Never miss an update

FILA Men's Tourissimo Black/White/Red Black/White/Red Heritage High Men) Heritage Top (Size 9 US Men) 2bd5401

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
Model: Tourissimo
US Shoe Size (Men's): 9 Style: Basketball Shoes
Color: White Type: High Top
Brand: FILA UPC: 791273310261
Never miss an update

FILA Men's Tourissimo Black/White/Red Black/White/Red Heritage High Men) Heritage Top (Size 9 US Men) 2bd5401 -

    FILA Men's Tourissimo Black/White/Red Black/White/Red Heritage High Men) Heritage Top (Size 9 US Men) 2bd5401
    FILA Men's Tourissimo Black/White/Red Black/White/Red Heritage High Men) Heritage Top (Size 9 US Men) 2bd5401
    Man/Woman Air Jordan Olympic 5 use Comfortable touch VariousMen's Blue Gray Nike Lunareclipse+ 3 Size 13 New 555337 009Mens NIKE AIR MAX 95 ULTRA SE Obsidian Trainers AO9082 403 , NIKE ZOOM FIELD GENERAL OHIO STATE BUCKEYES SZ 8 RARE!! [654859-061]Mens Shoes sz 71/2 JORDAN TEAM ELITE LOW Black University Blue-White Pre-Owned , Nike Air Max LD-Zero Men's US Size 9.5 MSRP $210 Suede Leather 848624-100 Sail , Asics Blaze Nova Coral Orange White Men Basketball Shoes Sneakers TBF31G-3001Men's Adidas PW Tennis HU "Pharrell Williams" - Size 11.5 - Core Gold CP9767Nike MagistaX Proximo II TF 2 men soccer shoes football NEW crimson 843958-805Adidas Kith Nemeziz 17.1 Tango Ultraboost Pink Soccer Football Shoe Size 11 , NIKE SAMPLE ZOOM FLY RUNNING SHOES (880848 004) SZ: MNS 10 RETAIL: $150.00 , Mizuno Wave Shadow 2 [J1GC183001] Men Running Shoes Blue/White-BlackNike Magista Orden II SG 2 men soccer cleats football NEW crimson 844521-806New Nike Flyknit Racer Multi Color 2.0 Rainbow 526628 304 Size 10Converse Miami South Beach Heat Vice BNIB ViceVerses Mens Womens Kids Sizes , 2004 Nike Air Jordan 2 Retro White Varsity Red Black Sz 8.5 (0346) 308308-161 , RARE Nike Air Jordan 1 Retro High 2009 Black Ostrich Sz 14 , Nike Men's Classic Cortez Shark Low SP, WHITE/WHITE-BLACK, 11.5 M USGentlemen/Ladies Jordan spizike size 10 basketball shoe Comfortable feeling Low price Easy life , Vans Old Skool Marvel Avengers Size 8.5 Mens Skate Shoes , Nike LeBron 20-5-5 size 18 Birthday LeBron James pre owned2002 Nike Air Force One 1 Low B sz 12 White Columbia Blue 624040-142 CRNIKE AIR MAX 90 Vast Grey/Atmosphere Grey LIFESTYLE COMFY SNEAKER MEN'S SHOEShoes DC Shoes Pure Se Blue Men 301024-NVY , NIKE AIR MAX 1 ID WHITE-RED-BLUE SZ 8.5 USA EDITION MESH TOE! [943756-972]NEW Mens Nike Air Pegasus AT Shoes Midnight Fog/Cobblestone 924469-001 Sz 10NEW Mens CONVERSE 153066C Jack Purcell Signature CVO OX HANCOCK Sneakers Shoes , Men's Air Jordan Future Off-Court Black/White/Metallic Gold 656503-031 Size 10.5 , MEN'S SHOES SNEAKERS COLUMBIA PEAKFREAK XCRSN [BM1762 011] ,
    FILA Men's Tourissimo Black/White/Red Black/White/Red Heritage High Men) Heritage Top (Size 9 US Men) 2bd5401 ->FILA Men's Tourissimo Black/White/Red Black/White/Red Heritage High Men) Heritage Top (Size 9 US Men) 2bd5401 -
    Aquatalia "Dina" Black suede, Ankle Boot, w/zippers - Sz. 8.5, ($495 orig) , ZARA NEW WOMAN HIGH-HEEL LEATHER BOOTS WHITE 35-42 REF.6014/301Charles David 37 Black Leather Boots High Heel Knee Calf Brass Italy BrassPod Heritage Navy Jagger Retro Mod leather ShoesReebok Fusium Run [CN2926] Women Running Shoes Black/Grey-WhiteStylish Women Embroidery Floral Buckle High Heel Vogue Party Shoes Mixed Color , Man/Woman New! Aperlai Blue/Black/Grey Suede Platform Sandal economic International choice Elegant and robust menuGiuseppe Zanotti D'orsay Black leather pumps size 40/ 10 US , CHRISTIAN LOUBOUTIN mirrored silver strass crystal peeptoe heels pumps EU38.5nike kd Purple&White Men sneaker Size 16 1/2ASICS GEL LYTE V CREAM SUEDE BLACK SPLATTER MENS RUNNING FASHION H7Q3N 0000New Nike Air Huarache Run Ultra Mens Shoes Size 13 Sneakers 875841 002VANS SNS OLD SKOOL LONDON LOOK GARGOYLE 8.5 era 95 fog og vault lx marshmallow , Mizuno Wave Hayate 4 Men's Running Shoes J1GJ187203 A 17D , New Men Pointy Toe Pull On Leather British Ankle Boot Shoe Fashion Korean Casual , Tall Paul Bond Boots Custom Handmade Cowboy Western Boots SIZE 10.5 D - TALLMontana Cans x Reebok Classic Workout Plus MCC Marble Chalk Men Shoes CM9301 , PUMA Mens Sky II LO Denim Fashion Sneaker- Pick SZ/Color. , Man's/Woman's New Mezlan W burgundy (2091) Durable service a good reputation in the world Fair priceMen Europe Business Dress Shoes Slip On Pointy Toe Crocodile Print Nightclub SzStuart McGuire Sz 9.5 Shoes Brogue Plain Toe Spring Step Mens E2 Style 61443Men's/Women's Bettie Page Women's Chablis Gold Glitter Big clearance sale Wholesale trade Various latest designs , $325 NIB Magnanni Men's Alava Wingtip Monk Strap Loafer Shoe BURGUNDY Sz 11 , Skechers Equalizer Dream On Women's Slip On Sneakers White Size 10Vans Era 59 (Vintage Sport) Black/Racing Red-Women's Leather Sk8 Shoe Size 10Nike Womens Air Presto Red/Fuchsia Blast Running AR3899 600 Size 6DIOR FUSION Black Leather Textile Floral Sneakers Canvas Trainers Shoes Sz US 8 , Men/Women L'Artiste Women's Emese Bootie Outstanding features modern Human border , Jeffrey Campbell Orlando Faux Pearl Black Leather Women's Ankle Boots US 5Anne Klein Women's Nysha Leather Fashion Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    FILA Men's Tourissimo Black/White/Red Black/White/Red Heritage High Men) Heritage Top (Size 9 US Men) 2bd5401 -

    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.

    FILA Men's Tourissimo Black/White/Red Black/White/Red Heritage High Men) Heritage Top (Size 9 US Men) 2bd5401 -

    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
    FILA Men's Tourissimo Black/White/Red Black/White/Red Heritage High Men) Heritage Top (Size 9 US Men) 2bd5401
    Athletic Shoes