Never miss an update

Shoes White Ray 29992 Low Wmn Fila 1010562-00K White Women 1010562-00K 54d3775

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: Fila
Color: White US Shoe Size (Women's): Check Size at "Size Selector"
Product ID: 1010562-00K Style: Trainers
Price - Currency €: 104.00 Material: Mesh
Never miss an update

Shoes White Ray 29992 Low Wmn Fila 1010562-00K White Women 1010562-00K 54d3775 -

    Shoes White Ray 29992 Low Wmn Fila 1010562-00K White Women 1010562-00K 54d3775
    Shoes White Ray 29992 Low Wmn Fila 1010562-00K White Women 1010562-00K 54d3775
    FESSURA Womens Mummy Shoes New Light Brown Color , Hottest Womens Leather Speed Flat Trainer Shoes Sneakers Mid Wedge Heel Rose RedBrooks Ghost 8 Womens Running Shoes (B) (038) | BUY NOW!1801 Nike Run Swift Women's Traning Running Shoes 909006-600 , NIKE WMNS AIR MAX 1 ND BLACK WHITE 319986-109 Womens Casual Sneakers , Asics Gel Netburner Professional 12 Womens Netball Shoes (B) (3901)adidas Sambarose W Shoes Grey Women B37860 , Asics GT 2000 4 Womens Runner (2A) (4034) + Free Delivery Australia WideNew Balance Women's Shoes CRT300 EC Size 5.5 us , 1710 Nike Free TR 7 Women's Training Running Shoes 904651-603Mizuno Connect 3 Womens Runner (B) (864) + FREE AUS DELIVERYISABEL MARANT Shoes 804344 White 36NIKE Women's W Roshe Two SI, Black SIZE 7NIKE Women's Air Zoom Structure 20, White/Aurora Green SIZE 6QUATTROBARRADODICI women shoes Blue suede and fabric sneakers with floral print , CRIME WOMAN CASUAL FREE TIME SNEAKER SHOES SHINY LEATHER CODE 25365A16B , Asics Gel Netburner Ballistic Womens Netball Shoe (B) (9095) , Nike Air Force 1 '07 Women's Sneakers 315115 112 + 18F , New Balance Women's Shoes GW500 KG Size 8.5 us , Authentic Asics Gel DS Trainer 22 Womens Running Shoe (B) (4920)adidas Sambarose W Shoes Pink Women B37861 , Nike WMNS Dunk Retro QS [854340-700] NSW Casual Be True Michigan Maize/NavyAdidas Originals Women's Gazelle Sneakers Size 8 us BY9363 , AE827 GUARDIANI SPORT shoes black velvet suede women sneakersWOMEN’S SHOES NEW BALANCE 840 CLASSICS WL840PBPuma Basket Platform Satin Creepers Olive Green Gold Womens Trainers 365719 03 , Asics Gel Netburner Professional 13 Womens Shoe (B) (4301)Nike W Air Max 1 Ultra 2.0 [881104-002] NSW Running Black/Hematite-White , Calvin Klein Jeans Tonia sneakers sale neoprene/eleastic black re9787
    Shoes White Ray 29992 Low Wmn Fila 1010562-00K White Women 1010562-00K 54d3775 ->Shoes White Ray 29992 Low Wmn Fila 1010562-00K White Women 1010562-00K 54d3775 -
    NEW Womens Size 11 AUSTRALIA LUXE Love Black Rainbow Stripe Short BootsAsics Gel-Lyte V Mens Running Trainers H6D2Y 9024 Sneakers Shoes CLEARANCE , T750N.9020 | ASICS WOMENS GEL-NIMBUS 19 RRP $240 - FREE AUS SHIPPING , RM Williams Women Boots /Adelaide/Cuban Heel/ Size 7D , Tabitha Simmons Black Split Suede Peep Toe Eva Ankle Boots IT40 UK7 , WOMENS SERGIO ROSSI TAN LEATHER SUEDE SLINGBACK SANDALS HEELS SIZE IT37.5/US 7.5Sam Edelman Smithfield Black Hair T-Strap Pointed Toe Pump 9 , Diesel Pumps Black Suede Snake Print Women 40 / 10Christian Louboutin COUSSINET Caged Platform Woven Slingback Sandals Shoes $1450$150 KENNETH COLE New York HARBOR Taupe Leather Designer COMFORT Sandals 7Gentleman/Lady VICTORIA Sneaker 1125168 Knot Gold Shiny Guarantee quality and quantity Orders are welcome Tide shoes listSmiling Goldendoodle Print Sneakers For Women- Free ShippingMen/Women Flat Nine West Saige Black 2 High-quality Impeccable At an affordable priceScottish Terrier Dog Running Shoes For Kids-Free ShippingAdidas Originals Superstar Womens S79418 Trainers Sneakers ShoesNike Air Pegasus+ 28 Team Mens Running Trainers 453398 Sneakers Shoes 100 , 2005 Nike Air Force 1 Mr. Cartoon 306146 131 Size 7NIB JORDAN MELO M10 ALL STAR CRESCENT CITY LIMITED EDITION ASG 10.5 CARMELO , Nike Air Foamposite Varsity Red White Black 314996-610 Basketball Men’s Size 7.5MEN'S NIKE AIR JORDAN 6 RETRO BLACK-INFRARED 23 SZ 17 [384664-023]OG Adidas Ultra Boost 1.0 core black S77417  Yeezy 100% Legit Size US10.5-11Nike Air Jordan 12 Retro Chris Paul Class Of 2003 CP3 130690-301 Size 13 No Lid , Nike Air Jordan 9 IX Retro Pinnacle Pack Black White AH6233 903 Sz 9.5 , Born Premium Leather Bicycle Toe Slip On Shoes Black Sz 9.5 US / 43 EUTroentorp Bastad Swedish Clogs: Monet Men's, Cocoa Nubuck, Sizes 40-47 , Women's Puma Suede Classic Matt&Shine Sneakers, New Bk Sport Walking Shoes 9.5J.FitzPatrick Madrona Munkstraps Single Munk Shoes *NEW* Copper Leather/Suede , JBU by Jambu Pullman Womens Brown Faux Fur Cold Weather Boots size 10Men's/Women's Altra Women's Torin Running-Shoes Quality queen new Reliable reputation , NEW!! Vince 'Bray' Velvet Smoking Loafers -Moss -Size-US 7.5/EU37.5- $298-(J4) ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Shoes White Ray 29992 Low Wmn Fila 1010562-00K White Women 1010562-00K 54d3775 -

    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.

    Shoes White Ray 29992 Low Wmn Fila 1010562-00K White Women 1010562-00K 54d3775 -

    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
    Shoes White Ray 29992 Low Wmn Fila 1010562-00K White Women 1010562-00K 54d3775
    Athletic Shoes