Never miss an update

Brooks Running Men's 110231 Dyad 9 mogochinese-29993 Running Shoes Style 110231 038 188dffb

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: Brooks
Color: Multi-Color Style: Running, Cross Training
Never miss an update

Brooks Running Men's 110231 Dyad 9 mogochinese-29993 Running Shoes Style 110231 038 188dffb -

    Brooks Running Men's 110231 Dyad 9 mogochinese-29993 Running Shoes Style 110231 038 188dffb
    Brooks Running Men's 110231 Dyad 9 mogochinese-29993 Running Shoes Style 110231 038 188dffb
    Nike Air Max 95 Sneakerboot Flax Ale Brown Sail New Mens 9 [806809-201]ADIDAS MAT WIZARD MEN'S WRESTLING COMFY SHOES David Taylor EditionAir Jordan 24 2009 Size 8.5 343084-062 , Adidas Solar Drive Running Shoes (AC8132) Athletic Sneakers Training TrainersNike Kyrie 3 Mens 852395-901 Black Yellow Basketball Shoes Men’s Size 9.5 NEWNew NIKE Air Max 90 Essential Mens red burgundy all sizes , NIB MENS SIZE 8 NIKE AIR MAX 90 LEATHER SNEAKERS BLACK OLIVE 302519-014 , Nike Men's AIR JORDAN 1 RETRO HIGH OG Shoes Golden Harvest 555088-710 bGentleman/Lady Men's Jordan Eclipse Leather Shoes 724368-010 wholesale Quality and quantity guaranteed Direct businessNEW Men's Nike Air Max BW Ultra SE Shoes Size: 6 Color: Black/White , $139.99 Clarks Men Wallabee Boot black suede 26133281Nike Air Max 95 Premium SE 924478-201 Vachetta Tan White Men's Sportswear ShoesNEW Men's Nike Zoom All Out Low Running Shoes 878670-301 Legion Green/Black c1 , Men Lacoste Misano Elastic Sneaker 7-36CAM0086237 Black Grey 100% Original NewMr/Ms Nike Air Jordan Retro 2 “Concord” main category luxurious International big name , Nike Lunar Skyelux Running Shoes Squadron Blue/Bright Mango 855808 401 Sz. 10Men's Jordan 1 Mid Sport Casual Shoes 554724-040Nike Air Max Trainer 1 Black/White Retro Cross Training Mens All NEW , Men's Brand New Air Zoom Spiridon '16 Athletic Fashion Sneakers [926955 103] , Men's Nike Air Max 95 Sz 8.5 NS GPX SP Shoes Obsidian Sneakers AJ7183 400 , Asics Men's Gt-2000 4 Trail Ankle-High Running ShoeNew Men's Adidas Tubular Instinct Boost - Size 10 - BB8401 - Core Black/WhiteNike Lunarglide 9 Mens Running Trainers 904715 Sneakers Shoes 002Air Jordan 3 Retro "Fire Red" Size 11 , NEW! Men's adidas Originals TUBULAR SHADOW Knit SHOES BB8824 Clear Brown c1 , Nike Air Foamposite One “Knick” Style Size 12Adidas Originals Clima Cool 1 Mens BA8579 Running Trainers Sneakers , Lebron 11 Independence Day 11.5 9/10 ConditionNIKE AIR MAX 93 MEN'S SHOES [306551-102] WHITE/HABANERO RED/NEUTRAL INDIGO ,
    Brooks Running Men's 110231 Dyad 9 mogochinese-29993 Running Shoes Style 110231 038 188dffb ->Brooks Running Men's 110231 Dyad 9 mogochinese-29993 Running Shoes Style 110231 038 188dffb -
    Aerosoles Women's Effortless Boot - Choose SZ/Color , Enzo Angiolini Fashion Women's Saharia Black Leather Mid Calf Motorcycle Boot , $495 size 8 Vince Faber Black Leather Open Toe Fashion Ankle Bootie ShoesSALOMON S-LAB WINGS SG - BLACK / RACING RED / WHITE , Wmns Nike Free TR Flyknit 2 II FK Women Cross Training Gym Shoes Trainers Pick 1Ladies Rieker Y6767 Casual Warm Fleece Lined Ankle BootsNew Django & Juliette Loch Black Womens Shoes Casual Sandals HeeledDIEPPA RESTREPO YELLOW TAN/WHITE OXFORD PATENT LEATHER SHOES 5.5Alegria PAL-601 (Black/Leather/Mary Janes) Clogs-Women's Size 38/U.S. Size 8-8.5Clarks Artisan Black Perforated Leather Daelyn City Maryjane 8.5 W NEWsamples shoes BALLERINE OSIRIS cove 2 BLUE WARNING WOMEN$178 Cole Haan Irwin Ballet Shoes Womens 8 Pavement Black NEW IN BOX , giuseppe zanotti “Dazzling Elsa” Gold Velvet Slide Heels Stones Shoes Size 10 BNIB Alfani Dahliacor Coral Leather Slingback Peep Toe Platform Wedge Sandal 7.5 , Dolce Vita Jaide Beige - Womens - Size 6 BGentleman/Lady Tory Burch Araminta Wedges Good world reputation Elegant style Non-slipUS Shoe Size Women Low Platform Wedges Slingback Sandal Comfort Casual Dress NewNIB $625 Salvatore Ferragamo Vara Laser Cut 3cm pumpsNIKE JORDAN WESTBROOK 0.2 854563 704 WHEAT SIZE 9.5 10adidas Pharrell Williams Tennis Hu Shoes Men'sADIDAS YEEZY BOOST 350 PIRATE BLACK 2.0 KANYE WEST 4.5US 4/3 BB5350 , NEW Under Armour Tabor RIdge Brown Leather Boots Men SZ 10 GORE TEX 1262061-284Puma Mens Gigante Lo Ferrari Casual Shoe Vaporous Gray Black Iris Size 14 M US , Sperry Top Sider Mens Decoy Boots Waterproof Tan/Brown STS13457Los Altos Men's Black Genuine Teju Lizard Dress Shoes Casual Slip On Loafer EE , ADIDAS TUBULAR INVADER STRAP women SNEAKERS (8M, LT/PAS BWN)MINT Nike Flyknit Lunar +1 Women's Sz 9.5 41 EUR Grey OREO Mesh $150 , Reebok NPC UK Leather Womens BD5800 White Chalk Shoes Sneakers Wmns Size 10Womens zip high Top ankle Boots zip low heel Leather Casual shoes Round Toe Hot , Twisted X Boots Tan Brn Leather Embroidered Western Cowboy WWT 0025 Womens Sz 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Brooks Running Men's 110231 Dyad 9 mogochinese-29993 Running Shoes Style 110231 038 188dffb -

    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.

    Brooks Running Men's 110231 Dyad 9 mogochinese-29993 Running Shoes Style 110231 038 188dffb -

    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
    Brooks Running Men's 110231 Dyad 9 mogochinese-29993 Running Shoes Style 110231 038 188dffb
    Athletic Shoes