Never miss an update

Reebok Women's mogochinese-23184 Skycush Evolution Lux Ankle-High Walking Women's Ankle-High Shoe fad7fc0

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
Catalog: 1682101631
MPN: RSEL9821804 Brand: Reebok
Style: Walking Shoe Gender: Women's
Model: Skycush Evolution Lux
Never miss an update

Reebok Women's mogochinese-23184 Skycush Evolution Lux Ankle-High Walking Women's Ankle-High Shoe fad7fc0 -

    Reebok Women's mogochinese-23184 Skycush Evolution Lux Ankle-High Walking Women's Ankle-High Shoe fad7fc0
    Reebok Women's mogochinese-23184 Skycush Evolution Lux Ankle-High Walking Women's Ankle-High Shoe fad7fc0
    Women's Puma II Hi Explosive Sneakers, New Silver Sport Life Walking Shoes 7.5New Newton Women's Aha II Running Shoes Size US 10.5 (B,0) , Merrell Bare Access Flex Sneaker - Men's Size Black/Dark Gray , Gola Women's Coaster Satin Sneaker , Skechers Go Walk Sport Slip On Shoes Womens 14140 GYBL Grey/Blue Ladies NewWomen New Balance 1980 Fresh Foam Zante Classic Running Shoes Gray WL1980UB , Easy Spirit Pledges athletic shoe blue nubuck leather slip-on sz 10 Med NEW , New Nike Womens Free RN Cmtr Commuter 2017 Run Runninag Shoes 880842-008 Sz 8 , Kenneth Cole New York Women's Kam 8 Fashion Sneaker, Black, Size 10.0KENNETH COLE New York 'Kam' Lavender Metallic Leather Platform Sneakers 9.5M NEWVans Old Skool Velvet Sea Fog Purple Black Women's 8.5 Skate Shoes NewNIB WOMENS SIZE 8 NIKE DUALTONE RACER RUNNING SNEAKERS LIGHT BONE 917682-004 , Wmn's Nike Air Force 1 Premium SNEAKER 308038-001 Black/Rave Pink MSRP $110.00 , Adidas Duramo 6 Size US 8 M (B) Women's Running Shoes M20262 Pink Silver , Puma BUBBLE XT Spectrum Blue Women's Training Shoes 7.5 , Women's Merrell Ridgepass Mid Waterproof Brindle/Sea Fog Hiking Boots Shoes 6.5 , Brooks Ariel 14 Running Shoes Gray, Navy Blue Women's US Size 7 (F3,2)WOMENS BROOKS RAVENNA 8 RUNNING SHOES SIZE 8.5 US 40 EU PINK BLUE WHITE GREENNIKE FREE TRANSFORM FLYKNIT WOMEN`SSHOES TRAINING RUNNING ATHLETIC NEW , ASICS GEL NIMBUS 18 Womens Running Shoes Sneakers Gray Lime Sz 6.5 M T650N , Baffin Women's 6 Winter Hiking Shoes Polar Proven Softshell Zip Sneakers Snow , Converse Women's Shoe's "Break Point Pro OX''--White/White/White , Skechers Women's GOrun 600 Experience Running Shoe , Nike Women’s Air Zoom Pegasus 32 Running Shoes New Pink/ Volt/ Green Msrp $110New Balance 1865 v1 Running Shoes, Women's Size 8-2E, Purple/YellowKeen Terradora Hiking Shoes - Women's Size 6.5, Raspberry , Pearl Izumi Women's EM Road N2 v2 Running Shoes, Wisteria/Rose VioletNike Women's Air Max Thea Shoes 599409 White/Black sz8.5 , NEW! ASICS Women's GEL-Cumulus 19 Running Shoes Black/Pink #T7B8N 103A pz ,
    Reebok Women's mogochinese-23184 Skycush Evolution Lux Ankle-High Walking Women's Ankle-High Shoe fad7fc0 ->Reebok Women's mogochinese-23184 Skycush Evolution Lux Ankle-High Walking Women's Ankle-High Shoe fad7fc0 -
    Bed Stu Token Teak Abrassive Women's Boot 8MCalvin Klein Women's Searra Ankle Bootie - Choose SZ/colorFrye Paige Brown Calf Leather Tall Riding BOOTS Womens Size 7.5B , $1495 Ysl Yves Saint Laurent Pointed Toe Chain Pump Bootie 41- 10 Ankle BootNike W EXP-X14 [AO3170-001] Women Casual Shoes Black/Dark GreySCHOLL WOMEN'S FLIP FLOPS TONGOY BIOPRINT FOOTBED DARK GREY , Gentlemen/Ladies Christian Dior Bordeaux Patent Infinity Pump Ideal gift for all occasions Elegant and sturdy packaging Brand feastNWT! Air Jordan Jumpman Team II Midnight Navy size 10.5 basketball sneakerNEW NIKE AIR MAX SEQUENT = SIZE 11.5 = MEN'S RUNNING SHOES SNEAKERS 719912-602 , Nike Air Max 270 Men's Running Shoes Sneakers 2018 Black/Dusty Cactus Multi-SizeMENS JUSTIN COWBOY LEATHER BROWN BOOTS SIZE 10.5 B , Unfinshed Under Armour Gemini 3 mens womens 11.5 Brand new soles and topsNIKE AIR MAX 2010 SIZE 11 VOLT 386368 700 DJ CLARK KENT DS OG 1 90 95 97Nike Air Max 90 ID 2006 Sz 13 Patent & Buffalo Leather Infrared DeadstockIrish Setter Men's Vaprtrek 2869 Knee High Boot - Choose SZ/ColorROCKY ARCTIC BEARCLAW GORE-TEX WATERPROOF INSULATED BOOTS 9455 * ALL SIZES - NEW , Hush Puppies Gil Mens Slip On Shoes Sport White Leather 10 , Hush Puppies Men's Gus OxfordBlack Leather11.5 EW USImperial Biltrite Size 8 D Shoes Brown Wingtip Pebble Grain Leather NEW , Skechers Performance Women's Go Run 400 Running ShoeWomens SF Nike Air Force 1 Mid Elemental Gold Special Forces Sz 10.5 AA3966-700 , on cloudracer Women's Running Training Shoes Lime/silver "MADE IN SWITZERLAND" , PUMA Suede Heart Women's Prism Pink/Prism Pink 36322902 , Asics Gel-FujiEndurance PlasmaGuard Womens Medium Width Running Shoes T690N-4967 , NEW ITALIAN BIANKO ORO BLACK PATENT LEATHER/ SUEDE WOMENS SHOES US SIZE 7,5MHELLO KITTY women's tennis shoes Vans Sk8-Hi Slim size 8.5 high trainers anime , Chic Snakeskin Grain Hollow Out High Heel Womens Sandal Boots Dress Shoes SizeLucky Brand Womens ASHBEE Leather Closed Toe Ankle Fashion Black Size 6.5 8AfVJessica Simpson Rallie Black Suede Tall Shaft Wedge Knee High Boots 8.5M , SALE @ STEVEN Leather Calf High Sexy In RED Boots High Heels Shoes Womens Sz 10 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Reebok Women's mogochinese-23184 Skycush Evolution Lux Ankle-High Walking Women's Ankle-High Shoe fad7fc0 -

    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.

    Reebok Women's mogochinese-23184 Skycush Evolution Lux Ankle-High Walking Women's Ankle-High Shoe fad7fc0 -

    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
    Reebok Women's mogochinese-23184 Skycush Evolution Lux Ankle-High Walking Women's Ankle-High Shoe fad7fc0
    Athletic Shoes