Never miss an update

K-YS39224 New Yves Saint Laurent Sliver 26601 Metallic mogochinese-26606 Skaters Sneakers K-YS39224 Size 43.5 f24faf1

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
Brand: Saint Laurent
Material: Leather matelic Style: Fashion Sneakers
Color: Silver US Shoe Size (Men's): 10.5
Pattern: Solid Width: Medium (D, M)
Country/Region of Manufacture: Spain UPC: Does not apply
Never miss an update

K-YS39224 New Yves Saint Laurent Sliver 26601 Metallic mogochinese-26606 Skaters Sneakers K-YS39224 Size 43.5 f24faf1 -

    K-YS39224 New Yves Saint Laurent Sliver 26601 Metallic mogochinese-26606 Skaters Sneakers K-YS39224 Size 43.5 f24faf1
    K-YS39224 New Yves Saint Laurent Sliver 26601 Metallic mogochinese-26606 Skaters Sneakers K-YS39224 Size 43.5 f24faf1
    Futurism_Slon_Itmt Hugo Boss Shoes Men Black Size 8 , Hugo Boss Arkansas Low Mens 50327365-021 Grey Mesh Knit Casual Shoes Size 11 , Roberto Serpentini 19108a Brown Leather Shearling Zip-Up Ankle Boots 42 / US 9 , Tod's Men's Red Nubuck Leather Gommino Driving Moccasin Loafer ShoesGiovanni Conti 1003-01Italian bordo mocassins with swarovsky cristalFusion_Hito_Itgrnp Hugo Boss Shoes Men Black Size 7Citizen Watch Company Mens World Chronograph A-T Analog Display Japanese , Givenchy Aztec Geometric-Print Leather Skate Slip-On Sneakers Size 40/7 $750.00 , J-2370233 New Prada Bronze Metallic Toro Sneakers Shoes Size 9 US 10 , Women's Shoes Dsquared2 Glitter Laminated 251 Sneaker Fall Winter 2019Belvedere Men's Lucas Genuine Crocodile & Calf Loafers 1636 Dark Light GrayNEW Prada Gray Suede Black Mesh Trainers Mens US 11Emporio Armani EA7 Shoes Sneaker Sz. 8 Man Black 2480057A299-20 PUT OFFERYohji Yamamoto POUR HOMME Leather Sneakers Size 2(US About 8)(K-56348) , FENDI SANDAL BLACK BRUSHED CALF ZUCCA COATED CANVAS LOGO THONG STRAP 6 39 NEWAUTH Salvatore Ferragamo Men Palestro Suede Sneaker 8D , Tod's Shoes Sneaker % Pantofola Leather Italy Man Browns XXM0TV0K900-VYNS814 , VT1458 - Vass MTO - Ant Cognac Calf - US 10 D - K last.AUTHENTIC LUXURY PRADA SLIPPER BOAT SHOES 2DD100 BLUE NEW US 10.5 , P-335119 New Saint Laurent Wolly Soft Black/Silver HiTop Leather US 8 Marked 41Porsche Design Oxford L1 leather lacing shoes casual sneaker EU44 US 10.5 , $925 Sutor Mantellassi Burgundy Red Shoes Size 8 (US) / 7 (EU) , AUTHENTIC LUXURY PRADA SHOES PENNY LOAFER 2DE010 BROWN US 11 , Salvatore Ferragamo Studio men loafers, 9D, brown suede, Awesome, SALE SAVE $200 , NEW MARK NASON MADE IN ITALY MEN SHOES LEATHER LOAFER (PRODUCER) SAND SIZE 11 , DS NIKE 2003 DUNK HI EUROPE EXCLUSIVE UNIVERSITY BLUE 8.5 VINTAGE SB SUPREMEMen's/Women's Prada Leather Sneakers 10 Consumer first Known for its good quality Different styles , HOGAN man shoes interactive H relief model HXM00N09041LNU806 biro nabuk , 2006 NIKE SB DUNK LOW PREMIUM SB HAWAII (313170 003) SIZE 6.5
    K-YS39224 New Yves Saint Laurent Sliver 26601 Metallic mogochinese-26606 Skaters Sneakers K-YS39224 Size 43.5 f24faf1 ->K-YS39224 New Yves Saint Laurent Sliver 26601 Metallic mogochinese-26606 Skaters Sneakers K-YS39224 Size 43.5 f24faf1 -
    Jerome C. Rousseau Crayon Suede Peep-Toe Bootie, 36adidas originals NMD R1 mens trainers S31502 sneakers shoes , Women’s New Nike Flex 2017 Run Black White Running Sneakers , TODS Womens Loafers Size 8 Beige Ponyhair Black Vibram Sole Italy Leather LinedELLA MOSS STACIA Multi-Colored Fabric Designer Flats Comfort 7.5 M , Men's/Women's Skechers Women's Bikers-Spirit Animal Ankle Bootie Elegant and sturdy set meal New style Caramel, gentle , Santoni Double Monkstrap Brown Suede Shoes RRP , Klogs Landing Womens Closed-back Heeled Clog Black Smooth - 6 MediumLanvin Silver Gunmetal Metallic Pewter Leather Scrunch Ballet Flats Size 37 , All Size Womens Pointy Toe Pumps Bowknot Stilettos Casual Party High Heels ShoesUS Shoe Size Women Low Chunky Heel Pump Slip On Classic Round toe Casual DressDOLCE & GABBANA Patent Leather Pumps Heels CABALLE w. Sicily Motive Blue 05649Men’s Air Force 1 Mid Supreme Mco Cb ‘Barkley Pack’ 317332-111 - Size 10Mens Nike Classic Cortez Shark Low SP 810135-110 White/White Brand New Size 10.5 , Men Nike Zoom Hyperfuse 2011 TB Basketball Shoe - 454146-600{318429-003} MEN'S NIKE AIR HUARACHE RUNNING SHOES TRIPLE BLACK *NEW!*ADIDAS ORIGINALS Superstar Slip-On Shoes - Utility Black / Grey FiveAir Jordan XXXI 31 Shattered Backboard Shoes Orange Black SZ 10 ( 845037-021 )Asics Gel Lyte V 5 Grey 10 saga 3 iii kith ronnie fieg flyknit ultraboost nmd , STEVE MADDEN Chelsea Mens Size 11.5 P-INTUIT black suedJo Ghost Mens Slip On Italian Brown Leather Square Toe Loafer Shoe 43 USWMNS Nike Air Jordan 1 Retro Low NS SZ 10 White Metallic Gold AH7232-100J Slides Womens Velvet Platform Sneaker with Bow - Burgundy Size US 8 NWOB , Skechers Performance 14804 Womens Go Run 400 Sole Running ShoeMBaskets NIKE DUNK daim mauve/ancres marines pointure 40 - collectorAerosoles Women's Over Drive Loafer Pink Nubuck MoccasinsGentlemen/Ladies ASICS Women's Gel-Resolution 7 Tennis Shoe sell auction Extreme speed logistics , AC499 MBT shoes purple textile women sneakersA35 Ridlee Peep Toe Side Zip Up Ankle Boots 154, Leopard, 7.5 US , Muck Boots Womens Arctic Weekend Casual Boot in Black, WAW-000 (US 7) ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    K-YS39224 New Yves Saint Laurent Sliver 26601 Metallic mogochinese-26606 Skaters Sneakers K-YS39224 Size 43.5 f24faf1 -

    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.

    K-YS39224 New Yves Saint Laurent Sliver 26601 Metallic mogochinese-26606 Skaters Sneakers K-YS39224 Size 43.5 f24faf1 -

    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
    K-YS39224 New Yves Saint Laurent Sliver 26601 Metallic mogochinese-26606 Skaters Sneakers K-YS39224 Size 43.5 f24faf1
    Casual Shoes