Never miss an update

Asics Quantum Women's Gel Quantum 360 Knit Knit mogochinese-29983 T778N-5497 Corydalis Blue $200 MSRP 77a9ae3

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
Heel Height: Flat (0 to 1/2 in.)
Style: Running Shoes Product Line: Gel
Color: Corydalis Blue/Carbon/Aluminum Width: Medium (B, M)
Material: FluidFit knit Brand: ASICS
MPN/Model #: T778N-5497
Never miss an update

Asics Quantum Women's Gel Quantum 360 Knit Knit mogochinese-29983 T778N-5497 Corydalis Blue $200 MSRP 77a9ae3 -

    Asics Quantum Women's Gel Quantum 360 Knit Knit mogochinese-29983 T778N-5497 Corydalis Blue $200 MSRP 77a9ae3
    Asics Quantum Women's Gel Quantum 360 Knit Knit mogochinese-29983 T778N-5497 Corydalis Blue $200 MSRP 77a9ae3
    NIKE AIR MAX 2016 GAMMA BLUE/BLACK-PINK BLAST-WHITE SZ WOMEN'S 6.5 [806772-402] , Nike Womens Lunarglide 8 Black/White Anthracite Running Shoe 5 Women US , Gentlemen/Ladies Wmns Fenty Puma cleated creepers 9.5 Quality queen Strong value General product , NEW Nike ID Kobe X 10 Low Lakers Black Grey SZ 9.5 Womens - Mamba Elite , NIKE Air Huarache Run Suede Womens Shoes Diffused Blue aa0524-400 (6 B(M) US) , Scarpa Vapor V Women's 70034/002 Vibram XS Edge Suede Flexan Rock Climbing ShoesNIke Women's AIR VAPORMAX PLUS Running Shoes White/Light Menta AO4550-100 cNew Balance W3040SB1 Women’s Athletic Silver/Blue US Size 7.5B , NIKE AIR FORCE 1 WILL LEATHER PREMIUM ID ALL BLACK SIZE WOMEN'S 6.5 [921291-991] , NIKE AIR MAX 2016 GAMMA BLUE/BLACK-PINK BLAST-WHITE SIZE WOMEN'S 7 [806772-402] , Man/Woman OTBT Women's Bushnell Coffeebean Economical and practical Brand Most practical , Ahnu Montara Boot-W Womens Hiking Boot- Size 6.5 , ASICS Womens Gel-Nimbus 19 Lite-Show Running-Shoes- Pick SZ/Color. , Puma Fenty Satin Bow Sneakers Size 8.5 Lavender *Flawed , Gentlemen/Ladies ara Women's Ilana 33019 Attractive and durable Known for its good quality Immediate delivery , Furla Spy Pointed Toe Zip Sneakers, OnyxRUTHIE DAVIS WOMEN'S JAY FASHION SNEAKERS CHARCOAL LEATHER US SZ 8 MEDIUM , Brooks HYPERION Women's White/Gray/Black Sneakers Running Shoes Trainers NewNEW BLING CRYSTAL RHINESTONE CUSTOM CONVERSE WEDDING PROM WOMEN SHOESMan/Woman Spring Step Women's Galil Bootie selling price Elegant and sturdy packaging Fashion versatile shoesNEW NIKE AIR MAX 270 CASUAL WOMENS SHOES Atmosphere GREY BLACK SMOKE 5 - 12WOMENS NEW BALANCE W990AG4 MADE IN THE USA ANGORA , Nike Air Max 95 LE / QS / OG Women Wmns / GS Kids Youth Running Sneaker Pick 1 , Nike Air Max 95 WMNS 7 Premium Moon Particle Grey White Running Shoes 807443-200New Balance W1260GP7 Women's 1260v7 Athletic Running Shoes Performance Footwear , Asolo MEGATON GV A40011 Women's Graphite/Poolside Polyester Suede Hiking Boots , Man's/Woman's adidas Women's ClimaCool Modulate Running Shoe Many styles Skilled manufacturing Beautiful and charmingAsics Womens Gel Kayano 25 Shoes 1012A026 color Carbon/Mid Grey Size 6.5 , ASICS Womens Gel Cyber Sensei Volleyball Shoe- Select SZ/Color. ,
    Asics Quantum Women's Gel Quantum 360 Knit Knit mogochinese-29983 T778N-5497 Corydalis Blue $200 MSRP 77a9ae3 ->Asics Quantum Women's Gel Quantum 360 Knit Knit mogochinese-29983 T778N-5497 Corydalis Blue $200 MSRP 77a9ae3 -
    Man/Woman BEARPAW Emma Short Women's Winter Boots Not so expensive Ranked first in its class Exquisite (processing) processing , Seychelles Suede Taupe Reserved Knee High Boot Heel Shoe 40New , Cole Haan Womens  Valentia  Over The Knee Boot Black Sz 6 1/2 B New In Box , Firetrap Blackseal Quince Black White Ankle Boots New in Box Size EU41 AU9adidas Originals Superstar W White Black Multi-Color Women Classci Shoes AC8576FW17 ASICS FIPAV SHOES GEL ROCKET 7 VOLLEYBALL SHOES MAN MAN B405N 9085Aerosoles My Time Combat Boots 609, Grey, 8 USEcco Womens Freja Ankle Sandal Dark Shadow , Oxfords Brogues Shoes Womens Slip on Block Heels Court Shoes Literary Loafers Sz , ADORE-708FL 7" ANKLE STRAP RED FLOWER FILLED BOTTOM POLE DANCE PLATFORM SANDAL , Salvatore Ferragamo Women's Shoes SZ 8.5 AA Suede Grosgrain Bow Lillaz , FABIO RUSCONI Shoes 057614 Pink 36 , ED HARDY VERA HEEL Platform Shoes 7 4.5 38 23 Women Lady Holiday Gift , Hush Puppies Womens Light Pink Genuine Leather Fashion Shoes sz 7.5 M Mary JanesUnder armour UA clutchfit drive Size 15 *E24 Edition* , NIKE Men's Sweet Classic teather white green men size 10.5 318333 154NIKE ROSHE ONE PRINT TEAM ORANGE MEN Size: 13.0 NEW STYLISH RARES76777 Adidas Originals X Pusha T King Push Eqt Support Ultra PK Primeknit Boost , Nike Mens Air Max 97 "Japan" Black/Volt-Silver AJ7291-001Men's/Women's MEN'S MUCK BOOTS WETLANDS WET-998K BARK Complete specification range Elegant and sturdy packaging Global salesUnder Armour UA Brow Tine Boots 800 Primaloft Gore-Tex Men Sz11 Winter Hunting , P-435969 New Saint Laurent Gabardine Camouflage Sneakers Size US 8.5 Marked 41 , POLO by RALPH LAUREN JARROD WING TIP Brown Sneakers Shoes US 11/ / , Nike Women's Size 6.5 Air Max Thea Ultra FK Flyknit Running Shoes Black IvoryAdidas AQ6296 Women Stella McCartney Barricade Tennis shoes red sneakersSaucony Womens Cortana 3 Running Shoe- Pick SZ/Color. , Sexy Womens Ladies Patent Leather Pointy Toe Clubwear Knee High Boots Stilettos , Keen Utility Women's Detroit Mid Gray/ Purple Steel Toe Work Boots / Shoes 8 MJambu Eskimo Black Women's Winter Boots WJ14ESK01 Size 6 , vintage JUSTIN bright red pull on roper western cowgirl leather boots 8 m
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics Quantum Women's Gel Quantum 360 Knit Knit mogochinese-29983 T778N-5497 Corydalis Blue $200 MSRP 77a9ae3 -

    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 Quantum Women's Gel Quantum 360 Knit Knit mogochinese-29983 T778N-5497 Corydalis Blue $200 MSRP 77a9ae3 -

    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 Quantum Women's Gel Quantum 360 Knit Knit mogochinese-29983 T778N-5497 Corydalis Blue $200 MSRP 77a9ae3
    Athletic Shoes