Never miss an update

Saucony guptauniver-7882 S20355-3 Mens ISO Freedom ISO Running Shoe- Choose 7880 SZ/Color. 13931bb

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
UPC: 0720026749300
Style: Sport Brand: Saucony
US Shoe Size (Men's): Multiple Variations Model: S20355-3
Size Type: Regular MPN: S20355-3
Material Type: Synthetic-and-mesh
Never miss an update

Saucony guptauniver-7882 S20355-3 Mens ISO Freedom ISO Running Shoe- Choose 7880 SZ/Color. 13931bb -

    Saucony guptauniver-7882 S20355-3 Mens ISO Freedom ISO Running Shoe- Choose 7880 SZ/Color. 13931bb
    Saucony guptauniver-7882 S20355-3 Mens ISO Freedom ISO Running Shoe- Choose 7880 SZ/Color. 13931bb
    Nike Air Max Safari Black Anthracite Size 9.5 , NIKE WMNS TERMINATOR HI PREMIUM 311074-241 linen/splash-sail-safari Size 12Gentlemen/Ladies Mens Merrell Waterproof Walking Trainers Terramorph Quality queen New style Great choice , CONVERSE AS RETRO T-BAKABON HI 32066133 yellow Size 26.5cmMuck Boot's Mens Excursion Pro Low Shoe Bark - Size 8NIKE Lunar TR 1 mens shoes size 12Muck Boot's Mens Excursion Pro Low Shoe Black - Size 7MBT Mens Speed 17Sneaker US- Pick SZ/Color. , New Balance Fresh Foam Cruz Men's Temp Red/Phantom CRUZORMuck Boot Mens Excursion Pro Low Black-14 Outdoor Shoe BRAND NEW! , Muck Boot's Mens Excursion Pro Low Shoe Black - Size 9 , NIKE SKY FORCE 88 MID 454452-300 clssc olive/clssc olv-brq brwn Size 9.5New Balance SD100 V2 Men's Flame/Black/Impulse MSD100F2Muck Boot's Mens Excursion Pro Low Shoe Black - Size 13Mens Merrell Waterproof Casual Walking Trainers TerramorphNike 653466-607 Mens Air Zoom Hyperposite 2 Basketball Shoes Sneakers , Saucony GRID 9000 s70077-30 min/blk Size 9 , Muck Boot's Mens Excursion Pro Low Shoe Black - Size 11Muck Boot's Mens Excursion Pro Low Shoe Black - Size 15Nike Air max 90 Ultra 2.0 flyknit shoes 875943-402 SIZE 12 Racer BluE color , asics GEL-LYTE V h73tk-8686 green/green Size 12 , Under Armour Bandit XC Spike Men's Steel/Black/Marathon Red 73938101 , adidas Men's Alphabounce Ck M Running Shoe - Choose SZ/ColorASICS GEL-LYTE III h642l-4390 peacock blue/black Size 10Airwalk Men's The One Skate Shoe HD Tan Suede , ASICS GEL-LYTE III h5u3l-8484 green/green Size 8adidas SS 80s SNK ATM g51489 cardin/cardin/legacy Size 9.5 , CONVERSE ALL STAR HI / JO "" 1cj112 black Size 8 , New Balance 680 V5 Men's Deep Pacific/Pacific/Flame 680LP5 ,
    Saucony guptauniver-7882 S20355-3 Mens ISO Freedom ISO Running Shoe- Choose 7880 SZ/Color. 13931bb ->Saucony guptauniver-7882 S20355-3 Mens ISO Freedom ISO Running Shoe- Choose 7880 SZ/Color. 13931bb -
    Ariat Women's Round Up Ryder Boot 10017390 , Puma evoSPEED 5.3 TT, Football shoes ManReebok Club C 85 MU Classic Vintage Casual Lifestyle Shoes Chalk/Black CN3924BURBERRY Beige Leather Trainers, US 7Tony Bianco black Aero heel size 6Walking Cradles Womens Bounce Leather Leather Pointed Toe Ballet FlatsDANSKO WOMEN'S BLACK COMFORT ATHLETIC WALKING SHOES SZ US 9Aravon Women's Portia Black Leather Mary Janes Size 9D D1856/ , Women's Clarks 35385 Originals Wallabees Sand Suede Shoes Size 7.5M , DOLCE & GABBANA Snakeskin Plateau Peep Toes Pumps Heels Green 06188 , Korean Womens Sweet Bowknot Block Heel Slides Sandals Shoes Summer Bling Sequin , INC International Concepts Women's Dada Sandal Wedge (8.5, Black) , Lanvin NIB Metallic Gold Leather Braided Strap Block Heel Sandals SZ 40.5 , Stuart Weitzman Nearlynude Heel Block Sandal Mojave Suede 9 W Wide Ankle Strap , NIKE Men's Project BA R/R Skateboarding Shoes 654892-308 size 9 NewNike Lunarestoa 2 SE Mens 821772-400 Photo Blue Black Running Shoes Size 11Man's/Woman's jordan retro 5 fire red Packaging diversity high quality Popular recommendationCUSTOM MADE INVINCIBLE NINJA TABI SHOES NAVY BLUE LONG JIKATABI JAPANESE SYMBOLMEN'S SHOES SNEAKERS CAT CATERPILLAR BRIDGEPORT [719411]Lacoste Men's Crosier Sail Mid SE Fashion Sneakers Black/Blue , Irish Setter Men's 3888 Snow Claw XT Waterproof 20 - Choose SZ/colorOluKai Men's Hamakua Poko, Dark Wood/Dark Wood, 9 D , Nunn Bush Men's Jefferson Black Smooth Leather Business ShoesConverse Chuck Taylor All Star Hi White Red Black Kids Junior Youth Shoes 3J253CAsics Gel- Kayano 21 Women's Black Athletic Running Sneakers SIZE 8.5Josef Seibel 15319-759085 Mens Raul 19 dress Sandal- Choose SZ/Color. , baby phat Women's BABY PHAT HAYDEN FASHION SHOES 8 Women US (BLACK/FUCHSIA) , Finn Comfort Women's Hanoi Softwomens ladies comfort square toe ankle boots buckle strap chunky block heel C34 , Personalized Womens Open Toe Sandals Platform Suede Sexy Shoes Nightclub Ankle ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Saucony guptauniver-7882 S20355-3 Mens ISO Freedom ISO Running Shoe- Choose 7880 SZ/Color. 13931bb -

    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.

    Saucony guptauniver-7882 S20355-3 Mens ISO Freedom ISO Running Shoe- Choose 7880 SZ/Color. 13931bb -

    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
    Saucony guptauniver-7882 S20355-3 Mens ISO Freedom ISO Running Shoe- Choose 7880 SZ/Color. 13931bb
    Athletic Shoes