Never miss an update

Man border mogochinese-20684/Woman skechers Mans Boot Boot Rich design stable quality Human border fe01d78

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: Skechers
Width: Extra Wide (EE ) US Shoe Size (Women's): US 10.5
Color: Brown Material: Leather
Never miss an update

Man border mogochinese-20684/Woman skechers Mans Boot Boot Rich design stable quality Human border fe01d78 -

    Man border mogochinese-20684/Woman skechers Mans Boot Boot Rich design stable quality Human border fe01d78
    Man border mogochinese-20684/Woman skechers Mans Boot Boot Rich design stable quality Human border fe01d78
    Skechers Ladies Go Walk Lite Euphoria in Grey, Navy , nike womens rosherun print trainers 599432 551 sneakers shoesADIDAS GAZELLE WMNS "EASY GREEN" 2017 BB5210 , Man's/Woman's Ahnu Women's Yoga Flex excellent quality Good market classic styleShoes New Balance Lazr Future Sport Charcoal Women WLAZR-MBMen/Women NEW REEBOK WOMENS TRILUX RUN Beautiful color a variety of leading the fashion , Man/Woman Geox nebula shoes for women Quality products high quality Full range of specifications , Nike Womens Classic Cortez Leather Trainers 807471 Sneakers Shoes 008Puma x Rihanna Fenty Fur Slide “Orchid Bloom" All Sizes "Limited Edition" , La Redoute Collections Womens Platform Trainers With Rope SoleNike Lunar Force 1 Low "Black-Black-Black" "Limited Edition"Nike Downshifter 8 Womens 908994-006 Cool Wolf Grey Mesh Running Shoes Size 10Nike Women's Lunarglide 8 Dark Grey/Black/Ghost Green Running Shoe 5.5 Women Us , AQx Sports Water Aquatic Training Shoes Woman Size US 8/ Euro 41.5 NEW IN BOXWomens Skechers Empire Sharp Thinking Navy Pink Casual Trainers Shu SizeFILA Disruptor II 2 Heritage White Pink Women Athletic Ugly Shoes FS1HTA1074XWomens Vagabond Zoe Shiny Leather Black Fashion Summer Flat TrainersReebok Furylite Asymmetrical Womens Running Trainers Sneakers V68676adidas woman's superstar original shoe size 11 , Men's/Women's Castaluna Womens Wide Foot Two-Tone Sneakers Exquisite (middle) workmanship Lush design Popular tide shoes , nike womens air pegasus 83 KJCRD trainers 828406 003 sneakers shoesNEW Womens Mickey Mouse Premium Platform Slip On Sneakers Tennis Shoes, 2 ColorsMan/Woman Keds Various goods modern Cheap order , Nike Free Run RN Flyknit Womens Trainers Gym Running 831070 400 sneakers SAMPLEWomens Skechers Synergy 2.0 Mirror Image Walking Lightweight Sneakers US 6-11 , Shoes New Balance Lazr Future Sport Pink Women WLAZR-MPWomens Fitflop F-Sporty Uberknit Black Lightweight Trainers Shu Size , Womens Fitflop F-Sporty Uberknit Trainers - Charcoal Pewter Trainers Shu Size , Women's Puma Suede Heart Satin II WN's Shoes Leather Sneakers Pink Trainers ,
    Man border mogochinese-20684/Woman skechers Mans Boot Boot Rich design stable quality Human border fe01d78 ->Man border mogochinese-20684/Woman skechers Mans Boot Boot Rich design stable quality Human border fe01d78 -
    PROENZA SCHOULER LEATHER SNAKE PRINT HI HEEL ANKLE BOOTS US 9Twisted X Mens Roper Boots in Waterproof Leatheronitsuka tiger womens curreo trainers D4K8N 8088 shoes sneakers asicsAUTHENTIC CHRISTIAN LOUBOUTIN SUEDE POINTED TOE PUMPS BROWN GRADE AB USED -AT , Gentlemen/Ladies Arcopedico Womens Frisia Leather Shoes Packaging diversity auction Various , Gentleman/Lady Clarks Women's Candra Glow Ballet Flat Customer first buy Modern modeSam Edelman Women's Laney Kitten Heel Mule Black Kid Suede Business ShoesWomens Cow Leather Wedged High Clear Heel Rhinestone Buckle Sandals Shoes Sz , ZARA Blue Slingback Leather High Heel Shoes (Size 6.5 US) - NEWARCHE Womens US 10.5 Black Leather Pumps Heels Shoes Latex Soles MADE IN FRANCE , Gentleman/Lady Gioseppo SAYANI Sandal - Red economic Known for its good quality Contrary to the same paragraph , St John Black Patent Sandals Mules 9b $450 purchased at St John worn once Italy , Adidas Cosmic Mens Running Shoes (AQ2184) + Free Aus Delivery , Man/Woman Air max 360 diamond griff superior Sufficient supply Exquisite processingNike Free Trainer 5.0 V6 AMP Oregon Ducks Men's Training Shoe 723939 008 Sz 10.5 , Propet One LT - Black - Mens , NIKE AIR MAX 1 CURRY 2.0 SAIL MARS STONE VINTAGE CORAL AH8145-104 MENS safariVANS VAULT SK8-HI GORE-TEX MTE GREEN MEN'S SZ 12 NEW IN BOX ALL WEATHERLugz Men's Voyage Ii Sneaker - Choose SZ/ColorNew Bass Leavitt 11.5 D burgundy (1344) , SKECHERS EXPETED DEVENTION 64378/BKTN MEMORY FOAM SHOES - Men's 10 NEW NIB $85Kenneth Cole REACTION Men's Skate-Trick Oxford - Choose SZ/ColorTOD’S MENS BROWN LEATHER LOAFERS SHOES MADE IN ITALY SIZE US 10.5 , FILA Heritage Series RAY Silver Ugly Shoes Sneakers Authentic FS1SIA1164X_SVR , Man's/Woman's Guess Amary Women's Boots Black Multi Durable service Environmentally friendly Perfect processingSexy Womens Shiny Patent Leahter Bow Party Shoes Heels Ankle Boots Stilettos NEW , Trendy Causal Womens Shoes PU Leather Block Heel Zip Riding Knee High BootsJessica Simpson JS-KLAYA Womens Klaya Ankle Bootie- Choose SZ/Color.A2 by Aerosoles New High Ride Black Womens Shoes Size 7.5 M Boots MSRP $100.00 , rag and bone Sia suede loafer navy blue black grosgrain 39 sz 9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Man border mogochinese-20684/Woman skechers Mans Boot Boot Rich design stable quality Human border fe01d78 -

    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.

    Man border mogochinese-20684/Woman skechers Mans Boot Boot Rich design stable quality Human border fe01d78 -

    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
    Man border mogochinese-20684/Woman skechers Mans Boot Boot Rich design stable quality Human border fe01d78
    Athletic Shoes