Never miss an update

ASICS Men's JOLT Galcier ASICS 29990 Grey black T7K3N-9690 Choose size 12.0 7.5 to 12.0 1a001e7

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
Model: JOLT
Width: Medium (D, M) Style: athletic, running, walking shoes
Color: glacier grey black carbon Product Line: T7K3N-9690
Brand: ASICS
Never miss an update

ASICS Men's JOLT Galcier ASICS 29990 Grey black T7K3N-9690 Choose size 12.0 7.5 to 12.0 1a001e7 -

    ASICS Men's JOLT Galcier ASICS 29990 Grey black T7K3N-9690 Choose size 12.0 7.5 to 12.0 1a001e7
    ASICS Men's JOLT Galcier ASICS 29990 Grey black T7K3N-9690 Choose size 12.0 7.5 to 12.0 1a001e7
    Nike High Jump Elite Men Size 9.5 Track Field Spikes HJ Black 806561 035 NewASICS GEL KAYANO TRAINER KNIT EVENING SAND SUNSET ORANGE HN7Q2 SZ 9.5 , NEW UNDER ARMOUR MICRO G TORCH MENS BASKETBALL SHOES WHITE/BLUE 15 FREE SHIP , Nike Air Max Effort TR AMP Super Bowl, Black/Orange, 705367-008, Men's Size 13NEW Under Armour Spotlight DL FG Soccer Cleats (Red) 1272300-669 Men's Size 10 , NIB New Balance 623v3 Suede Trainer Shoes Choose Size 4E WIDTH MX623GS3 GreyMen's DIADORA N9000 501.171853-01 C1734 WHITE RED CAPITAL Size 9.5Nike Air Max Lebron XI Low 642849 471 Hyper Cobalt/Volt Men's 9.5 , Nike Men's Sb Portmore Ii Ultralight Thunder Blue/White Black Skate Shoe 9 MenMens Outdoor Training Climbing Sport Sneakers Athletic Shoes Breathable Casual , MENS NEW BALANCE NUMERIC 255 SKATEBOARDING SHOES NAVY GREY WHITE (LNY)Nike Mens Flex 2017 RN Running Shoes Pure Platinum Black Grey Size 13 898457 002 , NIKE DUNK HIGH PREMIUM MEN'S SIZE 11 WOVEN GREY WHITE AND BLACK 3M (S4-1) , NIKE MAYFLY WOVEN UK8 EU42.5 US9 ROYAL BLUE WHITE 833132 401 SUMMER TRAINERSNew Balance 420V4 Shoes Mens Shoes , Nike Kobe 11 XI Last Emperor Black White Size 9 - 822675-105 Jordan FTB PreludeMens Safety Shoes Toe Work Boots Breathable Hiking Climbing Sport Sneakers F75Puma Blaze of Glory Soft Aruba Blue Toggle Up Mens Trainers 360101 11 M13 , Nike HypervenomX Finale II IC Men’s Indoor Soccer Shoes 852572-308 Size 11NIKE SB ZOOM STEFAN JANOSKI L SZ 8 METALLIC GOLD BLACK WHITE GUM 616490 702New Balance Men's MD800v5 Spike Shoes Green with GreyReebok Print Run 2.0 Men's Running Shoes BLK/WHT/YLW/PWTR Choose Size NIBADIDAS TUBULAR DOOM PK PRIMEKNIT SZ 9.5 NIGHT MARINE NAVY BLUE WHITE S80103 , Nike Mens Size 12 Untouchable 2 Black Deep Green Silver Football Cleats New $200Adidas Originals Veritas Mens Size 11 White Mid Top Mesh Sneakers Shoes F5-405Z-Coil High Outback Desert Hiker Womens 7M Shoes Boots Brown Leather NewDC Court Graffik Black / Black Sz 8.5Vans AUTHENTIC PRO "S" MIKE HILL Mint Vanilla White Discounted (495) Men's Shoes , Men's Nike Magista Opus II FG Sz 12 Volt/Orange/Pink 843813-708 soccer Cleats ,
    ASICS Men's JOLT Galcier ASICS 29990 Grey black T7K3N-9690 Choose size 12.0 7.5 to 12.0 1a001e7 ->ASICS Men's JOLT Galcier ASICS 29990 Grey black T7K3N-9690 Choose size 12.0 7.5 to 12.0 1a001e7 -
    Clarks Desert Boot - Women's Taupe Distressed Core 10.0 , Azura Women's Fania Moto BootieWomens Western Boots Leather Tan Beige Size 6.5NEW FREE PEOPLE AS 98 BRADLEY SMOKE LEATHER MID CALF BUCKLE BOOTS US 8WALTER SHOES "Pampa" Women's Leather Black Ankle Boots (pv:) , RM WILLIAMS BOOTS BLACK SPECIAL SIZE 8.5XLadies Rieker Warm Lined Ankle Boots The Style L3892 -W , JCrew Sloan Plaid D'orsay Flats with Mini Bow Plaid Red Black 7 e4997 NWOBKlogs Rubana Women's Clogs Display Model Shoes Ivory Jeans 8 M , Cole Haan GREEN OLIVE Leather Brooke Kitten-Heel Mule 6.5 B SLIDE-ON $179 , Womens Floral Transparent Wedge Heel Sandals Platform Embroider Vogue Sandals , AUTHENTIC HERMES POINTED TOE SUEDE PUMPS NAVY 36.5 GRADE B USED - ATAlbano Womens High Heels Sandals Gold And Silver Size 36 EUPUMA Women's Vikky Platform Velvet Rope BL - Choose SZ/Color , Nike Air Max Premiere Men's Basketball Sneakers 10.5 (New)Nike 655206 Mens Roshe One Print Low Top Running Athletic Shoes Sneaker , Nike Mayfly Woven Men's Sneaker Shoes Coastal Blue/Black -Off White 833132-400 , NIKE AIR MAX CB 34 CB34 WOLF GREY-VARSITY RED-NEUTRAL GREY SZ 7.5 [414243-003]Buscemi High Top 100 Mm Nubuck White Ramino 44 Euro 10 Us , Nike AIR ZOOM LEBRON IV 4 Blackout Foams James 4th shoe..Guaranteed Authentic , Men's/Women's Bogs Bozeman Insulated Fashion pattern discount Perfect processing , Vans Marleaux VN-0XDXFHV Fashion Marble Black Shoes Medium (D, M) Mens , Stacy Adams Men's Slip on Dress Shoes Genuine Caiman/Dracanea Leather Wine ColorBirkenstock Arizona 051461 size 43 Men 10 R Taupe Suede Leather Sandals , Joseph Cheaney Tenterden Brown Leather Capped Derby Brogue Shoes UK Size 8 F , Skechers Rise Fit Silver Cutout Stars "STAR SIDE" White Leather Sneakers Wms NWTNEW Nike Women's SF AF1 Mid Boots Black Gum Special Field Many Sizes AA3966 002 , INDIGO BY CLARKS SZ 8.5 M BROWN LEATHER MID CALF BOOTS BOOTIESL'AUTRE CHOSE BLACK LEATHER KNEE BOOTS SIZE 39 9Stylish Womens Ankle boots Rhinestone High Heels Pointy Toe Party Stiletto Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ASICS Men's JOLT Galcier ASICS 29990 Grey black T7K3N-9690 Choose size 12.0 7.5 to 12.0 1a001e7 -

    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.

    ASICS Men's JOLT Galcier ASICS 29990 Grey black T7K3N-9690 Choose size 12.0 7.5 to 12.0 1a001e7 -

    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
    ASICS Men's JOLT Galcier ASICS 29990 Grey black T7K3N-9690 Choose size 12.0 7.5 to 12.0 1a001e7
    Athletic Shoes