Never miss an update

Gentlemen/Ladies Women's lot Clearance Adidas White EQT Basketball 29108 Advantage Reasonable price Clearance a lot of varieties b5cadf8

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: about 3 times, 9.5/10
Brand: adidas US Shoe Size (Women's): 6.5
UPC: Does not apply
Never miss an update

Gentlemen/Ladies Women's lot Clearance Adidas White EQT Basketball 29108 Advantage Reasonable price Clearance a lot of varieties b5cadf8 -

    Gentlemen/Ladies Women's lot Clearance Adidas White EQT Basketball 29108 Advantage Reasonable price Clearance a lot of varieties b5cadf8
    Gentlemen/Ladies Women's lot Clearance Adidas White EQT Basketball 29108 Advantage Reasonable price Clearance a lot of varieties b5cadf8
    New Balance WMNS 996 lifestyle sneakers dark grey NEW WR996-BYDiadora Women's Shoes Sneakers - 173954-D | Pink | Spring Summer 18Skechers Shoes – Go walk 3 blueLa Redoute Collections Womens Perforated Leather Wedge Trainers
    Skechers Shoes – Flex Appeal 2.0-Insights white/black , Shoes Skechers Flex Appeal 2.0-Newsmaker White Women 12775-WHTMan's/Woman's Skechers Shoes – Microburs-Greatness black Queensland Selected materials Caramel, gentleLa Redoute Collections Womens Star Motif Leather Trainers
    , Diadora Women's Shoes Sneakers - 173954-D | Light Green | Spring Summer 18Mr/Ms Skechers Shoes – Gowalk 3 Black/White Reputation first real Seasonal promotionPuma Basket Heart Up Womens 364955-01 Natural Vachetta Leather Shoes Size 10asics Gel-Kenun Lyte-W T880N.0196 Women Running Shoes Sneakers Free Shipping , Puma Basket Platform Vr Womens Trainers 364092 Sneakers Shoes 01 , Shoes adidas Swift Run W Pink Women CQ2023 , Diadora Women's Shoes Sneakers - 173954-D | Yellow | Spring Summer 18 , SIZE 8.5 NEW KEEN Voyageur Mid Hiking Boots webbing leatherSkechers Shoes – Burst 2.0-New Avenues black/white , Skechers Shoes – Flex Appeal 2.0-Newsmaker black , Womens Vagabond Casey Sister Black Flatform Chunky Flatform Trainers , Skechers Shoes – Go Step Lite-Quaint black , Shoes Reebok F/s Hi Satin Bow White Women CM8903 , Nike Roshe One BR Hyperfuse Women's 833826-100 Triple White Training RareNew Women's Propet WPED2013 PedWalker 2 - PedRx black/Stretch nylon , Shoes Skechers Flex Appeal 3.0 Purple Women 13062-PLUM , Shoes Skechers Flex Appeal 2.0-Reflettion Black Women 12908-BKW , Gentleman/Lady Air Jordan 4 Girls Taille 40 Easy to clean surface Brand Valuable boutiqueShoes Puma Suede Heart Pebble Wn´s Blue Women 365210-03Shoes Skechers Flex Appeal 2.0-Reflection Grey Women 12908-GYW , Gentleman/Lady Skechers Shoes – Synergy-Cocktail Hour blue Durable service new General product
    Gentlemen/Ladies Women's lot Clearance Adidas White EQT Basketball 29108 Advantage Reasonable price Clearance a lot of varieties b5cadf8 ->Gentlemen/Ladies Women's lot Clearance Adidas White EQT Basketball 29108 Advantage Reasonable price Clearance a lot of varieties b5cadf8 -
    Schutz Women's Germana Tall Over Knee Leather Boot Black Size US 6 B NewCole Haan Women's Hayes Gore Ankle Bootie Black Suede 7.5 B USPikolinos Womens Lagos 901 Low-Top Sneakers, Beige Marfil, 5 UKnike womens elite textile trainers 586310 004 sneakers shoesClarks Women’s Glickasha GTX Boots, Brown 4.5Womens Camper Peu Cami Opium Cola Vida Brown Leather Boots UK Size , Alice and Olivia Roberta Platform Espadrille Wedge Sandals, Umbrella Blue, 8 US , Tods Women's Black Slingback Moccasin Kitten Heel Driving Loafers US Size 38Women's FRYE Mules Harness Biker Brown leather USA Sz 8.5 MSkechers Women's Relaxed Fit Commute Carpool Sneaker Clog Taupe Clogs , Salvatore Ferragamo Bow Peep Toe Slingback Pump, Black Nylon, Size 8, RUNWAY , Womens Julianne Hough for Sole Society Black Leather Ankle Strap Heels Sz. 6 BGina London Gray Wool/Multi Pom Pom Mules size 6.5 US , RENE CAOVILLA, STUNNING SANDALS, NEW, IN ORIGINAL PACKINGCaterpillar CAT Women's Display Model Westwood Sandal Estate Blue Leather 8 MConverse One Star Skate OC Black White Low Top MSRP $70 Fashion Sneaker E5 433Nike Air Entertrainer Phantom/Phantom-White 819854-002 Men's SZ 12 , Nike Flight Bonafide Men's Cargo Khaki/Black/Summit White 17742300 , NIKE LUNARCHARGE PREMIUM 923281-002 LIGHT BONE SUMMIT WHITE DS SIZE: 11 , Adidas Originals Tubular Invader Strap [BB5037] Men Casual Shoes Black/White , Corral Men's Western Wine Laser Cutout Ebroidery Cowboy Boots G1469Mens Pointy Toe Breathable Slip On Loafers oxford casual Driving Shoes Fashion#Mens Pu Leather Shoes Wingtip Pointed Toe Oxfords Brogue Wedding Dress Shoes -86XL156 Clevis Fashion Shoe Oxford White & Black , Womens SANITA 'Tranquility Lite Pink' Knit Walking Shoes Sneakers SIZE 37 US 6.5Gentleman/Lady Scarpa Cosmo Shoe - Women's Practical and economical Ranked first in its class Clearance saleNew Nike Women's Air Max 95 SE Black Brushed Metal 918413 001 sz 7 Rare Sample , Women Over Knee Boots High Stiletto Heel Wide-Calf boots Zip Up Black Shoes us8Women Winter Rain Snow Boots Size 8 (M) Fur lined Collar PU Leather Boots NEW , Propet Women's Tory Ankle Bootie, Brown, 9 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentlemen/Ladies Women's lot Clearance Adidas White EQT Basketball 29108 Advantage Reasonable price Clearance a lot of varieties b5cadf8 -

    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.

    Gentlemen/Ladies Women's lot Clearance Adidas White EQT Basketball 29108 Advantage Reasonable price Clearance a lot of varieties b5cadf8 -

    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
    Gentlemen/Ladies Women's lot Clearance Adidas White EQT Basketball 29108 Advantage Reasonable price Clearance a lot of varieties b5cadf8
    Athletic Shoes