Never miss an update

*Genuine Latest Model*Asics Gel*Genuine Kayano Running 24 29989 Mens Running Shoes (4E) (9390) 45e8c92

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: ASICS
Style: Running MPN: T749N9390
Never miss an update

*Genuine Latest Model*Asics Gel*Genuine Kayano Running 24 29989 Mens Running Shoes (4E) (9390) 45e8c92 -

    *Genuine Latest Model*Asics Gel*Genuine Kayano Running 24 29989 Mens Running Shoes (4E) (9390) 45e8c92
    *Genuine Latest Model*Asics Gel*Genuine Kayano Running 24 29989 Mens Running Shoes (4E) (9390) 45e8c92
    adidas PureBOOST XTRA Trainers Womens Nvy/Nght/Wh Sneakers Sports Shoes FootwearNike Womens Air Max 95 LX Black Trainers AA1103 001SALOMON XA PRO 3D GTX W Women's Trail Running Shoes Hiking FREE SHIPPING 400915 , WOMEN’S SHOES REEBOK INSTAPUMP FURY OB AR16071711 adidas Originals Supernova Women's Training Running Shoes BB3487 , Nike W Air Max 1 Ultra PRM JCRD [861656-001] Women Casual Shoes HematiteNIKE Women's Air Zoom Vomero 12, Blue SIZE 7Rare Reebok women X Jean-michal Basquiat fashion sport Trainers (collector) , Asics Lady GEL-Kayano 22-Wide Ice Blue/Flash Yellow/Blue Running TJG738-4407Women Adidas B37648 NMD R1 Running shoes pink SneakersBrooks Ariel Womens Runner (B) (085) + Free Delivery Australia Wide , * NEW * Asics Gel Nimbus 18 Womens Running Shoe (B) (4035)1805 adidas SUPERSTAR 80S NEW BOLD Women's Sneakers Sports Shoes CQ2365 , CONVERSE WOMAN CASUAL SNEAKER SHOES SUEDE CODE 1C643 PRO LEATHER MID SUEDE LTD||BARGAIN|| Brooks Transcend 5 Womens Running Shoe (B) (474) , Merrell Moab Mid Gore-Tex [ML21444] Women Outdoor Hiking Shoes Slate/Purple , BY961 MBT shoes black leather women sneakersWomen High End Runway Real Leather Creeper Wedge Board Street Sneaker Chic ShoesGenuine Brooks Adrenaline GTS 17 Womens Cushioned Running Shoe (B) (055) , || BARGAIN || Asics Gel Kayano 24 Womens Running Shoes (D) (5649) , Asics Lady Tartherzeal 5 [TJR849-0140] Women Running Shoes White/Arctic AquaMan's/Woman's New Balance Women's Wrl247ss High grade Attractive fashion Exquisite (processing) processing , **NEW RELEASE** Brooks Ghost 10 Womens Running Sheos (B) (451)WOMENS SALOMON SPEEDCROSS PRO LADIES RUNNING/SNEAKERS/TRAINING/RUNNERS SHOESNike Wmns Epic React Flyknit True White/White-Pure Platinum Running AQ0070-102 , Adidas Mary Katrantzou Equipment Racer Shoes Size 10.5 us B26678Adidas NMD_R1 W Ice Blue BY8763 Sz 9Asics Gel Kayano 22 Womens Running Shoe (B) (9099) , Women's Shoes Sneakers LA MARTINA L4144137 New Jersey Nero Leather Made In Italy ,
    *Genuine Latest Model*Asics Gel*Genuine Kayano Running 24 29989 Mens Running Shoes (4E) (9390) 45e8c92 ->*Genuine Latest Model*Asics Gel*Genuine Kayano Running 24 29989 Mens Running Shoes (4E) (9390) 45e8c92 -
    7“ High Heel Wedge Heelless Sexy Punk Goth Pinup Unisex Lockable Ballet Boots , Pajar Iceland Women's Winter Boots (45307 ICELAND)Man/Woman Tony Bianco Tobi thigh high boots New product The highest quality material high quality product$377 JOHN FLUEVOG RUBY CREEK CUFF BOOTS 10 in DARK BROWN LEATHERAdidas Yeezy Boost 350 V2 Oreo preowned - excellent condition. Only worn twiceADIDAS CHAUSSURE SWIFT RUN - GREYWHTORA - 7.5 (4059809212196)New Skechers Go Walk Lite Womens Comfort Cushioned Ballet Flat Shoes , DR. SCHOLL WOMEN'S CLOG WITH WEDGE HEEL IN REAL CORK WAPPY CORAL , Furla Carmen Gladiator Sandals 814, Gold, 6.5 US / 36.5 EU , NEW Women's CIRCA Joan & David ASHWOOD Gray Loafers Sz 6.5 , Oxfords Women Genuine Leather Bees Embroidery Loafers Slip on Shoes New , $229 TARYN ROSE MARGAUX Black Leather Designer Comfort Wedge Sandals 10MARAIS USA GENUINE SUEDE JUNE MULES IN LAVENDER SZ 6 - SIMILAR TO MANSUR GAVRIEL , Ahnu Women's Maia Thong Sandal - Choose SZ/ColorHAFLINGER Grizzly Franzi Rubin RED US 10 Slippers scuffs , Nike SB Janoski Black/Pro Purple/Ridgerock/Lt Bone - Men's 8 - 11 NWT 333824-066Jordan 13 Altitude Green 2005 OG Size 11 , New NIKE AIR MAX PLUS TN 952630-026 Black/Sand/Anthracite/Desert Sand , Retro 2001 Royal Air Jordan Size 13 , Men Sport Shoes* ADIDAS ORIGINALS * CQ2114 * Limited quantity !Dr. Martens Church Black Men's Leather Monkey Boots 16054001Skechers Sport Mens Arcade II Mid Top Oxford- Select SZ/Color. , Men High Top Warm Rivet Buckle Casual Rock Party Nightclub Pointy toe Boot ShoesBritish style mens oxfords brogues carved business dress shoes formal shoes size , Men's Fashion Genuine Leather Pointy Toe Double Strap Dress Formal Oxfords b110 , Brooks Synergy 2 Womens Walker (B) (111) + Free DeliveryAUTHENTIC LUXURY PRADA SNEAKERS SHOES 3E6267 RED NEW US 7Keen Women's Targhee Explorer Trail Shoe Canteen/Grape Wine , Chinese Laundry South Bay Knee High Boot - Women's Size 7.5 - Black$350 VIA SPIGA 'Edie' Soft Natural Desert Suede Bootie, Back Zip 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    *Genuine Latest Model*Asics Gel*Genuine Kayano Running 24 29989 Mens Running Shoes (4E) (9390) 45e8c92 -

    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.

    *Genuine Latest Model*Asics Gel*Genuine Kayano Running 24 29989 Mens Running Shoes (4E) (9390) 45e8c92 -

    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
    *Genuine Latest Model*Asics Gel*Genuine Kayano Running 24 29989 Mens Running Shoes (4E) (9390) 45e8c92
    Athletic Shoes