Never miss an update

Men Basketball Outdoor Sneaker Skate Shoes Outdoor Sport Athletic New Basketball Trainer Breathable New 7629bd6

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Unbranded
Pattern: Floral Style: Basketball Shoes
Features: Slip Resistant Width: Medium (D, M)
Country/Region of Manufacture: China Material: Canvas
US Shoe Size (Men's): 6-10 Euro Size: 39-45
Never miss an update

Men Basketball Outdoor Sneaker Skate Shoes Outdoor Sport Athletic New Basketball Trainer Breathable New 7629bd6 -

    Men Basketball Outdoor Sneaker Skate Shoes Outdoor Sport Athletic New Basketball Trainer Breathable New 7629bd6
    Men Basketball Outdoor Sneaker Skate Shoes Outdoor Sport Athletic New Basketball Trainer Breathable New 7629bd6
    Hi-Tec Men's Ox Belmont Mid I Waterproof High-Top Leather Hiking Shoe , Dc Men's Net Ankle-High Leather Skateboarding Shoe , NIKE AIR FORCE 1 SNEAKERS SHOES MENS 11 BURGUNDY LEATHER 315122 , etnies Fader LS Black Grey Gum Leather Mens Skate TrainersReebok Classic Club C 85 White Navy Mens Casual Shoes Sizes AR0457 , K-Swiss Mens Classic 88 II Vintage Low Casual Retro Sneakers Trainers WhiteAdidas Men's Cloudfoam Racer Tr Ankle-High Running Shoe , Nike Men's Sb Zoom Blazer Low Skate ShoeNike Air Jordan Ace 23 Black 644773-023 Men's Size 13 2013 Athletic Basketball , Skechers Men's GOrun 600 Reactor Running Shoe , ADIDAS ORIGINALS CAMPUS 80'S BLUE LIME GREEN WHITE MENS SIZE SNEAKERS V22891Puma Men's Ignite Limitless Ankle-High Basketball ShoeADIDAS White Mountaineering WM Superstar Slip On PK White Black Sz 10.5 Men , Nike Womens Flex Trainer 6 trainers 831217 102 sneakers shoes CLEARANCE , Man's/Woman's Air Jordan Hydro 6; 881473-011 Charming design excellent A balance between toughness and hardnessMENS Saucony GRID SD BLACKBERRY CASUAL RUNNING SHOES SNEAKERS S70224-4 SZ 5-11 , Men's Nike Air Footscape Magista Flyknit Shoes NEW Green/Red/Black SIZE 11.5 , SAUCONY GRID 9000 MOD GREY YELLOW WHITE MENS SIZE RUNNING SNEAKERS S70411-1 , Gentleman/Lady DC Skate Shoes Ignite 2 Grey/Black/Blue Packaging diversity low cost wonderful , NEW Mens VANS Atwood Textile Black Cordovan Classic Retro Casual Sneakers Shoes , NEW adidas Jumpstar Allround - Running, Cross Training (Men's Multiple Sizes) , Adidas Originals Men's Matchcourt Low Top Fashion Sneakers NEW SkateBoard Shoes , Men's/Women's Saucony Mens Excursion TR11- Select SZ/Color. Louis, elaborate Trendy Official website , Nike Lunarconverge 2 Men's Running Shoes, 908986 001 Size 13 NEWadidas I-5923 Iniki Runner BB2098 Mens Trainers~Originals~TO 6 ONLYPUMA Mens Play Prm Fashion Sneaker- Pick SZ/Color. , nike roshe one (GS) trainers 599729 506 sneakers shoesPUMA Roma Basic Shoes Synthetic Black White Classic Men Sneakers 353572-11 , Men/Women air jordan 11 tuxedo size 5.5y Modern and elegant fashion Known for its good quality buy online ,
    Men Basketball Outdoor Sneaker Skate Shoes Outdoor Sport Athletic New Basketball Trainer Breathable New 7629bd6 ->Men Basketball Outdoor Sneaker Skate Shoes Outdoor Sport Athletic New Basketball Trainer Breathable New 7629bd6 -
    Womens Knee High Boots Fringe Real Leather Block Heels Vintage Knight Shoes 2018 , Frye Tyler Engineer in Cognac US Sizes 6.5, 7, or 7.5 Women's Boots , NIB Dr. Martens Women's Zelda Fashion Boot Black Highgrosy 22610001 , L2624-5 OLD GRINGO IMALA 13" CHOCOLATE COWGIRL BOOTS , Jimmy Choo Gray Patent Leather Knee High Boots Size 39New sz 9 / 39 Christian Dior Black Suede Mirror Wedge Heel Pump Boot ShoesIgi&Co Mens Shoes 1115200 Blue Nylon Suede Casual Comfort Made in Italy Fashion , Birkenstock ANKLE BOOT SARNIA 1010599 Black mod. 1010599 , Frye 3472094-BRN Womens Ember Cross Ballet- Choose SZ/Color. , LifeStride Women's Nyce Flat - Choose SZ/Color , EUC JEFFREY CAMPBELL SUSAN Black Leather Peeptoe Slingback Low Heel US 7BEAUTIFUL LAMBERTSON TRUEX BETTY BLACK/WHITE LEATHER SLIDES SIZE 37 , Jimmy Choo Gold/Mirror Glitter Shoes size 39/9Skechers 46397 Womens Grand Jams-Replenish Sneaker- Choose SZ/Color. , NIB Vans SpongeBob Aloha Limited Edition Vault Authentic - Last Ones!!Jordan Jumpman Team II Men Basketball shoes size 11.5 , 15 new with boxSaucony Mystic [S25248-4] Men Running Shoes Citron/NavyCONVERSE ONE STAR X GOLF LE FLEUR Molten Lava 162126C Mens sz 5-12Preowned 2015 ADIDAS YEEZY BOOST 350 PIRATE BLACK AQ2659 Size 8 100% Authentic , NIKE AIR FOAMPOSITE ONE 314996-700 SZ10 GOLD GALAXY MIRROR SUPREME PARANORMAL , A|X Armani Exchange Men's Shiny Oxford W/ Rubber Sole - Choose SZ/Color , New Mens Dress Shoe Chevy Boot - Oil Black Suede , Man/Woman Tommy Hilfiger Mens Everly- Pick SZ/Color. for you to choose High quality and economy Beautiful and charmingFlorsheim Men's Portico Bike Toe Slip on Oxford Shoes Black Genuine Leather NewAir max 1 LTD Wash pack 2004 , Mens Carved British Breathable Real Leather Dress Wedding Buckle Shoes 2018Adidas Stella Mccartney Womens Shoes Sz 10 aSMC Barricade Tennis , NIB WOMENS PUMA VIKKY PLATFORM RIHANNA CREEPER SUEDE FASHION PINK SNEAKER SHOESGiani Bernini Womens BAARI Leather Closed Toe Ankle Fashion Black Size 7.0 j87 , VINCE CAMUTO 100% LEATHER DARK BROWN ANKLE ZIP UP BOOTS SIZE 9 W - NEW W BOX
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men Basketball Outdoor Sneaker Skate Shoes Outdoor Sport Athletic New Basketball Trainer Breathable New 7629bd6 -

    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.

    Men Basketball Outdoor Sneaker Skate Shoes Outdoor Sport Athletic New Basketball Trainer Breathable New 7629bd6 -

    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
    Men Basketball Outdoor Sneaker Skate Shoes Outdoor Sport Athletic New Basketball Trainer Breathable New 7629bd6
    Athletic Shoes