Never miss an update

NEW 20803 Vans Patent Leather SLIP ON gamesguide-20805 Shiny BLUE Iridescent Leather Womens 6 MENS 4.5 Shoes ed4f0fe

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: VANS
Material: Patent Leather US Shoe Size (Women's): 6
Color: Blue Style: Fashion Sneakers
Pattern: SOLID UPC: Does not apply
Never miss an update

NEW 20803 Vans Patent Leather SLIP ON gamesguide-20805 Shiny BLUE Iridescent Leather Womens 6 MENS 4.5 Shoes ed4f0fe -

    NEW 20803 Vans Patent Leather SLIP ON gamesguide-20805 Shiny BLUE Iridescent Leather Womens 6 MENS 4.5 Shoes ed4f0fe
    NEW 20803 Vans Patent Leather SLIP ON gamesguide-20805 Shiny BLUE Iridescent Leather Womens 6 MENS 4.5 Shoes ed4f0fe
    Chaco J106586: ZX2 Classic Dolman Pine Atheletic SandalNew Balance WRZHLP1 Gray/Purple Women's Running Shoes , Adidas Originals Women 7.5 / 8 Men 6.5 Tubular X PRIMEKNIT Shoes White S76039Nike Women's Air Force 1 Hi FW GS 2014 Holiday Size 8 , G.H. Bass & Co. Women's Estelle LoaferNIKE OUTBREAK HIGH SNEAKERS WOMEN SHOES BLUE/GREEN 318635-411 SIZE 8.5 NEWNIB Keen Womens 5 Versatrail Low Hiking Shoes Boots Gray Saffron Euro 35 NEWMizuno Wave Wave Paradox 3 Women's Sneaker Pink/Blue Size 10.5M NWBPuma Women's Speed Ignite Netfit Ankle-High Running ShoeMerrell Emma Clog Mule Women Black Distressed Leather Size 9.5 M 40.5Nike AirMax1 Ultra Moire Women's Shoe 11.5 Dark Citron/Bright Citron 704995-301 , WMNS Nike Air Max Sequent 3 Women's Running Shoes, 908993 017 Size 8 NEW , Vintage Nike Air Max 90 Women’s Size10 Denim Ice Yellow Blue Maize AirMax ShoesWMNS Nike FREE TR Flyknit 2 (904658 100) Sz 8 White/Hyper Wolf Grey WNew Asics Women's Noosa FF Running Training Airy Blue/Blue Purple/Flash CoralNew Brooks Evenfall Regent Women Sneakers Pink/BlueVibram FiveFingers VI-B Magenta womens sizes 36-42 NEW!!!Mizuno Wave Sky Size US 7.5 M (B) Women's Running Shoes Pink BlueHush Puppies Women's Power Walker II Leather Walking Shoes H70295New Balance W1080WP4 Running Training Racing Shoes White Blue Pink Womens 10.5Asics Gel DS Trainer 21 Size US 8.5 M (B) Women's Running Shoes Red T647NAsics Gel Scram 3 Women's Sz 8.5 Grey/Silver/Aruba Blue Athletic Shoes X14-1661ASICS Gel Lyte III 3 Blue Metallic Women kith atmos Running Shoes New H6E5L-4242 , SKECHERS Performance Go Flex Slip-On Women's 14010 Walking Shoes Black , Tory Sport Chevron Color Block Sneaker - Women's Size 8.5M White , Under Armour Women's Glenrock Low Hiking Shoes Blue Style 1257699 407 , Adidas Originals STAN SMITH Comfort Leather women's Shoes Size 9ASICS GT-2000 6 Running Shoes, Women's Size 9 2E, BlueNIKE Women's Lunarglide 9 Women's shoes 904716 002 Sz 10.5 ,
    NEW 20803 Vans Patent Leather SLIP ON gamesguide-20805 Shiny BLUE Iridescent Leather Womens 6 MENS 4.5 Shoes ed4f0fe ->NEW 20803 Vans Patent Leather SLIP ON gamesguide-20805 Shiny BLUE Iridescent Leather Womens 6 MENS 4.5 Shoes ed4f0fe -
    Naturalizer Women's Frances Wide CLF Riding Boot Taupe 6 W US , Ariat Women's Terrain Pull-on H2o Western Boot Distressed Brown 8.5 M US , Roper Women's Classic Wonder Leather Boot - Square Toe - 09-021-8022-1498 BL , Shoes Skechers Originals 82 Wanderwool 681 GRY Woman Memory Foam Grey High HeeOld Gringo Women's L956-3 Julie Vesuvio Chocolate Cowboy Boots , Adidas Originals Tubular Radial Trainers Shoes Retro Trainers Shadow BB2397 , JCrew $148 Mary Janes Flats in Glitter Sz 6.5 Pale Gold F4977 Sparkle (Flaw) AVLMan/Woman Klogs USA Women's Mission Clog Elegant shape a variety of best sellerNew VIA SPIGA Womens Block Heel Strappy Metallic LEATHER Sandals Sz 7.5,Spenco Cheetah Print Sandals - Women's Tan - 11 , Gentlemen/Ladies NEW LUCIANO BARACHINI WOMENS SANDALS Many styles Make full use of materials Reliable reputationNEW Dickies Spear 6 steel toe Slip resistant black Men size 13 FREE SHIP , Adidas Pro Shell Mens BY4384 White Scarlet Red Leather Strap Shoes Size 11.5 , New Adidas Harden Vol. 1 PK PrimeKnit Men's Size 14, Beige, Sty#B44901 , Men's/Women's Nike Cruz Trainer Wheat Size 9 Moderate price a variety of renewed on timePuma Ignite Pwradapt Leather Men's Golf Shoes 190581 - White - Pick SizeRare air Jordan Nike sneakers Men's triple black size 26.5CM M06 , Dr. Martens Men's Fynn Western Boot Tan 9 F(M) UK / 10 D(M) USDeer Stags 'Duke' Mens Leather Tassel Loafers Casual 10 1/2 W Tan Slip-on StyleMens Males Dandy Loafer Fashion Sneakers Casual Slip-on Shoes Brown CS-RLS_EC , To Boot New York Slip On Suede Penny Loafers Brown Men Sz 8.5 1056Wholecut goodyear welted shoes Same style as Crockett & Jones "Alex" , Nike Roshe One PRM Quilt Womens 833928-004 Black Ivory Running Shoes Sz 7.5 New , Converse Chuck Taylor All Star II Hi Gold/White-White 555796C Women's SZ 9 , Skechers Sport Women's Burst Fashion Sneaker Black/light Blue 12740Skechers Go Walk Lite GEM Triple Black Women Casual Walking Shoes 15395-BBK , Man/Woman Brooks Womens Launch 5 wholesale product quality Contrary to the same paragraph , New Balance Women's WR9500 Zip Running ShoeNike Air VaporMax Plus Pink Blast Fuschia Black Peach Womens Trainers AO4550-004Earth Merlin Boots Leather Womens Ankle Boots Mid Heel Size 12 US Black $140
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW 20803 Vans Patent Leather SLIP ON gamesguide-20805 Shiny BLUE Iridescent Leather Womens 6 MENS 4.5 Shoes ed4f0fe -

    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 20803 Vans Patent Leather SLIP ON gamesguide-20805 Shiny BLUE Iridescent Leather Womens 6 MENS 4.5 Shoes ed4f0fe -

    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 20803 Vans Patent Leather SLIP ON gamesguide-20805 Shiny BLUE Iridescent Leather Womens 6 MENS 4.5 Shoes ed4f0fe
    Athletic Shoes