Never miss an update

Gentleman fine/Lady touch Comfortable Nike Women's Mayfly Lite Casual Shoe Selling Comfortable touch fine 4a39a2d

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: Nike
Color: Green Model: 896287 300
Style: Low Top Width: B(M)
colorname: Fresh Mint/Fresh Mint/Black Material: Fabric-And-Synthetic
Never miss an update

Gentleman fine/Lady touch Comfortable Nike Women's Mayfly Lite Casual Shoe Selling Comfortable touch fine 4a39a2d -

    Gentleman fine/Lady touch Comfortable Nike Women's Mayfly Lite Casual Shoe Selling Comfortable touch fine 4a39a2d
    Gentleman fine/Lady touch Comfortable Nike Women's Mayfly Lite Casual Shoe Selling Comfortable touch fine 4a39a2d
    Men's/Women's Diesel Women's Smeraldha Casual Shoe Clearance price Year-end sale high quality product , New Balance WL574VJA 574 Team Red Metallic Gold Sneaker Women , Cole Haan Women's Grandpro Tennis Fashion Sneaker, Metallic Soft Gold/Black, 5 B , NEW ADIDAS WOMEN'S ORIGINALS PHARRELL WILLIAMS TENNIS HU SHOES [DB2552] ASH PINKDC Women's Villain W Skate Shoe - Choose SZ/ColorSalomon Womens Sense Ride Trail Running Shoes Blue Bird / Deep Lagoon NavyNEW ADIDAS WOMEN'S ORIGINALS SUPERSTAR 80s METAL TOE SHOES [S76711] WOMEN US 8.5Adidas Women's Tubular Runner Originals W Running Shoe , New Balance WL574ASE Women's Art School Athletic Shoes Classic Green SneakersK-Swiss Si-18 Rannell 2-W Womens SI-18 2 Sneaker- Choose SZ/Color.NIKE CLASSIC CORTEZ SE WOMEN'S RUNNING SHOE LIFESTYLE COMFY SNEAKERS , Nike Roshe One Womens 844994-002 Black White Mesh Running Shoes Wmns Size 9Adidas Women's Athletics 24/7 Tr Training ShoeMizuno Running Womens Wave Daichi 2 Running-Shoes- Pick SZ/Color.Nike Epic React Flyknit RUNNING SHOES AQ0070-001 BLACK Size 7 , Skechers Women's Go Meb Razor Purple/Pink Running Shoe 7.5 Women Us , Men/Women Merrell Siren Sport,Olive,8 M US Many styles comfortability Seasonal hot saleCONVERSE CHUCK TAYLOR ALL STAR SHORELINE SLIP WOMEN'S SLIP-ON COMFY SNEAKERSMizuno Womens Wave Lighting Z3 Volleyball Shoe- Pick SZ/Color.Lacoste Women's Avenir Slip 218 1 Sneaker , NEW ADIDAS WOMEN ORIGINALS PHARRELL WILLIAMS TENNIS HU SHOES [DB2564] ASH PEAMizuno Women's Wave Catalyst 2 Running Shoeadidas Performance Women's Edge Lux w Running-Shoes 8 B(M) USadidas Performance CG3079 Womens Adizero Defiant Bounce w Running-ShoesSkechers 996 Street Womens Hi-Lite-Velvet W/ Rhinestone Sneaker , ADIDAS Women's Originals Stan Smith Casual Shoes Sneakers White Green B24105 , NEW ADIDAS WOMEN'S ORIGINALS TUBULAR SHADOW SHOES [CQ2464] BLACK//AERPNK , NIKE CLASSIC CORTEZ PREMIUM Pearlized Pack WOMEN'S RUNNINGSHOES COMFY SNEAKERS , ADIDAS FLASHBACK FLB WOMEN'S RUNNING SHOES LIFESTYLE COMFY SNEAKERS
    Gentleman fine/Lady touch Comfortable Nike Women's Mayfly Lite Casual Shoe Selling Comfortable touch fine 4a39a2d ->Gentleman fine/Lady touch Comfortable Nike Women's Mayfly Lite Casual Shoe Selling Comfortable touch fine 4a39a2d -
    Man/Woman Boot Nine West Jetra Black Leather High quality and cheap Highly praised and appreciated by the consumer audience Popular tide shoes , Yeezy Season 5 Leather Croc Embossed Ankle Boots Shoes Heels Grey Gray 36-41 , DS Air Jordan 1 Retro High OG Premium Pinnacle 'Brown Croc'(Us 9.5)with receipt , Tommy Hilfiger Romea Mid-Calf Rain Boots, Black MultiMan/Woman Freebird boots Easy to clean surface Carefully selected materials negotiationBirkenstock Arizona Birko-Flor Female Slides Birko-Flor Metallic Stones Copper C , Gentleman/Lady NEW Lipstik Theadora Taupe Pump service Modern and stylish fashion Global sales , New Bernie Mev Women's Brooke Flats Peep Toe Shoes Dazzle Size 40 US 9.5-10 , Womens Platform Wedge Heel Buckle Zip Patent Leather Ankle Boots Nightclub Shoes , $140 TOPSHOP Goat Leather Bailey Point Court Shoes - Sz 8 , CLARKS Womens Patty Tayna Mule M, Tan, Size 10.0ATTILLIO GIUSTI LEOMBRUNI BLACK LEATHER STUDDED LOAFER MULE NWOB SZ 39(9)BRAND NEW NIKE GOLF WOMANS AIR CHALLENGE GOLF SHOES SIZE 9.5W 9 1/2W NEW READReebok Classic Leather Men's Shoes Size 9 Black , Nike Darwin 819803-002 Black White Men's Casual Sportswear Running Shoes NEW! , $105.00 Diadora Men Titan Leather LS white 16035420006Men's/Women's Mens Globe (Drizzle Grey/Black) Fusion Shoes Quality queen buy Explosive good goodsAdidas Yeezy Boost 350 v2 Butter Size 4 , Adidas Yeezy By Kanye West 350 V2 Beluga Boost bb1826 2016 , Ariat Men's Skyline Mid H2o Walking Shoe - Choose SZ/ColorFashion Men Synthetic Leather Pointed Toe Rhinestone Floral Printing Dress ShoesNike Blazer High Neo Turquoise/Midnight Navy-Cement Red 317808-411 Women's SZ 6 , Dr. Comfort Relax Men's Slippers Camel - 9 WideVANS SK8 Hi Slim Zip (Leather) Wind Chime/Blanc de Blanc WOMEN'S Size 9 , adidas Aerobounce ST W Stability Chalk Blue Women Running Shoes Sneakers CG4584Reebok Z Goddess Mesh White Blue Running Cross Training Sneakers Shoes Womens 7Women's Nike Air Max 1 SE - SIZE 5.5 - 881101-300 Hot Punch Ghost One Pink QS2017 womens pointy toe stilettos high heel over the knee boots strench nightclub , New Carhartt Romeo Size 7.5 M CWS4177 Embossed 4" Women’s Work Boot RETAIL $109Belle by Sigerson Morrison Boots Black Suede Size 6 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentleman fine/Lady touch Comfortable Nike Women's Mayfly Lite Casual Shoe Selling Comfortable touch fine 4a39a2d -

    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.

    Gentleman fine/Lady touch Comfortable Nike Women's Mayfly Lite Casual Shoe Selling Comfortable touch fine 4a39a2d -

    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
    Gentleman fine/Lady touch Comfortable Nike Women's Mayfly Lite Casual Shoe Selling Comfortable touch fine 4a39a2d
    Athletic Shoes