Never miss an update

Asics Lethal Shot AUS CS Shot 4 Mens Football mogochinese-29997 Boots (0123) + Free AUS Delivery 72c4030

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: ASICS
MPN: P406Y.0123
Never miss an update

Asics Lethal Shot AUS CS Shot 4 Mens Football mogochinese-29997 Boots (0123) + Free AUS Delivery 72c4030 -

    Asics Lethal Shot AUS CS Shot 4 Mens Football mogochinese-29997 Boots (0123) + Free AUS Delivery 72c4030
    Asics Lethal Shot AUS CS Shot 4 Mens Football mogochinese-29997 Boots (0123) + Free AUS Delivery 72c4030
    British Mens High Top Real Leather Pointy Toe Riding Nightclub Oxfords Shoes New , MEN HANDMADE BLACK WHITE ANKLE HIGH LEATHER BOOTS CASUAL DRESS PARTY SHOES , Fashion Size 5-12 Brown Genuine Leather Zip Tall Boots Cowboy Dress Mens Shoes , new suede leather men's ankle boots chelsea heel high tops pull on oxfords shoes , Mens Chelsea High Top Ankle Boots Real Suede Leather Manual Retro Riding Shoes , Shiny Red Men Sequins Ankle Boot Pull on Western Casual Cowboy Club Chelsea shoeNew Mens fashion buckle genuine suede leather shoes round toe ankle show bootsMAGNUM VIPER PRO 8.0 LEATHER BOOTS MENS WATERPROOF SECURITY PATROL POLICE BLACKBoxfresh Symmons SH Black White Mens Leather Mid Trainers BootsMen Rivet Ankle Boots Genuine Leather Punk Shoes Metal Decor Nightclub High Top , New Men's Real Leather Ankle boots Formal shoes Cap Toe Side Zip Black FH0282 , Hot sale Mens Leather Punk Motorcycle Pointy Toe Buckle Ankle Boots Combat Shoes , Cesare Paciotti black monkstrap boots - size 10.5USGenuine Leather Dress Formal Mens Pointy Toe Wedding Ankle Boots Party Shoes [email protected] , British Mens Ankle Boots Roma Pointy Toe Leather Cuban Chelsea Casual Zip Shoes , AD297 MARECHIARO shoes black leather men ankle bootsMens Leather Ankle Boots British Breath Casual Chic Pointy Toe Zip Motor Shoes , Chic New Occident Fashion High Top Board Shoes Ankle Boots Hot Winter ins RunwayBritish Style Men's Ankle Boots Patent Leather Snakeskin Pattern Shoes Formal , Vintage Chelsea High Top Buckle Mens Real Suede Leather Casual Pointy toe shoe , Fashion Size 5-12 Mens Genuine Leather Zip Mid Calf Boots Cowboy Dress Shoes SzMens Leather Cuban Heels Show Zip Chelsea Shoes Ankle Boots round toe hotMens Riding Army Combat Mid Calf Buckle British Round Toe Leather Boots Shoes SZMens High Top Ankle Boots British Style Sequins Chelsea Boots Dress Formal Shoes , Mens Suede Ankle Boots Pointy Toe Dress Causal Nightclub Chelsea Shoes Stylish**New Occident British Ankle Boots High Top Zipper Chelsea Runway Pointy Toe ShoesMEN'S SHOES SNEAKERS ADIDAS ORIGINALS ZX FLUX 5/8 TR [BY9433]MEN'S SHOES SNEAKERS MERRELL TERRAMORPH MID WP [J09481]MILITARY WWII GERMAN ARMY EM LEATHER COMBAT OFFICER BOOTS IN SIZES
    Asics Lethal Shot AUS CS Shot 4 Mens Football mogochinese-29997 Boots (0123) + Free AUS Delivery 72c4030 ->Asics Lethal Shot AUS CS Shot 4 Mens Football mogochinese-29997 Boots (0123) + Free AUS Delivery 72c4030 -
    Authentic JIMMY CHOO Taupe Suede Fold Over Boots Size 38Lucchese M4621.S54 Reese Womens Tan Road Calf Leather Cowboy, Western Boots 7 BECCO Womens Noyce Snow Boot /4-4.5 US- Pick SZ/Color. , Etnies Kingpin Mens Trainers Black Lamy New Shoes , Valentino Floral Garden Black Leather Ankle Boots size /US 10.5 M NIBGeox D Sandal Vega A, Women s Wedge Heels Sandals, Grey Lt Greyc1414 , 3 , Vintage Leon Unatin Las Vegas Suede Shoes Hebrew or W or Lu Gold OrnamentNew Prada Bow Logo Low Heel Black Leather Pump Shoes Size 36.5 / US 6 - Italy , Nike Tanjun Prem Athletic Men's Shoes Size , ADIDAS TUBULAR RUNNER Originals MENS 8.5 B35642 NEWAIR JORDAN TRAINER 2 FLYKNIT SZ 9 ANTHRACITE BLACK ORANGE 921210 012Nike Flyknit Trainer Triple Black Anthracite Men Running Shoe Sneaker AH8396-004NIKE MEN AIR HUARACHE ID MENS MULTICOLOR SZ 9 [777330 982] NEW , NIKE AIR JORDAN 10 RETRO "I'M BACK" SZ:US MNS 12.5 RETAIL: $190.00Nike Zoom KEVIN DURANT KD V 5 BLACK CRIMSON ORANGE RED STRATA GREY 554988-005 14 , New Nike Men's Air Max 95 PRM Shoes (538416-443) Dark Obsidian/Met Silver-CobaltTEVA ARROWOOD UTILITY TALL BLACK WATERPROOF HIKING MENS BOOTS SIZE US 11.5 NEW , NWOBX Harley-Davidson Men's Black Leather Motorcycle Biker Boots (95324)SZ 9.5 , Rockport Men's Urban Retreat Desert Chukka Boot - Choose SZ/Color , Mens Brand name 11" Domestic Square Toe Roper Cowboy Boots 7 D New USAMan/Woman PUMA Future Trinomic 2.0 90S Louis, elaborate Comfortable touch Cost-effectiveMagnanni Ankle Boot Black Boot Men's size 11 M New $425 ANBNew $1375 Fiori Di Lusso Gray Boots - Monk Straps - (FL1130171) , Adidas Yung 96 Shoes Sneaker White Black F97176 F97177 F97182 3 colors Sz 5-13 , New Nike Dunk Low PRO SB Varsity Red Old Royal White Sz 9 304292-661 , 653594 003 NEW GYm CrossTraining Running Shoes Women's Nike Dual Fusion RUN3Merrell Agility Summit Flex Women's All Terrain Trail Running Shoes Only , DIADORA WOMEN'S SHOES SUEDE TRAINERS SNEAKERS NEW B. ELITE WIDE BEIGE FA3 , Breckelle's Women Leatherette Perforated Chunky Heel Bootie GA74 Black 8 M US , Womens Fashion Winter Buckle Strap Pointy Toe Block Low Heels Leather Ankle Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics Lethal Shot AUS CS Shot 4 Mens Football mogochinese-29997 Boots (0123) + Free AUS Delivery 72c4030 -

    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 Lethal Shot AUS CS Shot 4 Mens Football mogochinese-29997 Boots (0123) + Free AUS Delivery 72c4030 -

    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 Lethal Shot AUS CS Shot 4 Mens Football mogochinese-29997 Boots (0123) + Free AUS Delivery 72c4030