Never miss an update

Merrell Women's 1SIX8 Mesh Mesh Fashion Women's Sneaker - Choose SZ SZ/color/color 41230ae

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
Binding: Shoes
Publisher: Merrell Department: womens
UPC: Does not apply Label: Merrell
Style: Does not apply Manufacturer: Merrell
Brand: Merrell Model: 1SIX8 MESH-W
Size Type: Regular ProductGroup: Shoes
US Shoe Size (Women's): Does not apply
Never miss an update

Merrell Women's 1SIX8 Mesh Mesh Fashion Women's Sneaker - Choose SZ SZ/color/color 41230ae -

    Merrell Women's 1SIX8 Mesh Mesh Fashion Women's Sneaker - Choose SZ SZ/color/color 41230ae
    Merrell Women's 1SIX8 Mesh Mesh Fashion Women's Sneaker - Choose SZ SZ/color/color 41230ae
    Rockport Total Motion Leather and Suede Ankle Boots Black Womens Size 6W NewNew Supersoft Christina by Diana Ferrari Black Leather Ankle BootSeychelles HERD Womens Herd Boot- Choose SZ/Color. , FRYE Jenna Cut Stud Short Moto Black Distressed Boot Size 5.5 NEW IN BOX $428.00Fall Winter Real Fox Mink Fur Boots Booties High Heels Platform Wedges US7/EU38Baffin Womens Black Madeleine Winter Boots Shoe Size 8 , Pleaser Kiss-3010 black patent stiletto platform thigh high boots sizes 5-14 , Roper 09-021-1557-0739BL Womens Embroidered Ankle Boot Pointed ToeChic Women Suede Strech Clubwear Party Thigh High Boot High Heel Stilettos ShoesTommy Hilfiger Womens Ripley Boot- Select SZ/Color.Womens Ankle Strap Boots Motorcycle Knight Punk Buckle Round Toe Shoes Plus Size , NEW XTRATUF SALMON SISTERS BOOT 12" LEGACY COPPER FISH PRINT 7-10 WATERPROOFWomens Kitten Heels Leather Strappy Buckle Pointy Toes Zip Nightclub New Shoes , Genuine Mink Fur Colorful Womens Snow Boots Flat Ankel Boots Pull On New Shoes S , Jessica Simpson Sesley Wrapped Slouch Ankle Booties, Honey Brown, 8 US , Ana Lublin Shoes Women Ankle boots Black 82812 moda1 SALE , Nine West Women's Argyle Ankle Boot - Choose SZ/Color , 2019 Hot Women Occident Winter Snow Ankle Boots Bead Warm Suede Warm Fur Flats X , Suede Ankle Boots Riding Women Rivets Platform High Heels Strappy Zipper Shoes , Ethnic Style Women Floral Chic Embroidery High Heel Stilettos Knee High Boots SZWomen Over Knee Boots Leather Suede Pointy Toe High Heels Riding Zipper ShoesWomens The North Face Sisque Mid winter snow Green Insulated US 7 CM 24Hunter 'Original Short' Glossy Rain Boots Size 7US/38EU Ocean BlueNIB Guess Aby Women's Ankle Bootie in Black FabricMiz Mooz Womens 10 M Chapala Brown Leather Tall Western Cowboy Boots Knee High , PLEASER Seduce-3063 Series 5" Heel Sexy Exotic Thigh-High Boots , PLEASER DELIGHT-1056 1057 1065 Exotic Dancing Peep Toe Fringe Mid-Calf BootNEW Frye Leather Patty Clogs/Mules IN CAMEL size 9 NEW IN BOX , NEW $168 Free People Vegan Starlight Boots Black/Gold Size 7 ,
    Merrell Women's 1SIX8 Mesh Mesh Fashion Women's Sneaker - Choose SZ SZ/color/color 41230ae ->Merrell Women's 1SIX8 Mesh Mesh Fashion Women's Sneaker - Choose SZ SZ/color/color 41230ae -
    Pleaser Women's Ado1021/Wpu/m Boot, White Faux Leather/White, 9 M US , Northface Size 6 Pink Back Zip Ankle Winter Snow Boot Winter Grip SoleBed|Stu Women's Yell Bootie Teak/Black Rustic Rust 8 B(M) US , Loeffler Randall Women's Greer (Hair Calf) Leopard Size 10.5 , Nike Womens Air Max BW Ultra Running Trainers 819638 401 Sneakers Shoes , Aldo Dorea Pull On Embellished Fashion Sneakers, BlackKlogs Missy Women's Clogs Mahogany Smooth Leather Display Model Shoes 10 MMen's/Women's Jana Shoes 22406-28 Good design At a lower price have funNEW $495 Max Mara Hills Shoes 39 9 maxmara , Gibellieri 3293a Navy Taupe Leather Square Toe Heel Shoes Pumps 38.5 / US 8.5 , Saint Laurent YSL Candy 55 Tied Platform Sandals Black Leather 37.5 7.5Adidas Nemeziz Tango 17.1 TR Training Shoes Black Blackout SZ ( BB3660 ) , Nike Air Jordan 1 mid. White mens size 11 554724 115 basketball shoes , Sperry Top-Sider Men's Gold Cup A/O 2-Eye Boat Shoe Brown Leather , Night Club Pole Dance Man Over knee high Boot Patent Real Leather Motorcycle New , NIKE AIR JORDAN DS RETRO XII 12 THE MASTER 10.5 FLU GAME OG OVO WINGS PSNYKEEN Utility Men's Detroit Steel Toe Mid Waterproof Work Boot Brown 12 1007003Dmen's shoes J BREITLIN 7 () elegant black shiny leather AD15-B , MORETTI Men's Black Premium Genuine Leather Dress Shoes Slip On (D, M) M3863 , Allen Edmonds ‘Stratton’ Brown Leather Wingtips Shoes Men’s 12.5 AAsics Gel Venture 5 Running Sneakers Womens Trail Shoes T5N8N 1040 , Paul Smith Leather Shoes Size Eduardo T Moro BrownPUMA Women's Basket Heart Denim Twilight Blue-halogen Blue 10 M USNike Dunk Mid Pro SB "Chubber Lang" Boys Size 4.5/ Women's Size Brand New In BoxNIKE Womens Nike Free Tr 8 942888-401 NAVY/WHITE Womens Size 8BCBG Maxazria Asha Knee High Slouch Suede Boots Black Size 7Chic Womens Patent Leather Square Toe Ankle Boots Block Heels Back Zipper ShoesALEGRIA LEATHER SIDE ZIP ANKLE BOOTS ZOEY BLUE ROMANCE SIZE 39 FITS 8 1/2 , Womens Printed Floral Side Zip Floral Ankle short Boots Chuny High Heel Shoes sKenneth Cole REACTION Women's Fridah Fly Toe and Open Heel Ankle Bootie Boot,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Merrell Women's 1SIX8 Mesh Mesh Fashion Women's Sneaker - Choose SZ SZ/color/color 41230ae -

    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.

    Merrell Women's 1SIX8 Mesh Mesh Fashion Women's Sneaker - Choose SZ SZ/color/color 41230ae -

    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
    Merrell Women's 1SIX8 Mesh Mesh Fashion Women's Sneaker - Choose SZ SZ/color/color 41230ae