRM Squadron Blue Sz 6.5 Metallic Navy 454746 401Nike Roshe run BR Women's Trarining Running Shoes 724850-100Sam Edleman Benjie Western Fringe Booties Tan Suede Chunky Heel Women's 9.5Thalia Sodi Womens brisa Closed Toe Knee High Fashion Boots burgundy Size 8.0 , Marc Fisher Womens Escape Suede Closed Toe Knee High Fashion Black Size 6.0 rvMerrell Women's Pechora Wrap Slip-On Shoe - Choose SZ/color , NEW! Ladies Smoky Mountain Boots - Leather - Brown & Red - 9" - Square Toe ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's/Women's Sneakers Adidas EQT Support Mid capability Mid sanfrancisco-14512 Fashion pattern discount Maintenance capability f96f75d -

    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.

    Men's/Women's Sneakers Adidas EQT Support Mid capability Mid sanfrancisco-14512 Fashion pattern discount Maintenance capability f96f75d -

    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
    Men's/Women's Sneakers Adidas EQT Support Mid capability Mid sanfrancisco-14512 Fashion pattern discount Maintenance capability f96f75d
    Athletic Shoes