Never miss an update

new balance 990 size 7 7 women women 23347 running walking 5cc0913

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Activity: Walking, Running
Brand: New Balance US Shoe Size (Women's): 7
Style: Low Top
Never miss an update

new balance 990 size 7 7 women women 23347 running walking 5cc0913 -

    new balance 990 size 7 7 women women 23347 running walking 5cc0913
    new balance 990 size 7 7 women women 23347 running walking 5cc0913
    Men's/Women's REEBOK QUICK TURN WOMENS RUNNING 1-106898 Easy to clean surface excellent uniqueRalph Lauren Size 8 M CEDAR Persimmon Leather Fashion Sneakers New Womens Shoes , NIKE SHOX NZ NSV PRM Premium GLOW in the DARK white/mint candy . women's 7.5Brooks Ladies 8.5 D Wide (40) Addiction Walker V-Strap Black Leather Walking , Nike Wmns Roshe One Flyknit Bright Mango White 704927 802 Msrp $120 AVOriginal Kitson Diva Buttons 34530 PKRD Pink Casual Women ShoesNIKE Women's Air Liner Leather Saddle Golf Cleat Shoes 5.5PUMA BURST CHEVRON WOMEN'S RUNNING SHOES, , Converse Women's Size 7 Cloud Grey Shoreline Slip ShoesNEW BALANCE W790LP6 WOMEN'S 790v6 RUNNING SHOES SZ 6(D) WIDE , Vasque Womens Blur Trail Running Shoes Gray Size 6 M NewNEW M76543 Rockport XCS Walk Together T-Toe Sneakers, Women's Size 7.5W, BlackNIKE WMNS ZOOM FIT 704658 400 CLEARWATER (BLUE) VOLT RUNNING WALKING TRAININGRARE Converse Chuck Taylor Valentine Hearts Print Sneakers Shoes US W 10 M 8 , Women Adidas Originals Tubular Viral W Chalk White Speckled S75914 Work Out , Saucony Sealot ISO 3 Athletic Shoes - Women's Size 9 - White/Red , YRU Women's Blue Elevation Denim Platform Trainer Size 7VANS Old Skool DX (Suede/Italian Weave) Infinity Blue WOMEN'S SIZE 8.5Ralph Lauren Size 7 M CEDAR Orange Leather Fashion Sneakers New Womens Shoes , Reebok Classics Size US 9 M (B) Women's Running Shoes White CreamDolce Vita Xaria Pink - Womens - Size 8.5 BAltra Footwear Women’s Hiit XT Black Purple Training Shoes Size 9.5 , Puma Basket Platform Perforated - Grey - Womens , Puma Basket Denim - Blue - WomensNorth Face Women's Athletic Shoes Gray Blue Size 8.5 Gortex , 361 Degrees Poison Black;White - Womens - Size 7 BConverse All Star Hi High Top Chuck Taylor Sneakers Size Womens 8.5 Men 6.5 EUC , Skechers Women's High Street Cloud Dancer Sneaker , Brooks Launch 4 Womens Running Shoes Size 6 Black Pink
    new balance 990 size 7 7 women women 23347 running walking 5cc0913 ->new balance 990 size 7 7 women women 23347 running walking 5cc0913 -
    Gentleman/Lady freebird by steven boots 11 Elegant shape Win highly appreciated Elegant and robust menuFAST SHIP! NEW SZ 10 $395 FREEBIRD BY STEVEN RANGER COGNAC FRINGE BOHO BOOTS , $495 BELLE SIGERSON MORRISON HAYLEY Nero Suede Designer Knee High Boots 6.5Lotto Leggenda Tokyo Shibuya Block T4574 Mens Shoes Pearl Orange Retro Running S , REEBOK CHAUSSURE PRINCESS - WHT - 7 (4059808998008)Man/Woman St Agni Darci Platted Sandal 37 Innovative design International choice Excellent stretching , womens ladies pointy toe slip on patent leather pumps high heels shoes new US SZ , NEW Christian Louboutin Flats Suede Cognac Brown Flat Shoes 36.5 , Retro Square Toe Women WingTip Slip On Formal Carved Oxfords Leather Dress ShoesAmuse Cream Patent 5" High Heels Ankle Strap D' Orsay Stiletto Shoes 5-16Gentleman/Lady NEW ZINDA WOMENS PUMP Adequate supply and timely delivery Optimal price value , Calvin Klein Women's Cleary Pump - Choose SZ/ColorNEW COLE HAAN women US 8.5 SneakersRockport Womens Hattie Braid Sling Heeled Sandal- Pick SZ/Color.NEW AUTHENTIC MEN'S FILA turbo fuel energized Work Walk Sport ShoesMan/Woman MENS NIKE AIR JORDAN RETRO 8 High quality and cheap Optimal price Various latest designs , Nike Air Max Light European excl. DEADSTOCK 2011 315827-008SAS Time Out Brown Oxford Leather Size 11M Mens Shoes , Viberg Derby Boot Brown Oiled Calf Sz 9.5 MSRP $780 Scout Service Boondocker , Made in Italia Deep Blue Men's Moccasins , Men's/Women's Gordon Rush Men's Jackson Oxford Special price Various types and styles As of the latest modelAllen Edmonds Park Avenue Black Leather Oxfords Mens Shoes 11 D , Man/Woman Women's Under Armour Showstopper Training Shoe High grade a good reputation in the world Recommended todayAdidas Superstar 80's DECON BZ0501 LEGEND INK Blue White Women's SIZE 10 NEW , Men's/Women's Peak Women's Cruiser Black/Yellow Running Sneakers Louis, elaborate Cheaper than the price Breathable shoes , NIKE ROSHE RUN 511882-663 WOMEN'S RUNNING SHOES SIZE 10WOMEN'S UNISEX SHOES SNEAKERS VANS UA CLASSIC SLIP-ON [VA38F7U7O] , Nike Free Rn Distance Running Women's ShoesGentlemen/Ladies BareTraps Women's BT Olympia Boot Moderate price Stylish and charming Good quality , Fashion High Stilettos Heels Chain Belt Rhinestone Women Ankle Boots Party Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    new balance 990 size 7 7 women women 23347 running walking 5cc0913 -

    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.

    new balance 990 size 7 7 women women 23347 running walking 5cc0913 -

    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
    new balance 990 size 7 7 women women 23347 running walking 5cc0913
    Athletic Shoes