Never miss an update

ACERBIS 0017811.090.042 LINER WATERPROOF WALKY LINER NERO 0017811.090.042 WATERPROOF T.42 7c3f693

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
MPN: 0017811.090.042
EAN: 8052796005952 Brand: ACERBIS
UPC: Does not apply
Never miss an update

ACERBIS 0017811.090.042 LINER WATERPROOF WALKY LINER NERO 0017811.090.042 WATERPROOF T.42 7c3f693 -

    ACERBIS 0017811.090.042 LINER WATERPROOF WALKY LINER NERO 0017811.090.042 WATERPROOF T.42 7c3f693
    ACERBIS 0017811.090.042 LINER WATERPROOF WALKY LINER NERO 0017811.090.042 WATERPROOF T.42 7c3f693
    NEW CATERPILLAR BRAKEMAN 6\" SIDE ZIP STEEL TOE WORK/SAFETY BOOTS MENSGentlemen/Ladies Fashion And Sports Man Oxford Shoe for you to choose Environmentally friendly Official website , Mens Base London Smart Waxy Black Leather Slip On Chelsea Ankle Boots DartmouthNEW SLATTERS RANCH MENS COMFORTABLE LEATHER DRESS BOOTS , Classical And Cool Man Leather High BootMens Harley Davidson Leather Ankle Boots - The Style Keating D93379 Wheat - WMen's Clarks Ankles Boots The Style - Stewey Hi , NEW MASSA SCANDICCI MENS PREMIUM QUALITY LEATHER CHELSEA DRESS BOOTSSLATTERS ARIZONA MENS LEATHER BOOTS/SHOES BROWN OR BLACK AUS SIZES! , Mens Rieker Warm Linned Boots The Style 35362-W , Mens Catesby Brogue Pull On Ankle Boot Label MCATESCW158 ~ N , Men's Clarks Chelsea Ankle Boots The Style - Tilden ZipNEW CATERPILLAR CAT BRAKEMAN 6\" STEEL TOE WORK/SAFETY BOOTS , GENUINE LEATHER | HANDMADE | Original Ankle Boot Rain Rubber Authentic Brand , Unisex Toggi Walking and Yard Boots THE STYLE Lincoln-W , Mens Base London Boots The Style - RufusMens Maverick Cowboy Boots The Style - A3R003Mens Catesby Brogue Pull On Ankle Boot Style MCATESCW158 ~ NMen's Clarks Smart Ankle Boots The Style - Exton UpMens Magnum Boots The Style Viper Pro 8.0 , Mens Bugatti Leather Ankle Boots - The Style 311-37737-1100 ~ N , Mens Merrell Turku Trek Waterproof Mid Hiking Walking Boots- Style J23627 , Mens Rieker Warm Lined Boots The Style 36083-W , Mens Merrell Boots The Style Pulsate Mid Waterproof - WGentlemen/Ladies Mens Rieker Boots Label F5550-W feature At a lower price renewed on timeMens Harley Davidson Leather Ankle Boots - Style Keating D93379 Wheat - WMens Hush Puppies Casual Boots The Style Hancock High , Mens Clarks Slip On Leather Chelsea Ankle Boots Style - Batcombe Top , Men's Clarks Leather Smart Ankle Boots The Style - Banbury Mid ,
    ACERBIS 0017811.090.042 LINER WATERPROOF WALKY LINER NERO 0017811.090.042 WATERPROOF T.42 7c3f693 ->ACERBIS 0017811.090.042 LINER WATERPROOF WALKY LINER NERO 0017811.090.042 WATERPROOF T.42 7c3f693 -
    NEW $795 Ritch Erani Rust Color Suede Platform Booties sz 9 Fringe Boho detailsPortwest Mens Steelite Welted Safety Boots (RW4364)Women's Stylish Real Leather Loafers Moccasins Casual OL Lady Low heels Shoes Sz , ZIGI SOHO Womens DARLAH Peep Toe Classic Pumps Black Size 7.5 Dx0aChristian Louboutin Green Print Open Toe Mule Espadrille Wedges Size 6 , New Jack Rogers Maci Leather Sandal Ankle Strap Blue Gold Women's Size 8Bellini Women's Wynn Fisherman SlingbackWOMEN'S SKECHERS WHITE,GRAY SHAPE UPS SZ US 9/ WALKING RUNNING NICETeva Women's Freewheel Sneaker,Deep Teal,5 M USWomen ballerina suede and batik model JUDY Us 3 to 12 , NIKE Men's Air Zoom LWP '16 Racer Blue/Black-Summit White (Size 10.5 D(M) US)Men Nike KD Trey 5 III KEVIN DURANT Basketball Shoe Orange/White/Blue , AIR JORDAN 1 MID MEN'S BASKETBALL SNEAKER 554724071Men's Nike Free 4.0 Flyknit Trainers Shoes Sneakers Red/Orange/White SizeNike Air VaporMax Flyknit 2 2018 DS W Box Black Grey Silver White 10.5 AUTHENTIC , Hot Sale Spring Fashion Men Shoes Mens Flats Casual Leather Shoes Zapatos Hombre , Modello Poppy - Handmade Colorful Italian Leather Oxford Dress Shoes redWomen's New Balance, Wt520CB3, Trail Running Shoes, Black , Fred Perry Aubrey Poly Womens Pink Textile TrainersSkechers Empress Sweet Craze Womens Mary Jane Skimmer SneakersNike Air Max Thea Womens Style : 861674 Metallic Silver Womens Size 5 , Alegria by PG Lite Women's Debra Sugar SkullsNew Lam Womens Boots MultiColored Orange Blue Green Red Sheepskin Lining 7 , Gentlemen/Ladies Vntg Etienne Aigner Leather Boots 6.5 flagship store Known for its good quality Exquisite workmanship , Warm Womens Suede Shoes Wool Blend Lined Round Toe Side Zip Boots Round Toe SizeElegant Womens Pointy Toe High Heels Ankle Boots Leather Fashion Boots Pumps ZipNEW! NIB! SEYCHELLES Black Textured Leather REUNITED Zip Ankle Boots Sz 6.5 , Mr/Ms womens boots Beautiful color Modern design A balance between toughness and hardnessGentlemen/Ladies Skechers Women's Parallel-Double Trouble Ankle Bootie High-quality new As of the latest model , Easy Spirit Women's Chatt Pump - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ACERBIS 0017811.090.042 LINER WATERPROOF WALKY LINER NERO 0017811.090.042 WATERPROOF T.42 7c3f693 -

    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.

    ACERBIS 0017811.090.042 LINER WATERPROOF WALKY LINER NERO 0017811.090.042 WATERPROOF T.42 7c3f693 -

    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
    ACERBIS 0017811.090.042 LINER WATERPROOF WALKY LINER NERO 0017811.090.042 WATERPROOF T.42 7c3f693