Never miss an update

Saucony Men's Grid Escape TR3 Grey mogochinese-29363/Black Grey/Black/Blue/Blue 10.5 Escape D US 8ada36a

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
Color: Grey/Black/Blue
MPN: S25372-2 Department: mens
Model: S25372-2 Size: 10.5 M US
Brand: Saucony Style: Does not apply
UPC: 884547147240 EAN: 0884547147240
Never miss an update

Saucony Men's Grid Escape TR3 Grey mogochinese-29363/Black Grey/Black/Blue/Blue 10.5 Escape D US 8ada36a -

    Saucony Men's Grid Escape TR3 Grey mogochinese-29363/Black Grey/Black/Blue/Blue 10.5 Escape D US 8ada36a
    Saucony Men's Grid Escape TR3 Grey mogochinese-29363/Black Grey/Black/Blue/Blue 10.5 Escape D US 8ada36a
    Reebok Men's Runner 2.0 MT Running Shoe - Choose SZ/Color , K-Swiss Men's Aero Trainer SDE Sneaker, - Choose SZ/ColorPUMA Men's Mega Nrgy Knit Sneaker - Choose SZ/Color , Saucony Men's Excursion TR11 Running Shoe Grey Green 9 Medium USNew Balance Men's 331v1 Skate Shoe Grey/White 12 D USPUMA Mens Super Elevate Running Shoe- Pick SZ/Color. , Under Armour Charged Bandit 3 Men's Running Shoe (1295725)Saucony Originals Mens Classic Bullet Sneaker- Pick SZ/Color. , New Mens Skechers Equalizer Double Play Sneakers Grey Gel-infused insole Treaded , PUMA Men's Mega NRGY Knit Sneaker, - Choose SZ/ColorSkechers Mens OTG Glide High Seas Boat Shoes , Nike Zoom Strike Men Running Shoe Cargo Khaki Green Grey White AJ0189-300 SZ 13 , Propet M3705 Mens Dual Strap Lite Walking Shoe,White 15 M ( D )M3705 , Skechers Performance Men's Go Walk 3 Slip-On Walking Shoe Black 12 D(M) US , PUMA Men's 365 Ignite Netfit CT Soccer Shoe - Choose SZ/ColorSkechers Performance Men's Go Walk 4 Incredible Walking Shoe - Choose SZ/Coloradidas Performance Men's Pro Model Basketball Shoe - Choose SZ/Color , Skechers Sport Mens Vigor 2.0 Oxford- Pick SZ/Color. , Fila Mens Skele-Toes Ez Slide Drainage Shoes- Pick SZ/Color.New Balance Men'S 510V3 Trail Running ShoeGentlemen/Ladies Skechers Men's On-The-Go Glide-Premio Boat Shoe Durable service Beautiful Fair price , Nike 749172 Mens Flex Experience Run 4 Training Running Shoes Sneakers , Saucony Originals Mens Bullet Classic Sneaker- Pick SZ/Color. , Skechers Sport Men's Sparta 2.0 Training Sneaker - Choose SZ/Color , Under Armour Womens Drift Mineral Running Shoes- Pick SZ/Color. , Propet Men Stability Walker Sneaker, Grey/Black N USubuck, 10 D USSkechers Sport Mens Track Oxford- Select SZ/Color.Asics Unisex Gel Kayano Trainers Cream (H742N-0202)Skechers 65587 Men's Creston - Hemet Sneaker ,
    Saucony Men's Grid Escape TR3 Grey mogochinese-29363/Black Grey/Black/Blue/Blue 10.5 Escape D US 8ada36a ->Saucony Men's Grid Escape TR3 Grey mogochinese-29363/Black Grey/Black/Blue/Blue 10.5 Escape D US 8ada36a -
    EMU Australia Womens Sheepskin Stinger Mini Boots - Black - 8new MARC JACOBS army gray pull-on ANKLE BOOTS shoes - very comfortable , Mens Hi-Tec Boots - Cortina IV 200 , Women's Life Stride Softie Bronze 10 MWomen Ladies Casual Genuine Leather Shoes Sneakers 100% Leather Mocs CasualGiani Bernini Womens Jileese Square Toe LoafersWomens Wedge Heel Platform Shoes Slip On Bandage Ankle Strap Pointy Toe Sandals , NWD Anthropologoe Emma Go Jolene Peep Toe Heel Size US 8.5 MSRP $328Lilly Pulitzer Target My Fans Flip Flops 9 New With Tag Blue Gold PinkFinn Comfort Soft Sylt Brown Leather Sandals Shoes Womens Size 38 US 7 - 7.5FLEXUS by SPRING STEP WOMEN'S OPTIMIZA COMFY SLIP-ON SHOE, MADE IN ITALYMen's/Women's Propet Women's Bootie SlipperCinnamon7 M US Selling Upper material Maintenance capabilityNike SB Blazer Vapor TXT SZ 9.5 Black White Men SHOES 902663-010 FREE SHIPPING , NIKE AIR JORDAN FUTURE BOOT BLACK MENS 8.5 NEW 854554-002 WATER RESISTANT , UNDER ARMOUR UA TEMPO SPORT 2 GOLF SHOES BLACK SIZE 8 NEW W/BOX (3000215-001)PUMA X EASY RIDER GRAPHIC DP 364549-01 , Roper Men's Driving Moc Boat Shoes - 09-020-1775-2017 TA4451 STEEL TOE VINTAGE DISTRESSED oxblood RED WING CHORE FARM WORK BOOTS 11.5 EE , WALKER -Embossy Cowboy Boots Brown-Blue Leather , New Balance Men's M990ng4 - Choose SZ/color , Giorgio Brutini Men's Ankle Boot Black Genuine Snake Skin Leather Jarrett 8.5 MMens Slip On Bling Bling Glitter Rhinestones Loafer Wedding Shoes Color AssortedMan/Woman Movado Men's 3600278 Gold-Tone Chronograph Watch use Latest styles Outstanding function , AD258 BRIAN DALES shoes brown suede men elegantSkechers 12838 Sport Womens Ultra Flex-Metamorphic Sneaker- Choose SZ/Color. , Adidas Ultraboost X Parley Womens Running Shoes Blue Size 9.5 US NIB BB1978 , New Lucky Brand Womens Lk-Ramses Tapenade Ankle Boots Size 8 , New Lucky Brand Womens Brown Ankle Boots Size 8.5FitFlop Womens Superskate with Sequins Slip-on Loa - Choose SZ/colorJ Crew Biker Suede Boots 9.5 Warm Chestnut
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Saucony Men's Grid Escape TR3 Grey mogochinese-29363/Black Grey/Black/Blue/Blue 10.5 Escape D US 8ada36a -

    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.

    Saucony Men's Grid Escape TR3 Grey mogochinese-29363/Black Grey/Black/Blue/Blue 10.5 Escape D US 8ada36a -

    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
    Saucony Men's Grid Escape TR3 Grey mogochinese-29363/Black Grey/Black/Blue/Blue 10.5 Escape D US 8ada36a
    Athletic Shoes