Never miss an update

New 247 Balance 247 Deconstructed Women's WRL247SS Daybreak Daybreak/White/White WRL247SS ad99c52

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
Style: WRL247SS Color: Daybreak/White
Never miss an update

New 247 Balance 247 Deconstructed Women's WRL247SS Daybreak Daybreak/White/White WRL247SS ad99c52 -

    New 247 Balance 247 Deconstructed Women's WRL247SS Daybreak Daybreak/White/White WRL247SS ad99c52
    New 247 Balance 247 Deconstructed Women's WRL247SS Daybreak Daybreak/White/White WRL247SS ad99c52
    Sneakers and Athletic G by GUESS Banx Blush/Blush , Women's Hoka One One Hupana Knit Jacquard Running Shoes Toadstool Metal Size 10 , NEW NIKE DUAL FUSION TR 2 WOMEN'S SHOES~6.5~BLUE~AWESOME SHOES , NEW WOMENS NIKE SZ 9.5 SHOES LUNAREPIC LOW FLYKNIT 2New VANS Womens CHECKERBOARD SLIP ON BLUE/WHITE VN0A38F7QCN1 US W 5.5-8.5 TAKSENike Womens Air Zoom Hyperace Size 6 Volleyball Shoes White 902367 104NIKE WOMEN'S DUNK SKY HI PRM WEDGE SNEAKERS SIZE 8 BLACK LINEN 585560-001 , New VANS Womens GUM BLOCK SLIP ON WHITE VN0A38F7U59 US W 5.5 - 8.5 TAKSEAbeo Roxsan Sneakers 8.5W Running Shoes Merlot New Vibram Soles Cushioned Active , Keds Women's Kickstart Leather Fashion Sneaker,White,5.5 M US , NIKE Vintage Silver Metallic Diva Hot Pink Jordans Tennis Shoes Womens Size 10NIKE Womens Nike Ultra Comfort Slide 882695-100 WHITE/BLACK-WHITE Womens Size 7 , EUC NIKE LUNARECLIPSE+ WOMENS 408580 100 Gray Running Shoes Sneakers US 6.5Gentlemen/Ladies Puma Mostro Fashion Athletic Women's Shoes Adequate supply and timely delivery Sufficient supply Selling new products , NIB Columbia Women's ATS Trail FS38 Outdry Hiking Shoe - Grey Steel - size 9.5Nike Wmns Flex 2016 RN Running Training Shoe White/Grey/Mango 830751 101 sz 11,5Authentic Zumba Fly Print Shoes ~ Black ~ 6 ~ NIB , NIKE AIR MAX TAILWIND 6 WOMEN'S RUNNING SHOES 621226 400 SIZE 11 USWomen's Nike Air Max 1 Ultra SW QS SIze 6.5 (829722 100)Saddle Brown/Gray MEPHISTO Golf Shoes w/Kilties...NO LONGER MADE! 7M , Air Jordan 1 Retro Low NS Women's Shoes White/Metallic Gold AH7232-100Reebok Classic Instapump Fury GT Black White Dust Pink Atmos BD3095 Women SZ 11 , Jambu Women's Spain Walking Shoe, Denim, 11 M US , Skechers GoTrail Odyssey 14113 Chocolate Trail Running Hiking Shoes Women's 9Nike Air Max Thea Jcrd QS Womens 666545-607 Pink Volt Running Shoes Size 10Mizuno Women's Wave Lightning Z Indoor Volleyball Black/Gray/YLL Size 6.5Reebok Vector 8000 Women's Basketball Shoes Black 9 1/2 New Black Silver , WOMENS PUMA METALLIC Gray & GOLD WEDGE HIGH TOP SNEAKER 9 - B10Nike Air Force 1 Ultraforce Mid Women's (Size 8.5) Plum 864025 500 ,
    New 247 Balance 247 Deconstructed Women's WRL247SS Daybreak Daybreak/White/White WRL247SS ad99c52 ->New 247 Balance 247 Deconstructed Women's WRL247SS Daybreak Daybreak/White/White WRL247SS ad99c52 -
    Man/Woman BareTraps Women's Abilene Boot Adequate supply and timely delivery luxurious Seasonal promotion , Teva De La Vina Dos Boot - Women'sECCO Women's Shape Pointy Tassel Ballerina Pointed - Choose SZ/colorCydwoq Tibet Black Leather Boot Shoe Womens Fold Down Size 36.5 USAlexander Wang Fall 2015 Sloane Platform Boots Size 35Gentlemen/Ladies Pleaser FLAMINGO-869 Promotion Elegant and sturdy packaging Breathable shoesVince Camuto Jassita Cherry Red Suede Jeweled Pearl Ankle Strap Pump Heel 6 , New Stuart Weitzman SZ 6 Rainbow Color Tie-Up Ankle Strap Wood Wedge SandalGentlemen/Ladies PRADA pumps leather black Special purchase Bright colors Strong heat and heat resistance , Pedro Garcia Espana Black Suede Open Toe Ankle Strap Fashion Heel Women's 36/5.5fashion women wedge high heel leather sandals open toe summer shoes platform newNike Free Run Distance Running Shoes Women's - Sz 11 Grey Violet Lava 827116 004Calvin Klein Womens Viviana Dress Sandal- Pick SZ/Color.1919c adidas Stella McCartney UltraBOOST Grey/Black Textile Running Women Sz7.5M , Hot New Men's Running Sports Round Toe Breathable Comfort Athletic Sneakers 9 10 , New Balance Ballistic ML501KW Black Casual Sneakers Men Shoes , Lacoste Men's Ampthill LCR3 White Leather Chukka Sneakers Shoes , H by Hudson O406555 Mens Vista Suede Oxford- Choose SZ/Color.Mens Velvet Slip On Loafer Casual Tassel Rope British Shoes Flat Dress Shoes NEWFoot Petals Women's Blair Fashion Jogger with Cushionology Sneaker, Silver, 9 Me , Vintage PEAL & CO EDWARD GREEN BROOKS BROTHERS Brown Shoes. England. US 9 B or C , NEW Olukai Women's Miki Li Athletic Sneaker 20366 2 colors avail in various sz , Fabulicious Women's Lip 108MMG Ankle-Strap Sandal Clear PVC/Clear Heeled Sandals , Luxury real Leather Womens Flowers White Printed Rivets Board Athletic SneakersNike Romaleos 3 White/Black Women Sz 8.5 WeightLifting Training Shoes 878557-100NIKE Womens Air Force 1 '07 Prm 896185-003 BLACK Size 6.5 , Lamo Women's Camille Suede Ankle Boot , Sexy Pleaser 3" Block Heel White Stretch Patent GoGo Cyber Thigh Club Boots 5-16 , COLIN STUART Black Leather Stiletto Zip Knee High Fold Over Boots Size 7 , Womens Square Toe Leather Mid Chunky Block Heels Zip Ankle Boots Shoes Plus Size
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New 247 Balance 247 Deconstructed Women's WRL247SS Daybreak Daybreak/White/White WRL247SS ad99c52 -

    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 247 Balance 247 Deconstructed Women's WRL247SS Daybreak Daybreak/White/White WRL247SS ad99c52 -

    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 247 Balance 247 Deconstructed Women's WRL247SS Daybreak Daybreak/White/White WRL247SS ad99c52
    Athletic Shoes