Never miss an update

Women New Balance 620 Shoes V2 Trail Running Women 620 Athletic Shoes Sneakers Gray WT620LG2 f37c808

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: White
Brand: New Balance Material: Leather
Model: WX608V4W Width: Medium (B, M)
Style: Trail-Running Shoes
Never miss an update

Women New Balance 620 Shoes V2 Trail Running Women 620 Athletic Shoes Sneakers Gray WT620LG2 f37c808 -

    Women New Balance 620 Shoes V2 Trail Running Women 620 Athletic Shoes Sneakers Gray WT620LG2 f37c808
    Women New Balance 620 Shoes V2 Trail Running Women 620 Athletic Shoes Sneakers Gray WT620LG2 f37c808
    New Women shoes Nike Free Focus TR Flyknit White Orange SZ 7.5 Style 844817-500 , Nike Flyknit Chukka Spikeless Water Resistant Purple Black Womens ShoesWomen's 11 B M medium NEW BALANCE Running Shoes Black Nylon wprsmbk , adidas Originals Gazelle Women’s Sneakers, Black/White Size 8.5 BA9595WMNS NIKE AIR ZOOM STRUCTURE 19(806584 402)SIZE 6~10 , Men/Women Skechers Women's Bikers Moccasin Shoes Beautiful design Sufficient supply Brand feastNike Classic Cortez Suede Women’s Shoes Sneakers Training New Sz 10.5; Eur 42.5 , Women's NIKE Duel Racer CASUAL Shoes Size 5.5-11 Black / Dark Grey (927243 004)Women's Adidas Cloudfoam Advantage - Grey - Width: med - Fashion Sneakers , Nike LUNAREPIC FK SHIELD GYAKUSOU Women's Running Shoes 6 US , Nike Air Max 1 Ultra 2.0 Triple White Metallic Women's Shoes 881104-100 Size 9.5New! Saucony Women's Triumph 10 in Orange Size: 8 in box , NWT Women's adidas Kanadia 7 Tr Athletic Running Shoes B40587Skechers Women SK12756 Flex Appeal 2.0 High Energy Trainers Sneaker Shoes Sz 8.5 , ADIDAS WOMEN'S STAN SMITH MID W SHOES SNEAKERS BLACK/WHITE US8.5adidas Originals Women's Campus Sneakers Casual Gold Navy Blue Size 7 SKU BY9851Nike W Flex Trainer 7 898479-600 Women Training Shoes Red Black Punch Size 10Montrail Rogue Fly women's Shoe Size 7.5 NIBDC REBOUND HIGH SE GOLD WOMEN SHOES SIZE 7 TO 11Women's Adidas Questar Ride - White/Orange - Width: med - Running , NIKE WOMENS FREE RN DISTANCE 2 RUNNING SHOESVans Classic Slip On (Velvet) Oxblood/Black Women's 8.5Nike Air Force 1 Hi Prm Suede Women's Size 7.5 Shoes Red/Black/Plum 845065-600 , Men/Women Merrell Womens Shoes New Size 7 Clever and practical Orders are welcome Beautiful and charmingNEW Women's Nike Wild Trail Athletic Shoes (643074 001) Sz 7.5 , Womens Nike Air Max Zero Si Black/Grey/White Running Shoes 881173-001 All SizesAdidas Originals MC-X1 Women Trainers Shoes Size 7 Black Animal Print Pink NEW , NIB Salomon XA Comp 8 black shoes women size 8.5Montrail Rogue Fly women's Shoe Size 6.5 NIB ,
    Women New Balance 620 Shoes V2 Trail Running Women 620 Athletic Shoes Sneakers Gray WT620LG2 f37c808 ->Women New Balance 620 Shoes V2 Trail Running Women 620 Athletic Shoes Sneakers Gray WT620LG2 f37c808 -
    Steven by Steve Madden MALIK Olive Green Suede Wedge Ankle Boot - MSRP $149 , Old West Women's 12 Inch Snip Toe Fashion Wear Cowboy Boot Tan Fry Leather , Converse Jack Purcell LP L/S Black White Blue Men Women Casual Shoes 160824C , Used Saint Laurent 'Court Classic' hi-top sneaker size44 , AIR JORDAN DEFINING MOMENT PACK 13/14. Sz 13. VNDSSAS Slip on Loafers Shoes Beige Size 8M Wedge Tripad Comfort Foot 8 MediumSweet Girls Women's Leather Rivet Loafers Moccasins Flats Emboridery Mules shoes , GUESS BY MARCIANO, SCARLETTE PLATFORM SANDAL, WOMENS, BLACK, US 8M, NEW/ DISPLAY , Gentlemen/Ladies WOMEN"S PlATFORM&WEDGES SANDALS "ROUGE" New Listing Wholesale trade Modern and elegant , Asics Gel-Nimbus 16 Womens Running Jogging Shoes Sneakers Trainers US 7.5 , Adidas Originals Tubular Nova PK Primeknit Glow in the Grey nmd NEW boost BB8410 , Adidas Mens Originals Stan Smith Og Pk Fashion Sneaker Tech Steel S80067 , Mens NIKE KOTH ULTRA MID Dark Brown Suede Textile Trainers 749484 228 , Adidas 2018 Mat Wizard 4 Red White Wrestling Shoes Men's Adult Adidas Shoes , La Sportiva Men's Bushido - Ocean / Sulphur - 42Nike Kobe XI 11 CARPE DIEM Mens Black Basketball Shoes Size 13 | 836183-015AIR JORDAN 1 HIGH STRAP SIZE 17 , Nike Air Huarache Run Mens 318429-421 Blue Void Royal Running Shoes Size 14Hender scheme Adidas NMD R1 Black Size US9 , El Dorado Men’s Handmade Basket Weave and Inlay Size Size 10DMen's/Women's Cole Haan shoes High quality and cheap high quality Elegant and robust menuNEW STEVE MADDEN ROCODILE BLACK LEATHER SHOES MENS 11 EMBOSSED LEATHER , *NEW* Men's CK Calvin Klein Jeans - Darian Leather Oxford Sneakers - 10 TanStacy Adams Mens FORTE CAP TOE OXFORD Black/White Leather Dress/Casual 25180-111Man/Woman FURYLITE NP NOIR BLEU excellent quality Let our products go to the world Authentic guaranteeKeds Women's High Rise Nylon Sneaker,Black Nylon,US 9 MBearpaw Elle Tall Boot - Women's Hickory 9.0 , WOMENS ADIDAS ORIGINALS EQT SUPPORT ADV SZ 9.5 WHITE CORE BLACK YELLOW DB0401 , David Tate Women's Zest Bootie Tan Suede Ankle Boots , French Connection Women's Cat Rain Shoe, Aluminum/Celestrial Blue, 36 EU/6 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women New Balance 620 Shoes V2 Trail Running Women 620 Athletic Shoes Sneakers Gray WT620LG2 f37c808 -

    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.

    Women New Balance 620 Shoes V2 Trail Running Women 620 Athletic Shoes Sneakers Gray WT620LG2 f37c808 -

    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
    Women New Balance 620 Shoes V2 Trail Running Women 620 Athletic Shoes Sneakers Gray WT620LG2 f37c808
    Athletic Shoes