Never miss an update

Converse Chuck Taylor All Star Taylor Andy Warhol Black Converse Pop All Art Men Women Shoes 149486C 264103f

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Authenticity: 100% Authentic Guaranteed
Colour: Black SizeScale: Us Size
Material: Canvas Shoe Type: Sneakers
MPN: 149486c Style: Fashion Sneakers
Width: Medium Brand: Converse
Never miss an update

Converse Chuck Taylor All Star Taylor Andy Warhol Black Converse Pop All Art Men Women Shoes 149486C 264103f -

    Converse Chuck Taylor All Star Taylor Andy Warhol Black Converse Pop All Art Men Women Shoes 149486C 264103f
    Converse Chuck Taylor All Star Taylor Andy Warhol Black Converse Pop All Art Men Women Shoes 149486C 264103f
    Converse CT All Star Modern OX Men Sneakers Shoes White Grey 157201C Size US 12 , Nike Lunarcharge Essential Camper Green Men Running Shoes Sneakers 923619-300K Swiss Hoke Vintage Mens Classic Casual Retro Leather Trainers BlackEtnies Fader 2 II Men's Sneakers Shoes White Navy Skate Men ShoesConverse Men's CT All Star Ox Canvas Trainers, Red , New Vans Women's Womens Classic Slip On Checkerboard Shoe Rubber Canvas , CHAMPION CHAUSSURE PAX II - KK001BLK - 41 (8052785883394)ADIDAS ORIGINALS TUBULAR X PK PRIMEKNIT TRAINERS MEN'S SNEAKERS TRAINERS , NIKE SB CLUTCH MENS SHOES TRAINERS UK SIZE 9.5 729825 005CHAMPION CHAUSSURE PAX II - KK001BLK - 42 (8052785883417)Gola Harrier Unisex Brown Blue Suede Trainers , ADIDAS WHITE MOUNTAINEERING CAMPUS PATENT LEATHER SHOES SIZE US11 COMMON PROJECT , DC Net SE Black White Grey Mens Leather Skate Trainers , Man's/Woman's Vans Old Skool Khaki Trainers Complete specification Reliable performance Extreme speed logisticsConverse Men's All Star Hi Trainers, BlackAdidas As Futurestar Boost Ibaka Basketball Men's Shoes Size 17CHAMPION CHAUSSURE PAX II - KK001BLK - 43 (8052785883431) , Man's/Woman's Skechers Bobs Official Men's Shoes Size sell Medium cost Cheap orderNike Air Max Advantage 2 Classic Running Shoes Black/White-Anthracite AA7396-001Reebok Z Series Tr Cross Training Men's Shoes Size 8 , Diadora PlayGround White Black Men Classic Casual Shoes Sneakers DA172319-20006Lacoste Lerond 417 Mens Navy Leather & Textile Trainers , Vans Old Skool Unisex Trainers Dark Grey New ShoesDC SHOES TRASE TX BLACK - GUM ADYS300126 BGM MENS UK SIZES 8 - 12 , Converse Men's CT All Star Street Suede Trainers, Blue , Adidas Martial Arts Trainers 'Adi Kick I' Karate Taekwondo Shoes White Training , Mizuno Cyclone Power Black Silver Gum Men Volleyball Badminton Shoes V1GA15-8050 , [bargain] Asics Lethal Speed RS Mens Football Boot (3005) , Asics Upcourt 2 [B705Y-2394] Men Volleyball Badminton Shoes Red/Orange-Black ,
    Converse Chuck Taylor All Star Taylor Andy Warhol Black Converse Pop All Art Men Women Shoes 149486C 264103f ->Converse Chuck Taylor All Star Taylor Andy Warhol Black Converse Pop All Art Men Women Shoes 149486C 264103f -
    FRYE Women's Melissa Medium Wallet, Dark Brown, One Size , Men's/Women's Propet Women Tessa WFX045L- Leather Boots Comfortable feeling International choice Great choiceAbilene Boot Women's Western Cross Cowgirl Boot - Snip Toe Brown 9.5 ML.K. BENNETT THOMASINE NUBUCK AND SHEARLING BOOTIE - 40 - $495 - NIB!!!DR. MARTENS WOMAN WINTER BIKERS ANKLE BOOTS LEATHER CODE MEG 14797001Frye Women's Suede Shirley OTK Boot - Round Toe - 78740-BLK , Plus Sz Women White Wedge Heel Buckle Sandals Party Punk High Shoes AU Nightclub , Ted Baker Women's RUZ Lthr AF Black Ballet Flat , women's shoes MBT 4 / 4,5 () loafers black leather performance AB465-35Bohemia Womens Thong Sandals Flats Tassels Mixed Color Slingbacks Beach ShoesZARA LEATHER SANDALS WITH BUCKLE US 6-6.5 REF. 1555/101 NWT!!! , Authentic Fendi Suede Patent Leather Heel Shoes Pumps Black Women 34.5 Italy , Womens Donald J Pliner Sifi Platform Thong Wedge Sandals Slides 61/2 M , AP420 ROBERTA SCARPA shoes orange purple textile leather women sandals , FENDI Flowerland Black Leather Crisscross Slides sandals sz 35.5 NEWAir Jordan 5 Retro White Infrared size 10 MEN , Adidas Hawaiian BIRDS OF PARADISE ZX Flux Torsion Shoes Mens 9 NWOT DISC Nice , Converse Fastbreak Hi OG Vintage 159662C Egret Black Cream White Mens size 9Adidas ACE 16+ Ultra Boost Triple White Men's Size 8.5 DS AC7750 Running Shoes , Vintage Justin Basics Size 5 1/2 B Style 3000 Cowboy Boots Black Made in USAHandmade Men Tan jodhpurs Suede boot, Men Tan ankle leather boots,men suede bootSkechers USA 64897 Mens Larson Berto Slip-On Loafer 13US- Choose SZ/Color. , Allen Edmonds "EASTPORT" Boat Shoes 14 D Brown (433)Amali Men's Smooth Modified Cap Toe Oxford w/ Braided Details : Bevel-000Ted Baker Men's Rovere Uniform Dress Shoe - Choose SZ/Color , Allen Edmonds Quintessential Gentleman’s Shoe Hampstead Weave Wingtip; Size 8.5Bottes ATRAI Daim Gris Taupe T 38 TBEL. K. BENNETT Calf Hair Black Boots, Women's Size 6, Hardly Worn, Gorgeous!Cole Haan Black Tall Wedge Boots Women’s Size 8 B $348 Waterproof , Womens Black Knee High Heel Boots Zip Up Steampunk Buckle Biker Rocker Size 6.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Converse Chuck Taylor All Star Taylor Andy Warhol Black Converse Pop All Art Men Women Shoes 149486C 264103f -

    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.

    Converse Chuck Taylor All Star Taylor Andy Warhol Black Converse Pop All Art Men Women Shoes 149486C 264103f -

    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
    Converse Chuck Taylor All Star Taylor Andy Warhol Black Converse Pop All Art Men Women Shoes 149486C 264103f
    Athletic Shoes