Never miss an update

Reebok Shoes Reebok Realflex Scream 3.0 Running mogochinese-27999 Women's Shoes 390f385

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
Brand: Reebok
Color: Gravel/Grey/Pink/Steel/White Width: Medium (B, M)
Style: Running
Never miss an update

Reebok Shoes Reebok Realflex Scream 3.0 Running mogochinese-27999 Women's Shoes 390f385 -

    Reebok Shoes Reebok Realflex Scream 3.0 Running mogochinese-27999 Women's Shoes 390f385
    Reebok Shoes Reebok Realflex Scream 3.0 Running mogochinese-27999 Women's Shoes 390f385
    Man/Woman Skechers D'lite's 11930 Shoe-Black/White-10 B/M US use Medium cost Reliable reputation , Mizuno Wave Inspire 13 Running Shoes Women Size 7.5 Width D New!NIB WOMEN 7.5 *REEBOK* Cloudride Leather DMX shoes WHITE MOVING AIR WALKING $90Under Armour Women's Seamless Longline Bra - Choose SZ/Color , Man's/Woman's Skechers Plus 3-Trois Boots Women's Shoes Crazy price Excellent performance Known for its beautiful quality , Ryka Women's Kindred Running Shoe - Choose SZ/ColorSkechers Performance Womens Go Walk 4-Merge Sneaker- Select SZ/Color. , New Balance 515 Precious Metals Women's Shoes , PUMA Women's Modern Soleil Gem Dance Shoe - Choose SZ/Color , Women's Salomon Eclipse 2 Hiking Shoe Sz 8 NWT New Asphalt Jade Green OrtholiteBLONDO GRACIE B3445 Grey Waterproof Suede Slip On Sneaker US 9.5 Minimal WearWomens Skechers Go Walk Joy Gym Yoga Lightweight Walking Sport TrainersSaucony Echelon 6 Running Shoes Women Size 9.5 New , Skechers BOBS from Womens Le Club Tropical Fashion Sneaker- Select SZ/Color.Skechers Womens Utopia Get Low Sneaker- Select SZ/Color. , Skechers Women's Hi-lite - Mirrored Star Fashion Sneaker, - Choose SZ/Color , UNDER ARMOUR TOCCOA shoes for women, Style 1297454, NEW, US size 11Skecher Street Women's Double up-E.Moe.g Fashion Sneaker, Black, 5 M USASICS Women's Met Conviction Fitness Shoe, Black/Black/Iris, 6 M US , Reebok Club C 85 DCN / Archive / Hrdware Womens Classic Lifestyle Sneaker Pick 1 , Nike Air Presto Mid Utility Black Silver TAILLE 39PUMA Women's Suede TSSL Wn Sneaker, - Choose SZ/ColorSkechers Women's Go Step Lite-Fuzzies Loafer Flat , $95 New Womens PUMA Suede Shoes 8 Seafoam Green 1980s leather softUnder Armour Women's Glyde RM Baseball Shoe - Choose SZ/Color , New Balance Women 574DCV Classic Sneakers, Winter Nights Black, US Size 10 - NEW , Birkenstock Arran Womens 38N Natural Leather Walking Sneakers Shoes TB2-1756 , SKECHERS USA Inc Skechers Womens Gowalk 3 Fitknit Extreme Walking Shoe , Anthony Wang BLUEBERRY Black Red Green Colorblock Hidden Wedge Platform Sneaker
    Reebok Shoes Reebok Realflex Scream 3.0 Running mogochinese-27999 Women's Shoes 390f385 ->Reebok Shoes Reebok Realflex Scream 3.0 Running mogochinese-27999 Women's Shoes 390f385 -
    WOMENS 8 C TONY LAMA TC1005L San Saba Tan Goat SQUARE TOE WESTERN BOOTS $230 ! , Mens Anatomic & Co Formal Shoes The Style - Tapaua3 Pair Windsor Smith, THURMAN, River Island Women's Heels/Shoes Size 7/38 New!British Womens Med Chunky Heels Slip On Leather Pumps Mules Square Toes Shoes , Cole Haan W06279 Womens Medora Sling Pump- Choose SZ/Color.Women's ECCO Jab Toggle Sandal White/Black Leather/Textile Size 6.5 New , J Crew Satin Bow High Heel Sandals 9 A0542 Vintage Blush Womens Shoes Flats , Men's/Women's BareTraps Women's Danique Platform Sandal durable luxurious Exquisite workmanshipFendi 37 6 Black Canvas & Wood Zucca Monogram Wedge Sandals , Vans Slip-On Lite (Mono) Dawn Blue NIB Size US 8 Men's VN0A2Z63LZD Rare , ADIDAS adizero mana 6 men running shoes G41275 Size US 9.5, 10.5, 11.5 MediumGentlemen/Ladies 3N2 Men's Viper Turf Modern and elegant fashion Excellent performance Famous storeMUST SEE FABULOUS 2017 $89.99 NWOT NEW BALANCE MSRMCGB MENS 10.5 D!!Nike Air Max 180 Men's Size 8.5PUMA 18998901 Mens Ignite Limitless Leather Sneaker 1- Choose SZ/Color. , Adidas ZX 8000 Boost Size 12 Brand New2012 Nike Air Max 95 NFL Philadelphia Eagles green Men Size 10 Shoes 542052-024 , NIKE SB DUNK LOW PREMIUM BROOKLYN PROJECTS WALK OF FAME WOF 504750-076 NIB! , Mens Ankle Boots Outdoor Leather Hunting Mid Calf Winter Warm Fur Lined ShoesWild West Men's XXX-Toe Caiman Tail/Deer Cowboy Western Boots Diff. ColorsWESCO JOB MASTER Job Master Boots blackPuma Alexander McQueen Summer Joust Mens Leather Sneakers / Hi Tops , Cole Haan Zerogrand Wingtip Oxford Mens Sz 9 Ironstone Kudo Grey Suede C12890Nike Women's Tanjun SE Running Shoes Light Bone White Mesh Size 8 , Womens Converse Breakpoint White Leather Ox Chuck Taylor All Star Sneakers , NEW Womens Sz 5 Nike Air Max 90 Ultra 2.0 BR Still Blue/Polar-White 917523-400 , Steve Madden Women's 'Harber' Bootie (7.5M, Taupe Suede)Durango Women's City Philly Turn Down Pull-On Boot - Rd047Opening Ceremony Black Bow Open Toe Booties Heels 36 SuedeEasy Spirit Women's Kallye2 Slip-On Loafer, - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Reebok Shoes Reebok Realflex Scream 3.0 Running mogochinese-27999 Women's Shoes 390f385 -

    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.

    Reebok Shoes Reebok Realflex Scream 3.0 Running mogochinese-27999 Women's Shoes 390f385 -

    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
    Reebok Shoes Reebok Realflex Scream 3.0 Running mogochinese-27999 Women's Shoes 390f385
    Athletic Shoes