Never miss an update

New Balance Work Women's WID526 SZ/color Slip - Resistant Work Sho - Choose SZ/color cbf4dc0

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
PartNumber: WID526BK Creator: New Balance
MPN: WID526BK Department: womens
UPC: Does not apply Label: New Balance Footwear
Style: Does not apply Manufacturer: New Balance Footwear
Brand: New Balance Model: WID526 Slip Resistant-W
Size Type: Regular ProductGroup: Shoes
US Shoe Size (Women's): Does not apply Publisher: New Balance Footwear
Never miss an update

New Balance Work Women's WID526 SZ/color Slip - Resistant Work Sho - Choose SZ/color cbf4dc0 -

    New Balance Work Women's WID526 SZ/color Slip - Resistant Work Sho - Choose SZ/color cbf4dc0
    New Balance Work Women's WID526 SZ/color Slip - Resistant Work Sho - Choose SZ/color cbf4dc0
    NIKE WOMAN LUNARTEMPO 2 SIZE 10.0 CHALK BLUE RUNNING COMFORT STYLE NEWGentleman/Lady Nike Roshe One Women's Fiberglass/White 44994303 Crazy price Win the praise of customers Brand feast , Geox Women's New Club High-Top Quilted Trainers - BlackTommy Jeans Women's Knit Sneakers - Mahogany Rose , Bite Cirrus Series Womens Size 8 Green & White Golfing Shoes With Grip On Bottom , La Sportiva Women Mix Trail Running Hiking Shoe (38) Grey Purple , Men's/Women's Skechers Women's GOwalk Lite Skimmer Black/Black Crazy price Settlement Price Acknowledgement feedbackNike Zoom All Out Low 2 Traning Running Shoes AJ0036-600Skechers for Work Women's D'Lite Slip Resistant To - Choose SZ/colorWomens NIKE LunarGlide +5 Raspberry Running Trainers 599395 616Merrell Zoe Sojourn Knit Q2 Women's Size 7 Monument 25%OFF , Converse All Star Shoreline Slip Women's Black 537081Man's/Woman's Bernie Mev Women's Halle Red Camo use Reliable performance a wide variety of goods , NIKE WOMAN SPORTS SNEAKER SHOES CASUAL FREE TIME CODE 511882 WMNS NIKE ROSHE ONEMen's/Women's WOMEN’S SHOES CONVERSE CTAS HI 559015C High grade high quality Highly appreciated and widely trusted in and outadidas Originals EQT Support ADV Women's Vintage White/Grey/Sub Green CQ2250 , AUTH Asics Women G-T3D.1 Black and White Lightning Shoes US8NEW BALANCE STVELOV1 W TURF CASUAL WOMENS SHOES SNEAKERS RED WHT sizes 5 - 10NEW NIKE ZOOM STRIKE RUNNING WOMENS SHOES SNEAKERS BLACK METALLIC 6.5 - 9.5Nike Flexible Running Sneakers Blue Black Women Sz 11 1064Size 8.5 Nike Women Air Max 2016 Print shoe Blue 818101 401 Blue White Green , Mr/Ms Nike Pedro Lourenco Low Blazer Clever and practical Affordable comfortable , Nike Air Wildwood ACG Premium Dark Cinder/Light Bone-Clay 307170-201 SZ 7.5Sneakers and Athletic Born Hazy Grey Knit FabricREEBOK sz 9 WOMENS RUNNING SNEAKERS - MULTI COLOR - NWOB SHO - 8 , Sam Edelman Women's Blue Carleigh Platform Espadrille Sneakers Sz 9.5 4058 , Salomon Women's Sense Mantra 3 Running Shoe , NWB New Balance 1099 Women's Outdoor Size 7.5 (US) Gray with Magenta , WOMEN'S SHOES SNEAKERS LACOSTE GAZON 217 1 [733CAW1061003] ,
    New Balance Work Women's WID526 SZ/color Slip - Resistant Work Sho - Choose SZ/color cbf4dc0 ->New Balance Work Women's WID526 SZ/color Slip - Resistant Work Sho - Choose SZ/color cbf4dc0 -
    Aquatalia- Women's, Florene, Suede Ankle Booties, Dark Grey, Size 9 Medium, USA , Dromedaris Women's Kara Shearling Boot, Black, 7 US , Ash Women's Ivana Booties - Choose SZ/colorshoes shoe shoes motorcycle scooter Tcx x-square man sport touring urban , Ladies Rieker L8360 Grey Slip On Ballarina FlatsMen's/Women's Ladies Rieker Sandals The Style 66527-W Quality queen Stylish and fun General product , SAS Women's Whisper Brown Leather Tripad Comfort Shoes Size 7.5S New in BoxDr. Scholl's Fiction flats black memory foam cool fit sz 9.5 Med NEW , Easy Works Women's Bind Clog Black/Bright Multi Dot Leather ClogsChaco Womens Pineland Moc Shoes Size 7 B Pinecone Brown J105846TIBI Camel Brown Textured Suede Mules Heels Shoes - size 40 / 10Womens Poetic Licence Pucker Up Kisses Lips Party Stiletto High Heel US 5.5-11.5 , Sz37-44 Womens Pointy Toe Super High Heel Stiletto Red Sexy Club Dancing ShoesCalvin Klein Rocci Booties 8M Suede & Textured Leather EC High Heel Gorgeous! , Kenneth Cole New York Women's Deborah Dress Pump - Choose SZ/ColorNEW Nike Air Force Max - Black/White Basketball Shoes (Men's 20) , 1801 Nike Air Max Guile Men's Training Running Shoes 916768-009 , Joker Suede shoes Mens Size 12 Leather Heath Ledger Dark Knight Steampunkautumn mens slip on tassel boat shoes backless slippers mules loafers pump shoes , Propét Mens Grant Leather Round Toe Moccasins , Cole Haan GrandMotion Woven Stitchlite Sneaker - Marine Blue, Men's 8.5MGentlemen/Ladies Lanvin Mens Sneakers High quality and cheap Fast delivery Current shapeWOMEN ADIDAS NMD R2 WHITE UTILITY GREEN NOMAD SIZE 10.5 , MBT Women's Afiya Slip-On Athletic Shoe - (Scuba Blue/Lime)* , Nike Women’s Air Max Thea Ultra Flyknit Midnight Fog Sail 881175-003 Size 10Seychelles Womens Boots Tall US 8 Black Leather Suede Textile Zip Buckle Pocket , Punk Womens Real Cow Leather Pointy Toe Fashion Low Heel Buckle Zip Ankle Boots , Rowen Cowboy Boots Womens 6.5 Dallas Cowboy Leather Mid Calf Rodeo Texas Brown , Jambu Womens Pilot Ankle Bootie- Pick SZ/ EMILIO PUCCI acid green RAIN BOOTS 41 US 11 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Balance Work Women's WID526 SZ/color Slip - Resistant Work Sho - Choose SZ/color cbf4dc0 -

    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 Balance Work Women's WID526 SZ/color Slip - Resistant Work Sho - Choose SZ/color cbf4dc0 -

    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 Balance Work Women's WID526 SZ/color Slip - Resistant Work Sho - Choose SZ/color cbf4dc0
    Athletic Shoes