Never miss an update

Geox Sneakers Mens Uomo Casual Sneakers Uomo Snake Geox Dark Grey/Off White 8140a7d

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: Geox
Material: Synthetic /Mesh Upper Style: Fashion Sneakers
Made in: Imported Width: Medium (D, M)
Style Code: U4207K 02214 C1300 Color: Dark Grey/Off White
Never miss an update

Geox Sneakers Mens Uomo Casual Sneakers Uomo Snake Geox Dark Grey/Off White 8140a7d -

    Geox Sneakers Mens Uomo Casual Sneakers Uomo Snake Geox Dark Grey/Off White 8140a7d
    Geox Sneakers Mens Uomo Casual Sneakers Uomo Snake Geox Dark Grey/Off White 8140a7d
    Men's Tod's Driving Loafers, Suede size 8 1/2 , RARE Nike Flyknit Trainer Pale Frozen Yellow Yeezy 532984 710 MEN 8,WOMEN 9.5 qsFrye Double Monk Strap Men's Black Leather Oxfords US Size 9.5 D Shoes , ECCO Men's Soft 1 Fashion Sneaker, Black, 43 M EU/9-9.5 D(M) US , Prada PS0906 Men’s Americas Bronze Patent Leather Shoes Sz 11.5Rockport Work Women's Junction View RK800 Work Shoe, Brown, 11 M USDEL TORO MENS CHUKKA BOOTS CASUAL SNEAKERS SHOES 11 ITALIAN LEATHER ITALY , adidas Crazy Light Boost 2018 Men Core Black Gold Metallic Carbon AC8365 , Sperry Top Sider Men's Boat Shoes Gamefish Slip On Dark Tan STS16474Camper Shoes Mens Camper Jim Fashion Navy Leather Sneakers Trainer Shoes NEWLacoste casual shoes alisos 23 spm navy leather/suede size 7.5 us men , BALLY SWITZERLAND Mens Dress Shoes Burgundy Leather Slip On Tassel Loafer Sz 9.5 , Causal Shoes Genuine leather Mens Loafers Handmade Moccasin Zapatos Hombre , New Alexander McQueen Puma 358523 style Rush Lo Top Shoes Men's Casual SneakersDolce & Gabbana D&G Made In Italy Men's YELLOW&BLACK Sneakers, Comfort Shoes 39 , ECCO MEN'S HOWELL SLIP-ON SHOE COGNAC SIZE 43 LEFT FOOT & 42 RIGHT FOOT, NEWKEEN MEN'S CSA ROSSLAND 1013157 (COMPOSITE TOE) Work / Safety Shoes , Polo ralph lauren Crocodile men’s Shoes Size 11 , ZARA MAN LEATHER DECK SHOES BROWN 39-45 REF.2523/302 , Lacoste Piloter Corde 117 1 Cam Mens Casual Leather Loafer Shoes US11/EUR44.5Men Real Leather Dress Formal Business Wedding Casual Pointy Toe Oxford Shoes 12EUC John Varvatos Converse X All Star low leather chuck taylor gray sz 13 men US , Vintage Rare Adidas High Top Leather Basketball Sneakers Shoes Size 15Lacoste casual shoes alisos 16 spm black leather size 11 us new with box , JOHN FLUEVOG Classic Angel Heaven Black White Leather Wingtip Oxfords Men 6.5Lacoste Jarrison Men's Casual Leather Tennis Sport Driving Shoes US8 - US11KEEN Asheville AT ESD Work / Safety Shoes Aluminium Toe 1017252 CSA ApprovedDIESEL WISH US 10.5/11 WHITE & BROWN LEATHER CASUAL SHOES SNEAKERS TRAINERSHugo Boss Men's Fast Utopia Fashion Open Blue Sneakers Shoes ,
    Geox Sneakers Mens Uomo Casual Sneakers Uomo Snake Geox Dark Grey/Off White 8140a7d ->Geox Sneakers Mens Uomo Casual Sneakers Uomo Snake Geox Dark Grey/Off White 8140a7d -
    Dolce Vita Women's Aldis Combat Boot Light Taupe Perforated Nubuck 8 B(M) US , Castaluna Womens Boots With Stylish Zip Detail Wide Fit, Sizes 38-45 , BEARPAW BLACK BOETIS II COW HAIR/CURLY LAMB UPPER BOOTS SIZE 10 - NEWWOMEN'S SIZE 8 (38), BLACK & WHITE, SUADE/PATTEN LEATHER BOOTS BY CASADEI!Miu Miu By Prada Suede Ankle BootiesADIDAS NMD R1 STATIC NO SIGNAL WHITE PRIMEKNIT BOOST MENS SHOES US9 NEW , Ladies Caterpillar Wide Fit Warm Fur Boots Bruiser Scrunch Fur Label ~ KGiuseppe Zanotti White Bow Patent Pumps Heels size 36.5 AuthenticManolo Blaknic Strapy Open Toe - Black Suede Heels Size 40 , Men's/Women's Furla Shoes Ideal gift for all occasions Environmentally friendly wonderful , Vince Camuto Womens bayana Leather Low Top Slip On Fashion, Black, Size 9.0 Uetf , Womens Patent Leather Pearls Rivet Metal Decor Loafers Shoes Square Toe Low HeelSteve Madden 5832 Womens Rebeckka Taupe Suede Mules Shoes 9 Medium NIBPLEASER Sexy Stripper Dancer Black Jewel Platform 7 1/2" Heel Shoes STDUS759/B/MDolce&Gabbana flats t-strap sandals in Blue Patent Leather Size US 8.5 - ½Women's Sandals, Wholesale lot 48 Pairs sizes 5-10/6-11 assorted SB2523 , Nike Air Max Flight Mens Sz 7 White Gold Silver Sneakers Basketball Shoes , NIKE Free Trainer 1.0 White Black Electric Green Training Shoes Mens Sz. 13K. Swiss Rinzler SP Charcoal Black Mens Suede TrainersYacht Club Vans Old Skool VN0A38G1R1Q Blue Green Yellow Men's DS Size 7.5 - 10.5 , ASICS New Men's GEL NIMBUS 19 4E Road Running Shoes Carbon Color Authentic US 8 , Saucony Jazz Original x Anteater Sea And Sand Sz 10 , Propet Men's Grant Slip-on Loafer, Brown, 8.5 3E US , New men Sergio K Loafers size 7YS lesuire shoes geniune Texas cowhide - 095Christian Dior Women's Black Leather Sneakers with Embroidered Roses 37Merrell Women's City Leaf Chelsea Snow Boot, Merrell Oak, Size 5.5 , Alfani Womens Adisonn Leather Closed Toe Ankle Fashion Boots Black Size 10.0 v , New Balance Women's 811 Training Shoe - Choose SZ/colorSteve Madden Sienah Slouch Knee-High Boots 420, Black Suede, 9 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Geox Sneakers Mens Uomo Casual Sneakers Uomo Snake Geox Dark Grey/Off White 8140a7d -

    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.

    Geox Sneakers Mens Uomo Casual Sneakers Uomo Snake Geox Dark Grey/Off White 8140a7d -

    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
    Geox Sneakers Mens Uomo Casual Sneakers Uomo Snake Geox Dark Grey/Off White 8140a7d
    Casual Shoes