Never miss an update

Reebok Crossfit Nano 8 US Flexweave/ CN1039 Women's Sizes 25099 US 5 ~ 11/ New in Box! 43c0307

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: White/Classic White/Excellent Red/Blue/Grey Style: Running, Cross Training
Product Line: Flexweave Width: Medium (B, M)
Never miss an update

Reebok Crossfit Nano 8 US Flexweave/ CN1039 Women's Sizes 25099 US 5 ~ 11/ New in Box! 43c0307 -

    Reebok Crossfit Nano 8 US Flexweave/ CN1039 Women's Sizes 25099 US 5 ~ 11/ New in Box! 43c0307
    Reebok Crossfit Nano 8 US Flexweave/ CN1039 Women's Sizes 25099 US 5 ~ 11/ New in Box! 43c0307
    1801 adidas Originals Superstar MT Women's Sneakers Sports Shoes CQ2610Asics Womens Gel Kayano 25 D Wide Shoes 1012A032 color Carbon/Mid Grey Size 9.5Saucony Women's Freedom ISO Running Sneaker Blue/Citron Sneakers , WMNS NIKE AIR HUARACHE RUN DESERT SAND RUNNING SHOES WOMEN'S SELECT YOUR SIZEMr/Ms Adidas NMD_R1 W - CQ2014 Charming design Carefully selected materials Most practicalAdidas Originals Women's Ultraboost 4.0 in Ash Peach/Linen BB6497 BNIB Free Ship , Nike Metcon 3 Metallic 922880-001 Women's Sizes US 5 ~ 12 / New in Box! , Lacoste Women's L.12.12 Sneaker Black Textile Sneakers , Reebok Crossfit Nano 8 Flexweave CN1042 Women's Sizes US 5 ~ 11 / New in Box!Gentlemen/Ladies New Balance Women's WW926 Walking Shoe Innovative design Moderate cost Exquisite workmanshipReebok Crossfit Nano 8 Flexweave CN1044 Women's Sizes US 5 ~ 11 / New in Box! , Nike Free TR Focus Flyknit <844817-108> Women's US 5 ~ 12 / Brand New in Box!!! , Gentlemen/Ladies ASICS GEL-Kayano 20 Women's Atmosphere/Sky/Violet 370247 Louis, elaborate discount Elegant and solemn , NIKE AIR JORDAN 11 XI IE BLK GOLD WOMENS RETRO LIMITED EDITION 2007 WOMEN SZ 8Nike WMNS Women’s Shox Gravity 8 US White Running Shoes , Nike Air Max Thea Jacquard <718646-003> Women's US 8 ~ 10 / Brand New in Box!!NIKE Women's Air Zoom Vomero 13, Pink/Bleached Coral SIZE 9.5Man's/Woman's Adidas NMD_R1 W - BA7752 We have won praise from our customers. Quality and quantity guaranteed Sales online store , Sam Edelman Women's Hazel Pointed Toe Stiletto Heel Pump Black Nappa Leather , Nike Women Air Zoom Structure 21 Shield Running Shoes 907323-400 US5.5-8.5 04'Gentleman/Lady Womens New Balance 843 Walking Shoe Best-selling worldwide Fast delivery Full range of specifications , Gentlemen/Ladies New Balance Women's Wrl247sr Diverse new design Brand buy onlineNIKE AIR MAX 97 ULTRA PINK/GRIDIRON/WHITE/ELEMENTAL ROSE 917998-601 JUNIOR , New Balance Women's WR9500 Zip Running Shoe , Women's Brooks Glycerin 15 Running Shoes Silver/Grey/Rose 1202471B 057Women's Air Jordan Retro 1 Low Lifted Casual Shoes Phantom/White AO1334 004 , Mizuno Running Women's Wave Creation 19 ShoesAltra Womens Lone Peak Mid Neoshell 3.0 Shoes A2653MID-1 Brown/Light Blue 10 , Nike Womens Air Huarache Run - 634835 403 ,
    Reebok Crossfit Nano 8 US Flexweave/ CN1039 Women's Sizes 25099 US 5 ~ 11/ New in Box! 43c0307 ->Reebok Crossfit Nano 8 US Flexweave/ CN1039 Women's Sizes 25099 US 5 ~ 11/ New in Box! 43c0307 -
    Dolce Vita Neely Over Knee Women's Light Brown Boot Sz 8M 2829 * , Maison Margiela Shoes 296332 Beige 38 , adidas Y-3 Nomad Wedge Ankle Boots G63689 US Size 10.5 , Burberry black leather mid-calf boot 'Marling' Equestrian Boot (Women) size 39Vintage CURTESS STETSONS Cowboy Tan Boots Upper Leather Size 9 UNUSED Boxed , New Womens Flats Loafers Slip On Casual Patent Leather Fashion Mori Girls Shoes , JESSICA SIMPSON BROWN LEATHER - SNAKE - PLATFORM 4.5" HEEL size US 7.5M HOT , Casual Women's Pointy Toe Shoes Stilettos Heels Pumps Strappy Bowknot Fshion New , NEW J.CREW COLLECTION DULCI FLOWER SEQUIN KITTEN HEELS, E7589, SZ 10, DARK PASIF , Korea Fashion Womens Metallic Glitter Sequins Peep Toe Wedge Mid Heels Sandals , Womens Stiletto Open toe Platform Summer Sandals Shoes Sexy High Heels StripedValentino Garavani "Salmon" Pink Suede Ankle Strap Sandals SZ 37Man/Woman Gel lyte sight sales sample main category online shop List of explosions , PUMA SNEAKERS MENS SIZE 11.5 New With BOX , Adidas Varial Mid Men's Athletic Shoes Sneakers CQ1149Nike Air Jordan Retro 4 Fire Red 2012 Size 10.5 100% Authentic , Nike Air Jordan Retro VII 7 Marvin the Martian sz 12 716227 425 Barcelona Nights , AUTHENTIC NIKE AIR FORCE MAX 2013 PRM QS SIZE 10.5 asg charles barkley area 72Kith x Moncler x Asics Gel Lyte III 3 Red Sz. 9New Nike Men's Jordan Super Fly MVP Shoes Sneakers - Black/White(AT3005-001)Mens Thom McAn Thinsulate Size 13 Waterproof Yellow Leather 8" Work Boots-287 , NIKE AIR FORCE 1 AIR FORCE EDITION MENS SIZE 10 DEADSTOCK SEE PICS 4 DETAILS , 27 New Mens New Balance M1700 Maroon/ Gray M1700CHT Made in USA Shoes Size 8-12 , Reef RA3628TAB Mens Spiniker Mid Se Fashion Sneaker- Choose SZ/Color. , Giorgio Brutini Men's Crawley Slip-on Loafer - Choose SZ/ColorMoreschi Brown Monk Strap Deer/Calf Leather Size 9.5 MPUMA Women's Trinomic R698 Sport Fashion Sneaker , Skechers Sport 12413 Womens Empire Sweet Scene Fashion Sneaker , Nike WOMEN'S Dunk Sky Hi Essential HIDDEN WEDGE SIZE 7.5 High NEW Black WhiteWomen's Slim Leg Over Knee Length Tall Boots Stilettos Pointy Toes High Heels
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Reebok Crossfit Nano 8 US Flexweave/ CN1039 Women's Sizes 25099 US 5 ~ 11/ New in Box! 43c0307 -

    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 Crossfit Nano 8 US Flexweave/ CN1039 Women's Sizes 25099 US 5 ~ 11/ New in Box! 43c0307 -

    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 Crossfit Nano 8 US Flexweave/ CN1039 Women's Sizes 25099 US 5 ~ 11/ New in Box! 43c0307
    Athletic Shoes