Never miss an update

Asics 4 Gel Contend 4 12.5 Shoes Mens Shoes Size 12.5 Size New In Box a1e2c1c

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
Manufacturer: ASICS
US Shoe Size (Men's): 12.5 Style: Running, Cross Training
Brand: ASICS Material: synthetic
UPC: 889436600387
Never miss an update

Asics 4 Gel Contend 4 12.5 Shoes Mens Shoes Size 12.5 Size New In Box a1e2c1c -

    Asics 4 Gel Contend 4 12.5 Shoes Mens Shoes Size 12.5 Size New In Box a1e2c1c
    Asics 4 Gel Contend 4 12.5 Shoes Mens Shoes Size 12.5 Size New In Box a1e2c1c
    DC PURE SE 301024 BLACK/DARK GREY (BG1) MEN US SZ 8.5Gentlemen/Ladies Air Jordan ShowM Size 14! High quality and cheap Has a long reputation a lot of varieties , Vans Men's Shoes "Chukka Low''--(Oxford) Vintage IndigoNike Zoom HyperRev PE Promo SAMPLE BHM Black History Month 668776 575 c2NEW Nike Men's Project BA R/R Skateboard Shoes Obsidian/Pink 654892-416 Size 9.5 , $89.99 Native Men AP Mercury Liteknit black jiffy black 21103919-1106 , Men's Nike Vapor Pro Low TD Football Cleats - Size 11.5 US , Lakai S/Replay SP, Men's Vintage Skater Shoes, Size 10, White, Black, Used, Worn , New Balance Mens Mx517bh1 Black Walking Shoes Size 10 (42132)NOVESTA Star Master Trainers Off White Canvas Yellow Mens US Sz 9PUMA SUEDE CLASSIC COLORED 360850 02 HIGH RISK RED MENS US SZ 10.5New Balance Mens Mt510lb4 Black Hiking Shoes Size 10 (49524) , New Men's Inov-8 Roclite 290 Running Shoes US 8.5 Gray $120 Training , Vans Men's Shoes "Authentic Pro"-- (Canvas) PortVans AUTHENTIC ELEY KISHIMOTO WAFFLE Skate Shoes MENS 5 WOMENS 6.5 CLASSICS NIB , Nike Mens Guile Wolf Grey/White Running Shoes Size 10 (42340) , adidas Energy Cloud WTC Shoe - Men's Running SKU BY2207 Size 10 , Nike MercurialX Finale II IC Indoor Court Soccer Shoe Lime Green SZ (831974-301) , Nike Vapor Untouchable 2 PF Football Cleats Seahawks Green Navy SZ (835646-429) , Converse Mens Size 9.5 Cons Scarpe Pro Leather Vulc Mid Bars Maroon Sneakers , New Balance Men's LD5Kv5 Track Shoe, North Sea/Flame, 11 D US , New Nike mens Zoom Stefan Janoski L Skateboard Shoes 616490-702 Sz 12 GoldMBT Masai Original Sport 04 Grey Walking Toning Shoes Men Sz 6 womens sz 8 UsedNike Revolution 3 Size 11.5 Running Mens Shoes Red Silver 819300-601NIKE REVOLUTION 4 BLACK WHITE ANTHRACITE 908988-001 MENS US SIZE 10.5 , $59.99 Saucony Men Jazz Original gray charcoal pink S2044-404NEW Nike Super Speed TD 3/4 Football Cleats RED/WHITE 396254 191 SOCCER RetailVans Chima Ferguson Pro Plaid Potting Soil Men's Classic Skate Shoes Size 7 , CREATIVE RECREATION Moretti Khaki Marsala MEN FASHION SNEAKERS 13M
    Asics 4 Gel Contend 4 12.5 Shoes Mens Shoes Size 12.5 Size New In Box a1e2c1c ->Asics 4 Gel Contend 4 12.5 Shoes Mens Shoes Size 12.5 Size New In Box a1e2c1c -
    Steve Madden OTK Over Knee Women's Black Leather Boot Sz 7 M 4440 * , Bed Stu Women's Arcane Cinnamon Teak Rustic Boot 6M , Dr.Martens Newton BTS Temperley Womens Mens Combat Unisex Boots , New sz 10 US / 40 CELINE Burgundy Soft Leather Heritage Ankle Boot Heel Shoes , Royal Elastics Harajuku Metropolitan 1808 Black White Men Slip On Shoe 04783-009Sergio Moretti classic shoes loafers elegant man black 40 41 42 43 44 45Camper Women's 21595-018 Ballet Flat, Black Sella Negro, 41 EU/11 M US , Munro Yale Loafers - Women's Size 6.5W, BlackAerosoles Womens melange Closed Toe Mules black Size 6.5 , LACOSTE JOUNEW hilly billy pumps high heels alisos barbuda spSergio Rossi Virginia Black Patent Leather Heels Platform Pumps Size , Puma XR1 OG Buttercup 357744 03 Men's SZ 9.5ADIDAS SWIFT RUN Green-White-Black running training sneakers new , Nike Lebron XV 15 "Griffiti" Basketball Shoes White Black (AQ2363-100) Mens SZ 8New Rock West Solid Heel Buckle Leather Boots - Black - 7993-S1 - Gothic,Goth,LeGeorgia Men's Boot Comfort Core Waterproof Logger Composite Safety Toe - Gb00097 , Men's Shoes Lacoste Misano 36 SRM Suede Leather Sneaker 7-30SRM0015024 Black NewCLARKS ORIGINALS DESERT MALI BEESWAX LEATHER MENS SIZE CASUAL SHOES BOOTS 13253 , Converse Chuck Taylor All Star II Hi Tops CTAS Mens Leather Shoes Red Size 8.5CK1466 Chris Kaadu Men Dress Comfort Shoe Oxford BrownMen/Women Air Jordan Retro 10 Double Nickel Not so expensive discount price professional design , Florsheim Men's Pisa Tassel LoaferCognac7 D US , ADIDAS x ALEXANDER WANG ORIGINALS ADILETTE SLIDES WHITE + BLACK SUPREME SZ 9 , Gentlemen/Ladies ADIDAS Originals Tubular Fashion Sneakers Ideal gift for all occasions Settlement Price Outstanding function , Women's Nike Flyknit Air Max Multicolor 2015 2016 2017 2018 620659-406 Size 8Women's GC Shoes Jolie Over-the-Knee Boot Black Size 9.5 #NJCHD-459 , Womens Punk Dress Spike Stud Cow Leather Pointed Toe Ankle Boots High Heel shoesSkechers Women's D'Lites Icemont Mid Boot , Punk Sexy Women's Platform Ankle Boots Nightclub Round Toe 16CM High Heels Shoes , HUNTER ORIGINAL FESTIVAL TALL RAIN BOOTS Floral Print Size 10
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Asics 4 Gel Contend 4 12.5 Shoes Mens Shoes Size 12.5 Size New In Box a1e2c1c -

    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.

    Asics 4 Gel Contend 4 12.5 Shoes Mens Shoes Size 12.5 Size New In Box a1e2c1c -

    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
    Asics 4 Gel Contend 4 12.5 Shoes Mens Shoes Size 12.5 Size New In Box a1e2c1c
    Athletic Shoes