Never miss an update

Asics GT 2000 4 4 GT Womens musicstella-14164 Running Shoes (B) (4050) e3d1af4

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
MPN: T656N.4050
Brand: ASICS
Never miss an update

Asics GT 2000 4 4 GT Womens musicstella-14164 Running Shoes (B) (4050) e3d1af4 -

    Asics GT 2000 4 4 GT Womens musicstella-14164 Running Shoes (B) (4050) e3d1af4
    Asics GT 2000 4 4 GT Womens musicstella-14164 Running Shoes (B) (4050) e3d1af4
    [bargain] Brooks Ghost 8 Womens Running Shoes (B) (038) | RRP $200.00New Balance 247 Lifestyle Shoes Maroon Women WS247-UA1710 adidas Originals Extraball Women's Sneakers Sports Shoes CP9625 , Bona Fide Asics Gel DS Trainer 22 Womens Running Shoe (B) (4920) , Adidas Performance Women's alphabounce EM Shoes Size 6 us BW1195 LAST PAIR , Gentleman/Lady New Balance Women's Wx713gm Beautiful design New style Pick up at the boutiqueCRIME WOMAN CASUAL FREE TIME SNEAKER SHOES LEATHER CODE 25400S17BWOMENS BROOKS PUREFLOW 6 LADIES RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOESBona Fide Asics Gel Netburner Ballistic Womens Fit Netball Shoe (B) (3501) , New Balance 247 V2 Lifestyle Shoes Brown Women WS247-FD , Adidas Women's PureBOOST X TR 3.0 Training Shoes Size 5.5 us CG3529 LAST PAIR , Dsquared2 fashion sneakers, white leather, women's shoe size US 5.5 $530 , FILA Women's NEW Disruptor 2 Suede Pink Color Shoes 100% Genuine LimitedCamper Runner Up Womens White White Leather TrainersWOMENS ASICS GT 2000 3 (D) WIDE FIT LADIES RUNNING/SNEAKERS/TRAINING SHOES , New Balance Women's Shoes U420 PWB Size 4.5 us , 1803 Puma Basket Maze Women's Sneakers Sports Shoes 366195-03baskets hogan daim marron et cuir argenté 38,5AE447 BIKKEMBERGS shoes black white textile leather women sneakers , Women Adidas BZ0390 Stan smith Running shoes white blue SneakersHummel Omnicourt Z8 Flexshield WO Indoor Handball Sport Shoes white 60 171 9001* NEW * Brooks Ghost 8 Womens Running Shoes (B) (038) + FREE AUS DELIVERY1804 New Balance 247 Deconstructed Women's Sneakers Sports Shoes WRL247SV , Bona Fide Asics Gel Netburner Professional 13 Womens Fit Netball Shoe (B) (1901) , 1710 Reebok Club C 85 Dynamic Chrome Women's Sneakers Sports Shoes BS67861807 adidas ORIGINALS SWIFT RUN Women's Training Running Shoes D96646New Balance Women's Shoes ML373 MS Size 6.5 usNEW Nike Air Lunar Force 1 Sneakerboot GS Sneaker Boot Winterboot 706803 002New PUMA MUSE SATIN II WNS Athletic Running Shoes 2018 Womens Size
    Asics GT 2000 4 4 GT Womens musicstella-14164 Running Shoes (B) (4050) e3d1af4 ->Asics GT 2000 4 4 GT Womens musicstella-14164 Running Shoes (B) (4050) e3d1af4 -
    Marc Fisher Womens Dewey Closed Toe Knee High Fashion BootsRockport Women's Total Motion Melora Shootie Boot , adidas Originals Tubular Shadow CK White Black Men Casual Shoes Sneakers CQ0929Tommy Hilfiger Paige Denim Pumps Shoes Wedge Sandals Size 37New SHOES - ZEBRA FLATS WITH BATWING BOW TheSwankStore Resort Wear , NWOB J.CREW Collection Biella Calf Hair Tassel Loafers sz 6 Dark Aubergine $368Dansko Women's Professional Box Leather Clog,White,39 EU / 8.5-9 M US , Gentleman/Lady adidas Originals Women's NMD_cs1 PK Sneaker Crazy price delicate British temperament , Allrounder By Mephisto Womens 8 Beige Mary Jane Slip On Hook N Loop Flats Shoeschic women's pointy toe floral rhinestone stilettoes wedding bridals court shoesCole Haan Women's Patent Leather Sandstone Chelsea Pumps 5115 Sz 9.5 B , ROBERTO CAVALLI WOMENS CHEETAH PRINT SANDALO PEDRO PITONE STAMPATO HEELS 38.5/8 , B35 Nelly Platform Gladiator Sandals 096, Black, 5.5 USEverybody Varda Gladiator Sandal - Women's Size 6.5 - Cream , Seconnation men clean color white size 9Brand New VANS CLASSIC SLIP ON (Perf Leather) Black/Black SZ US M 6.5 US W 8NIKE AIR MAX FLAIR TRAINERS NEW MEN'S SIZE 10 LIGHT BONE/WHITE/COOL GREYNike Air Tech Challenge II Laser Men's Size 6-12 Black New in Box 832647 001Nike Sfb Field 8" sz 11 631371 090 tactical military police bootsJordan Retro 1 Low OG - Blue - MensMen Vlado Footwear Shoes Atlas lll Fashion Blue Size 7.5 , Nike Air Jordan Retro 11 29 Gift of Flight Pantone UNC Size 13 DSNIKE AIR JORDAN 9 RETRO BRED BLACK UNIVERSITY RED PATENT IX 302370 014 sz 12 , Men Hugo Boss Shoes Timeout_Slip_rb Slip-ons White Size 11 , New Womens adidas Supernova Glide 6 Boost Running Shoes Size 11 Glow MSRP $130Demonia Women's Shaker 57 Ankle Boot Black Vegan Leather/Black Patent SyntheticWomen Hiker All Camo Waterproof Scent Block Slip​ ​Resistant Boots RT AP Green , Skechers Women's Ultra Flex Bright Horizon Sneaker - Choose SZ/colorB. Makowsky 'Cassidy' Leather Knee-High Boots Sz 9.5PLEASER ADORE DELIGHT FLAMINGO ILLUSION-1018UV Platform Ankle Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics GT 2000 4 4 GT Womens musicstella-14164 Running Shoes (B) (4050) e3d1af4 -

    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.

    Asics GT 2000 4 4 GT Womens musicstella-14164 Running Shoes (B) (4050) e3d1af4 -

    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
    Asics GT 2000 4 4 GT Womens musicstella-14164 Running Shoes (B) (4050) e3d1af4
    Athletic Shoes