Never miss an update

Skechers Sport Mens 1012 Flex Advantage 2.0 SZ/Color. Mid 2.0 Oxford- Pick SZ/Color. f0d2cec

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: 0190211709196
Style: Causal Brand: Skechers
US Shoe Size (Men's): Multiple Variations Model: 52187
Size Type: Regular MPN: 52187
Material Type: leather
Never miss an update

Skechers Sport Mens 1012 Flex Advantage 2.0 SZ/Color. Mid 2.0 Oxford- Pick SZ/Color. f0d2cec -

    Skechers Sport Mens 1012 Flex Advantage 2.0 SZ/Color. Mid 2.0 Oxford- Pick SZ/Color. f0d2cec
    Skechers Sport Mens 1012 Flex Advantage 2.0 SZ/Color. Mid 2.0 Oxford- Pick SZ/Color. f0d2cec
    Merrell Men's Vapor Glove 3 Sneaker Directoire Blue 14 M USBrooks Men'S Adrenaline Gts 18 Black/Gold/Red 15 Ee Us , adidas Adizero Tj/Pv Running Shoe - Choose SZ/Color , Brooks Men'S Adrenaline Gts 18 Black/Black 11.5 Eeee Us , adidas Performance Men's Crazy Explosive Basketball Shoe - Choose SZ/ColorChaco Mens Outcross Evo 2 Hiking Shoe, Quarry, 8 M US , Gentleman/Lady Osiris Men's Peril - Choose SZ/Color wholesale Upper material wonderfulReebok Realflex Run 2.0 Running Mens Shoes- Choose SZ/Color.New Balance Men's 996v2 Lightweight Tennis Shoe - Choose SZ/Color , adidas Originals Men's Copa 17.3 Firm Ground Cleats Soccer Shoe , Mizuno Running USA 410884.982F Mens Wave Daichi 2 Trail Runneradidas Originals Men's X 17.2 Firm Ground Cleats Soccer Shoe - Choose SZ/ColorNew Balance Men's ML501 Running ShoeBlack/White10.5 D US , Saucony Men's Guide ISO Grey/Black/Orange 11.5 D US , Inov-8 Men's Roadclaw 275 V2 Sneaker - Choose SZ/Color , Reebok Men's Npc UK II EL Fashion Sneaker - Choose SZ/ColorECCO Mens Biom Delta Offroad Athletic Sandal- Pick SZ/Color. , Men's/Women's Jordan Mens B. Fly Crazy price, Birmingham New style Caramel, gentle , Merrell Men's Vapor Glove 2 Trail Running Shoe Black/Castle Rock 11 M US , New Balance Men's MW877 Walking Shoe Grey 11 D US , Nike Shox Gravity Training Shoes Sneakers Wolf Grey/Black-White AR1999-010 SZ 10adidas Adizero Shotput Running Shoe, Core Black, FTWR White, Orange, 8.5 M US , Under Armour Men's Burnt River 2.0 Mid - Choose SZ/Coloradidas Men's Energy Cloud Wtc m Running Shoe, White/White/White, 9 M US , New Balance Men's 574S Sport SneakerVarsity Orange/White9.5 D US , Vibram Men's V-Trek Black/Gum Hiking Shoe - Choose SZ/Color , PUMA Men's Basket Classic Netfit Sneaker - Choose SZ/Color , New Balance Men's M720V4 Running Shoe Black/Grey 9.5 D US , Hugo Boss Men's White Leather Sneakers Trainers Hi-Tops ,
    Skechers Sport Mens 1012 Flex Advantage 2.0 SZ/Color. Mid 2.0 Oxford- Pick SZ/Color. f0d2cec ->Skechers Sport Mens 1012 Flex Advantage 2.0 SZ/Color. Mid 2.0 Oxford- Pick SZ/Color. f0d2cec -
    Geox Uomo Claudio, Men s Chelsea Boots, Black Black , 6.5 EU , Men's Clarks Formal Slip On Shoes - Scopic Step , Women's Shoes Ankle Boots MOMA 80608-Y3 Crack Black Nero Vintage Made Italy NewAlias Mae Aflux Heel Natural Nubuck Size 38 Brand New in Box - Never WornKiton D39809 VIP NERO Décolleté Shoes Women's Black AU , NEW SALA EUROPE SISTA WOMENS LEATHER COMFORT CASUAL FLAT LOAFERSNew Django & Juliette Juzz Pewter Womens Shoes Casual Sandals Sandals FlatPrada Brown Leather/Green Satin Silk Shoes/Heels, Mules, Sz 37/US 7 , Miu Miu Euro 38 US 7.5 Leather Brown Tall Boots Stacked Heels Made In ITALYSalvatore Ferragamo Black Leather Pointed Toe Kitten Heel Pumps Size 7BPRADA Black Patent Leather Loafers Driving Shoes Women's Size 36.5 6.5 , Lot Of New Shoemint Boots & Heels Sizes 5-10 , Man/Woman NEW CAFÈNOIR WOMENS SANDALS Great variety Beautiful appearance Beautiful and charming , Nike Lebron Soldier IX PRM Ohio State Buckeyes size 11 Red 749490-601 OSU JamesNEW Puma Speed 1000 S Ignite 188344-03 Mens Shoes Trainers Sneakers SALENIKE ZOOM AIR PEGASUS 92 SZ 9 BLACK WHITE VOLT 844652 101 , Hoka One One Men's Cavu Running ShoeNike Dunk ZOOM STEFAN JANOSKI LOW SB NEO TURQUOISE BLUE WHITE 333824-410 NEW 8.5Stefan Janoski Hay Black White Gum Light Brown 7.5 DSUnder Armour Mens SpeedForm Slingride Running ShoesD(M)- Pick SZ/Color. , Men's/Women's Reebok Mastermind/Ventilator "Mastermind" - V67116 High-quality Quality and quantity guaranteed Human border , Mens Punk Nightclub Party Chunky Heels Shoes Leather Zippers Mid Calf Boots size , Woolrich Men's Bootlegger Bitter Black Leather/Wool SZ 9 MSRP 250$ , Man's/Woman's PELLE PELLE SHOES SZ 12 Fashion pattern Clearance Extreme speed logistics , Man's/Woman's Pleaser Women's Candy 40 Black Patent Various styles At a lower price Different goods , Mr/Ms New Balance Women's Zantev3 Running Shoe Good design Fine art Known for its beautiful quality , Cougar Women's Kensington Waterproof Chelsea Boot , Chic Women's Pointed Toe Side Zip Stiletto Heel Tassel Ankel Boots Plus Sz 10.5 , WOMAN'S THE NORTH FACE PRIMALOFT WINTER BOOTS IVORY COLOR SIZE 9 1/2 GOOD USED , Style&co. Women's Nash Mid Calf Zip Up Buckle Boots Dark Brown Size 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Sport Mens 1012 Flex Advantage 2.0 SZ/Color. Mid 2.0 Oxford- Pick SZ/Color. f0d2cec -

    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 Sport Mens 1012 Flex Advantage 2.0 SZ/Color. Mid 2.0 Oxford- Pick SZ/Color. f0d2cec -

    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 Sport Mens 1012 Flex Advantage 2.0 SZ/Color. Mid 2.0 Oxford- Pick SZ/Color. f0d2cec
    Athletic Shoes