Never miss an update

New Keen Work Flint Low Shoes Mens 28275 Comfortable Steel Toe Wide Fit Work Shoes 5f80ffd

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Keen
Colour: Shitake/Rust MPN: 2532786565
EAN: Does Not Apply Shoe Type: Mens Casual Shoes
Color: Shitake/Rust
Never miss an update

New Keen Work Flint Low Shoes Mens 28275 Comfortable Steel Toe Wide Fit Work Shoes 5f80ffd -

    New Keen Work Flint Low Shoes Mens 28275 Comfortable Steel Toe Wide Fit Work Shoes 5f80ffd
    New Keen Work Flint Low Shoes Mens 28275 Comfortable Steel Toe Wide Fit Work Shoes 5f80ffd
    PHILIPPE MODEL MEN'S SHOES LEATHER TRAINERS SNEAKERS NEW GARE BLUE 0D0DC SHOES TRASE S SKATEBOARD NEW TIMBER SHOE FREE POSTAGE SK8 SKATE SHOP AUSTRALIHOGAN MEN'S SHOES SUEDE TRAINERS SNEAKERS NEW OLYMPIA H205 GREY 6C3CONVERSE JP PRO OX SHOES PALE PUTTY WHITE NEW AUSTRALIAN SELLER , Mens Nicholas Deakins x Peter Storm Coulter Khaki Black Trainers , Men's Shoes Sneakers ALBERTO GUARDIANI Sport Man Shoe Adler White Made Italy New , RALPH LAUREN MEN'S SHOES SUEDE TRAINERS SNEAKERS NEW TYRIAN BLUE C3FDEWALT - Krypton Safety Trainer Euro 46 -MAMMUT HIGH GUIDE HIGH GTX GREY SHOES TREKKING HIKING NEW 40 41 42 43 44 45 46LAKAI MJ AW MAHOGANY OILED SUEDE SKATE SHOES FREE POSTAGE AUST SELLER NEW M.J , NEW BALANCE CHAUSSURE 565 - GREEN - 7.5 (739655265358) , Men's Shoes Gola Harrier Premium Suede Brown/Blue Sneakers Man Brown/LightAdidas Originals Neighborhood I-5923 DA8838 Shoes Black Black White SZ 4-12Men's Sneakers Shoes MOMA 13502-VX Softy White Slip On Beige Vintage Italy New , DSQUARED2 MEN'S SHOES LEATHER TRAINERS SNEAKERS NEW 251 WHITE FDEStefano Stefani Light Blue Leather Moccasin MOP 016 , Man/Woman Giuseppe Zanotti Black Mid-Runner Elegant shape Elegant and sturdy packaging Comfortable and naturalMen's/Women's Armani Jeans Navy Leather Runner wholesale Used in durability Different goods , Weave Genuine Leather Men's Formal Casual Shoes Loafers Driving Moccasins WM2033 , HOGAN REBEL MEN'S SHOES SUEDE TRAINERS SNEAKERS NEW R218 MID GREY 651HOGAN MEN'S SHOES LEATHER TRAINERS SNEAKERS NEW H302 URBAN CUPSOLE SPORTY ST 5E1 , DEWALT - Cutter Lightweight Safety Trainers Black Euro 47 , TOD'S MAN SNEAKER SHOES CASUAL FREE TIME XXM0XY0O670CJU493H - XXM0XY0O670CJU333OCrocs Santa Cruz Clean Cut Loafer Khaki Cobblestone , Rider Desert Boot - Tan Suede AS 98 , Men's Shoes Fashion High Top Sneakers CULT Bowie Leather Black LowBritish Style , Men's Shoes Sneakers BIKKEMBERGS BKE108408 Mant 650 Nylon Suede AntraBlackWhite , Men's Shoes Sneakers BIKKEMBERGS BKE108348 Bounce 588 Leather Blue White New , Men's Shoes Fashion High Top Sneakers CULT Bowie Leather Black Clip New ,
    New Keen Work Flint Low Shoes Mens 28275 Comfortable Steel Toe Wide Fit Work Shoes 5f80ffd ->New Keen Work Flint Low Shoes Mens 28275 Comfortable Steel Toe Wide Fit Work Shoes 5f80ffd -
    Cole Haan Chesney Booties- Women's Size 11 B, CognacBILLY MARTIN Brown Lizard Cowboy Boots, 6B, Worn just 2 times!! , Asics Onitsuka Tiger Mexico 66 VIN [D2J4L-2629] Men Casual Shoes Russet BrownNew Balance - 574 Miami Palms - Sunrise Glo/Cosmic Sky/Pollen , Cole Haan Gilmore MJ Ballet Flat Moccasins Loafer Slip-On Gray/Black/Purple New , BCB GIRLS ~10 WOMEN'S PUMPS HEELS BLACK leather BG-ZaranMatiko Jovanna Pony Hair Platform Heels Wedge Leopard Jaguar Cheeta Print 8.5 , $395 BETTYE MULLER BAILEY Black Patent Designer Platform Pumps 7AUTHENTIC-CLEO B BOOM FLATS US$599 LIMITED EDITIONArnaldo Toscani 7104K117 Women's Rear Zip Ankle Boots Leather Booties BlackPIKOLINOS Roses Brandy Leather Heeled Sandals Women's Size 41 NEW , Womens slip on loafers mules slippers shoes sequins backless shoes pointy toes , Nike Men Size 14 Zoom Hawk Flight Bball Shoes 805272-100 White Black SilverNike Air Max 90 NS GPX AJ7182-600 Men's Size12 Black White Bright Crimson , Nike Air Max 270 Men's Running Shoes Sneakers 2018 Black/White Multi-SizeNEW SZ 8 13 Nike Air Max 97 Ultra '17 Red Wine Burgundy Running Shoes 918356-600Nike HTM Free Mercurial Superfly SP Flyknit 667978-009 Inspired by CR7 RARENWOB Clarks SZ 8M Men's Desert Mali Chukka Boot, Rust LeatherMens Red Crocodile Alligator Tail Leather Western Cowboy Boots Riding Square , NIKE KOBE IV 4 PRELUDE PACK Sz US13 UK12 Rare 639693-500 All STAR MVP 2013 , Harley-Davidson Men's Conklin Waterproof Black or Brown Motorcycle Boots D96161 , Skechers Mens Fashion Sneakers D(M) US- Select SZ/Color. , Nike Zoom Kaiju Snowboarding Boots Snowboard White Red 376276-110 Rare Sz 11.5Florsheim Mens SZ 9.5 WIDE Shoes Navigator Plain Toe Oxford Brown Nubuck D7845Florsheim Men's Corbetta Cap Toe Oxford Black Shoes 14180-001Harrys of London Men's Shoes Tom Sneaker , Tamarac by Slippers International Men Highlander Shearling Ankle Bootie SlippersWomen's River Creek Sports Water Shoes Trail Hiking Outdoor Aqua Sandals New , Womens Men Unisex Over Knee Thigh High Heel Stretch Leather Boots Shoe StilettosEllie Shoes Women's 421-Groove Boot, White, 7 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Keen Work Flint Low Shoes Mens 28275 Comfortable Steel Toe Wide Fit Work Shoes 5f80ffd -

    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 Keen Work Flint Low Shoes Mens 28275 Comfortable Steel Toe Wide Fit Work Shoes 5f80ffd -

    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 Keen Work Flint Low Shoes Mens 28275 Comfortable Steel Toe Wide Fit Work Shoes 5f80ffd
    Casual Shoes