Never miss an update

Ara Ryder Sporty Ryder Sneakers - Nubuck, Color: Kiesel Suede, Color: Suede, US Size: 6.5, Width: G 1bcdfef

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
US Shoe Size (Women's): 6.5
Material: Nubuck Brand: Ara
Heel Height: Low (3/4 in. to 1 1/2 in.) Style: Sneaker
Country/Region of Manufacture: Germany UPC: 4030222104121
Never miss an update

Ara Ryder Sporty Ryder Sneakers - Nubuck, Color: Kiesel Suede, Color: Suede, US Size: 6.5, Width: G 1bcdfef -

    Ara Ryder Sporty Ryder Sneakers - Nubuck, Color: Kiesel Suede, Color: Suede, US Size: 6.5, Width: G 1bcdfef
    Ara Ryder Sporty Ryder Sneakers - Nubuck, Color: Kiesel Suede, Color: Suede, US Size: 6.5, Width: G 1bcdfef
    Topo Athletic Womens Halsa Running Shoes 15W101 Lime/Orchid Size 8Reebok Womens Easytone Freestyle Ice Filled Silver/White/Grey Size 7 , New Women’s Nike Hypervenom Phelon II ACC FG Soccer Cleat Size 8 (844268-164) , New Women's PUMA Phenom Satin EP Training Sneaker Size 8 , Nike W Renew Rival [AA7411-005] Women Casual Shoes Aviator Grey/White , NIKE FLEX 2016 RUN WOMAN SIZE 5.0 NEW HYPER VIOLET RARE COMFORTABLE STYLISH , New Balance 574 Classic Women's Black/White WL574EB , NIKE WOMENS AIR HUARACHE RUN ULTRA PREMIUM BLACK WHITE BLUE TINT 859511 004 SZ 5adidas Originals Superstar Women's White/Onix/Gold Metallic BY3922Merrell Women's Moab FST Mid Waterproof-W Hiking Boot Size 7 in BoulderNew Balance Womens WW1765 Walking Shoes in Silver/Diva Pink size 6.5 , Nike Women's Lunarglide 8 843726 601 Pink Blast/Summit White Brand New , NIKE AIR ZOOM LWP '16 JCRD/KJ SZ: WMNS 5.5 (878224 111) Retail: $250.00 , New Under Armour 1278782-102 Womens UA LAX Highlight MC Sz 5.5 WHT/ELE , ADIDAS ULTRABOOST X PK BB3433 Primeknit Boost running shoe women's 11 / men's 10NIKE AIR PRESTO WOMEN'S RUNNING SHOE 878068-403 s. 5 , NIKE WOMENS AIR HUARACHE RUN PREMIUM METALLIC MAHOGANY WHITE AA0523 202 SZ 6Adidas X Fabela Zone UK Women's Field Hockey Shoes Boost Aqua Blue US 9.5 GolfWOMENS NIKE LUNAREPIC FLYKNIT VIOLET 818677-501 SIZE 8.5 NO BOX , PUMA Women's Blaze Of Glory Metallic ShoesNIKE WOMENS SF AF1 AIR FORCE 1 MID BLACK GUM BROWN FIELD BOOT AA3966 002 SZ 8 , New Mizuno 410945 9B6U Wave Creation 19 Silver Women's Running Shoes 6.5 US , Madden Girl Evetee White Quilted Fashion Sneaker Women Size 8 MNike Blazer Mid 73 Ice Blue Light Mint Sail Women's Size 12.5 2005' 310031 431ara Women's Asbury 42767 Casual Shoe Black Leather Size 8 M , Brand New W Air Zoom Mariah FK Racer PRM 917658-100 White Size 7.5 FLYKNIT , Topo Athletic Womens Halsa Running Shoes W010 Lime/Orchid Size 9Adidas ZX FLUX TORSION MEXKUMEREX Running 700 Boost gym Energy Shoe~Women sz 7.5 , New Balance Minimus running shoe women 7.5/8/8.5 D minimalist trail WT10BB black
    Ara Ryder Sporty Ryder Sneakers - Nubuck, Color: Kiesel Suede, Color: Suede, US Size: 6.5, Width: G 1bcdfef ->Ara Ryder Sporty Ryder Sneakers - Nubuck, Color: Kiesel Suede, Color: Suede, US Size: 6.5, Width: G 1bcdfef -
    Donald Pliner Gale Black Embossed Leather Trim Buckle Suede Knee High Boot 6Gentlemen/Ladies Maroon Adidas Gazelle 9.5 US the most convenient International choice Current shape , Agnona IT Shoes Women's Snake leather 41 GreyDansko Professional Patent Navy Crinkle Casual Clog 706750202 Womens Size 37-41KELSI DAGGER, GRISELDA ESPADRILLE, RED SUEDE, WOMENS, US 8.5M, EURO 38.5, N.I.B. , Women High Heels Platform Plaid Suede Ankle Strappy Elegant Sexy Vogue Shoes , $280 STUART WEITZMAN ESTEEM Cognac Patent Leather Designer Platform Wedges 10 , NEW MEN'S ADIDAS ORIGINALS TUBULAR SHADOW SHOES [B37714] GREY//WHITE-GREEN , SUPRA SKYTOP BLACK CAYMAN 08003-079 MEN SHOES SIZE 9 TO 14Nike Jordan Illusion Low, Black / Gym Red / White, Nike Dunk Sole, Size 13 , Nike Men's Zoom Fly SP "Tokyo" Running Shoes sz 9.5 [AJ9282 100] white red , New Adidas NMD R2 SIZE 10 PK Nomad Primeknit Black Red r1 xr1 boost FREE SHIP , Nike Air Jordan 3 Retro OG “True Blue” 854262-106 Size 10.5ASICS Men's Gel Fuji Endurance Running Shoe - Choose SZ/ColorReebok Work Men's Sublite Cushion Work RB4040 Industrial and Construction Shoe,Georgia Men's 10" Giant Wellington Pull-On Steel Toe Work Boots-G4374Bonanza Boots 51707 Ostrich Leg Print Western Cowboy Boots Medium Various ColorsSperry Top-Sider Men's Gold Cup A/O 2-Eye Navy Boat ShoesBRIGADA Swiss Watches for Men, Nice Business Casual Blue Brown Men's Watch,...New Lacoste Shoes Alisos 20 Black Leather Mens Fashion Sneakers $145Camper Mens Wabi 18811 Shoe 43EU (10 US)- Pick SZ/Color.Toscanini Collezione oro men's 9M brown leather shoes Made in Italy , Bolano Mens Cognac Brown Double Monk Strap Dress Shoe Pebble Emboss Bancroft-215 , WMNS Nike Air Huarache Run SZ 6 Ember Glow Dark Cayenne White 634835-801 , Rockport Women's Trustride Tie Sneaker Taupe Leather SneakersNIKE AIR Womens 9.5 - PINK PURPLE TEAL HIGH TOP ATHLETIC SNEAKERS SHOES , [CQ2014] Womens Adidas NMD_R1 W Sneaker - Scarlet WhiteMan's/Woman's NEW GIUSEPPE ZANOTTI OUTSEASON WOMENS NICKI Selling Let our goods go to the world Exquisite processingNIKE Womens Nike Air Vapormax Fk Moc AA4155-013 DARK STUCCO Size 5.5 , Sperry Top-Sider Women's Stella prow Ankle Bootie Khaki ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ara Ryder Sporty Ryder Sneakers - Nubuck, Color: Kiesel Suede, Color: Suede, US Size: 6.5, Width: G 1bcdfef -

    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.

    Ara Ryder Sporty Ryder Sneakers - Nubuck, Color: Kiesel Suede, Color: Suede, US Size: 6.5, Width: G 1bcdfef -

    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
    Ara Ryder Sporty Ryder Sneakers - Nubuck, Color: Kiesel Suede, Color: Suede, US Size: 6.5, Width: G 1bcdfef
    Athletic Shoes