Never miss an update

BOBS Skechers from Skechers 29402 Women's Squad-Star Chase Chase Sneaker 89f3f42

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
Domestic Shipping: This item is not eligible for international shipping. Learn More Package Dimensions: 12 x 8 x 4 inches
International Shipping: This item is not eligible for international shipping. Learn More Shipping Weight: 1.5 pounds
Brand: __unknown__ Item model number: 31372
MPN: 31372
Never miss an update

BOBS Skechers from Skechers 29402 Women's Squad-Star Chase Chase Sneaker 89f3f42 -

    BOBS Skechers from Skechers 29402 Women's Squad-Star Chase Chase Sneaker 89f3f42
    BOBS Skechers from Skechers 29402 Women's Squad-Star Chase Chase Sneaker 89f3f42
    Skechers Womens Bikers-Bold Step Fashion Boot- Select SZ/Color. , STEVEN by Steve Madden Women's Cuddles Fashion Sneaker - Choose SZ/ColorVANS New UltraRange Rapidweld Leila Hurst Vault Lady size USA 7 , Women's size 10.5 Newton running sneakers 2 PAIR!!!! FREE SHIPPING!!Skechers Women's Side Street Fashion Sneaker - Choose SZ/ColorSkechers Women's Madison Ave - City Muze Sneaker, - Choose SZ/ColorNEW Liebeskind Berlin Black Suede Sneaker, Snake Cuff Size Women 37 (6.5-7) $168 , New Balance for J.Crew 791 leather court shoes Women 7.5 Brand NEW PinkVANS Authentic All Black Shoes Canvas Women Classic Fashion Sneakers VN000EE3BKA , Skechers Sport WomensYnergy 2.0-Side-Step Wide Fashion Sneaker , Skechers Sport Womens Microburst-Botanical Paradise Sneaker- Select SZ/Color.Dr. Scholl's Women's Madi Mule Fashion Sneaker - Choose SZ/Color , Tommy Hilfiger Women's Luster Sneaker - Choose SZ/ColorSkechers Performance Women's Go Step - Bound Walking Shoe - Choose SZ/Color , Nine West Women's Pylot Patent Fashion Sneaker - Choose SZ/ColorMan's/Woman's Superga - S009Y20_2095 bargain First grade in its class Extreme speed logisticsAdidas Originals Tubular Shadow BY9741 grey sizes 3.5 - 9.5 UK Womens (new)Womens Nike Rosherun Woven 2.0 Iron Green Cargo Khaki Mint White 641220-301 , Womens ALTRA 'Torin 2.5' A2634-3 Purple & Gray Running Shoes SIZE 5.5 , Skechers Skecher Street Womens Side Street-Core-Set Sneaker- Select SZ/Color.Converse All Star Chuck Taylor Black suede High Top Fur Lined Shoes Sz 6 womans , Steve Madden Women's 7.5 Leopard Embroidered Comfort Mule NWT FAB! Sold OutWomen’s Hunter White Canvas Sneakers Size 6 NEWPuma Platform Mid OW - Green - Womens , PUMA Women's X Careaux Tee - Choose SZ/Color , PUMA WOMENS CLASSIC SUEDE AND STRIPES SNEAKERS , PUMA Women's Smash WNS v2 Leather Sneaker, - Choose SZ/ColorU.S. Polo Assn.(Women's) Women's Cristal-j Flat - Choose SZ/ColorSkechers Women's Side Street - Core-Set Sneaker, - Choose SZ/Color ,
    BOBS Skechers from Skechers 29402 Women's Squad-Star Chase Chase Sneaker 89f3f42 ->BOBS Skechers from Skechers 29402 Women's Squad-Star Chase Chase Sneaker 89f3f42 -
    Free People Women's Royale Brown Leather Flat Booties Size 37EMU PATERSON WATERPROOF TAN SUEDE LEATHER SHEEPSKIN LINING HI BOOTS 5 38 NEW QVC , Stetson Women's Abigail Work Boot, Black, 6.5 D US , BLOGGERS FAVE AQUATALIA BY MARVIN K Quilted LEATHER BOOTS SIZE 8.5 MADE IN ITALY , NEW Womens LEATHER VINTAGE SLIDE Footwear Shoes , Naot Trendy Mary Janes-Women's sz 8 Black , TORY BURCH WOMEN'S LEATHER BALLET FLATS BALLERINAS NEW LIANA RED 2E7Lanvin Shoe Navy Embossed Suede Skate Shoe Size 39 , Worn 1x Pink MAURO GIULI Platform Booties Pumps 5" Stiletto Heels 7.5 ITALYsize 7 M green suede JUICY COUTURE Natasha pumps shoesAerosoles Women's Panoramic Fashion Sneaker - Choose SZ/Color , VANS ISO 1.5 (Tweed Dots) Black/True White ULTRACUSH MEN'S 7 WOMEN'S 8.5 , RARE Supra Women's Skytop Black/Zebra-White SW18032 Sizes 5Adidas Nastase retro low leather rainbow (except purple) three stripe new nwt , New FILA Volante 98 Shoes Suede Athletic Running Mix Color Sneakers FS1HTA3067XNIKE AIR MAX 1 PND QS PENDLETON PREMIUM BLACK-ALE BROWN SZ 11.5 [825861-004] , Nike Air Force 1 07 Mens AA4083-402 Deep Royal Blue Gold Leather Shoes Size 10 , NIKE Men's Revolution 4 4e Sneaker - Choose SZ/Color , Nike Tanjun Racer Trainers Mens Green Athletic Sneakers Shoes , NIKE LUNAR FLYKNIT CHUKKA NIGHT FACTOR GREEN BLACK VOLT WHITE 554969-300 9.5Casual Men's Rivet Studded Elastic Slip On Loafers Moccasin Street Board ShoesHandcrafted by JOHNSTON & MURPHY Men's Dress Shoe WingTip Cap Toe BLK 7 ½ M , Mizuno Women's Wave Lightning Z Indoor Volleyball Black/Gray/YLL Size 6.5Nike Dart XI 11 Running Training Black White Gray Sneakers Shoes Womens 10André Assous Womens Shane Low Top Slip On Fashion Taupe Suede Size 10.0Women Mid-high Heels Stilettos Pointed Toe Side Zipper Silver Fashion Boots B45 , HUSH PUPPIES Geovany Mid BOOTS Ladies size 11 M Brown Wedge Heel New in BoxREBECCA MINKOFF 8.5 Black Suede Boots Booties Gold StudsFRYE Jennifer Bootie Short Cowboy Boots 387, Black, 8.5 USWomens Block High Heel Platform Round Toe Over Knee Boots Thigh Party Shoes Hot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BOBS Skechers from Skechers 29402 Women's Squad-Star Chase Chase Sneaker 89f3f42 -

    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.

    BOBS Skechers from Skechers 29402 Women's Squad-Star Chase Chase Sneaker 89f3f42 -

    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
    BOBS Skechers from Skechers 29402 Women's Squad-Star Chase Chase Sneaker 89f3f42
    Athletic Shoes