Never miss an update

Skechers DLite 29914 mogochinese-29921 Ultra Mens Casual SZ/Color. ShoeMen US- Choose SZ/Color. d1ad746

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
UPC: 0190872401620
Style: Causal Brand: Skechers
US Shoe Size (Men's): Multiple Variations Model: DLite Ultra
Size Type: Regular MPN: DLite Ultra
Material Type: Mesh
Never miss an update

Skechers DLite 29914 mogochinese-29921 Ultra Mens Casual SZ/Color. ShoeMen US- Choose SZ/Color. d1ad746 -

    Skechers DLite 29914 mogochinese-29921 Ultra Mens Casual SZ/Color. ShoeMen US- Choose SZ/Color. d1ad746
    Skechers DLite 29914 mogochinese-29921 Ultra Mens Casual SZ/Color. ShoeMen US- Choose SZ/Color. d1ad746
    New Balance Men's 99v2 Cross Trainer - Choose SZ/ColorPUMA Mostro Hypernature Sneaker, - Choose SZ/Color , Reebok New Mens Yourflex Train T Cross Trainer Black/Skull Grey 8 , Under Armour SpeedForm Miler Pro- Pick SZ/Color.Skechers Performance Men's Go Golf Blade Shoe - Choose SZ/Color , Reebok BS9533 Mens Walk Ultra 6 DMX Max Cross Trainer- Choose SZ/Color. , Saucony Mens Ride 7 Running Shoe- Pick SZ/Color.PUMA Mens Duplex Evo Olympics Fashion Sneaker- Pick SZ/Color. , PUMA Mens Sky II LO Basketball Shoe 13US- Pick SZ/Color. , adidas Originals Men's Solar Glide Running ShoeDickies Men's Athletic Skate Shoe - Choose SZ/ColorDC Men's Pure TX Skate Shoe - Choose SZ/Color , Reebok M42655 Mens Royal Bb4500 Hi Fashion Sneaker- Choose SZ/Color. , adidas Originals ZX Flux Mens Black/White 12 D(M) US Fashion Sneakers , Reebok Men's Yourflex Train 10 Mt Cross Trainer, Skull Grey/Black/White, 7 M US , Vibram Men's CVT-Hemp Sneaker Khaki 45 D EU (11-11.5 US) , NIKE Free Train Virtue Mens Cross Training ShoesPolo Ralph Lauren Men's Halford - Choose SZ/ColorSkechers Performance Men's Go Golf Drive 2 Walking Shoe - Choose SZ/ColorASICS Men's GEL-Contend 3 Running Shoe - Choose SZ/ColorCourtvantage Adicolor (Adicolor Pack) in by Adidas- Pick SZ/Color. , Saucony Men's Ride 6 Running Shoe - Choose SZ/Coloradidas Performance Men's Energy Cloud Wide m Running Shoe, Black/Utility 6.5 2E , Men's/Women's ASICS GelZiruss Shoe Men's Running Best-selling worldwide Elegant and sturdy packaging comfortable , Reebok Mens Work N Cushion 2.0 Walking Shoe Black/Black 13 4E USBalance Men's 430v1 Running Shoe, Black/Magnet, 12 4E USPUMA Mens Evospeed 3.4 LTH FG SneakerD US- Pick SZ/Color.Vibram Men's EL-X Khaki/Coyote Cross Trainer - Choose SZ/ColorMan's/Woman's Asics Men's Gel-Kayano TR Knit HN7M4.9696 Louis, elaborate Moderate cost Lightweight shoes ,
    Skechers DLite 29914 mogochinese-29921 Ultra Mens Casual SZ/Color. ShoeMen US- Choose SZ/Color. d1ad746 ->Skechers DLite 29914 mogochinese-29921 Ultra Mens Casual SZ/Color. ShoeMen US- Choose SZ/Color. d1ad746 -
    NIB BED STU Lorn Tan Rustic White BFS Ankle Boots Booties Womens 6 M , NIKE ZOOM PEGASUS 31 MENS CUSHIONED RUNNING SHOES/SPORTS/SNEAKERS/TRAINERSRoamers Mens Real Suede Classic Desert Boots (DF116) , Grnland Womens PO1333 Hi-Top Trainers, Black Nero Nero, 5 UKXTI Womens 47827 Low-Top Sneakers, Silver Platinium, 7 UKClarks Lexi Cedar Slip On Mules, Red Patent, 9 US / 41 EULucky Brand Womens Beechmer Closed Toe Ballet Flats, Picante, Size 7.0 US / 5 UK , Man/Woman NEW Basque Nicolette Black Leather Pump Attractive and durable Has a long reputation Excellent functionSezane Low Ilda Espadrilles Size 39/US 8 (black)Alexander McQueen Blue Suede Sequined Skull Flats SZ 40crocs Sarah Clog Womens Mule- Choose SZ/Color. , Womens Hollow out Mesh High Heel Stiletto Pointy toe Summer Ankle Boots Shoes , New Brunello Cucinelli Brown Leather Snakeskin Platform Heels EU SZ 41 $795Man's/Woman's Bernie Mev Womens Atlantis Fashion pattern Pleasant appearance Diversified new design , Qupid Womens Interest Fabric Closed Toe Knee High Fashion Boots Taupe Size 7.5 , Nike Air Max LTD, 407979-126, White / Varsity Red, Men's Running Shoes, Size 11Reebok Men's Classic Club Workout Trainers Running Shoes BS9078 Blue , Under Armour 302067310011.5 Mens Gray 11.5 Micro G Assert 7 Running ShoesNike Men's "Roshe NM Flyknit PRM" Photo Blue Running Shoes Multiple Size NIBKobe 10 X red Majors size 9 , DC Trase SE Skate Shoe, Silver, 10 M USNew Balance MRL247N3 Navy Men Sizes NEW 100% AuthenticVTG MENS ELG EU MILITARY WORK LEATHER TEXTILE BROWN BOOTS SIZE 44 A , Womens Puma (363073-05) Basket Heart Patent Shoes Size 10 Z8 , Nike Women's Flex Supreme TR 5 Training Shoes (852467 003) Grey Sizes 6.5-10WMNS Nike Lunarepic / 827403 / Women's size 8.5 Black *Excellent Condition*LunarGlide 9 Women's Provence Purple Running Trainers Shoes 904716-502 SizeNike Womens Air Max 98 Size 9 White Reflective Silver AH6799-103Laredo Women's Paprika Cowgirl Boot - Square Toe Brown 7 M , $268 SPLENDID FAIRVIEW Black Leather Suede Designer Knee High Boots 6.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers DLite 29914 mogochinese-29921 Ultra Mens Casual SZ/Color. ShoeMen US- Choose SZ/Color. d1ad746 -

    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 DLite 29914 mogochinese-29921 Ultra Mens Casual SZ/Color. ShoeMen US- Choose SZ/Color. d1ad746 -

    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 DLite 29914 mogochinese-29921 Ultra Mens Casual SZ/Color. ShoeMen US- Choose SZ/Color. d1ad746
    Athletic Shoes