Never miss an update

NEW Adidas NMD Authentic_R1 S75721 Women's Size 10 Purple Size Blanch Purple Night Red 100% Authentic 78af07c

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
Activity: Cheerleading, Cross-Training, Dance Fitness, Running, Trail-Running
UK Shoe Size (Women's): UK 8.5 Style: Running
Features: Elastic, Lace-Up Look: Camo, Textured
Color: Multi-Color Product Line: adidas NMD
Brand: adidas US Shoe Size (Women's): US 10
UPC: Does not apply
Never miss an update

NEW Adidas NMD Authentic_R1 S75721 Women's Size 10 Purple Size Blanch Purple Night Red 100% Authentic 78af07c -

    NEW Adidas NMD Authentic_R1 S75721 Women's Size 10 Purple Size Blanch Purple Night Red 100% Authentic 78af07c
    NEW Adidas NMD Authentic_R1 S75721 Women's Size 10 Purple Size Blanch Purple Night Red 100% Authentic 78af07c
    Chiara Ferragni Women's Leather and Velvet Embroidered Slip-On Sneakers , Saucony Women's Ride 10 GTX Running Shoe Grey/Blue/Pink Running Sneakers , Bling Nike Free RN 2017 Running Shoes w/ Swarovski Crystal Logo * Purple & Greynike air max plus QS 887092 001 metallic Silver Bullet nikelab women running 3mWOMEN'S Nike Dunk Lux SP/SACAI Shoe Size 7 (776446-774) VOLT/OBSIDIANWmns Nike Air Max 97 UL ‘17 SE AH6806 005 Size 11 Women's Or 9.5 Men’sNike VaporMax Women's 97 Metallic Dark Sea Sneakers Size 7 , Wmns Nike Zoom Fly SP London Neon Orange Reflective Running AJ8229-108 Pick Size , ASICS Womens GT-2000 5 Running Shoe- Select SZ/Color. , WOMENS AIR JORDAN 1 RETRO HIGH SOH A01847-445 HYDROGEN BLUE WHITE DS SIZE: 7Nike LunarEpic Low Flyknit OC 844863-999 Womens Running Shoes Multi ColoredAdidas NMD_R1 STLT PRIMEKNIT Shoes Ash Green Size 6.5 Womens NEW IN BOX Unisex , Adidas Ultra Boost Uncaged PrimeKnit Multicolor Running Shoes BA9796 Yeezy NMDNEW WMNS Sz 6.5 NIKE AIR MAX 95 (307960 109) WHITE/COURT PURPLE EMERALD GREENNike Zoom Pegasus 35 Turbo Barely Grey/Hot Punch - Black Women’s Size 7 , NIKE AIR MAX 1 SHOES WOMENS ONE PREMIUM SNEAKERS - WHEAT / GUM SOLESALE! Bling Nike Tanjun Shoes w/ Swarovski Crystal Bedazzled Logo - Blue & WhiteNEW WOMENS NIKE FREE RN (RUN) FLYKNIT 2018 RUNNING SHOES TRAINERS BLACK / WHITENew Nike Womens SF AF1 Athletic Fashion Sneakers [857872 600]Womens Air Max 2011 Size 9 Shoe Running NikeDS W NIKE AIR MORE UPTEMPO ‘Iridescent’ Sz 8/[917593 001] , adidas Womens W Adipure Tour C/Sil Golf Shoe- Pick SZ/Color.AHNU WOMENS MONTARA BOOT WP MIDNIGHT BLUE SIZE 9ASICS Women's Gel-Quantum 360 Running Shoe, White/Lightning/Snow, 10.5 M USADIDAS STELLA MCCARTNEY Sneakers Bounce Crazymove BA7927 Womens US 9.5/42 $169 , Allrounder by Mephisto Women's GalinaAdidas Women's Adizero Adios Running Gray Shoes Trainers BY2782 Size 8 , NEW WOMENS NIKE FREE RN (RUN) FLYKNIT 2018 RUNNING SHOES TRAINERS WHITE / BLACKBling Nike with Swarovski Crystals ROSHE One Run Print FLASH LIME MENTA WHITE
    NEW Adidas NMD Authentic_R1 S75721 Women's Size 10 Purple Size Blanch Purple Night Red 100% Authentic 78af07c ->NEW Adidas NMD Authentic_R1 S75721 Women's Size 10 Purple Size Blanch Purple Night Red 100% Authentic 78af07c -
    NEW BALANCE CHAUSSURE 574 - GREY - 12 (798248883232) , SHOES WALKING ASICS FASHION WOMAN KAELI HI BLACK 39New Naturalizer Jenah Womens Leather Comfortable Peep Toe Flat Shoes , New Arrival Tony Bianco LYLA Black Kid Suede pointy toe high heels RRP$199! SALE , Gentleman/Lady Charlotte Olympia Machine Age Flat Many varieties Stylish and fun various kindsDMSX Donald J Pliner Bella Ballet Flats Shoes sz 6 Zipper Front Metallic Suede , Adrienne Vittadini Womens Nancele Closed Toe D-orsay Pumps, Merlot, Size 9.5STEVE MADDEN FUELL GOLD PLATFORMS HEELS SIZE 10Pleaser 5" hot pink chrome rhinestone shoesNIB Cynthia Vincent Women's Bailey Ankle Wrap Sandal, Color Cobalt, Size6.5 M US , Overlapping Criss Cross Straps Platform Ankle Strap Sandals Adult Women Nude , Reebok Womens Freestyle Hi Satin Bow Mid Top Sneakers Sz 10.5 White Trainers NEWDiesel I'm Pression Slip White Retro Sneaker Strap Size 10.5VANS Court DX (Tanner) Black/Marshmallow Skate UltraCush MEN'S Size 10New Balance Men's MX517v1 Training Shoe Grey/Red 11 4E US , Nike Men's Air Max Sequent Running Shoes Size 10 NIB , Gentleman/Lady Shoes Gazelle adidas Grey Men CQ2799 Fashion pattern Lush design Suitable for colorNike Men's Air Zoom Odyssey Dark Grey/Wolf Grey/Summit White 844545-007 Sz 11.5NEW Nike Mens Roshe One Premium Running Training Shoes Red Size 13 (525234-660) , Justin Jackson Style Black Leather Western Cowboy Roper Men's Boots US 9 BNEW MEN'S DICKIES 6" PROWLER STEEL TOE WORK BOOTS (DK6024) WHEAT 8.5 MEDIUM $80LOS ALTOS SANDED BROWN GENUINE SNIP TOE OSTRICH LEG WESTERN COWBOY BOOT (D) , MENS ARIAT WORK HOG WORK BOOTS! 10008635-WATERPROOF&COMPOSITE TOE! NEW IN BOX!Georgia GB1222 Mens Barracuda Gold Leather Farm & Ranch Chukka Work BootsSperry Top-Sider Size 10.5 Black Canvas Boat Shoe New Mens ShoesStacy-Adams Men's PIPPIN Perfed driving moc White Shoes 25089-100Nike Air Zoom Pegasus 35 GS Black White Grey Kid Youth Running Shoes AH3482-001NIKE Womens Hyperdunk 2017 Tb 897813-401 GAME ROYAL Size 6.5 , WMNS NIKE AIR HUARACHE RUN PRM PREMIUM NFL SUPER BOWL 50 SZ 6.5 [845317-008]Ladies Burgundy Leather Justin Roper Western Boots sz: 6 B
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Adidas NMD Authentic_R1 S75721 Women's Size 10 Purple Size Blanch Purple Night Red 100% Authentic 78af07c -

    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.

    NEW Adidas NMD Authentic_R1 S75721 Women's Size 10 Purple Size Blanch Purple Night Red 100% Authentic 78af07c -

    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
    NEW Adidas NMD Authentic_R1 S75721 Women's Size 10 Purple Size Blanch Purple Night Red 100% Authentic 78af07c
    Athletic Shoes