Never miss an update

New Balance 111 Gum Grey White Gum Sz 8 Grey Sz MTL111CA 149b0e0

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: Athletic Sneakers
US Shoe Size (Men's): 8 Brand: New Balance
UPC: Does not apply
Never miss an update

New Balance 111 Gum Grey White Gum Sz 8 Grey Sz MTL111CA 149b0e0 -

    New Balance 111 Gum Grey White Gum Sz 8 Grey Sz MTL111CA 149b0e0
    New Balance 111 Gum Grey White Gum Sz 8 Grey Sz MTL111CA 149b0e0
    WMNS NIKE ROSHE RUN VT TRAINING PACK VOLT 5 US 35,5 CM 667392 001Men Running Shoes Young Fashion Style Rubber Breathable Jogging Walking Sports , Mens Adidas Gazelle - S76228 - Scarlet White Gold Trainers1804 adidas Predator Tango 18.4 Men's Indoor Soccer Boots Football Shoes CP9277Adidas Equipment Support 93/16 BA - CM7874Shoes Sneaker Daniele Alessandrini Shoes -60% Man White F7150KL4403600-209DS Nike Roshe Run Tropical Teal Deep Royal 511881-341 sz 10 Cement Pack Mesh New , ASICS TIGER GEL-LYTE III Men's Shoes Beige Brown Trainers h7y0l-0593ASICS MENS GEL KAYANO 24 NYC RUNNING SHOES BLACK Size US 7.5~10 , Shoes Samba Og adidas White Men B75680New Balance M530 SPD grey mens sneakers Size 13 , Man's/Woman's Sneakers and Athletic Keen Austin Army/Earth New Listing Pleasant appearance Different goods , Air Jordan Formula 23 low LE Quai 54 EUR44 US10 UK9 nike max retro NBA DS XVIII , DS 2010 OT TOUR SNEAKERS sz 11 ORIGINALS VINTAGE RARE SUPREME G28257 OG BOOSTadidas Originals X_PLR Men's Dark Blue/Dark Blue/Grey BY9256 , NIKE MAX WOVEN BOOT 921854 001 WOLF GREY-WHITE US8 UK7 , Nike Roshe Run Cyber 511881-003 Size 8.5 OG DS BNIB RARE 2012 PRM ROSHERUNNIKE AIR HUARCHE FLAX WHEAT SZ 8.5 RUNNING SHOES [318429 202] , Nike Lebron XI 11 Dunkman Mica Green LeBron James 100% Deadstock DS , New Five Ten by Adidas Men's Guide Tennie Hiking Shoes - Tent Green - Size 12 , Air Max Penny half CENT Foamposit EUR44 US10 UK9 Nike Jordan retro XVIII kdkobe , adidas Predator Instinct AG Mens Soccer Cleats / Shoes - Black - M17640New Five Ten by Adidas Men's Guide Tennie Hiking Shoes - Tent Green - Size 13 , Urban Classics Shoes Winter Boots Unisex Boots Trainers Men's Women's TB1293Reebok CLASSIC LEATHER MID ULTK Sneakers Mens Walking Shoes Athletic CN1784NIKE AIR MAX SAMPLE BRAND NEW ALL-GREY [ 725222-012 ] US MEN SZ 9 , Air Jordan Nike Sneakers White Size 9.5. Beautiful Condition! One OwnerNike Mercurial Veloce II Cr Fg Soccer Cleat Silver Black SZ 9 (684863-003)New Balance M770BBB 770 Beige Brown Made In England Multiple Size 9 US
    New Balance 111 Gum Grey White Gum Sz 8 Grey Sz MTL111CA 149b0e0 ->New Balance 111 Gum Grey White Gum Sz 8 Grey Sz MTL111CA 149b0e0 -
    Harley-Davidson Women's Casual Boots Shoes Sneakers Gray Leather Inkwood D88805 , FRYE DEMI STUDDED SHORT DARK BROWN BURNISHED $479 , Man's/Woman's Papillio Caterina Stretch Black/Silver Sandals elegant International choice Seasonal hot saleGentleman/Lady Tory Burch Reva Flats Many styles Quality and quantity guaranteed Exquisite (processing) processing , OLIVIA ROSE TAL Womens Orange Asian Soft Animal Print Lining Slip-On Heels Sz 7Easy Spirit Neoma leather pump navy blue anti gravity 2.5 " heels sz 11 WIDE New , US Shoe Size Women Wide Width Heeled Sandal Open Toe Slip on Black Dress Pump. , Bordello by Pleaser Women's Teeze-07 Pump - Choose SZ/ColorPrada Calzature Donna, Vernice Soft Platform Sandals Size 40DRIES VAN NOTEN Shoes 323224 Black 37Sergio Rossi Brown Suede Croc Skin High Heel Classic Pumps Shoes Sz 5 5.5 6EUC New Balance Minimus v3 WT10GG3 B Round Toe Trail Running US 7.52018 HERMES GRIS GALET BROWN LEATHER ORAN H SANDALS FLIP FLOPS SHOES SLIDES 38 , Nike Men's Kobe XI 11 TB Unreleased Promo RARE Size 17 (CM 35)Nike Air Zoom Structure 20 Women's Running Shoes 849576 003 Size 5.5Brooks Glycerin 15 Grey/Black/Red Running Shoes Men's US 9 (K1) , ASICS FUZEX RUSH CM T7K2N 1616 PHANTON HOT ORANGE MEN SHOES SIZE 10.5, 11 & 11.5DS Kith x Naked x Adidas Consortium NMD CS2 Boost Pink BY2596 - Men 11.5 , Herman Survivors Mens Boots size 10 insert 200 gram Thinsulate Duck , Wolverine Men's Leather Boots Shoes Safety Work 11.5 M Size Waterproof Black Men , Armani Jeans Ankle Boots Sz. 44 Man Black 9351157A432-51420 PUT OFFER , Danner Men's Pronghorn 8 inch 400G Hunting BootVans Sk8 Hi Del Pato MTE Scotchgard- Blanc Women's 8.5Easy Spirit Women's FRENEY8 Sneaker, Taupe, 9 M US , New Balance Women's Postal 706v2 US 9 1/2 D Walking WK706BK2 , Asics Womens Gel Kayano 25 D Wide Shoes 1012A032 color Carbon/Mid Grey Size 7.5Helen's Heart Black Sequined Western High Heel Fashion Cowgirl Boots Womens SZ 5 , Womens Rivet Buckle Round toe Leather Low Heel Metal All Sz Punk Ankle Boot , Enzo Angiolini Womens Franses Leather Open Toe Ankle Fashion Black Size 9.0 i1Impo Womens Knitting Closed Toe Ankle Fashion Boots Oak Black Size 8.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Balance 111 Gum Grey White Gum Sz 8 Grey Sz MTL111CA 149b0e0 -

    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 Balance 111 Gum Grey White Gum Sz 8 Grey Sz MTL111CA 149b0e0 -

    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 Balance 111 Gum Grey White Gum Sz 8 Grey Sz MTL111CA 149b0e0
    Athletic Shoes