Never miss an update

New Running adidas Originals Men Stan Smith Shoes Shoes Smith Running White Fairway M20324 Green 9bf6760

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
Style: Fashion Sneakers
Color: White Pattern: M20324
Brand: adidas
Never miss an update

New Running adidas Originals Men Stan Smith Shoes Shoes Smith Running White Fairway M20324 Green 9bf6760 -

    New Running adidas Originals Men Stan Smith Shoes Shoes Smith Running White Fairway M20324 Green 9bf6760
    New Running adidas Originals Men Stan Smith Shoes Shoes Smith Running White Fairway M20324 Green 9bf6760
    Nike Air Zoom Pegasus 34 880555-008 Pure Platinum/Blue/Black Men's Running Shoes , Mens Nike Zoom Winflo 5 Running Shoes Trainers Black/Bright Crimson/Volt , Jordan Retro 7 Size 9 - Pantone , ADIDAS ORIGINALS TUBULAR X Primeknit MES TOP FASHION Shoes - BB2379New NIKE Air Max 90 EZ Mens gray crimson sneaker all sizesNike Free Rn Flyknit Running Men's ShoesAir Jordan 1 Retro High OG LA Black Gold Shoes Mens Sneakers | 555088-031Nike Men's Air Flight Huarache ultra Shoes Size 7 to 13 us 880856 101 , Gentlemen/Ladies Retro 14 Quality queen King of quantity Modern and elegant , Nike Air Footscape Magista Flyknit 816560-003 Black/Dark Grey/Volt Men's Shoes , ASICS GEL-Resolution 7 - Blue - Mens , Nike Air Max Trainer Calvin 10.5, Greyadidas Men's Adizero Boston 6 M Running Shoe , NIKE AIR MAX 270 - TRIPLE BLACK 2018 RUNNING SHOES MEN'S SIZE 12KYRIE IRVING 3 UNIVERSITY RED/GREY DEAD STOCK BASKETBALL SHOES Sz 12 USNike Air Jordan Retro 4 Fire Red 2012 Size 10 Good Condition 100% Authentic , Air Jordan Retro Low 6 Black Suede Chrome , Nike Shox NZ Size 11 Black leather White swoosh logo MensNew Nike Men's Air More Money Shoes (AJ2998-002) Black//Metallic SilverNEW BALANCE SHOES COLOR BONE SUNSET STYLE M997CSU MADE IN THE USA SIZE 10.5adidas Terrex Scope GTX - Grey - Mens , NIKE AIR JORDAN 1 RETRO HIGH FLYKNIT MEN'S SHOE [SIZE 9] BLACK/GREY 919704-003NIKE AIR MAX 270 TRIPLE WHITE SIZE 13 , NEW BALANCE SHOES COLOR BONE SUNSET STYLE M997CSU MADE IN THE USA SIZE 11Nike Air Max 95 Ultra Premium Breathe Men's Shoes NEW! Sz 10.5 , Nike Air Max 270 Flyknit Red AO1023- 601 Running SIZE 11Salming Viper 3 Junior Shocking Orange Court Shoes , Nike Free FK Mercurial OR Olivier Rousteing 834906-007 Size 10.5NEW BALANCE SHOES STYLE MRL247BE LUXE COLOR BEIGE
    New Running adidas Originals Men Stan Smith Shoes Shoes Smith Running White Fairway M20324 Green 9bf6760 ->New Running adidas Originals Men Stan Smith Shoes Shoes Smith Running White Fairway M20324 Green 9bf6760 -
    Ladies Justin Brown Smooth Quill Ostrich Round Toe Boots, Style L5524Naturalizer Women's Elizabeth Boot Brown 8 M USNew Balance MRL247DA D [MRL247DAD] Men Casual Shoes Triple Black , Converse All Star Chucks Taylor Hi Soon Eagle USA US Eagle Shoes 645156cNaot Harbor Mens Comfortable Adjustable Durable Outdoor Sandals , Calvin Klein Hope Slide Sandals, Deep Navy, 6.5 US / 36.5 EUFree People Paramount Slip On Loafer Taupe Brown 10 41 , DeMarche Striped Open Toe Heel Shoes Sz 37/7 , Nike Zoom Winflo 4 [898466-006] Men Running Shoes black/white-university red , Bill Blass Women's Sutton Loafer Black Kid Suede LoafersGentleman/Lady Fabulicious CHIC-05 durability high quality Fashion versatile shoesOSCAR DE LA RENTA Womens Black Laser-Cut Leather Raffia MARANDA Pumps 9/39 , Dolce & Gabbana Leopard Print Round Toe Pump Size 37Gentleman/Lady Schultz Women's Red Leather Heels New market First batch of customers Valuable boutiqueChristian Louboutin Porligat style stilleto black woven leather booties , Gentleman/Lady Saint Laurent Heels economic First quality Valuable boutiqueConverse AS Quantum Hi Size 8 153642C Black White Lava Counter Climate Shield , Nike Air Max 90 Premium SE 858954-001 Black Dark Grey Running Shoes Men’s Sz 9.5 , NEW MENS BROOKS RAVENNA 8 RUNNING SHOES / TRAINERS - ALL SIZES , Adidas Men Originals Stan Smith Sneakers Sport White Brown BZ0487 UK6.5-10.5 04'Nike Air Max 90 Ultra 2.0 LTR Cargo Khaki/Medium Olive (924447 300) , Baffin Mens Hunter-M Green Rainboots Size 9 (275682) , GADAE Mens Faux Leather Shoes Wing Tip Derby Oxford Formal Dress Shoes 501 CAWILD WEST GRAY FULL QUILL OSTRICH COWBOY BOOT RANCH-WIDE SQUARE-TOE (EE+) , ALDO Men's Caddo Slip-on Loafer - Choose SZ/ColorRARE! Men's $495 Stubbs & Wootton Black Velvet "HORSEBIT" Loafers Slippers Shoes , New Balance WRUSHGO3 Running Training Shoes Sneakers Gray Black Womens , AC366 MBT shoes blue purple leather women sneakers , Bottes Cuissardes Cuir Sexy Plateforme Doré, Talon Aiguille 15.5CM! du 34 au 48!Teva Nopal Mid Women Boots Black US 8.5 /UK6.5 /EU39.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Running adidas Originals Men Stan Smith Shoes Shoes Smith Running White Fairway M20324 Green 9bf6760 -

    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.

    New Running adidas Originals Men Stan Smith Shoes Shoes Smith Running White Fairway M20324 Green 9bf6760 -

    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
    New Running adidas Originals Men Stan Smith Shoes Shoes Smith Running White Fairway M20324 Green 9bf6760
    Athletic Shoes