Never miss an update

Merrell Women's MQM Edge GTX Gore-Tex Women's actionscreen-27587 Waterproof Outdoor Outdoor Walking Shoes Black UK afdee54

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Merrell
Colour: Black Style: Walking shoes
Shoe Style: Walking shoes Main Colour: Black
Fastening: Lace Up Upper Material: Textile / Synthetic
MPN: ML167437 Exact Colour: Purple Rose
EAN: 604286971964
Never miss an update

Merrell Women's MQM Edge GTX Gore-Tex Women's actionscreen-27587 Waterproof Outdoor Outdoor Walking Shoes Black UK afdee54 -

    Merrell Women's MQM Edge GTX Gore-Tex Women's actionscreen-27587 Waterproof Outdoor Outdoor Walking Shoes Black UK afdee54
    Merrell Women's MQM Edge GTX Gore-Tex Women's actionscreen-27587 Waterproof Outdoor Outdoor Walking Shoes Black UK afdee54
    Bearpaw Women's Jodie Ghillie Gladiator Sandal Bark Suede SandalsGentlemen/Ladies Fabulicious Women's Flair 408 Clear-Tan/Clear Attractive and durable Fast delivery Global salesPenny Loves Kenny Women's Darling Pom Pom Sandal Pink Suede Polyurethane SandalsLucky Brand Women's Jaleela Wedge Sandal Cafe Leather Heeled Sandals , Minnetonka Women's Kilty Suede Moc Hardsole Cherry Red Suede , Minnetonka Women's Kilty Suede Moc Hardsole Storm Blue Suede , Nike Zoom Rival XC Women's Binary Blue/Hot Punch/Polarized Blue 04717406 , Pleaser Pink Label Women's Kimberly 04 Wedge Sandal Red Patent Heeled Sandals , New NIKE WMNS COURT ROYAL BLACK / WHITE 749867-010 US W 5.5 - 8 TAKSEWomen Reebok CN0512 Club C 85 Shine Casual Shoes gold white Sneakers , Pleaser Pink Label Women's Fab 422 Open-Toe Pump Black Satin Heels , Minnetonka Women's Kilty Suede Moc Hardsole Hot Pink SuedeEasy Street Women's Kindly Espadrille Slingback White Textured Synthetic Sandals , WMNS NIKE METCON PEPPER DSX BLACK ROSE PINK TRAINING SHOES 902173 012 US 5.5 NEWPleaser Pink Label Women's Kimberly 04 Wedge Sandal Black Patent Heeled Sandals , Bearpaw Women's Sherri Wedge Sandal Hickory Synthetic SandalsPuma WMNS Suede Gold women lifestyle sneakers NEW black 361862-01Steve Madden Women's Neptune Slingback Cognac Nubuck Slingbacks , Pleaser Pink Label Women's Dream-425 T-Strap Pump Black Faux Leather Pumps , Easy Street Women's Nori Slide White Synthetic/Gore Sandals , Penny Loves Kenny Women's Nookie Glitter Flat Grey Microsuede FlatsEasy Street Women's Erin Slingback Cloud Grey Burnished Buckle Fastening , Pin Up Couture Women's Siren 03 Slide Teal/Pink Faux Leather Platform Sandals , Demonia Women's Zombie 106UV White PU/UV WhiteNine West Women's Smoak Strappy Flat Black Multi Satin Zipper , Pleaser Pink Label Women's Dream-425 T-Strap Pump Black Patent Leather Pumps , Merrell Capra Mid Waterproof Blue Grey Kid Youth Outdoors Shoes Boots MY54651 , Pleaser Pink Label Women's Kitten 06 T-Strap Sandal Red Patent Heeled SandalsNina Women's Cordela Stiletto Steel/Champagne Luna Shine Heels
    Merrell Women's MQM Edge GTX Gore-Tex Women's actionscreen-27587 Waterproof Outdoor Outdoor Walking Shoes Black UK afdee54 ->Merrell Women's MQM Edge GTX Gore-Tex Women's actionscreen-27587 Waterproof Outdoor Outdoor Walking Shoes Black UK afdee54 -
    Gentleman/Lady Pleaser Womens Ado1019/Bpu/M Boot- Pick SZ/Color. Easy to use Optimal price leading the fashion , STEVEN by Steve Madden Women's Bonnie Ballet Flat - Choose SZ/color , New Moncler Dark Brown Pony Hair & Leather Booties Size 36 US 6Puma Vikky Ribbon Trainers Womens Red Sports Trainers SneakersRieker 537A6-10 Eastside Modern Summer Loafers in Sky Blue Size , Sergio Rossi 2540 Décolleté Shoes Women's Bordeaux AUMan's/Woman's Ladies Smart Trouser Shoes Emslie Claudia selling price product quality Explosive good goodsFranco Sarto Womens slides purple suede sandals size 6M block heel L-MacieMe Too Level Womens Shoes Size 7 Black Solid Leather Booties Heels CasualFashion Summer Breathable Cut Out Women Open Toe Back Zipper Stiletto Shoes New , New BEBE Elsa 196748 Golden Pump szs 6 8 9 10Ralph Lauren Size 9.5 M ADDIE Platino Leather Heels Sandals New Womens ShoesAsh Women's AS-Star Heeled Sandal - Choose SZ/ColorVans Authentic Lo Pro Athletic Men's Shoes Size 5Man/Woman New Balance 990 V4 bargain Fast delivery Cost-effective , PUMA Men's Basket Classic Strap B&W Fashion Sneaker - Choose SZ/ColorCustom Nike Roshe One Roshes Run Mens , Men's/Women's Nike Mamba Rage Men's Anthracite/White/Black 08972001 Online Shopping Let our goods go to the world Beautiful and charming , 2018 Nike Air Pegasus A/T Winter QS SZ 10 Black Dark Russet Blue ACG AO3296-001 , Men's Fassionable Semi Casual Shoes, 2.4" Height elevator KT56CCole Haan Mens ZeroGrand Wing Oxford CL II Sneaker ShoesAllen Edmonds Size 10.5 'Wilbert' Oxford Dress Shoes - Warm Brown, Rubber SolesNike Womens Running Shoes Size 10.5 (32031) , ASICS GEL-Harmony Cross Training Women's Shoes S377NKeds Women's Chillax Chukka Worn In Look Sneakers TW4 Black Size 8.5 , Man's/Woman's Air Jordans- Womens 8.5 economic At a lower price A balance between toughness and hardnessAdidas Originals W Womens NMD CS2 PK Boost Noble Blue CQ2038 Msrp $180 KK , Nike Air Max 2015 Black White Blue Pink Volt Green Lava Running Shoes Womens , Sexy Fashion Pointed Toe Block Heel Knee High Boots Strappy Side Zip Comfy Shoes , Ariat Fatbaby Boots Sz 7 Teal Blue Faux Ostrich Print & Suede Sales Sample ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Merrell Women's MQM Edge GTX Gore-Tex Women's actionscreen-27587 Waterproof Outdoor Outdoor Walking Shoes Black UK afdee54 -

    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.

    Merrell Women's MQM Edge GTX Gore-Tex Women's actionscreen-27587 Waterproof Outdoor Outdoor Walking Shoes Black UK afdee54 -

    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
    Merrell Women's MQM Edge GTX Gore-Tex Women's actionscreen-27587 Waterproof Outdoor Outdoor Walking Shoes Black UK afdee54
    Athletic Shoes