Never miss an update

Lonsdale Fulham Trainers White/Royal Mens White/Royal Casual Trainers Casual Sneakers Shoes Footwear 46928db

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: Lonsdale
Shoe Size: Varied Manufacturer: Lonsdale
Never miss an update

Lonsdale Fulham Trainers White/Royal Mens White/Royal Casual Trainers Casual Sneakers Shoes Footwear 46928db -

    Lonsdale Fulham Trainers White/Royal Mens White/Royal Casual Trainers Casual Sneakers Shoes Footwear 46928db
    Lonsdale Fulham Trainers White/Royal Mens White/Royal Casual Trainers Casual Sneakers Shoes Footwear 46928db
    Asics Patriot 10 Grey Blue White Men Running Training Shoes Sneaker 1011A13-1020New Reef Men's Spiniker Mid Nb Leather Shoe Rubber Brown , adidas Run 70s Grey Footwear White Men Running Casual Shoes Sneakers B96555 , adidas Duramo 8 Trainer M Blue Royal White Men Cross Training Shoes CG3501New Balance MT690LB2 2E Wide Reflective 690v2 Trail Black Men Running MT690LB22E , Nike Viale NSW Sportswear Men Running Walking Shoes Sneakers Pick 1 , Nike Air Presto Premium Metallic Silver Pure Platinum Men Shoes 848141-001 , Asics Gel-Rocket 8 Gum Mens Volleyball Badminton Shoes Pick 1Mizuno Wave Hitogami Black Blue Yellow Mens Running Shoes J1GA148045adidas Energy Cloud M Cloudfoam Black White Men Running Shoes Trainers BY1924Converse Men's CT All Star Street Suede Trainers, Red , Nike Court Royale White Light Carbon Navy Men Shoes Sneakers 749747-105Converse Chuck Taylor All Star Looney Tunes Black Red TrainersAdidas Originals EQT Support 93/17, 12.5US, Black, Milled Leather, Boost , New Skechers 52883 Kulow Numer Blk Wht Mens Shoes Comfort Sneakers CasualVans Men's Ultra Range Rapidweld Trainers, GreyNew Balance MFLSHLP2 D Black White Silver Men Running Shoes Trainers MFLSHLP2DNike Tessen Men / Women Wmns Running Shoes Sneakers Trainers Pick 1Nike Air Max 1 Ultra 2.0 Essential Obsidian Blue Men Shoes Sneakers 875679-401Mizuno Thunder Blade [V1GA177062] Men Volleyball Badminton Shoes White/Black*NEW* Asics Gel Rocket 8 Mens Cushioned Running Shoe (D) (4993) , adidas Duramo Lite 2.0 Core Black White Men Training Shoes Trainers CG4044New Balance MRT580UG D Black Yellow Suede Mens Running Shoes Sneakers MRT580UGD , Paperplanes Mens Sports Running Trainig Comfort Casual Athletic Shoes_K1417 , Adidas Neo Men Shoes Fashion Sneakers VS Pace 3 Stripes Black Casual New B74494New Balance MFL574NR D Fresh Foam Breathe Navy White Mens Running MFL574NRDMan's/Woman's Adidas Trainer OG BY9323 Good design Various types and styles Quality and consumer firstNike Air Jordan XIX 19 OG Black / Varsity Red US 9.5 , New Balance MRUSHBY2 2E Wide Vazee Rush v2 Black Yellow Mens Running MRUSHBY22E
    Lonsdale Fulham Trainers White/Royal Mens White/Royal Casual Trainers Casual Sneakers Shoes Footwear 46928db ->Lonsdale Fulham Trainers White/Royal Mens White/Royal Casual Trainers Casual Sneakers Shoes Footwear 46928db -
    Nogales Western Coma L Boot Black Waxy Leather, 4410 Size 12 NEWRag & Bone Newbury Boot Booties Shoes Size 37 Stone Suede Color $525Corral Women's Black Vintage Python Inlay Square Toe Boots A2402Easy Street Jan Harness Boots, Black, 8.5 WW US , FIRST1FASHION Design Ladies Ankle Boots Size 36 38 Brown Leather Shoes Np 220Tory Burch 'Caroline' 2 in Sand/Dark Leather Ballet Flat Shoes Size 5.5 MTory Burch 'CAROLINE' Ballerina Flat Black Patent Leather SZ 7Cobb Hill Women's Gabby-CH, - Choose SZ/ColorBrunello Cucinelli Black Leather Embellished Monili Derby Shoes Sz40/10~RTL850 , NIB Maxstudio "Beau "Burnished Leather Mary Jane Black Shoe 10M MSRP $198 , Bordello TEEZE-06W Women's Shoes Red Patent Hidden Platforms Pump High HeelsL.A.M.B. Women's Size 7 Tan Leather Platform Wedges Strappy High Heel Open Toe , Christian Louboutin Black Leather YOU YOU Peep Toe Pumps Kitten Heels, Size 37.5 , Christian Louboutin Aborina Twist-Front Red Sole Pump Sz:38 NEWCustom Comfortable And Fashion Women Boots Anime Dragon Ball Z Boots For GirlEMU Australia Women's Tova, Charcoal, 6 M USVogue Womens Pointy Toe Buckle Slip On Slipper Block Chunk Heel Shoes Cut OutNew Ds Air Jordan Hydro II Retro Jordan 3 Size 12 Slide White Cement Og Rare AutCrocs Men's CitiLane Roka Slip-On Sneaker, Comfortable Casual Athletic Shoe , Gentleman/Lady Reebok Men's Royal Bb4500 Hi2, Crazy price, Birmingham Let our products go to the world Elegant and robust menuNIKE AIR MAX LEBRON XI 11 LOW Sz 13 PS DUNKMAN (642849-200) size 13Under Armour UA Speedform Gemini 2.1- Size 9 US - brand new in a box -Wolverine Hiker Shoes Mens Peak Composite Safety Toe Hiking W02092 Black , Sendra Boots Style 2605 Brown Leather Western Cowboy BootsHUGO BOSS Brown Men's Suede Fashion Leather Oxford Dress Shoes Tan Beige CasualCONVERSE BLANK CANVAS CTAS 70 HI TOP SPOTTED JACQ SIZE WOMEN 8 MEN 6 , Ash Womens Mood Fashion Sneaker /- Pick SZ/Color. , Men's/Women's XOXO Women's Kason Combat Boot Strong heat and wear resistance Brand Most practical , Joan Boyce Tall Brown Wedge Boots Lined 7M Stud Straps Rhinestone Buckles MINT , Man/Woman 8547 Womens Biker Riding Boots excellent quality Sales Italy classic style ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Lonsdale Fulham Trainers White/Royal Mens White/Royal Casual Trainers Casual Sneakers Shoes Footwear 46928db -

    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.

    Lonsdale Fulham Trainers White/Royal Mens White/Royal Casual Trainers Casual Sneakers Shoes Footwear 46928db -

    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
    Lonsdale Fulham Trainers White/Royal Mens White/Royal Casual Trainers Casual Sneakers Shoes Footwear 46928db
    Athletic Shoes