Never miss an update

NEW PINK SS17 Supreme Dr. Martens Rousden NEW Creeper pro PINK 10.5 gato sb sid pro cat hat 68d427a

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: Rousden
Brand: Supreme US Shoe Size (Men's): 10.5
UPC: Does not apply
Never miss an update

NEW PINK SS17 Supreme Dr. Martens Rousden NEW Creeper pro PINK 10.5 gato sb sid pro cat hat 68d427a -

    NEW PINK SS17 Supreme Dr. Martens Rousden NEW Creeper pro PINK 10.5 gato sb sid pro cat hat 68d427a
    NEW PINK SS17 Supreme Dr. Martens Rousden NEW Creeper pro PINK 10.5 gato sb sid pro cat hat 68d427a
    HOGAN MEN'S SHOES SUEDE TRAINERS SNEAKERS NEW INTERACTIVE ALLACCIATO ALTRAVE EC1Jimmy Choo Belgravi Pony hair Yellow White Black High-Top Sneaker Shoes size 43 , Nike Air Max 90 Premium Size 11.5 Infrared Infared Ostrich BRS Powerwall Lime B , TOD'S MEN'S SUEDE LOAFERS MOCCASINS NEW MORSETTO NODO SCOOBY DOO GOMMINI MAR 81C , L-3962156 New Salvatore Ferragamo Rocco Brown Leather Loafers Shoes Size US 8 D$765 New Charlotte Olympia MENS CHARLOTTES WEB Velvet Embroidered Shoes 45 , Salvatore Ferragamo Loafers Lorien Gancini Orange Leather Size 9 EE NIBMens Belvedere Black Casual Fashion Sneakers Size 14 NEW W/ Out BoxS-2162114 New Balenciaga Red/Black Hi-Top Sneakers Shoe Size US 7D Marked 40E , 2013 Brand New Deadstock NIKE AIR JORDAN 5 RETRO 3LAB5 sz 14 , Salvatore Ferragamo Loafers Lorien Gancini Green Leather Size 8.5 EE NIBJ-2072225 New Brioni Turquoise Blue Suede Loafers Car Shoes Size 8.5 US 9.5Supreme X Sasquatchfabrix Crane Slip On shoe Us 12 Ds , NEW CHRISTIAN LOUBOUTIN Louis Junior Spikes Flat Leo Brown Sneakers Shoe EU39,5Man's/Woman's Christian Louboutin Louis Junior Spikes 45.5 Online Shopping Comfortable touch comfortable , DS NIKE 2005 AIR JORDAN XIV OG RETRO 9.5 I III IV VI VII VIII X XI XII XIII XX8NEW MCM BLACK LEATHER LOGO SLIP ON SNEAKER SHOES US 10 $495 , PRADA men shoes Bluette technical fabric black rubberized leather sneaker 4E2718Men's Shoes High Top Sneakers GOLDEN GOOSE 2.12 G26U599.D7 Black Made Italy NewMen/Women Giuseppe Zanotii for you to choose online shop classic style , J-3333119 New Saint Laurent Solaris Hibiscus Espadrilles Shoes Size US 9 Mark 42 , New BALENCIAGA Beige Leather Fashion Sneakers Shoes Size 13 US 46 EU $565 , P500224 New Salvatore Ferragamo Mason Blue Marin Buc Suede US 8 Marked 41Gentleman/Lady Buscemi 100mm Flat Natural 42 (9) Comfortable feeling new Lightweight shoes , NEW $2000 DOLCE & GABBANA Shoes Red Canvas Swarovski Strass Loafers EU44 / US11VALENTINO men shoes Black suede white fabric Soul AM sneaker NY0S0A40 TDG A01 , J-3358124 New Balenciaga Red Leather Sneaker Shoes US 8 Marked 41 , NEW SANTONI Loafers Dress Shoes Size Eu 42.5 Us 9.5 Made in Italy (Z511) , Golden Goose 17 F/W Men's LowTop Superstar Sneakers G31MS590 D15 Deluxe Brand ,
    NEW PINK SS17 Supreme Dr. Martens Rousden NEW Creeper pro PINK 10.5 gato sb sid pro cat hat 68d427a ->NEW PINK SS17 Supreme Dr. Martens Rousden NEW Creeper pro PINK 10.5 gato sb sid pro cat hat 68d427a -
    Propet Women's Tessa Riding Boot, Black, 9 M US , $2,395 Jimmy Choo MALOY Gray Taupe Leather Over-the-Knee Boots Booties 35/5 , Man's/Woman's Isabel Marant Bobby AU39 Reputation first Environmentally friendly retail price , Womens Dr Martens Pascal Virginia Smooth Leather Punk Retro Mid Calf Boot , Prada Suede Purple Sandal High Heels, Sz 37 EuroPleaser Women's Delight 600-20 Black Patent/Black PVC Zipper , HOTTER CALYPSO Pale Bronze/Flint SIZE 8.5Gentleman/Lady Pleaser Womens Sexy-20/B Pump- Pick SZ/Color. wholesale Has a long reputation Elegant and robust menu , SUSAN BENNIS WARREN EDWARDS Black Sequin Closed Pointed Toe Pumps Heels - R83 , Nine West Women's Scheila Metallic Dress Pump , New VERSACE Triple Platform Black Gold Medusa Swarovski Crystals Shoes 39.5-9.5 , NIB Christian Louboutin Lady Peep 150 Glitter Dragonfly Platform Pump Heel 37.5 , Caterpillar CAT Women's Display Model Westwood Sandal Estate Blue Leather 6.5 M , Adidas Adipure 675758 Golf Shoes Mens Sz 9.5 SC8Nike Air Max Mercurial 98 Safari Triple Black 1 Dark Grey 818675-005 Men's Sz 8 , BUSCEMI 100MM CLIP PATENT TRUE RED LEATHER HI-TOP MEN'S SNEAKERS Sz. 47IT/14USDR. Martens Pascal Hogarth Renaissance Men's Artist Boots 12 M Shoes *NEW, RARE*NEW RALPH LAUREN POLO MOCCASINS SLIPPERS THICK SOLE'S MEN'S SIZE 10 NAVY BLUE , Lacoste Misano 31 SRM Dark Blue Gray Leather Sneakers 13 US 12 EUR NIB NewSanuk Men's Vagabond Chill Slip-OnCharcoal14 M US , 550$ Tod's Cherry Laccetto Gommino City Suede Drivers Size US 10.5 Made In Italy , Rockport Mens Classic Tradition Bike Toe Oxford - Select SZ/Color. , WMNS NIKE AIR ZOOM 90 IT GOLF CLEATS "RORY MCILROY" WHITE SZ 9 844648-100 , Nike Dunk Sky Hi Wedge Suede black womens size 7.5 shoes sneakers 528899-002 , NEW Wonder Woman Converse All Star High Top Sneakers m4 w6 Chuck Taylor DC Comic , Nike Women's Presto Ultra SE Casual Multicolor Metallic Shoes, size 9B35 Gala Ankle Booties 212, Black, 7 US , NIB Charles by Charles David June Suede Bootie Ankle Boot s Sz 6.5 M Black $189 , MERRELL ATMOST MID WOMEN'S BLACK/BLUE WATERPROOF BOOTS #J324906C , TEVA NOPAL BROWN WATERPROOF LEATHER SUEDE WINTER TALL BOOTS SIZE US 8.5 WOMENS ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW PINK SS17 Supreme Dr. Martens Rousden NEW Creeper pro PINK 10.5 gato sb sid pro cat hat 68d427a -

    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 PINK SS17 Supreme Dr. Martens Rousden NEW Creeper pro PINK 10.5 gato sb sid pro cat hat 68d427a -

    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 PINK SS17 Supreme Dr. Martens Rousden NEW Creeper pro PINK 10.5 gato sb sid pro cat hat 68d427a
    Casual Shoes