Never miss an update

Calvin Titanium Klein Tanita Fashion Sneakers New Titanium Grey Fashion Metallic New 9c79009

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Calvin Klein
Heel Height: Flat (0 to 1/2 in.) Material: Suede/leather
Fastening: Lace Up Color: Gray
Style: sneakers
Never miss an update

Calvin Titanium Klein Tanita Fashion Sneakers New Titanium Grey Fashion Metallic New 9c79009 -

    Calvin Titanium Klein Tanita Fashion Sneakers New Titanium Grey Fashion Metallic New 9c79009
    Calvin Titanium Klein Tanita Fashion Sneakers New Titanium Grey Fashion Metallic New 9c79009
    Man/Woman CLICK-02-3 High quality and low overhead Bright colors Very good color , K-Swiss Women's Clean Court CMF Memory Foam Sneakers Shoes , Vans SK8 HI SLIM Pirate Black/White Women's Shoes 5.5 , Nike Court Borough Mid 916793-100 Women's Shoes Black/white Size 7 , Women's Nike Air Force 1 Low '07 Premium Bronx 2007 sz 9 , Rose Petals by Walking Cradles Women's Brooklyn Pump , Newton Gravity Size US 10.5 M (B) Women's Running Shoes Red Blue W000213 , Vans SK8 HI SLIM ZIP Leather Zephyr Blue Women's Shoes 5.5VANS Sk8 Hi Slim (Vintage Suede) Red Mahogany Skate MEN'S 7.5 WOMEN'S 9WOMEN'S NIKE AIR PEGASUS '83 KJCRD SHOES SIZE 6.5 black blue 828406 003 , Adidas Kids 6.5 EQT Support ADV J Shoes Women's Size 8.5 Pink/White NEWVans SK8 HI Velvet Tan/Black Women's Shoes 5 , Puma Suede Platform Mono Satin - Beige - Womens , Vans Old Skool Sherpa Turtledove White Women's 9.5 Skate Shoes New Faux Fur , Columbia Women's Techlite Omni Grip Yama II trail hiking Sneakers Size 10 NIB , 5A7 Cole Haan Zerogrand Perforated Fashion Sneakers Casual Women Shoes Sz 7BUnder Armour WOMEN's Hydro Spin Shoes (Ceylon/Veneer/White) 1254877-452 , Vans Size 7.5 Womens Tie dye Sea Green To Turquoise Canvas ShoesNIB WOMENS SIZE 6.5 NIKE DUALTONE RACER SNEAKERS GREY 940418-006 , Nike Air Huarache Premium SE QS Women's Running ShoesWOMENS HOKA ONE ONE VANQUISH RUNNING SHOES SIZE 10 US PURPLE BLUE WHITE , Converse All Star Chuck Taylor HI 547344C Canvas Shoes Medium (B, M) Womensadidas Tubular Shadow - Purple - Womens , Men's/Women's Women's NewBalance WL555ZZ sneaker, SIZE 8, Quality products special promotion Shopping promotionCape Uneek Blue Holo Sequin Pull On Sneaker Wedge 3.75" Heel Size 7-11 , Reebok ZJet Burst Women's Running Shoes Fitness Gym Trainers Peach , Asics Gel Contend 4 Womens Running Shoes Silver/Campanula/Carbon US 8.5M , Puma BUBBLE XT Spectrum Blue Women's Training Shoes 6.5Skechers Women's Prima Stone Groove High Top Sneaker
    Calvin Titanium Klein Tanita Fashion Sneakers New Titanium Grey Fashion Metallic New 9c79009 ->Calvin Titanium Klein Tanita Fashion Sneakers New Titanium Grey Fashion Metallic New 9c79009 -
    Dr.Martens Women's Black Boots AW004 Sz6.5 Oil, Fat,Acid,Petrol,Alkali Resistant , New in Box - $428 FRYE Diana Cut Stud Tall Black Stonewash Boots Size 7.5Man's/Woman's NEW Guess Afra Black Sandal Charming design high quality high quality productNew Wild Rhino Beige Wedge Buckle Leather Sandal Heel Sz40Ladies Padders Dual Fitting Shoes The Style Solo -W , Tory Burch 'Minnie' Leather Travel Ballet Flats SZ 7.5M Royal Tan/GoldTieks By Gavrieli California Navy Size 6New Dansko Mandolin Brown Clog Leather Womens Size 37 US 6.5 -7Bally Vintage Cindy Olive Green Suede W/ Black Leather Woven Trim Pumps Size 6.5PLEASER Sexy 7" Heel Stripper Rose Gold Chrome Platform Women's Sandals Shoes , Pleaser 7" cut out platform corset black sandals , Women's Shoes Dolce Vita Gertie Side Zipper Accent Ankle Bootie Light Taupe*New* , Cole Haan Women's Larue Grand Pump 85MM - Choose SZ/Color , Men/Women Cat-Running Shoes For Women-3D Print-Free Shipping economic stable quality negotiationNike Internationalist wmns trainers sneakers 828407 018 eu 38.5 us 7.5 NEW , Rare Reebock Pump Lime Green / Blue Size Mens 9.5NEW UNDER ARMOUR MEN'S COMPFIT H.TOP BASKETBALL SHOES, R.BLUE US SHOE SIZE 14Nike SF Air Force 1 Mid Desert Moss/Desert Moss 917753-301 Men's SZ 10YSL Saint Laurent Mens Retro SL/14H White High Top Sneakers Flats 40 , GW Mens Boot Winter Water Resistance Size 9 M gray Color synthetic leather New , Work Boots Puncture Resistant Men's Size 10 Brown Leather Waterproof InsulatedVintage POLO Ralph Lauren Boots 10.5 ANDRES III Leather Winter w/ Buckle & ZipXTRATUF Legacy Series 6" Neoprene Low Cut Men's Fishing Shoes, Copper 22170GSigotto Uomo red Men's Leather Shoes Size US 8 excellent condation , Gentlemen/Ladies Duca di Morrone HARVIE Clearance price Sales Italy Cost-effective , Nike Lunarglide 8 Women's Running Shoes 843726 400 Size 7.5 , Air Jordan 7 Retro GG Lola Bunny 705417 029 Gradeschool Sizes 4-7.5Y NEW , LADIES WOMENS DENIM OVER THE KNEE PEEP TOE RIPPED SEXY BOOTS SIZE 3 4 5 6 7 8 9 , NEW Ariat Fatbaby Heritage Western Boots 10014076 Women's 6.5 BA35 Biliee Riding Boots 330, Cognac, 7.5 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Calvin Titanium Klein Tanita Fashion Sneakers New Titanium Grey Fashion Metallic New 9c79009 -

    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.

    Calvin Titanium Klein Tanita Fashion Sneakers New Titanium Grey Fashion Metallic New 9c79009 -

    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
    Calvin Titanium Klein Tanita Fashion Sneakers New Titanium Grey Fashion Metallic New 9c79009
    Athletic Shoes