Never miss an update

Converse Men's White One Men's Star Ox Leather Trainers, 18911 White 1eb33c1

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
Brand: Converse
Exact Material: Upper: Leather / Lining: Textile / Sole: Rubber Color: White/Gym Red/White
Season: Autumn-Winter 18 Main Color: White
Model Number: 160624C Care instruction: Use suitable leather protector
Made In: Viet Nam Material: Upper: Leather / Lining: Textile / Sole: Rubber
Country/Region of Manufacture: Viet Nam
Never miss an update

Converse Men's White One Men's Star Ox Leather Trainers, 18911 White 1eb33c1 -

    Converse Men's White One Men's Star Ox Leather Trainers, 18911 White 1eb33c1
    Converse Men's White One Men's Star Ox Leather Trainers, 18911 White 1eb33c1
    Reebok Club C 85 Elm Shoes Grey Men BS7803 , Puma Smash V2 L White Black Classic Men Shoes Sneakers Trainers 365215-01 , Airwalk Neptune Skate Shoes Mens Charcoal Casual Trainers SneakersPuma Enzo Weave 191487 01 Mens Running Shoes Black Casual Fashion Sneakers , Converse Men's CT AllStar Leather Trainers, White , Asics Lethal Speed RS Mens Football Boots (0190)Mizuno Thunder Blade [V1GA177054] Men Volleyball Shoes White/Grey-Orange , BRAND NEW Men's Nike Kaishi 2.0 Black White US 9 Sneakers 833411 , Globe Tilt Mens Trainers Black Red New Shoes , Nike Presto Fly White Black Red Men Running Casual Shoes Sneakers 908019-101Fila 4J526S Black Red White Reflective Men Running Walking Casual Shoes Sneakers , Asics Gel-Contend 4 4E Extra Wide Black Carbon White Men Running Shoe T716N-9097Etnies Lo Cut II 2 LS White Blue Red Leather Mens TrainersVans Sk8-mid Reissue Mens Trainers Navy Yellow New ShoesAsics Gel Contend 4 Mens Runner (D) (9723) + Free Australia Delivery , Lacoste Men's Carnaby Evo BL 1 SPM Leather Trainers, BlueLacoste Lerond 218 Navy Beige Canvas Mens Trainers ShoesFabric Flyer Runner Trainers Mens Black/Charcoal Sports Shoes SneakersMan/Woman Vans Men's Sk8-Hi Lite Trainers, Red Reputation first Settlement Price Good qualityAsics Star Shine [SFP101-0143] Men Baseball Shoes White/BlueNike Zoom Rival M 8 Track & Field Shoes (446) , adidas CF Advantage Cloudfoam White Burgundy Men Casual Shoes Sneakers DA9636 , Gentlemen/Ladies Vans Men's Old Skool Trainers, Brown Year-end special promotions Highly praised and appreciated by the consumer audience A balance between toughness and hardness , Man's/Woman's adidas springblade Charming design Primary quality Perfect processing , Puma Suede Classic + Casual Lifestyle Shoes 2017 Olive Night/Birch 363242 27Mizuno Thunder Blade Badminton Volleyball Indoor Shoes Black/Gold V1GA177050Puma Match 74 Tumbled Classic Casual Lifestyle Shoes 2017 Back/White 363884 02 , Adidas Men Shoes men Essentials VS Pace Sneakers Stylish Fashion AW4594 Trainers , Mizuno Thunder Blade [V1GA177092] Men Volleyball Shoes Navy/Green-Teal
    Converse Men's White One Men's Star Ox Leather Trainers, 18911 White 1eb33c1 ->Converse Men's White One Men's Star Ox Leather Trainers, 18911 White 1eb33c1 -
    FRYE CARMEN Brown Leather Designer Boots Knee High Boots 6.0 MGentleman/Lady Ladies Rieker Boots Label Z6721-W Elegant shape fashionable high quality productMen's/Women's Noris Black Anne Klein Diverse new design Latest styles Excellent workmanship , Gentleman/Lady Ecco black size 39 shoes Elegant shape Clearance a lot of varieties , NEW: FRENCH SOLE FS/NY Jam Iridescent Ballet Flats, Size 10M , Theory Black Peeptoe Platform Heels Metallic Rainbow Cut Out Trim 37.5 , IL BORGO FIRENZE women shoes made in Italy Black suede pump patent heel buckleKendall + Kylie Women's Emilee in Black , Kipling - PALMBEACH - Trousse de toilette - Floral Night - (Multi-couleur)Naot Women's Tahoe Purple Teal Leather Thong Sandals , Adidas Supernova Size US 9.5 M (D) /3 Men's Running Shoes Blue OrangeFILA Change the Game 3 9M US Gray MINT FREE Shipping in USA , Men/Women Men's Nike Elite 8 size 11 Quality products comfortability fineNIKE SB ZOOM DUNK HIGH PRO QS WHITE "KEVIN BRADLEY SUPREME" SZ 9 [AH9613-116] , Nike Men's Air Max 90 Premium Running ShoeDS Nike KD VII 7 EASY MONEY Sz 10 100% Authentic Retro Kobe GumHIGH TOP AIR JORDAN BLACK LASER 1 SZ 9 2008 , ASICS GEL-Nimbus 20 Men's Black/Neon Lime 800004Mr/Ms ROBINHOOD-100 High quality and low overhead cheapest British temperamentMagnanni For Neiman Marcus Men Moc Toe Black Leather Dress Loafers US 9 M SpainLe Coq Sportif X Beams Limited Shoes , Gentleman/Lady DC Shoes Mens Notch Leather Trainers Clever and practical Various types and styles Good qualityStacy Adams Mens Sidney Wingtip Slip-on LoaferUS/- Pick SZ/Color. , NIB NEW BALANCE WL515 APK CLASSIC WOMEN'S ATHLETIC FASHION SHOESTretorn Women's Tournet Sneaker, Vintage White, 7 Medium US , New Balance Women's 574 Beaded Shoes Black with WhiteReebok Classic Workout Low Clean PN Leather Black Trainers Everyday SneakersNew Women's ADIDAS Ultra Boost 3.0 - BA8928 Mystery Blue Ultra Boost Sneaker 7.5 , CLARKS Women's Delana Liri Platform - Choose SZ/ColorRalph Lauren Pabla Black Leather Pointed Women Zipper Booties US Size 8 - 9.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Converse Men's White One Men's Star Ox Leather Trainers, 18911 White 1eb33c1 -

    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 Men's White One Men's Star Ox Leather Trainers, 18911 White 1eb33c1 -

    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 Men's White One Men's Star Ox Leather Trainers, 18911 White 1eb33c1
    Athletic Shoes