Never miss an update

ASICS 29993 GEL-Lyte V V - Beige - Womens Womens 5b1dbd9

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: ASICS
Style: Lifestyle;Retro MPN: H7Z9L-0202
Sport: Running Width: Medium (B, M)
Feature: Gel;Perforated Material: Suede
Closure: Laces Color: Beige
Shaft Height: Low-Top Pattern: Geometric
Occasion: Athletic Features: Gel;Perforated
Never miss an update

ASICS 29993 GEL-Lyte V V - Beige - Womens Womens 5b1dbd9 -

    ASICS 29993 GEL-Lyte V V - Beige - Womens Womens 5b1dbd9
    ASICS 29993 GEL-Lyte V V - Beige - Womens Womens 5b1dbd9
    Converse Womens Size 7 Chuck Taylor All Star Daybreak Pink Canvas Shoes Sneakers , new guess womens briar keds sneakers pink usa size 9Womens Nike Lunar Control Vapor Golf Shoes White SZ ( 849979-100 )( 866107-100 ) , NEW Sz 6.5 Women’s Nike Lunarepic Flyknit Shield Gyakusou Black 859890-300WOMEN`S NIKE ROSHE ONE ATHLETIC SNEAKERS SIZE 8M NEW SEA CORALNike Free RN Communter 2017 Women's Running Shoes, Size 10, 880842 008 , Nike Air Max 90 low EZ Racer Blue Total Crimson AH5211-400 6 youth / 7.5 womens , Converse Chuck Taylor All Star Hi Tops Pink All Sizes Womens Sneakers Shoes , Women Adidas Original Tubular Viral Shoes Orange size 6NEW BALANCE WX813GR3 WOMEN'S 813v3 CROSS TRAINING SHOES SZ 6 , Women's Nike Tanjun Slip Size 10 (902866 002) Black/White FREE SHIPPING NIB , UNDER ARMOUR CHARGED BANDIT 3 PURPLE RAVE/PENTA PINK WOMENS SIZE 8.5 1298664-959 , Men/Women adidas SAMOA - Grey - Womens main category Lush design a wide variety of goodsMan's/Woman's Funtasma Women's Retro 302 Reasonable price First grade in its class Caramel, gentle , NIB adidas ORIGINALS Tubular Defiant Women 6.5 WHITE nmd boost xr1 yeezy ultra , Nike Roshe LD-1000 women new casual shoes sneakers Steel Blue White Green , NIKE AIR MAX 90 PURPLE VOLT RUNNING WOMENS WMNS SZ 10.5 325213-551 , NIKE WMNS AIR MAX THEA Light Bone/Volt-Metallic Silver -599409 012-Reebok RealFlex Racer Blue Running Cross Training Sneakers Shoes Womens 11 , Adidas Aerobounce Running Shoes - Women's Size 12, Black , Nike Women’s Romaleos 3 Weightlifting Shoes White/Black (878557-100) Size 9Converse All Star Women's CT Gemma OX Dolphin/White Sneaker-Assorted Size NWBVANS Authentic - BRITE NEON PINK - Shoes (NEW) Womens Sizes 5-12 : FREE SHIPPINGNike Classic Cortez Shoes Leather LUX Palm Green 861660-300 Women's Sz 5.5 NWOBReebok Classics Freestyle HI INT Hidden Wedge Fashion Grey Sneaker 6-11 , Cliffs by White Mountain Women's PembrokeGentleman/Lady J Slides Women's Spazo Sneaker Quality products New products in 2018 Various latest designs , Nike Hyperfuse 2012 Basketball sneakers 525021-600 Womens Size 14 US , Ahnu Women's Yoga Flex Ankle-High Cross Trainer Shoe ,
    ASICS 29993 GEL-Lyte V V - Beige - Womens Womens 5b1dbd9 ->ASICS 29993 GEL-Lyte V V - Beige - Womens Womens 5b1dbd9 -
    Cougar Women's Size 10 NIB Black Leather Bang Waterproof Ankle BootBLACK TORY BURCH SARAH RAIN BOOT BRAND NEW IN THE BOX SIZE 7 , Giuseppe Zanotti Black Leather Over-the-knee Boots Thigh High BNIBWmns Nike Air Woven Womens Slip On Lifestyle Shoes Sneakers Pick 1 , 34-38 Ladies motor chunky low heel side zipper winter warm ankle boots AU SIZE , Women sandals leather model CAILEY Aus 2 to 10.5JEFFREY CAMPBELL PERPETUAL WOMENS STUDDED APPLIQUÉ DENIM MULE 9.5M MSRP $165 , Donald Pliner Couture Crepe Leather Shoe New Double Wrap Ankle Strap $250 NIBEarth Origins Cruise Womens Neutral Grey Sandal, Size - 6SALOMON WOMENS XR MISSION TRAIL RUNNING SHOES WITH 99% TREAD SIZE-10TORY BURCH EMMY STRIPED SANDALS SZ 9 FREE SHIPPING , POLE + SWEDE FOR JCREW CLASSIC SLIPPERS SIZE 6 TURQUOISE YELLOW RED F9707 , Puma Ferrari Speed Felipe Massa Shoes Czerwony Bialy , NIKE AIR JORDAN FLIGHT LUXE SZ 13 ANTRACITE GREY BLACK WHITE 919715 005 , Nike Air Max Uptempo '95 AS QS Shoes -Reg $150- StyleSz 11.5 -NEWNike Flight Bonafide Flyknit Multi Color Hyper Crimson 917742-003 Mens Size 10 , Nike Free 4.0 Flyknit, Men`s Size 12 D, MidnightFog/BrightCrimson 717075-008 NEWAsics Gel-Kayano 24 Dark Grey Black Red Men Running Shoes Sneakers T749N-9590 , VANS VAULT X ROBERT WILLIAMS SK8-HI 38 DECON SAMPLES Size 9.0 robt supreme , Nike React Element 55 BQ6166 003 , Mens Steel Toe Lacrosse Iceman Work Winter Hunting Boots Size 10. Made in usa , Walk-Over Mens Abram Suede Plain Toe Oxfords Men's Casual Shoes Beige,11M,0087 , Florsheim Men's Danforth leather loafer Light Gray Shoes 13093-050Men Hugo Boss Shoes Timeout_Slip_rb Slip-ons Black Size 13 , Asics Women's Gray/Multi Color Athletic Shoes 9GUESS Factory Women's Dani Glitter Wedge Sneakers,NIB.6.5Reebok BD3099 Womens Fury Adapt Graceful Tmi Fashion Sneaker- Choose SZ/Color.Womens High Heel Over The Knee Boot Pointed Toe Chunky Trim Velvet Shoes N617 , Via Spiga Eartha Black Leather & Suede Motorcycle Boots. Size 11.5 Mwomens fur trim winter warm snow boots ankle boots high wedge casual shoes size ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ASICS 29993 GEL-Lyte V V - Beige - Womens Womens 5b1dbd9 -

    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.

    ASICS 29993 GEL-Lyte V V - Beige - Womens Womens 5b1dbd9 -

    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
    ASICS 29993 GEL-Lyte V V - Beige - Womens Womens 5b1dbd9
    Athletic Shoes