Never miss an update

Converse High Chuck Taylor All Star White White Garnet Womens 19429 Canvas High Top Trainers dd0e357

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: Converse
Upper Material: Canvas Style: Hi Top, Trainer Boots
Linning: Textile Fastening: Lace Up
Sole: Rubber Pattern: No Pattern
Model Name: Chuck Taylor All Star Width: Standard (B)
MPN: 555978F Color: White Garnet
Product ID: 51775 Material: Canvas
Main Colour: White
Never miss an update

Converse High Chuck Taylor All Star White White Garnet Womens 19429 Canvas High Top Trainers dd0e357 -

    Converse High Chuck Taylor All Star White White Garnet Womens 19429 Canvas High Top Trainers dd0e357
    Converse High Chuck Taylor All Star White White Garnet Womens 19429 Canvas High Top Trainers dd0e357
    Asics Women's Gel-Flux 4 Running Shoes Mid Gray/White/Diva Pink Style 9601 , Women Hidden Heels Sport Sneaker Boot Mesh Sneaker Sandals Shoes Low Top 6Colors , NIB WOMENS UNDER ARMOUR W MICRO G SPEED SWIFT TRAINING RUNNING SHOES SZ 6-9 , NIB Nike Women's FLEX 2016 RN Shoes (830751 800, Bright Mango/White, Size: 6.5) , Under Armour Women's Micro G Speed Swift 2 Training Shoes 1285498-001 Black , New Balance Women's Wflsh Ankle-High Running ShoeNIKE Women's Zoom Strike Black/Black Running Shoe 10 Women USNike WMNS Runallday [898484-600] Women Running Shoes Pink/White-Black size 11 , Asics Womens Gel Lyte Komachi Black White H7H5N-9001 Running Trainer , New Rebecca Minkoff Size 6M Stacey Stud Black Lamba Platform Leather Sneakers 6M , Nice! Womens NORTH FACE "ONE TRAIL" Trail Running Shoes BLACK CAMO sz 8 $120White Women's Flats Shoes Round toe High top Casual Breathable Sneakers newLa Sportiva Ultra Raptor Trail Running Shoe Womens Fjord/Malibu Blue SZ 9.5 NWT!NIKE EXPERIENCE RN 5 WOMEN'S RUNNING SHOESNew Nike Women's Fi Flex Golf Shoe Size 5.5 Pure Platinum Racer Pink 849973-001 , Nike Lunar Exceed TR Women Size 6.5 Running Cross Training Pink Shoe 909017 012WOMENS Nike AIR Zoom Structure 19 Sz US 9, 40.5 EUR Black White Grey $120 , WOMENS PUMA SUEDE CLASSIC in colors BLACK SIZE 6CONVERSE ALL STAR MISSONI HI SNEAKERS MULTI / EGRET COLOR WOMENS SIZE 9 , AIR JORDAN 1 RETRO LOW NS WMNS WHITE GOLD AH7232-100. NO SWOOSH. WOMEN , BROOKS GHOST 9 RUNNING SHOES SIZE 8.5 US 40 EU BLACK RED WHITE , Reebok Womens Royal Alperez Dash Sneakers, Manic Cherry/ White. Sz 8 , Puma Mostro DE Blue - Womens - Size 7 BNIKE WOMEN'S SIZE 11 LUNARCONVERGE RUNNING SHOES 852469 002 BLACK/HOT PUNCH , Skechers 14112 TPPK Women's GOTRAIL Running Shoes Size us 9 B NWOB , Alegria CAR-255: Womens Fashion Chained Black Wedged Sandals , VANS Sk8 Hi Slim (Pop) Black/Blue Tint Mint High Top Skate WOMEN'S 10 , Comfortable Women Boots Mandala Circles In Boho Chic Style Martin Boots For GirlLacoste Aceline 316 2 Spw Sneakers White/Navy Leather Size 8 ,
    Converse High Chuck Taylor All Star White White Garnet Womens 19429 Canvas High Top Trainers dd0e357 ->Converse High Chuck Taylor All Star White White Garnet Womens 19429 Canvas High Top Trainers dd0e357 -
    Via Spiga Bristol Pull On Tassel Ankle Boots 141, Dark Taupe, 6 US / 36 EU , Via Spiga Vanka2 Ankle Cuff Dress Sandals, Silver Leather, 6.5US/37EU Display , Man's/Woman's SEXY-16 Satin Black Clever and practical King of quantity Very good colorHush Puppies Women's Livi Heather Ballet Flat - Choose SZ/Color , Women’s LIMITED studded loafers sz 8M , New Womens Block High Heels Platform Ankle Strap Pumps Buckle Velvet Party ShoesKenneth Cole Reaction Know Who Womens Tan Leather High Heels , Dream 432 Wide Cuff Lock Key Pump Shoe 4" Heel Queen Size 9-17 Black PatentGentleman/Lady Demonia PIXIE-16 Fashion pattern Reliable performance Different styles and styles , Stephane Kélian Pointed Toe Heel in Brown/Cream Size US9 , Christian Louboutin Shoes Size 36.5 Silver Python Snakeskin Slingback High Heels , Seychelles Mosaic Brown Leather Flip-Flop Slip-On Sandal Shoe 7 NewNEW BALANCE 574 Gray Purple Pink Womens 8 (6.5Y) Limited NIB , Nike Air Max Jewell Premium Textile Women's Sneakers 917672 200 Linen Sail White , Frye Women's Size 9.5 Avery Stud Tan Leather Slingback Thongs Sandals FB2-9 , Nike Mens Metcon 1 Black Metallic Silver Cool Grey CrossFit Shoe 704688-002 Sz 6Nike Air Max 95 Ultra Premium BR Mens AO2438-200 Vachetta Tan Shoes Size 11 , Merrell Moab 2 GTX Gore-Tex Vibram Khaki Orange Men Outdoors Trail Shoes J12133Mizuno Wave Inspire 14 [J1GC184401] Men Running Shoes Blue/White-RedJeremy Scott Adidas Gold Wing 3.0, Size 5, RARE!Nike Air Max 1 Premium QS 665873-061 Black/Varsity Red Men Size US 6 NEW Limited , NIKE LEBRON XV 15 DARK ATOMIC TEAL/BLACK-TEAM RED SIZE MEN'S 10.5 [897648-300] , RARE Nike Air Jordan 11 Retro 2012 "BRED" sz 7.5 XI space jam legend blue gamma , Gentlemen/Ladies Stacy Adams Men's Sanfillipo Oxford New varieties are launched special function Reliable reputationDonald J. Pliner Mens 'Dimiti-23' Loafer Shoe, Black, US 8 , charles tyrwhitt Men’s Brown Tan Dress Shoes Made In England Size 8.5 Very Good!Man/Woman Nunn Bush Men's Lincoln Loafer,Burgundy,10 W High quality and cheap real Elegant and stable packaging , NIKE LUNAREPIC FLYKNIT SHIELD WOMEN`S SHOES RUNNING SNEAKERS NEW SZ 6;Reebok V70624 Womens Ultra V Dmx Max Walking Shoe- Choose SZ/Color.VIA SPIGA Ankle BOOTS Womens size 8.5 M Black Leather Tapered Toe HEELS Italy
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Converse High Chuck Taylor All Star White White Garnet Womens 19429 Canvas High Top Trainers dd0e357 -

    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.

    Converse High Chuck Taylor All Star White White Garnet Womens 19429 Canvas High Top Trainers dd0e357 -

    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
    Converse High Chuck Taylor All Star White White Garnet Womens 19429 Canvas High Top Trainers dd0e357
    Athletic Shoes