Never miss an update

Skechers Black Womens Side Blk, Street-Tegu Trainers, Black Black Blk, 38 5 38 EU 2a217b6

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Skechers
MPN: 73555_BLK UPC: 191665904441
EAN: 0191665904441
Never miss an update

Skechers Black Womens Side Blk, Street-Tegu Trainers, Black Black Blk, 38 5 38 EU 2a217b6 -

    Skechers Black Womens Side Blk, Street-Tegu Trainers, Black Black Blk, 38 5 38 EU 2a217b6
    Skechers Black Womens Side Blk, Street-Tegu Trainers, Black Black Blk, 38 5 38 EU 2a217b6
    ECCO Womens Sneak Ladies Trainers, Black Black 1001, 8 UK , s.Oliver Womens 23634 Low-Top Sneakers, Brown Pepper, 6 UKSkechers Womens 23259 Trainers, Black Black, 3 EUNike Women's Air Huarache Run Ultra Elemental Rose/Wolf Grey/White Running Shoe , ESPRIT Womens Cherry UFO Lu Low-Top Sneakers, White White 100, 5 UKECCO Women 241473 Hi-Top Trainers Blue Size 3.5 UKSkechers Womens 23443 Trainers, Blue Navy, 5.5 EU , ESPRIT Womens Vera Lu Low-Top Sneakers, Grey Brown Grey, 5 UKSkechers Womens Ultra Flex-Bright Horizon Trainers, White White Black, 6Nike Women's Air Max Thea Prm Running ShoeSkechers Womens Burst Low-Top Sneakers, Black BKW, 3 EUs.Oliver Womens 23632 Low-Top Sneakers, Brown Espresso, 8 UK , Skechers Womens Ultra Flex Statements Slip On Trainers, Purple Lavender Lav,s.Oliver Womens 23615 Low-Top Sneakers, White, 6.5 UKSuperga Womens 2730-Cotropew Trainers, Off-White Ecru 912, 5.5 UKGola Womens Grace Metallic Trainers, Pink BlossomRose Gold KY, 5 EUHUGO Zero, Womens Low-Top Sneakers, White White 100, 7.5 EUs.Oliver 23642, Womens Low-Top Sneakers, Silver Pewter Comb., 6 EU , Skechers Womens Burst TR-Close Knit Trainers, Blue NavyCoral, 8 UKTamaris Womens 23603 Low-Top Sneakers, Black Black Struct, 4 UKSioux Womens Grash-D172-29 Trainers, Grey Lightgrey-Silver 002, 4 UKCamper Womens Hoops Hi-Top Trainers Black 001, 7 EUSkechers Womens Ultra Flex-Capsule Slip on Trainers, Blue Navy NVY, 4 37 EURieker Womens M3518 Trainers, Grey CementGrau-Silber 40, 5 UKESPRIT Womens Astro Velvet Lu Low-Top Sneakers, Pink Nude 685, 5 UK , s.Oliver Womens 5-5-23622-21 007 Low-Top Sneakers Black Uni 7, 8 UK , Puma Womens Suede Platform Animal Low-Top Sneakers, Dusty Coral Silver, 7.5 UKTamaris Womens 23602 Trainers, Blue Navy Comb 890, 8 UKHUGO Womens Uptown Adrienne-c Low-Top Sneakers, White White 100, 2 UK
    Skechers Black Womens Side Blk, Street-Tegu Trainers, Black Black Blk, 38 5 38 EU 2a217b6 ->Skechers Black Womens Side Blk, Street-Tegu Trainers, Black Black Blk, 38 5 38 EU 2a217b6 -
    FRYE Women's Lindsay Plate Tall Riding Boot,Black, 6.5 M US… , NEW PRADA Double Buckle Moto Boots, Brown (Size 38) - MSRP $995.00!Clarks Hoist Work G Fit Mens Black Leather Slip On Shoe 6.5 - 9.5 g fit (MR) , Ariat Misha Mule Clogs Leather Studded Brown Ankle Strap Women's US 9.5 , Authentic Saint Laurent Espadrille Sneaker Shoes Size 39 $495.00Chiara Ferragni Piercing Flirting Genuine Calf Hair Flat - Bk/Wht - 7.5 B; 38 EUCostume National Heels womens sz 35.5 Leather Brown Classic Italy Work businessWHITE MOUNTAIN VERONIQUE Women WEDGE SANDALS (5 M, NATURAL)High Chunky Creeper Heel Womens OL Work Shoes Ankle Hook Loop Formal Hot SaleRON WHITE Pewter Michelle Kitten Heels Pumps Size 36 New $395 All Day Italian , Valentino Black Patent Leather Banded Pointed Toe High Heel Pumps SZ 39Vionic Womens Orthaheel Bella II Tortoise Flip Flop Thong Sandal - Size 10 - NEWWomen sandals leather model GLADIA Us size 7.5 , Fila M Squad Red Planet Pack size 11.5 - m-squad turtles tmnt marsNike Mens Air Force 1 Mid 07 Basketball Shoe Black 315123-001 , PAUL GEORGE PG 1 MEN SIZE 13.0 GAME ROYAL NEW COMFORTABLE BASKETBALL , Free shippingUltra Boost 4.0 BB6168 Men's size 7Nike Free x Metcon AH8141-004 Men's Sizes US 6 ~ 15 / Brand New in Box! , New Balance 997 Made in USA Sand Tan White Green Sz 8.5 M997DRA2Nike Air Max 90 Leather <302519-001> Men's Sizes US 6 ~ 15 / Brand New in Box! , ADIDAS NMD R1 TECH EARTH DS SZ 11 S81881NIB Aldo Yerilian Navy Suede Men's Sneakers, Size 12!NIB J Slides JOGGER WEDGE SNEAKER WHITE/BLACK Shoes size 10 , Women's NEW VINTAGE 1989 Rockport Size 7M Ankle Boots Shoes Brown Leather L5 , Women's High Stiletto Platform Pull On Fur Short Ankel Boots Sexy Round Toe SzNIB - FRYE Women's Cara Short Leather Western Style Ankle Boots Smoke Pick Size , Charles by Charles David Women's KISS Bootie , SAKS FIFTH AVENUE Black Leather Alethea Women's Booties Size 10MWomens Pointy Toe Velvet Mid Calf Boots Embroidered Pattern Block Casual Shoes w , Womens CLARKS Gray Leather Ankle Boots Sz. 6 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Black Womens Side Blk, Street-Tegu Trainers, Black Black Blk, 38 5 38 EU 2a217b6 -

    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 Black Womens Side Blk, Street-Tegu Trainers, Black Black Blk, 38 5 38 EU 2a217b6 -

    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 Black Womens Side Blk, Street-Tegu Trainers, Black Black Blk, 38 5 38 EU 2a217b6
    Athletic Shoes