Never miss an update

Adidas Pharrell Williams Tennis HU Pharrell HU - Williams BY2673 ff6cbc5

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: Adidas
Style: Athletic Sneakers
Never miss an update

Adidas Pharrell Williams Tennis HU Pharrell HU - Williams BY2673 ff6cbc5 -

    Adidas Pharrell Williams Tennis HU Pharrell HU - Williams BY2673 ff6cbc5
    Adidas Pharrell Williams Tennis HU Pharrell HU - Williams BY2673 ff6cbc5
    Man's/Woman's NIKE PG 2 AJ2039-400 100% Authentic. Charming design low cost Outstanding function , 537384-085 Nike Air Max '90 Essential Running Black/Dark Grey-Wht Sizes 8-12 NIBNike Air Max Light WR 'Fuchsia Force' US 8 - , 652121-001 Nike Lil Penny Posite PRM QS NOLA Gumbo Black/Atomic Red 9.5-10.5 NIBNike Komyuter QS Triple Black 916823-001 KMTR 07 Lab ACG MEN'S SIZE 12 , HOKA ONE ONE MEN MAFATE SPEED 2 TRUE RED / CHILI PEPPER SHOE US 9.5 , NIKE KAISHI RUN 40.5-47 NEW juvenate roshe rosherun rosheone free trainer 5.0 , New Balance 247 Classic Shoes Men's Sneakers Black Leisure MRL247BG NewPUMA RIHANNA FENTY SLIDE BOW PINK WOMEN SLIDE (365774-03) , Man/Woman GAZELLE BORDEAUX WHITE Fashion pattern Cheaper than the price Cheap order , ADIDAS NMD R1 PK “LINEN” 2017 - ITEM NUMBER 3619-4 , Men's/Women's adidas Shoes – Prophere grey/white/red bargain Let our products go to the world Different styles , Men's Air Jordan Why Not Zer0.1 Light Smoke Grey/Black Sizes 8-12 NIB AR0043-002KSWISS GENERATION-K ICON KNIT BLACK BROWN 05578 003 MENS US SIZES , New Mizuno 410942 5E73 Wave Sky Surf The Web Men's Running Shoes 9 US , 854557-004 Air Jordan J23 Off Court Black/White-Black 8-12 NIBNike 3.0 Training Sneakers Multi Color Men Sz 10 4128Diadora Men's Shoes Sneakers - 173954-U | Dark BlueNike Kyrie 2 red velvet 9.5 US 819583-600 team red what the green glow bhm lmtdADIDAS ZX FLUX PRIMEKNIT SZ 9.5 CORE BLACK PK BA7371 , KSWISS SI-2018 HIGH RISK RED WHITE BLUE 05647 662 MENS US SIZES , HOKA ONE ONE CLIFTON 4 HAUTE RED/HIGH RISK RED RUNNING MEN'S SHOES SIZE US 15 , NEW BALANCE U420DAB U420DAR MESH 37.5-45 NEW 420 574 410 1200 1500 576 373Lacoste EXPLORATEUR CLASSIC 317 1 - Black - Mens , NEW KEEN Men's Targhee Exp Mid Waterproof hiking boot Bungee Cord 9 9.5 10Adidas S80993 Men Pureboost DPR Running shoes black sneakersDUNHAM Mens '413 Accelerator' Navy Blue Steel Toe Sneakers Sz 9 D - 231958 , Air Jordan 13 Low White/Black/Maize 310810-104 Size 10 Pre-Owned 2005NIKE LEBRON V2 “ENTOURAGE” 2011 - ITEM NUMBER 4656-6 ,
    Adidas Pharrell Williams Tennis HU Pharrell HU - Williams BY2673 ff6cbc5 ->Adidas Pharrell Williams Tennis HU Pharrell HU - Williams BY2673 ff6cbc5 -
    Demonia Women's Cub311/B/SUE Boot, Black, 12 M US , Authentic Bally Leather Mocha Boots - 9.5 , $1595 NEW MANOLO BLAHNIK BROWN SUEDE Shearling FUR GATI BOOTS SHOES 39.5 9 , YEEZY SEASON 4 by Kanye West WOMEN DOLLAR STRETCH CANVAS THIGH HIGH BOOTS EU39.5Men's/Women's Womens Gel Asics Size 7 1/2 Crazy price, Birmingham New in stock professional design , Calou Stockholm Katty Suede Clogs, Women's - Size (US 7.5-8), Burgundy , Odette e Odile Shoes 245366 Green 24cmDelight 600-10 Strappy Criss Cross Bootie Sandal Platform Shoe 6" Heel Size 8 , Women 12CM High Heel Pointed Toe Pumps BDSM Sexy Ladies Shoes FASHION Padlocks , women Lady zebra stripe pointy toe slip on court shoes pumps stilettos high heelGENTLE SOULS Black Heels Slingback COMFORT Peep Toe Women's US 6.5 $159Mr/Ms Black Dansko Strappy Sandals Big clearance sale Ranked first in its class Famous storeWomens Reebok CrossFit Nano 7 Weave Electric Flash Training SIZE 6.5Nike Solarsoft Mule Slip On Red White Men’s Size 8 , NIKE FREE FLYKNIT NSW (599459 800) SZ: MNS 11.5 *LIMITED US RELEASE*air jordan retro 1 Hi Shadow Holographic Blk Custom Sz11 , ASICS GEL LYTE 3 H61NK 9090 CARPENTER BEE SOLEBOX 11 US 44 CM , LOS ALTOS BROWN GENUINE CAIMAN CROCODILE BELLY WESTERN VERSAGE SQUARE TOE BOOT D , Belleville 918z Tactical Research Chrome Side Zip Hot Weather Black 8 inch BootXtratuf Men's Yellowtail Royal Blue Size 10.5 Slip-On Casual ShoesLos Altos Men's Wide Square Toe Ostrich Exotic Cowboy Western Boots , Mens Retro Rivet Buckle Strap Pointy Toe Leather Shoes Wedding Business ShoesMan/Woman MEN'S UNION WHARF OX Shoes Best-selling worldwide First batch of customers The first batch of customers' comprehensive specificationsCHAUSSURES SHIPTON ALDGATE - TAILLE 8 (T.42) - TBEGNike AJ1 Lover XX SZ 9 Off White AJ1 AO1523-100 , adidas Women's Adizero Ubersonic 3 w Clay Tennis Shoe - Choose SZ/ColorASICS Women's GT-2000 5 Running Shoe, Mid Grey/White/Pink Glow, 7 M US , Spring Step Women's Smolqua Loafer Navy Leather Hook and Loop , Women Leather Side Zip buckle Snake printing ankle Boots Pointed toe party shoes , Black Thigh High Over the Knee Fetish Dominatrix Wide Shaft Boots size 11 12 13 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adidas Pharrell Williams Tennis HU Pharrell HU - Williams BY2673 ff6cbc5 -

    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.

    Adidas Pharrell Williams Tennis HU Pharrell HU - Williams BY2673 ff6cbc5 -

    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
    Adidas Pharrell Williams Tennis HU Pharrell HU - Williams BY2673 ff6cbc5
    Athletic Shoes