Never miss an update

Skechers Women's Microburst Botanical Paradise Microburst Botanical Sneaker - Choose Women's SZ/Color 11e5007

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
Style: Fashion Sneakers Manufacturer: Skechers
Size Type: Regular MPN: 696401328258
US Shoe Size (Women's): Multiple Variations Model: 696401328258
Never miss an update

Skechers Women's Microburst Botanical Paradise Microburst Botanical Sneaker - Choose Women's SZ/Color 11e5007 -

    Skechers Women's Microburst Botanical Paradise Microburst Botanical Sneaker - Choose Women's SZ/Color 11e5007
    Skechers Women's Microburst Botanical Paradise Microburst Botanical Sneaker - Choose Women's SZ/Color 11e5007
    New Balance Women's Vazee Pace v2 Running Shoe - Choose SZ/ColorNike Women's Cortez Classic LX Velvet Sail AA3255-100 Size 11Roxy Women's Dayton Fashion Sneaker - Choose SZ/Color , K-Swiss Women's Novo Demi Sneaker, Tibetan Red/Black, 9.5 M USSkechers Performance Womens Go Train City - Assert Shoe- Select SZ/Color. , K-Swiss Women's Novo Demi Sneaker, Tibetan Red/Black, 8 M USMan's/Woman's Skechers Women's Go Walk Joy-15635 Sneaker Guarantee quality and quantity Online export store Fashion versatile shoes , Reebok Reebok Zprint Run Running Women's ShoesSkechers Skecher Street Womens Hi-Lite-Metallic Toe into- Select SZ/Color. , Skechers BOBS Women's Squad - Photo Frame Wide Sneaker, - Choose SZ/ColorSkechers Women's Prima-Star and Lightning Sneaker - Choose SZ/ColorSkechers Performance Womens Go Run-Mojo Running Shoe- Select SZ/Color.Dr. Scholl's Women's Anna Zip Fashion Sneaker - Choose SZ/Color , Reebok Women's Furylite Graphic Fashion Sneaker - Choose SZ/Color , The North Face Ultra Cardiac - Women’s Running Shoes Size 7 $110 , New Balance Women's 420 Prep Pack Lifestyle Sneaker - Choose SZ/ColorSTEVEN by Steve Madden Women's Nc-Sista Sneaker - Choose SZ/Color , SKECHERS Skechers EZ Flex 3.0 Sweet Garden Womens Slip On SneakersSkechers Womens Bikers Digits - Double Bungee Closure Slip-On Relaxed FitSkechers Skecher Street Womens Moda-Pearl Rhinestone Quarter FashionPUMA Women's Phenom Suede Wn Sneaker - Choose SZ/ColorSkechers Women's Flex Appeal 2.0 - Deja Vu Sport Sandal, - Choose SZ/ColorSkechers Sport Womens Microburst-Pure Cleanse Sneaker- Select SZ/Color.New Balance Women's WW840 Health Walking Shoe - Choose SZ/Color , Easy Spirit Women's Dafina Fashion Sneaker - Choose SZ/ColorSkechers Women's Go Walk Lite-15435 Boat Shoe - Choose SZ/ColorCircus by Sam Edelman Women's Carmela Sneaker - Choose SZ/Color , Puma Cell Riaze - Black - Womens , Skechers Performance Womens Go Walk Lite- Ballet Flat- Select SZ/Color. ,
    Skechers Women's Microburst Botanical Paradise Microburst Botanical Sneaker - Choose Women's SZ/Color 11e5007 ->Skechers Women's Microburst Botanical Paradise Microburst Botanical Sneaker - Choose Women's SZ/Color 11e5007 -
    NIB Macie Bean Just Dandy Snip Toe Vintage Black Floral Cowboy Boots Size 6.5M , Lucky Brand Women's Bartonn Ankle Bootie Toffee 6 M US , Aquatalia Frida Women's Taupe Suede Bootie Sz 9.5 3049 *STYLMARTIN RED ROCK BOOTS BROWN - EXCLUSIVE SELLERCaldene Unisex Adults Bramham Country Wellingtons (TL1085) , Tamaris Womens 23702 Low-Top Sneakers, Grey CloudSilver, 6 UK , Pour La Victoire Black Leather Stiletto Platform Buckle Ankle Boot Women's 9.5Stuart Weitzman Brown Cork Diplille Platform Heel Open Toe Pumps Sz 9.5 NIB $398Mandalay Gypsy Women Platform Sandals New Summer , Women Hidden High Heel Fashion Leather Sneaker Sport Trainers Ankle Boots Tennis , Reebok Mens Training Shoes Sneakers Men's YOURFLEX TRAIN 9.0 XWIDE Size 9.5 11 , New Balance 574 Classic Men's Gunmetal/Steel ML574BSGUnder Armour TB Fire Shot Size 10 Low All-America Basketball Shoes 1279897-601Nike Zoom KD 9 Jade Size 12 NEWAdidas Pureboost ZG Prime M Olive Size 10 AQ6863 , NEW DS Nike Air Force 1 Wolf Grey White JEWEL Ice Icy 9.5 453454 008 one af1 nySkechers Men's Delson Clenton Chukka Boot Gray SneakersRocky Men's WorkKnit LX Athletic Work Shoes - Round Toe - RKK0248NIKE AIR JORDAN 12 RETRO "THE MASTER" BLACK-WHITE-MET GOLD SZ 10 [130690-013]Saint Laurent Paris Men's Shoes 189225 Black 42Klogs Tiburon Unisex Comfort Slip-resistant Clog - Ma Black - 5 Wide , VANGELO/ TUX-3 Men Tuxedo Dress Shoe Formal Event Moc Toe Wrinkle Free White$395.00 Allen Edmonds 6th Ave Semi Brogue Derby 9 / 43ASICS GT-1000 7 - Black - Womens2018 WMNS Nike Air Jordan 1 Retro High Premium SZ 8 Black Gold Toe AH7389-007 , Womens Fashion Athletic Shoes New Light Outsole Red Upper Color Sneakers SandalsWomens Pull On Fur Lining Ankle Boots Winter Warm Rhinestone Casual flat Shoes , Muk Luks Womens Boots Lizzie Sequin Zipper Up 9 M Black 0016884 , New Arrivals Fashion Women Short Boot Hot Suede Warm Winter Flat Boots Fur Shoes , DANSKO WOMENS DENI BLACK LEATHER CLOGS SIZE 6.5 - 7 or EUROPE 37 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Women's Microburst Botanical Paradise Microburst Botanical Sneaker - Choose Women's SZ/Color 11e5007 -

    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.

    Skechers Women's Microburst Botanical Paradise Microburst Botanical Sneaker - Choose Women's SZ/Color 11e5007 -

    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
    Skechers Women's Microburst Botanical Paradise Microburst Botanical Sneaker - Choose Women's SZ/Color 11e5007
    Athletic Shoes