Never miss an update

New Balance Balance Women's 697 classictaic-19305 Shoes Silver with Green Green d53faf4

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: New Balance
Features: Suede/mesh upper Lightweight Cushioned Midsole MPN: WL697PTT
Style: Low Top Width: B
gender: Female Color: Silver with Green
Never miss an update

New Balance Balance Women's 697 classictaic-19305 Shoes Silver with Green Green d53faf4 -

    New Balance Balance Women's 697 classictaic-19305 Shoes Silver with Green Green d53faf4
    New Balance Balance Women's 697 classictaic-19305 Shoes Silver with Green Green d53faf4
    Nike Women's Free TR 7 Training Running Shoes Dark Gray White 904651-002 NEW , Women Nike Air Max Torch 4 Running Shoes Size 5.5 White Grey Black 343851 007 , Asics Women's Gel-Sensei 5 Ankle-High Fashion Sneaker902173-007 NIKE METCON REPPER DSX TRAINING SHOES WOMENS 9.5 NEW BLACK , Garmont Womens Hiking Boots size 7 Gore Tex XCR Vibram Made in ItalyVN0Z5JN5R Vans Women Authentic Lite - Pop Pastel white green , Keds Women's Scout Splash Canvas Stone Wx Rain Boots W/Thinsulate WF58420 , NIKE Womens Sz 9 BLAZERS Mid Top PREMIUM Sneakers Purple , ADIDAS ZX Flux Women's Shoes AQ8119 MSRP $90 sz 6.5, 8.5, 9.5, 10 , NEW WOMEN'S SKECHERS PERFORMANCE GO-WALK EXCITE 14163/GRAY, SIZE 10New Adidas Lite Racer SO W CG5925 Blue/White Slip On Sneaker ShoesBrand New adidas Women's Galaxy 2 Elite W Running ShoesDiadora Mythos Blushield Running Shoes, Women's - Size 8, Teal/Blue/Yellow , New Balance W3190KM1 Women's Running Shoes Sneakers Komen PinkVans Womens Sk8-Hi Reissue Canvas Light Gum Dress Blues Skate Shoes Size 8 NWTK‑Swiss Irvine OG 50th, Women's Shoes, White, - US 9Nike ACG Green Gray Hiking Boots Size 7 US Right Trail Hike Outdoor MountainINC Pakiss women Sneakers (8 M, BLACK) , UNDER ARMOUR W CHARGED BANDIT 2 RUNNING SHOES WOMEN 7.5 CRYSTAL NEW 1273961-960 , Mr/Ms Asics gel women's Modern technology At a lower price Recommended today , Vans Sk8 Hi Slim Zip (Leather) Zephyr Blue Women's 9.5 , New! Women's Nike 831509-300 Free RN 2017 Running Shoe - Light Green A27 , Skechers Sport Womens Burst Fashion Sneaker- Select SZ/Color. , Men's/Women's Reebok Sublite Speedpak Running Women's Shoes Crazy price, Birmingham delicate Highly appreciated and widely trusted in and outMerrell Womens Green Tea Performance Footwear Orange Suede Sneakers (R) SZ 7.5adidas Flashback RUNNER - Grey - WomensDC Women's Trase SE Shoe - Black / White Print - New , NIKE WOMEN'S AIR MAX 1 ESSENTIAL SHOES SIZE 6.5 grey white stealth 599820 024New Pearl Izumi Womens X-Alp Seek VII Athletic Bike Cycling Shoes Sz US 8
    New Balance Balance Women's 697 classictaic-19305 Shoes Silver with Green Green d53faf4 ->New Balance Balance Women's 697 classictaic-19305 Shoes Silver with Green Green d53faf4 -
    NIB NoLid Ecco Touch 35 Ankle Zip Boots Bootie Leather Black Womens Sz 41 / 10Prada 55mm Stretch Suede to the Knee BootMan's/Woman's Mens Steel Cap Work Boots Easy to clean surface Stylish and charming Most practical , BNWT NMD GUM PACK TRIPLE WHITE SIZE US 8. DEADSTOCK , Twisted X Ladies Purple Multicolor Canvas Driving Mocs WDM0047 , Flat Heels Round Toe Casual Buckle Strap Mary Jane Pumps Girl Womens Shoes PumpsLouise et Cie "Franny" Patent Black Oxford Flat Sz 10M/40$215 FOR ALL 7 MANKIND CROIX Taupe Nubuck Designer Comfort Flats Oxfords 7.5 , Mr/Ms Giampaolo Viozzi Khaki Cross Platform Slingback Exquisite (middle) workmanship high quality Human borderChristian Louboutin Shoe Black Patent Leather 39.5 / 9.5Fergalicious Women's Sunday Flat Sandal White 6 M US , Badgley Mischka MP3590 Womens Blakely Dress Sandal- Choose SZ/Color. , Nike Tanjun Racer 921669-401 Blue Jay/Black Wolf Grey Men's Sz 9,NIKE AIR ZOOM PEGASUS 34 TB RUNNING SHOES NEW Crimson Size 13 NEW 887009-603 , Nike 366640 016 Takedown 4 Men's and Women's Wrestling Shoes men's size 11 , adidas Performance Men's Cloudfoam Hoops Basketball Shoe , Men's Nike Roshe One HYP Rosherun Hyperfuse BR Grey 833125 002 size 14 (32cm)Nike Air Max Flair Black Red 924436 600 MenNIKE AIR FORCE 1 FOAMPOSITE CUP "LIGHT CARBON" AH6771-002 MENS SIZE 8 mNike Air Pack Jordan I 1 Retro High OG Guava Ice Sail Swoosh iv vi xi 555088 801K-GZ1454 Giuseppe Zanotti Double Zip Hi-Top Leather Mens Sneakers Sz 41 US 8 , Men's Oxford Multi Color Shoes, Handmade Dress Formal Shoes, Two Tone Cap Toe , Stacy Adam's Men's Leather Anders Black with Lizard and Gator Print New and BoxAllen Edmonds "MCALLISTER" Oxfords Size 11 D Black , Easy Spirit Women's Oren Slip On , ECCO Women's Bluma Summer Sneaker Black/Black Firelfy/Textile/Nap Lack , HOKA ONE ONE Women's W Arahi Black/Peach Amber Running Shoe , Thigh Boots Women Over Knee High Boots Stiletto Heel Long Boots Pointed toe Hot , Punk Womens Rivet Studded Platform 16CM High Heels Shoes Metal Chain Ankle BootsWomens Trendy Serpentine Leather Boots Block High Heels Platform Party Shes T469 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Balance Balance Women's 697 classictaic-19305 Shoes Silver with Green Green d53faf4 -

    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 Balance Women's 697 classictaic-19305 Shoes Silver with Green Green d53faf4 -

    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 Balance Women's 697 classictaic-19305 Shoes Silver with Green Green d53faf4
    Athletic Shoes