Never miss an update

AB637 TRIVER FLIGHT shoes brown nabuk brown men TRIVER FLIGHT sneakers b4d7345

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
Main category: shoes
Style: sneakers Color: brown
Brand: TRIVER FLIGHT Material: nabuk
MPN: Does not apply Gender: men
Never miss an update

AB637 TRIVER FLIGHT shoes brown nabuk brown men TRIVER FLIGHT sneakers b4d7345 -

    AB637 TRIVER FLIGHT shoes brown nabuk brown men TRIVER FLIGHT sneakers b4d7345
    AB637 TRIVER FLIGHT shoes brown nabuk brown men TRIVER FLIGHT sneakers b4d7345
    VANS AV CLASSIC HIGH PRO BLACKOUT SKATE SHOES NIB SIZE 8.5 , air Jordan Flight Time 14.5 BLUE/WHITE US MENS SIZES 654272-026New Balance 574 Rust White Grey Gum Vintage Russett Sz 10.5 ML574ESH , Nike Air Zoom Pegasus 32 Black/White-Pure Platinum 749340-001 Men's SZ 8.5Skechers 52180 Flex Advantage 2.0 Men Black Sneaker , vintage pony shoes horizon II mens size 9.5 OG box 1985Adidas Mens Performance Pro Model Basketball Shoe Clear Brown/Black/White BZ0213 , new Nike Navaro Low Black/Black-Anthracite-White 386587 001 Size 9.5Converse Chuck Taylor All Star Hi Mens Coral Navy Canvas TrainersDS Adidas Superstar Boost Sz 11 100% Authentic Originals Vintage White BB0187 , Airwalk Throttle Skate Shoes Mens Black/White/Rd Skateboarding Trainers SneakersNike NSW Tiempo '94 Mid QS GREEN ABYSS/MTLLC GOLD-GMM ORANGE 641147378 size 12 , Adidas Vengeful M Grey/Silver AQ6084 Men's SZ 9Man/Woman ADIDAS SUPERSTAR PRIMEKNIT s75845 Attractive and durable Selected materials CharacteristicsMen/Women Puma Basket Classic Patent Sneaker Modern and elegant fashion Cheaper than the price Cheap order , CONVERSE CHUCK TAYLOR ALL STAR ONE STAR 11.5 HI TOP SNEAKER 103638FT MEN'S SHOESAP344 UMBERTO LUCIANI shoes white blue leather suede men sneakers[TUBULAR RUNNER-B25596] ADIDAS ORIGINALS WEAVE PRIME KNIT MENS SNEAKERS ADIDASCOadidas Men's Freak X Carbon Mid Softball ShoeFred Perry Underspin Mens Burnt Henna Canvas TrainersNew Nike 6.0 RZOL Low Shoe - Men's Black/Gum Light men's shoes size 8 $195New Balance 574 Fresh Foam Black White Green Sz 10 MFL574BGNIKE Men's Air Versitile Nbk Basketball-Shoes 10.5, 14 Color Game Royal/Mtlc SilMen's Size 14 Nike 318456-111 Air Max TL4 Running Sports Athletic Shoes-EUCAdidas City Cup College Burgundy White Sz 10.5 CQ1082Nike Men's Free RN Running Shoe Black/White/Dark Grey/Anthracite Size 13 NIBadidas Men's 5-Star Mid Football Shoe, Black/White/Ngtmet, Size 16 M USMerrell Moab Fst Mens Comfortable Hiking ShoesAIR JORDAN 14 RETRO white, black-varsity red-metallic silver 2006 Sz8
    AB637 TRIVER FLIGHT shoes brown nabuk brown men TRIVER FLIGHT sneakers b4d7345 ->AB637 TRIVER FLIGHT shoes brown nabuk brown men TRIVER FLIGHT sneakers b4d7345 -
    Ulirassi by ALDO, Brown GENUINE suede, 4.25" heel zip ankle/calf boots, SZ 8.5 , FRYE BOOTS Paige Tall Riding Dark Brown Leather Boots 77535 SZ 7 $388Adidas NEO Daily 2.0 [DB0161] Men Casual Shoes Black/White , Lanvin designer black leather patent ankle boots -size 39.5 - new!Cotswold Wotton Bootie Sheepskin Slippers Leather Suede Comfort Pull on LadiesKenneth Cole REACTION Point Tea Pointed Toe Heels 043, Black, 11 US / 42 EUNine West Black Criss Cross Block Heel Pumps Sz 6MNEW Madewell $168 The Rae Suede Clog Size 10 Dusty Clay G1978 mulesAC695 5 PRO JECT shoes black leather women sandals , NIB Mens Fila Dimension Track Energized Memory Foam CoolMax Athletic Shoes Sz 10 , adidas Originals Bamba - Mens Trainers in Grey Red US SIZES: 8; 10 , Man's/Woman's Nike Men's Speedlax 5 Training Shoe sell Moderate cost Lightweight shoesNike Roshe Run One Print Camo Men's Trainers Shoes Blue Navy UK-8.5 GenuineNIKE AIR PEGASUS A/T ALL TERRAIN ACG 924469 002 BLACK/COOL GREY/WHITE , adidas Men's Explosive Bounce Running Shoe - Choose SZ/Color , NEW BALANCE Men's M991 Blue Grey Running Shoes Size 9.5 D 9.5D 991 992NIKE KD VI 6 SEAT PLEASANT SONIC YELLOW MIDNIGHT NAVY 599424-700 what the floral , NIKE LEBRON XV 15 DARK ATOMIC TEAL/BLACK-TEAM RED SIZE MEN'S 11 [897648-300] , AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4E3110 WHITE RED NEW US 11Danner Mens Pronghorn RealTree Xtra 400g Insulated Leather Hunting Boots 45009DAN POST BEXAR 13" WELLINGTON COWBOY BOOTS DP2295 * ALL SIZES - NEWNew sz 11.5 US / 44.5 SAINT LAURENT Black Leather Boxer Stud Ankle Boot MEN Shoe , Dunham Men's Trukka Slip on Fashion Sneaker - Choose SZ/ColorArmani Jeans AJ Shoes Sneaker Sz. 8,5 Leather Man Bl 9350287A421-44135 PUT OFFER , Nine West Womens Nonchalant Fabric Fashion Sneaker- Pick SZ/Color. , Adidas Originals Swift Run Women's Shoes Brown/White cg4141Skechers Women's ONE Bora Chantilly D'Orsay Sneaker Mint Sneakers , Jessica Simpson Womens Cerrina Leather Almond Toe Ankle Storm Taupe Size 7.5 R , NEW! Jeffrey Campbell Squall Wedge Mid Shaft Snow Blue Boots US 9Fly London Yogi Cordoba Red Womens Wedge Boots Luxor Leather ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    AB637 TRIVER FLIGHT shoes brown nabuk brown men TRIVER FLIGHT sneakers b4d7345 -

    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.

    AB637 TRIVER FLIGHT shoes brown nabuk brown men TRIVER FLIGHT sneakers b4d7345 -

    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
    AB637 TRIVER FLIGHT shoes brown nabuk brown men TRIVER FLIGHT sneakers b4d7345
    Athletic Shoes