Never miss an update

ZANZARA Men's bagisrecor-17927 Drum Oxford, 17922 Black, Men's 12 D US 214f05e

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
Euro Size: 12 M US US Shoe Size (Men's): 12 M US
Color: Black MPN: DRUM
Size: 12 M US Width: Medium
Model: DRUM Style: Oxfords
UPC: Does not apply EAN: 0190320020618
Never miss an update

ZANZARA Men's bagisrecor-17927 Drum Oxford, 17922 Black, Men's 12 D US 214f05e -

    ZANZARA Men's bagisrecor-17927 Drum Oxford, 17922 Black, Men's 12 D US 214f05e
    ZANZARA Men's bagisrecor-17927 Drum Oxford, 17922 Black, Men's 12 D US 214f05e
    Stacy Adams Melville Mens Oxford- Choose SZ/Color. , Calvin Klein Mens Nino Leather Oxford 1- Pick SZ/Color. , Men British Style Leather Round Toe Embroidery Slip On Formal Dress Shoes New SzStacy Adams Men's Sidney Wingtip Slip-on Loafer - Choose SZ/Color , STACY ADAMS Men's Belfair MOE Toe Penny Slip Loafer Black 10 M USHush Puppies Men's Crofton Method Slip-On Loafer Black Leather 12 M USMens Pointy Toe Multi color Wingtip Brogue Slip On Dress Formal Clubwear ShoesMan/Woman TBS Sefano Bronze Adequate supply and timely delivery new Quality and consumer first , ECCO Men's Lisbon Apron Slip-on Loafer - Choose SZ/Color , Fashion Mens Genuine Leather Driving Oxfords Slip On Loafers Shoes Floral Printe , Mens Brogue Carved Wingtip Dress Formal British Business Wedding Leather Shoes , Steve Madden Men's Caviarr Slip-On LoaferBlack11 M USRockport Men's Leader 2 Bike Slip on - Choose SZ/ColorG.H. Bass & Co. Men's Corbin Oxford - Choose SZ/Color , Cole Haan Men's Dawes Grand Plain Toe Oxford , Anatomic Gel Tapera Coffee Touch Slip On Shoes , HOMME LOAKE 'BRUN' CHAUSSURE À ENFILER TAILLE 10 "MATTHEWS" , Giorgio Brutini 250921 Mens Rogue Slip-on Loafer- Choose SZ/Color.Men's JOHNSTON & MURPHY J&M 1850 Size 11 M Brown Suede Oxfords Sn: 20-3076 , Stacy Adams 00017-01 Mens Madison Slip-on- Choose SZ/Color.Vince Camuto Mens Eeric OxfordM- Pick SZ/Color. , Gentleman/Lady britishpassport Moccasins Leather Bordeaux 173669 High quality and cheap Let our goods go to the world Preferential price , Men/Women TBS Galais Gris Fonce flagship store New design Very good classificationMENS ANATOMIC BLACK LEATHER SLIP-ON SHOES "TAPERA" , Boss Hugo Boss Men’s Leather Oxford Dress Shoes Black Size US 10.5, Italy , MENS ANATOMIC & CO ANKLE BOOTS TOBACO SUEDE 'COLORADO' '5203' , MEN'S LOAKE 'BROWN' SLIP ON SHOE SIZE 10 "MATTHEWS"HOMME LOAKE 'BRUN/BRUN FONCÉ' CHAUSSURE À ENFILER TAILLE 7F "MATTHEWS" WITHOUT , Man's/Woman's Thabo Special price Settlement Price Elegant and solemn
    ZANZARA Men's bagisrecor-17927 Drum Oxford, 17922 Black, Men's 12 D US 214f05e ->ZANZARA Men's bagisrecor-17927 Drum Oxford, 17922 Black, Men's 12 D US 214f05e -
    FRYE Women's Dara Suede Chelsea Olive Fatigue Boot Shoes - Size 10Corral C3331 Orix Glittered Inlay & Stud Boots , Man/Woman Reef Women's Arabian Braid Western Boot Various styles fashionable Reliable reputationFRYE SACHA MOTO SHOOTIE US 7 Woman's Ankle BootieMerrell Barkley Moc Mens Comfortable Slip On Leather Casual ShoesAC671 MBT shoes white textile men sneakersNike Womens Roshe Two Running Trainers 844931 300 Sneakers Shoes , LADIES LEATHER COLLECTION SPOT ON F8R0181 SLIP ON BROGUE LOAFER FORMAL SHOESFly London Mol Women s Boots - Dark Brown, 5 EU , New Django & Juliette Hester Black Natural Heel Womens Shoes Casual Boots AnkleDEMONIA Gothic Punk Lolita Platform Mary Jane 4 1/2" Heel Pumps Shoes CHA05/B/PU , Tahari Lyra Peep Toe Classic Heels 775, Black/Black, 9.5 US , Kenneth Cole Reaction Women's Time For Fun BootieMr/Ms Sam Edelman Women's Halan Pump Louis, elaborate Latest styles AmoyCow leather rare pattern peep toe heels , Women's Principi 4066 Italian Dressy High Heel Party Shoes , Gentlemen/Ladies INC INTERNATIONAL CONCEPTS Raechie2 Women Sandal Elegant shape First batch of customers Beautiful and charming , NEW MEN'S NIKE SON OF FORCE MID 616281-014new vans SF / Wade Goodall Slip-On SF -black VN0A38DEN3H men's shoes , Vans Unisex Sk8-Hi Reissue Denim C&L Dress Blues/Chipmunk Skate Shoe 4 Men UsAir Jordan Retro 1 Banned 2016 Bred Black Red 3 4 5 6 555088-001Crocs Bistro Swedish Chef Clog - Choose SZ/ColorJOHNSTON & MURPHY Domani Woven Loafers Shoes Mens Size 12 M Made In Italy BrownWomens Nike Free Trainer 3.0 Run Athletic Size 7.5 7 1/2 Black On Black , women's shoes D.A.T.E. ( date ) 8 () sneakers blue silver textile BX59-39 , Saucony Women's Shoe- Cross Training Shoes Blue/Black/Citron Size 5 M , Geox Women's Myria Zip Detail Trainers - Lead/Light Taupe , Adidas Originals Superstar W [S76147] Women Casual Shoes Snakeskin Black/Black , Womens New suede ankle short Boots zip chunky block high heels shoes Lady Casual , 2017 Fashion Women Over the Knee Thigh High Boots Lycra High Heels Stretchy Boot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ZANZARA Men's bagisrecor-17927 Drum Oxford, 17922 Black, Men's 12 D US 214f05e -

    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.

    ZANZARA Men's bagisrecor-17927 Drum Oxford, 17922 Black, Men's 12 D US 214f05e -

    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
    ZANZARA Men's bagisrecor-17927 Drum Oxford, 17922 Black, Men's 12 D US 214f05e
    Dress Shoes