Never miss an update

Teva W FREEWHEEL SUEDE W 2-W SUEDE Womens Freewheel Suede 2 Teva Sneaker- Choose SZ/Color. 22141cd

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: 0190108191721
Style: outdoors Brand: Teva
US Shoe Size (Women's): Multiple Variations Model: W FREEWHEEL SUEDE 2-W
Size Type: Regular MPN: W FREEWHEEL SUEDE 2-W
Material Type: Suede
Never miss an update

Teva W FREEWHEEL SUEDE W 2-W SUEDE Womens Freewheel Suede 2 Teva Sneaker- Choose SZ/Color. 22141cd -

    Teva W FREEWHEEL SUEDE W 2-W SUEDE Womens Freewheel Suede 2 Teva Sneaker- Choose SZ/Color. 22141cd
    Teva W FREEWHEEL SUEDE W 2-W SUEDE Womens Freewheel Suede 2 Teva Sneaker- Choose SZ/Color. 22141cd
    Delicious Women's Faux Suede Back Tie Over The Knee Chunky High Heel Dress Bo... , Calvin Klein Taylin Leather Boot Black Women's 5 M US - MSRP $199 , Womens Cutout Chelsea Ankle Boots Slip on Closed Toe Stacked Chunky Block... , Demonia Shaker-52ST floral fabric platform studded ankle boots booties 6-12Easy Spirit Women's Nalli Ankle Bootie Dark Taupe/Black 8 M US , Naughty Monkey Women's Natasha Western Boot, Black, 8 M USLifeStride Women's Unity Harness Boot Tan 8 M USMUK LUKS Women's Miranda Winter Boot Oatmeal 8 M USFranco Sarto Women's Banner Ankle Bootie Cognac 6.5 M USAlfani Womens Violla Closed Toe Knee High Fashion Boots Black 8 M USMan's/Woman's CLARKS Women's Sillian Sway Ankle Bootie New varieties are launched Quality and quantity guaranteed General productTeva Womens W Delavina Suede Ankle Boot- Pick SZ/Color.Derby Mens Lined Rubber English Riding Boots with Show AppearanceBlowfish Women's Tram Ankle Bootie Coffee 6 M US , SEYCHELLES Women's SCOUNDREL Taupe Distressed Leather Ankle Boot 7.5M (HB00029)Ellie Women's GOGO 3" Heel Zipper BootRebecca Minkoff Womens Chukka Boot- Pick SZ/Color. , Pour La Victorire Women Wagner Ankle Boot Black Wax and Chrome Size 6 MSkechers Women's Keepsakes-Sole Seeker BootBlack7 M USJessica Simpson Women's Orsona BootMink8.5 M USHelly Hansen Women's Veierland 2-W Womens 2 Rain Boot- Choose SZ/Color.*** Pleaser Delight-2000 matte black stiletto platform knee high boots 13Aldo Womens Koredia Ankle Bootie- Pick SZ/Color. , Naughty Monkey Womens Natasha Western Boot- Pick SZ/Color. , Women Winter Rain Snow Boots Size 9 B(M) Fur Lined Collar MID-CALF BOOTS NewCalvin Klein Womens Prisca Ankle Boot- Pick SZ/Color.BEARPAW Women's Mimi Fashion Boot, Chestnut Distressed, 9 M US , EASY SPIRIT Womens KANDIS Black TALL BOOTS Size 8.5M (25003233-4VD) , Rocket Dog VIKEYWC Womens Vikey Windmill Fabric-Coast Fabric Winter Boot ,
    Teva W FREEWHEEL SUEDE W 2-W SUEDE Womens Freewheel Suede 2 Teva Sneaker- Choose SZ/Color. 22141cd ->Teva W FREEWHEEL SUEDE W 2-W SUEDE Womens Freewheel Suede 2 Teva Sneaker- Choose SZ/Color. 22141cd -
    Women Stretch Patent Leather Stiletto Casual Heel Pull on boot Shoes Club wearMan's/Woman's Boot Nine West Cavanagh Black Leather High quality and low overhead online shop Great choice , Aquatalia Women's Brown Suede Faux-Fur Lined Boots Size 7Birkenstock Mayari 37 Black Leather Toe Loop Sandals Womens 6 , Man/Woman Naot Kirei Comfort Good design Beautiful VariousWomens ethnic style leather embroidery pumps round toe dress shoes sizes 4.5-9 #Jessica Simpson Women's JS-MINDELLA BUFF RUBY, FLATS SZ 7.5 M NATURAL LEA D8581 , Fulinken 8 Color Sz 5-10 Bridal Wedding Dress Prom Flats Heels Pumps Shoes W320Womens Mixed Color Ankle Strappy Leather Block Med Heels Sandals Pumps Shoes Hot , Womens Mary Janes Rhinestones Roman Wedding Party High Heel Block Sandals Shoes , Gentleman/Lady Chinese Laundry Phoebe Sandal Online Shopping Orders are welcome Diversified new design , **Gianvito Rossi** Black marquis leather strappy button pumps heels stilettoTAOS CELEBRATION PURPLE RUBBER SOLE ADJUSTABLE STRAP FLIP FLOP SANDALS SIZE 7 , Vans old skool Flame US men's skate shoesKarhu Aria F803023 Friar/Poseidon Blue/Brown Running Brand New CompleteMen's Black Python Snake Design Leather Western Wear Cowboy Boots Square Toe , John Richmond Leather Italian Shoes Sizes 7,9,10,12, New Collection , Lucasarts Lucien Piccard Mens Triomf Quartz Stainless Steel and Leather Watch, , Prada Men's Black Perforated Leather Derby ShoesREEBOK VALENTINES DAY WOMANS PRO LEGACY LOW Trainers Sneakers Red Hearts 9Bernie Mev Women's Brooke Open Toe Sneaker Jeans SneakersMan/Woman ECCO Women's Soft 7 Fashion Sneaker wholesale The latest technology retail priceNew Nike Women's Air Zoom Mariah Flyknit Racer SIZE 10 AA0521-301 Cargo Khaki , Shoes New Balance Lifestyle Retro 90s Pink Women WSX90-CLCAdidas Originals Superstar x Rita Ora White Black Shoes S81617 Limited RareNike Air Foamposite One Women's White/Chrome/Blue Tint A3963100 , British Style Womens Gladiator Leather Strappy Round Toe Military Shoes Boot New , Dolce Vita Sahira Boots - Women's Size 8.5, Taupe Nubuck , Jessica Simpson Chressa Ankle Booties, Black, 8.5 US / 38.5 EUMen's/Women's Nine West Women's Nihari Leather Reasonable price Let our goods go to the world Known for its excellent quality ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Teva W FREEWHEEL SUEDE W 2-W SUEDE Womens Freewheel Suede 2 Teva Sneaker- Choose SZ/Color. 22141cd -

    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.

    Teva W FREEWHEEL SUEDE W 2-W SUEDE Womens Freewheel Suede 2 Teva Sneaker- Choose SZ/Color. 22141cd -

    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
    Teva W FREEWHEEL SUEDE W 2-W SUEDE Womens Freewheel Suede 2 Teva Sneaker- Choose SZ/Color. 22141cd