Never miss an update

Reebok Shoes freedigitals-9435 SC Shoes Trainers Mid Black/Green Black/Green Sneakers Size 8 a61c83d

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Photos in the gallery are of the shoes you will receive.
Style: Trainers Color: Multi-Color
US Shoe Size (Women's): 8 Material: Leather
Brand: Reebok Width: Medium (B, M)
Pattern: Solid Country/Region of Manufacture: China
Heel Height: Flat (0 to 1/2 in.) UPC: Does not apply
Never miss an update

Reebok Shoes freedigitals-9435 SC Shoes Trainers Mid Black/Green Black/Green Sneakers Size 8 a61c83d -

    Reebok Shoes freedigitals-9435 SC Shoes Trainers Mid Black/Green Black/Green Sneakers Size 8 a61c83d
    Reebok Shoes freedigitals-9435 SC Shoes Trainers Mid Black/Green Black/Green Sneakers Size 8 a61c83d
    NIKE ROSHE RUN GREEN ORANGE WOMEN'S RUNNING SHOES 100% AUTHENTIC , New Puma 364092 02 Basket Platform VR Puma Black Women's Casual Shoes 9 US , REEBOK - RUNNING SNEAKERS - LIGHT WEIGHT - SZ 9 - NWOB - B-SHO-5Asics - Gel-Sensei 4 - Women's size 7.5 - B253Y-0190 , Brand New Nike Rosherun Suede Dark Army Blue/Gold 616747-400 Size 10Women's Fila Overstitch 8 Sneakers, Black, 6 US, M , Skechers Sport Women's Women's Synergy 2.0 Fashion SneakerPUMA Aurora Borealis Pink Violet Gold Shimmer Hitop Gold Logo Sz 9 Unreal ColorNike Women's Air Max 90 Essential Pure Running Shoe 616730-028 Womens Size 5.5 , K-Swiss Womens Classic VN 50th Anniversary White Gold Casual Sneaker Shoe Sz 9.5NIKE FREE TRANSFORM FLYKNIT PURE PLATINUM BLACK BLUE WHITE Sneaker Size 9Mizuno Running Women's Wave Shadow Shoes, Topaz/Fiery Coral/Imperial Blue 8.5 US , Adidas Women's Original ZX 8000 Running Shoes AQ5640 B24859 Suede Trainers , ara Women's Nicole Sneaker, White/Taupe Pixel, Size 8.0 , New Under Armour Women's Micro G Pursuit Fbr Opt Running Shoes - Size 7 - Steel , NIKE AIR MAX 90 Orange "Go-VOLS!" Women's White Running Trainer - 312052-112 , Gentleman/Lady NIKE Lunarconverge Dark Grey Womens 9.5 Diverse new design Latest styles AmoySAM EDELMAN Stilletos Peek Toe Black Suede Embellished Size 7.5Womens size 7.5 Asics GT 1000 3 GTX Gortex waterproof running outdoors1990 ORIGINAL VINTAGE NIKE BASKETBALL SHOES MADE IN KOREA WOMEN 10Nike Air Max '95 LE GS Athletic Training Shoes Geometric Wmn 6.5Y [310830-104] , New Puma 364093 02 Basket Platform Glitter Gold Women's Casual Shoes 8 USCalvin Klein Women Fashion Sneaker (6M, White)Merrell Zoe Sojourn Ballet Knit Q2 Womens Size 7 Monument 25%OFFMan's/Woman's Womens Adidas Superstar Beautiful color Online Perfect processingNew Under Armour Women's Micro G Assert 7 Running Shoes - Size 11 - Steel , SKECHERS - RUNNING SNEAKERS - LIGHT WEIGHT - PINK - SZ 6 - NWOB - B-SHO-4 , New Under Armour Women's Micro G Pursuit Fbr Opt Running Shoes - Size 7 Graphite , New Under Armour Women's Micro G Assert 7 Running Shoes - Size 7 - Steel ,
    Reebok Shoes freedigitals-9435 SC Shoes Trainers Mid Black/Green Black/Green Sneakers Size 8 a61c83d ->Reebok Shoes freedigitals-9435 SC Shoes Trainers Mid Black/Green Black/Green Sneakers Size 8 a61c83d -
    Lucchese Bootmaker Womens Gemma S5 Toe Cowboy Boot Ombre Pearl Bone Mad Dog Goat , New Balance MRL996 [MRL996ED] Classic Running Game Blue/Electric GreenWmns Nike Air Max Sequent 3 III Grey Blue Women Running Shoes Sneaker 908993-013Cole Haan Yasmine Dress Pointed Toe Slim Heel Ankle Booties, Black, 7 US UsedCoque Terra Brand New In Box With Tags Heels Size 40 , Dansko Women's Haven Mary Jane Flat - Choose SZ/Color , NWB Tory Burch Sutton Flat Women’s Size 5 MWomens Wedge Platform Increase Very High Heels Fashion Style Casual Shoes A7608 DESIGNER MADE IN ITALY BLACK PATENT \ LEATHER PUMP SHOES SIZE US 6 $220 , FREE SHIPPING ALDO Multi-Colored Women Party Heels Synthetic Medium(B, M)AUTHENTIC SAINT LAURENT YSL BLACK CLASSIC PUMPS HEELS. 38EU , TORY BURCH "JANEY" LEATHER PUMP/SHOES; 50MM; BLACK; SIZE 8; RETAIL: $250Pelle Moda Bonnie Ankle Strap Sandals - Women's Size 9 M - Pink , NIB Jack Rogers Devyn Wedge Sandals Thongs Black w/Patent Leather 8.5 M , NIKE CLASSIC CORTEZ NYLON RUNNING SHOES BLACK MENS 10 NEW 807472-011NIKE LEBRON WITNESS II James Grey White CAMO MENS BASKETBALL SHOE SIZE 12 , AIR JORDAN IV RETRO 4 CACTUS JACK TRAVIS SCOTT SIZE 12 BRAND NEW BLUE / RED NIB , Muck Boots Unisex Arctic Pro Steel Toe Boot - Size M10/W11NWOB CAT PARKER ESD STEEL TOE WORK BOOTS P90713 SIZE 11 BRAND NEW CATERPILLAR[17] Buffalo Boot 17 inch Brown Pole Climber Logger Lineman Steel Toe Boot 10.5C , NIB Belstaff Trialmaster Men Shoes Black 7.5 M-US Suede 77800190 MSRP $595.00Fashion Men's Graffiti Pointy Toe Slip On Leather Dress Shoes Hairstylist Loafer , Man/Woman Dockers Men’s Colleague Penny Loafer Shoe High security First quality Immediate deliveryAll Star Chuck Taylor Converse John Varvatos Vintage Slip Low Top Black 8US (D4)U.S. Polo Assn.(Womens) ISABEL-HJ - Womens Isabel-Hj Fashion SneakerPUMA SUEDE 1.5" PLATFORM SNEAKERS WOMEN SHOES BLACK/GOLD 362222-02 SIZE 7.5 NEWGentlemen/Ladies W Air Foamposite One ( AA3963-001) Good world reputation First grade in its class Different styles and styles , Nike Womens M2K Tekno - AO3108 002 , Prada Sport Women Low-top Fashion Sneakers Shoes Black white US 9.5 , Man's/Woman's gianni bini booties Special purchase New design Elegant and robust menu
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Reebok Shoes freedigitals-9435 SC Shoes Trainers Mid Black/Green Black/Green Sneakers Size 8 a61c83d -

    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 Shoes freedigitals-9435 SC Shoes Trainers Mid Black/Green Black/Green Sneakers Size 8 a61c83d -

    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 Shoes freedigitals-9435 SC Shoes Trainers Mid Black/Green Black/Green Sneakers Size 8 a61c83d
    Athletic Shoes