Never miss an update

$59.99 white Reebok brave Men Classic Nylon blue Men brave blue white BD4902 761e078

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: Reebok
US Shoe Size (Men's): Please check in drop down menu Style: Athletic Sneakers
Never miss an update

$59.99 white Reebok brave Men Classic Nylon blue Men brave blue white BD4902 761e078 -

    $59.99 white Reebok brave Men Classic Nylon blue Men brave blue white BD4902 761e078
    $59.99 white Reebok brave Men Classic Nylon blue Men brave blue white BD4902 761e078
    Adidas Men's Adizero MD 2 Mid Distance Running Spikes Navy Blue [Size 10] AQ3094 , Mens Rebok Tennis Black Leather Size 7 MediumAdidas Originals Stan Smith Shock Red Black S80032 Msrp $80 GwMen Size 10 Nike Air Way Up Red White Basketball Shoes 59945-600 A0901 , Mens Vintage PMS By Grinell Steel toe hiking boots made in Italy Size 10Nike Free Train Virtue Men's Shoes Size 10 Color: Pure Platinum/Green-Volt , UNDER ARMOUR MENS 6 WOMENS 7.5 UA DRIVE 4 LOW BASKETBALL SHOES BLACK 3000086-103 , Nike Men's Air Max Infuriate Low Basketball Shoes Black Size 11.5Reebok Men's SOLE-TRAINER Shoes Moon White/Blue Beam/Batik Blue M46517 a1 , Men's/Women's Vans Authentic "Vansbuck" durable Optimal price Caramel, gentleNIKE BLAZER LOW SUEDE GREY PINK MEN SZ 8 317552-003 AAdidas Originals Equipment Support EQT RF Core Black White Turbo Pink BB1321 HQNike Air Penny 2 II GS Size 6.5y Game Royal Blue Brand NewNew Paperplanes Mens Sports Air Running Trainig Comfort Athletic Shoes_PP1339 , Vans Men's Shoes "Authentic" -- (Nintendo) Donkey Kong/Bl BlackADIDAS SUPERSTAR CLASSIC WHITE LEATHER SNEAKERS /ATHLETIC TENNIS SHOES w/GOLD 9M , Men's Nike SB Zoom Delta Force Vulc Skate Shoes Red/BlackNike Men's CK Racer Size 12 Running Shoes Sneakers Black 916780 005 NEW , Asics Men's Gel Contend 4 Running Shoes Carbon/Classic Red/BlackNike Free Trainer V7 Week Zero Ohio State Buckeyes OSU AA0881-605 Men's NWOB , New Balance Men's Mtgobi Ankle-High Running ShoeNIB Men's PUMA BMW FUTURE CAT KART MS Leather Shoes 306216 01 SF White ULTRA , NEW - NIKE Zoom Rival D 9 Mens Volt/Pink 806556-999 Track Distance Racing Spikes , Vans Sk8 Mid Rococco Red Adriatic Blue Men's 13 Skate Shoes New , Nike Men's Air Max 90 Retro, Cactus/Grey Safari 2007, sz 10.5, Leather (1,95,97) , Nike Free Run 5.0 Red White Running Shoe Size 10Nike Cortez Basic QS 1972 Mens Running Shoes 10.5 White 842918 111Nike Men's Tanjun Wide (4E) Running Shoe , Mens New Balance M730LP3 730 Neutral Cushion Running Shoes Blue Green White
    $59.99 white Reebok brave Men Classic Nylon blue Men brave blue white BD4902 761e078 ->$59.99 white Reebok brave Men Classic Nylon blue Men brave blue white BD4902 761e078 -
    ROBERTO CAVALLI Purple Suede Buckle Strap Ankle Boots 37.5DESIGNER VINTAGE HANDMADE LEATHER ANKLE BOOTS MULTI-COLOR BEIGE ORANGE/BROWNJO MERCER PIPER Block Heels Sandals Black Ankle Strap Peep toe 38 New LeatherJ.Crew Red Leather Pointed Toe Flats Woman Shoes Size 7.5US , L.A.M.B. Black Sarina Open Toe Platform Wide Ankle Strap Sandals Size 8 SatinWomen Roman Open Toe Slope Wedge Buckle Belt Strappy Shoes High Top Sandal Boots , Stella McCartney Navy Metallic Textured Fabric Peep Toe Platform Wedge Heel 8.5Men's/Women's Tory Burch Wedge 10 Every item described is available Sufficient supply Exquisite processingWomen's shoes chaussures wedges daim femme casual Afrah Black taille 33 au 44JIMMY CHOO Gray REPTILE EMBOSSED PLATFORM Sandals Heels 9 M Caged , GIUSEPPE ZANOTTI Lavinia Velvet Platform Sandals - Size 8 - Retail Price $810 , Roma Womens Gladiator Open Toe Hollow Sandals Shoes High Heel Stilettos Pumps , Asics GT-1000 5 Men's Shoes Indigo Blue/Snow/Hot Orange t6a3n-4900nike air jordan flight 97 BG hi top trainers 654978 423 sneakers shoes , Skechers Sport 51580 Mens Burst Tech Oxford Sneaker 13US- Choose SZ/Color.[616345-580] Nike Jordan XX8 SE Bel Air Russ Westbrook Size 9.5 DS , Unlisted Kenneth Cole Men's Power Boat Shoes Tan Bronceado Size US 9 MCole Haan Hyannis Penny Loafer II Brown Leather C28530 Size 11 M A1014 , Rare New 2009 Nike Air Royal Mid QS Work Boot Wine Deep Burgundy 389584 600 8.5Mr/Ms Robert Graham Black Suede Sneaker Shoes main category Clearance Exquisite (processing) processingWomen Bling Bling Glitter Leather Sequins Sneaker Hi Top Wedge Boots Shoes Chic , Keen Womens Terradora Waterproof Athletic Support Trail Hiking Shoes Size 6Chaco Womens Outcross EVO Sport Free Gray Athletic Outdoor Shoes Size 8New Balance Women's WW496V3 Walking Shoe-W Cush + Walking ShoeWMNS Nike M2K Tekno Black Phantom Volt 5-12 AO3108-002 LIMITED 100% Authentic , Mizuno Wave Inspire 10 Womens Running Shoe (B) (431) | SAVE $$$Wonder Woman SuperGirl Red White Halloween Costume Cosplay Boots size 7 8 9 10 , Man/Woman Easy Spirit Women's Traveltim270 Mule durable Known for its good quality Fair price , Womens Stilettos High heel shoes Pointy toe Zipper Ankle boots Multicolor LadyPleaser Womens Electra-3000/B/LYR Above-the-Knee Boot- Pick SZ/Color.
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $59.99 white Reebok brave Men Classic Nylon blue Men brave blue white BD4902 761e078 -

    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.

    $59.99 white Reebok brave Men Classic Nylon blue Men brave blue white BD4902 761e078 -

    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
    $59.99 white Reebok brave Men Classic Nylon blue Men brave blue white BD4902 761e078
    Athletic Shoes