Never miss an update

Skechers 14475 Performance 14475 Womens Go Go Step Lite-Dynamik Walking ShoeM ShoeM a06b2ce

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
UPC: 0190211997074
Style: Causal Brand: Skechers
US Shoe Size (Women's): Multiple Variations Model: 14475
Size Type: Regular MPN: 14475
Material Type: fabric
Never miss an update

Skechers 14475 Performance 14475 Womens Go Go Step Lite-Dynamik Walking ShoeM ShoeM a06b2ce -

    Skechers 14475 Performance 14475 Womens Go Go Step Lite-Dynamik Walking ShoeM ShoeM a06b2ce
    Skechers 14475 Performance 14475 Womens Go Go Step Lite-Dynamik Walking ShoeM ShoeM a06b2ce
    Steve Madden Womens Elouise Fashion Sneaker- Pick SZ/Color.PUMA 36373002 Womens Vikky Platform VR- Choose SZ/Color. , Reebok BS8586 Womens Print Smooth Clip Ultk Track Shoe- Choose SZ/Color.Skechers - 48965 Womens Endeavor-Altitude Fashion Sneaker- Choose SZ/Color. , PUMA 36362601 Womens Basket Heart Explosive WNS Field Hockey Shoe , Skechers Women's Bright Blossoms Sneaker - Choose SZ/Color , Easy Spirit Women's Glassy2 Sneaker - Choose SZ/Color , 11906 Skechers Agilty Ramp Up Womens Sneakers Navy/Purple 7.5Skechers Women's Hi-Lite-Metallic Patent Sneaker - Choose SZ/ColorAldo Womens Afaossi Fashion Sneaker- Pick SZ/Color. , adidas Performance Womens Vengeful w Running Shoe- Pick SZ/Color.New Balance Women's WMD500V5 Track Shoes - Choose SZ/Color , CLARKS Women's Step Verve Lo. Sneaker - Choose SZ/Color , Skechers Sport Women's Breathe Easy Jackpot Fashion Sneaker - Choose SZ/Color , PUMA Women's Ignite Limitless SR WNS Sneaker - Choose SZ/ColorReebok Womens Walk Ahead Action RS Walking Shoe- Pick SZ/Color.BOBS from Skechers 34278 Womens High-Notes-Bell Kick Sneaker- Choose SZ/Color.Skechers Women's Premium-Break Even Sneaker - Choose SZ/Color , Skechers 73571 Street Womens Side Street-Smooth Over Fashion Sneaker , Reebok Women's Work N Cushion 3.0 Walking Shoe, Black, 7.5 M USSkechers 22857 Sport Womens Fiery Fashion Sneaker- Choose SZ/Color. , NIKE ROSHE LD-1000 819843-001 Black WHITE University Red WOMEN'S SHOE 9 nikeLab , Hush Puppies Womens Chazy Dayo Sneaker- Pick SZ/Color.Merrell Women's Applaud Mesh Slide Hiking Shoe - Choose SZ/ColorSaucony Originals Men's Jazz Low Pro Vegan Sneaker - Choose SZ/Color , Volatile Women's Expulsion Fashion Sneaker - Choose SZ/Color , Ryka Women's Aurora Fashion Boot Roasted Chestnut/Nc Blue/Sidewalk 10 M US$120 Nike Free TR Flyknit 3 - RUNNING SHOES BLACK SZ 6 , Skechers 49396 Womens Bikers-Commotion Sneaker- Choose SZ/Color.
    Skechers 14475 Performance 14475 Womens Go Go Step Lite-Dynamik Walking ShoeM ShoeM a06b2ce ->Skechers 14475 Performance 14475 Womens Go Go Step Lite-Dynamik Walking ShoeM ShoeM a06b2ce -
    FRYE Lindsay Plate Ladies Riding Boot, Dark Brown, Leather, MRSP $398-8MNike Sb Fokus Mens Trainers 749477 Sneakers Shoes 002 , Women shoes boots cracker leather model BONNIE Us 3.5 to 12 , OFFICINE CREATIVE Women's Shoes Boots Lison/019 Ignis T Tabacco Hand Made Italy , NEW ALEGRIA PALOMA SHOES PROFESSIONAL JAZZY WINE CLOGS MARY JANE FAST SHIPDavid Tate Womens piper Closed Toe Classic Pumps , NIB CARLO PAZOLINI Genuine Black Suede Women's Oxford Pumps Heels Shoes Sz 6/36VANESSA BRUNO Escarpins très chic en cuir verni couleur NoirSexy Womens Multi Color Strap Zip High Heel Stiletto Plus Size Sandals Shoes NewBOHO Gladiator Women Rhinestone Bling Strap Flip Flop Sandals Flats Shoes All SZSkechers Womens On The Go 600 Comfortable Cushioned Lightweight Thongs , Kelsi Dagger Brooklyn Inwood Espadrille Wedge Sandals 141, Denim, 8 US / 38 EU , ASICS GEL LYTE V 5 SZ 6.5 JAPANESE TEXTILE INDIAN INK BLUE H612N 5050 , NIKE KOBE VI 6 GS CAMO MULTICOLOR CONCORD BLACK WHITE 429913-900 US 6YNew Nike Men's Air Shake Ndestrukt "Rodman" Shoes (880869-100) White//Red , New Balance 1540 V2 Motion Control Running Shoes M1540BK2, US Men's 15 DNike Air Footscape Desert Chukka, Navy / Hyper Jade / Silver, Woven, Size 13 , ADIDAS NMD HUMAN RACE HU PHARRELL PW BLUE WHITE BOOSTDs Nike Air Jordan XX8 28 Sz 12.5 12 Marquette Player Exclusive promo sample ovo , ECCO Ennio Leather Casual Sneakers, Men's Size 12-12.5, BlackRockport "Get Your Kicks (GYK) Gore Slip-on" Men's Shoe, Black, Size 8M , Jambu Men's JSport Wayne Athleisure Shoe , Adidas Response Boost Trail Running Hiking Shoes Grey BB1662 Women’s Size 9New Womens Reebok CLASSIC RAPIDE WL BS5802 WHITE/NAVY/GREEN US 5.5 - 8.0 TAKSE , Propet Women's TravelActiv Fashion Sneaker Honey 8 2E US , NEW Womens Nike Air Pegasus+ 30 Size 9 Purple/Blue/Black Running ShoesAsics Gel-Kayano 24 Coral Red Orange Women Support Running Shoes T799N-0690 , New Womens Vogue Suede Leather Knitted Top Pull On Mid Heel Ankle Boots Shoes spJ75 by Jump Mens Woodmere 2 Tan Cap Toe Dress Monk Shoes 8 Medium (D) BHFO 8739Punk Cowboy Buckle Womens Round Toe Cut Out Chunky Heels Oxford Ankle Boots Plus
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers 14475 Performance 14475 Womens Go Go Step Lite-Dynamik Walking ShoeM ShoeM a06b2ce -

    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 14475 Performance 14475 Womens Go Go Step Lite-Dynamik Walking ShoeM ShoeM a06b2ce -

    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 14475 Performance 14475 Womens Go Go Step Lite-Dynamik Walking ShoeM ShoeM a06b2ce
    Athletic Shoes