Never miss an update

Dunlop Mens Running mogochinese-14056 Shoes, Sneaker: DM216 MAX RUN Light, DM216 Dunlop walking, Athletic shoes 634786e

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
Style: Running, Cross Training
Brand: Dunlop Material: Polyester
US Shoe Size (Men's): 6.5 - 10 Width: 4E
Never miss an update

Dunlop Mens Running mogochinese-14056 Shoes, Sneaker: DM216 MAX RUN Light, DM216 Dunlop walking, Athletic shoes 634786e -

    Dunlop Mens Running mogochinese-14056 Shoes, Sneaker: DM216 MAX RUN Light, DM216 Dunlop walking, Athletic shoes 634786e
    Dunlop Mens Running mogochinese-14056 Shoes, Sneaker: DM216 MAX RUN Light, DM216 Dunlop walking, Athletic shoes 634786e
    Nike Phylon Black Suede Vintage Men's Size 13 , Adidas Adistar Long Jump Spiked Track Shoes Size 8 Silver and Orange New , Mens Adidas Hamburg Athletic shoes size 12 US rareEMERICA Brandon Westgate DARK BLUE WHITE MEN'S SKATE SHOES S195.10 /reynolds hsuMr/Ms New Balance Men's 608v4 Clearance price High quality and economy Lightweight shoesAltra Instinct Everyday Mens Leather Casual Walking Shoes Oxfords Size 10.5 , Vintage 90’s Reebok Hexalite THE PUMP Basketball Sneakers Shoes (8.5) , adidas ZX 420 - Red - Mens , Adidas Tubular Doom Runner Originals Shoes Knit All Pink Suede Mens 12 (S74795)Men/Women Vans Men's Shoes TNT SG ''Pewter/Sunflower''--Grey/Yellow Many varieties International choice Popular tide shoes , Man's/Woman's adidas Gazelle - Brown - Mens use Let our goods go to the world Most practical , Nike Kobe Mamba Instinct Black sz 9 (852473 001) NewNike Zoom Ja Fly 2 Track & Field Spikes Rio Volt / Pink 705373-999 Mens Sz 11.5Vans Era Decon CA (2 Tone) Dark Slate/Deep Teal Men's Skate Shoes SIZE 11 , Fall Mens Hip Hop High Top Bling Sequin Board Shoes Sneakers Athletic Sport 2018Adidas Speed Trainer 2.0 SLT Mens Running Shoe SKU B54349 Size 11Nike Men's Dunk Low Pro Skate Shoes Binary Blue 904234-400 Men's Size 8.5 NEW , Reebok Ventilators Classics Hexalite Blue Pink Men's sz 8.5 Women's Sz 10Used Worn Size 13 Nike Delta Force AC Shoes White Gray Red BlackDiamond Supply Co, All Day Brandon Biebel, Black/White, Men's US Size 10.5 , Skechers Men's Delson Brewton Sneaker , Nike Zoom Vick III 3 Black White Classic 832698-002 Msrp $160 DWNEW NIKE Davinho Indoor Soccer Shoes (580452-010) Black/White Men's Sizes 8Vans Zapato Del Barco Canvas Navy Blue White Mens Womens Canvas Shoes Sizes , VANS SK8-HI ZIP LEATHER - NUBUCK - SUEDE MAJOR BROWN MEN'S SZ 12 NEW IN BOX , MENS FALLEN STRIKE SKATEBOARDING SHOES NIB BLACK DENIM GOLD , Retro Air Jordan Shoes Size 10 Baby Blue , 2007 Nike Air Force 1 Premium Toronto Bone Volt Green 315180 002 sz 9 USEDNike Lebron X (10) Low Easter - Size 12
    Dunlop Mens Running mogochinese-14056 Shoes, Sneaker: DM216 MAX RUN Light, DM216 Dunlop walking, Athletic shoes 634786e ->Dunlop Mens Running mogochinese-14056 Shoes, Sneaker: DM216 MAX RUN Light, DM216 Dunlop walking, Athletic shoes 634786e -
    Freebird by Steven Halo Women’s Distressed Brown Leather Ankle/Zip Boot 6M $245WOMENS BROWN SUEDE LTHR JOAN DAVID STILETTO BOOTIES SHOOTIES US 10 , Men's/Women's Gabor Pump - Larkhall 82.402 Moderate price In short supply Characteristics , Women's ECCO Taylor Ginger Gingembre Patent Leather Sling Pump 8 - 8.5 M /Chic Womens Patent Leather Leopard High Heel Stilettos Pumps Clubwears Shoes NewBlack Cut Out Dress Evening Stiletto Heels UK5 EU38 BRAND NEWA2 by Aerosoles Women's Redwood2 Dress Pump Bone 7.5 W USBADGLEY MISCHKA XUAN Black Fabric Designer Dressy-Evening Sandals 8.5 MNew w Box Authentic Salvatore Ferragamo Anyone Leather Heels Purple Women 9.5 USPUMA Women's Suede Elemental Wn's Fashion SneakerClarks Women's Shoes Wedges Sandals Cutout Black Strappy Platform Summer 7 MWomens Stilettos Sexy High Heels Patent Leather Pointed Toe Ankle Strap Shoes I7 , Li Ning Dwayne Wade Way Of Wade 2 Announcement 3m VNDS OG All Size 12 OG Box , Adidas White Superstar For Men Size 5 New Without Box And Some Minor StainsNike Lebron XIII 13 Written In The Stars Mens 11 807219-500 Mulberry Shoes New , ADIDAS FOREST GROVE BLACK WHITE BOOST SHOES MENS US9.5 SNEAKER DEADSTOCK NEW , Men's Spenco Total Support Orthotic Siesta Slide chocolate sz 9Man/Woman Skechers Men's Porter Meteno Oxford Long-term reputation Fast delivery classic styleCole Haan Air Colton Brown Suede Croc-Embossed Saddle Oxford Shoes 8.5Spiked Converse Chuck Taylor All Stars ALL SIZESJohnston & Murphy Larsey Runoff Venetian Men's Brown Leather Loafers 10.5 Narrow , Women's Ladies Adidas Falcon Elite 4W Running Shoes, Trainers, Sneakers - BlueMen Sanuk Chiba Sidewalk Surfer Slip On SMF1047 Black/Charcoal 100% Original New , Men/Women Asics Women's Dynaflyte Ankle-High Running Shoe feature a wide range of products wonderfulNike Fast EXP Z07 Black Solar Red White Volt AQ9951 001 Womens Size , Nike Air Force 1 Upstep Metallic Anaconda Womens 917590-900 Blur Shoes Size 7.5Diba 9 Black Knee-High Stiletto Heels Gladiator Dianna Boot Sexy Club Buckle $99Beacon Womens Kitty Fringe Suede Closed Toe Ankle Fashion, dark teal, Size 12.0Vintage ACME DINGO Black Cowboy Boots multi color stitch metal toe tip 7M USA , VANELi Womens jonele Leather Pointed Toe Ankle Chelsea Boots, Black, Size 9.0 d8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dunlop Mens Running mogochinese-14056 Shoes, Sneaker: DM216 MAX RUN Light, DM216 Dunlop walking, Athletic shoes 634786e -

    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.

    Dunlop Mens Running mogochinese-14056 Shoes, Sneaker: DM216 MAX RUN Light, DM216 Dunlop walking, Athletic shoes 634786e -

    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
    Dunlop Mens Running mogochinese-14056 Shoes, Sneaker: DM216 MAX RUN Light, DM216 Dunlop walking, Athletic shoes 634786e
    Athletic Shoes