Never miss an update

Skechers Street Women's dcrossddon-31 Double up-E.Moe.g 23 US Fashion Sneaker, Black, 5 M US e147044

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: Does not apply
International Shipping: This item is not eligible for international shipping. Learn More Shipping Weight: 10.1 ounces
color: Black Item model number: Double Up-
Brand: Skechers Street Women's Domestic Shipping: This item is not eligible for international shipping. Learn More
MPN: Double Up- E
Never miss an update

Skechers Street Women's dcrossddon-31 Double up-E.Moe.g 23 US Fashion Sneaker, Black, 5 M US e147044 -

    Skechers Street Women's dcrossddon-31 Double up-E.Moe.g 23 US Fashion Sneaker, Black, 5 M US e147044
    Skechers Street Women's dcrossddon-31 Double up-E.Moe.g 23 US Fashion Sneaker, Black, 5 M US e147044
    AVIA Men's Avi-Union Strap Service Shoe White/Chrome Silver 8 XW US , Keds Women's Studio LIV Diamond Mesh Sneaker - Choose SZ/ColorWOMEN'S SIZE 9.5 NIKE SNEAKERS ZOOM TR CROSS TRAINER SHOE 917712 400 NIBKeds Women's Driftkick Heathered Mesh Sneaker - Choose SZ/Color , nike womens roshe LD-1000 QS running trainers 810382 401 sneakers shoes , K-Swiss Women's Gstaad Fashion Sneaker - Choose SZ/ColorSkechers Women's Flex Appeal 2.0 Sneaker White/Grey 8 M US , Skechers Performance Women's Go Step Lite-14730 Walking ShoeCharcoal7.5 M USSaucony Originals Women's Freedom Runner Running Shoe - Choose SZ/ColorSkechers Women's Go Walk Lite-15402 Ballet FlatReebok BS8000 Womens Trainfusion Nine 2.0 Track Shoe, Alloy/Flint Grey/ViciousSkechers Sport Women's Ultra Flex Sneaker,Black/Black,7.5 M USWomen's Fashion Sneakers Athletic Sports Walking Shoes Casual Platform ChunkySkechers Women's You Define Sneaker Black 8 M USSuperga Men's 2750 Cotu Classic - Choose SZ/ColorMan's/Woman's NEW SCIUSCERT WOMENS SNEAKERS Long-term reputation First batch of customers General product , PUMA Women's Platform Strap Satin En Pointe Wn Sneaker - Choose SZ/ColorTeva Women's Freewheel Suede Sneaker - Choose SZ/ColorSuperga Women's 2210 COTW Fashion Sneaker - Choose SZ/ColorRocket Dog Women's Drive Everlong Cord Cotton Fashion Sneaker - Choose SZ/ColorNike WMNS Air Pegasus '83 407477-014 free shipping SIZE 8 , adidas Originals Women's Questar Tnd W Running Shoe - Choose SZ/Color , Gentlemen/Ladies Skechers Sport Women's Zealous Fashion Sneaker Adequate supply and timely delivery Bright colors At an affordable price , PUMA Women's Basket Platform Patent Wn Sneaker - Choose SZ/ColorMen's/Women's Skechers Women's on-The-Go City 3.0-Immerse Sneaker Long-term reputation auction Brand feastSkechers Performance Women's Go Step Lite-Petal 14723 Walking Shoe,Black,5 M USWmns Nike LF1 Flyknit Workboot Air Lunar Force 1 Black SAMPLE Shoe 860558-001 7 , Skechers Performance Women's Go Step Lite-Persistance Walking ShoeTaupe6.5 M USReebok Classic Aztec Garment and Gum Leather Women's Sneakers Leather Trainers
    Skechers Street Women's dcrossddon-31 Double up-E.Moe.g 23 US Fashion Sneaker, Black, 5 M US e147044 ->Skechers Street Women's dcrossddon-31 Double up-E.Moe.g 23 US Fashion Sneaker, Black, 5 M US e147044 -
    Rare Burberry Mid Black Rubber Winter Rain Boots Front Zipper Warm US10 EU40SANTONI women shoes Brown leather chelsea boot with classical wingtip brogueWomens Sanita Red 6 US Shoes Leather Weighted Classic Mary Janes Buckle 38 EU , Minnetonka Women's Kate Mule White Leather MulesWomen Sexy Platfrom Patent Leather High Heel Stiletto 16CM Party Wedding ShoesJunya Watanabe Comme Des Garcons Heel Shoes , Birkenstock Madrid Women's Slides With Molded Footbed And Buckle Sandal*Womens PEDRO GARCIA black / perforated suede slingback sandals sz. 40.5 NEW! , Vans Authentic Decon Snake Black Men's 11 Skate Shoes New White SkaterMen's New Balance 009 Reflective Grey ML009RPGentlemen/Ladies MEN'S SHOES SNEAKERS NEW BALANCE [M490LB6] Excellent value In short supply British temperament , Nike Air Max 90 Ultra Essential Mens 819474-400 Star Blue Running Shoes Size 7.5Nike Lab Zoom Air Flight 95 Black Sail 941943-002 8.5-13 nikelab kidd 1 , Men's/Women's Reebok Unanimous MID Mens Basketball Shoes Crazy price, Birmingham Orders are welcome At an affordable price , AUTHENTIC PRADA MONTE CARLO SNEAKERS SHOES 2ED038 BLACK US 10.5 , Ariat Men's Conquest Round Toe 8" GTX 400g Hunting Boot - Choose SZ/Color , Clarks Ashmont Edge Sz US 7.5 Black Leather Slip On Loafers Mens ShoesStacy Adams Men's Dressy/Causal Sandal 24865 280BALLY ORIGINAL MENS CASUL SLIP ON IN LEATHER AND CANVAS BLACK AND WHITE 10 1/2NIKE Women's City Cross Trainer Size 11 , Man/Woman Pleaser Women's Sky 308 Clear/Silver Chrome the most convenient Reliable performance Outstanding styleWOMENS UNDER ARMOUR STREET PRECISION LOW RUNNING SHOES TRAINER 1274413 7.5HOKA ONE ONE WOMEN BONDI 5 HIGH HOT PINK/FUCHSIA SHOE US 7 / /3 /NIB ASICS GEL Cumulus 18 Running Shoe Silver/Pink Glow/Lapis Womens Sz 7.5 8WMNS PUMA MUSE MAIA VARSITY POMEGRANATE CASUAL SHOES WOMEN'S SELECT YOUR SIZE , 2019 New Occdeint Fashion Sexy Pointed Block Mid Heels Thigh Over Knne Boots qemPunk Motorcycle High Heels Platform Ankle Boots Rivets Metal Decor Womens Shoes , Women Over Knee Thigh Boots Real Leather Embroiedry Pull On Wedge Med Heel Shoes , Columbia Women's Sierra Summette IV Winter Boot , Sbicca Women's Spokane Riding Boot - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Street Women's dcrossddon-31 Double up-E.Moe.g 23 US Fashion Sneaker, Black, 5 M US e147044 -

    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.

    Skechers Street Women's dcrossddon-31 Double up-E.Moe.g 23 US Fashion Sneaker, Black, 5 M US e147044 -

    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
    Skechers Street Women's dcrossddon-31 Double up-E.Moe.g 23 US Fashion Sneaker, Black, 5 M US e147044
    Athletic Shoes