Never miss an update

Nike Zoom Womens Shoes Size Size 9.5 mogochinese-29997 Stucture Triax Triax 11 Bowerman Series White Blue b0cfe0d

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Good gently condition
Model: Structure Triax 11 Upper Material: Mesh
Modified Item: No Euro Size: EUR 41
Country/Region of Manufacture: China Closure: Lace Up
Style: Running Shoes Year: 2008
Product Line: Nike Zoom Features: Duralon, Footbridge
US Shoe Size (Women's): US 9.5 Shoe Height: Low Top
Material: Fabric EUR Shoe Size (Women's): EUR 41
Width: Medium (D, M) Color: White
UK Shoe Size (Women's): UK 7 Brand: Nike
Pattern: Multicolor
Never miss an update

Nike Zoom Womens Shoes Size Size 9.5 mogochinese-29997 Stucture Triax Triax 11 Bowerman Series White Blue b0cfe0d -

    Nike Zoom Womens Shoes Size Size 9.5 mogochinese-29997 Stucture Triax Triax 11 Bowerman Series White Blue b0cfe0d
    Nike Zoom Womens Shoes Size Size 9.5 mogochinese-29997 Stucture Triax Triax 11 Bowerman Series White Blue b0cfe0d
    NEW NIKE DUEL RACER RUNNING SHOES WOMENS 9.5 BLACK WHITE GREY 927243-004 $120. , Converse Chuck Taylor Shoreline Women's Shoes Size 7.5Women Nike Core Motion TR 2 Training & Athletic Shoes Sneakers Black 749179-002Man/Woman Ellie Women's Viking-433 Crazy price, Birmingham Comfortable touch comfortable , Skechers Women's Work Soft Stride Softie , Nike Womens Walking Shoes Size 12 (25142) , Lacoste Straightset Women's Size 10 White Leather Casual Sneakers Shoes X15-1236NEW Nike Women’s Air Zoom Prestige HC Tennis Shoe Blue/Silver Sz 6 AA8024-403Men's/Women's NEW BALANCE WOMENS WX711HB2 TRAINING SHOE Fine processing Has a long reputation unique , Women's New Balance - WW812 - 812 Walking Sneaker - MADE IN USA - ALL COLORS , Brand New Adidas Shoes HOOPS 2.0 MID DB1226 Black White Women's Size 7 , NEW REEBOK F/S HI CLASSIC WHITE/BLACK SNEAKER V56098 SIZE 6Sperry 7 Seas Sport Athletic Shoes - Women's Size 7 M, Grey , NEW SKECHERS GOWALK 4 KINDLE SHOES WOMENS 7 SLIP ON LOAFERS SNEAKERS 14145CONVERSE All Star Low Top Black White Shoes Chuck Taylor Women Size 7 M9166 , Nike Women's Lunarepic Flyknit 818677-404 Size: 8Skechers Women's OG 97 Double Up Shiny Dancer Slip On SneakerWomen's Skechers - Go Run 400 - Navy/White - New!!!Adidas Women's Gazelle Originals Icey Pink/White/Gold Metallic Casual Shoe 9Man/Woman Funtasma Women's Electra 2090 Diverse new design discount price Export , Men/Women Tretorn Nylite Women's Shoes New Listing Primary quality Reliable reputationNike Air Force 1 SF Women's Shoes Sz.6.5 US Black NWOBMen's/Women's Funtasma Women's Retro 302 Long-term reputation Preferred material Different goods , Men/Women Skidbuster Women's S5076 Selling New in stock Cheap order , Men/Women A'Rock Women's Escalante High quality and cheap New in stock Seasonal hot saleNike Free Run Flyknit 5.0 Women's Size 6.5 Running Shoes Trainer Pink 615806-510NIKE WOMEN'S SIZE 9.5 LUNARCONVERGE RUNNING SHOES 852469 BLACK/HOT PUNCHSkechers Women's ONE Bora Peachy Keen D'Orsay SneakerNike Women's Vintage 2004 Air Force 1 Shoes 307109-141 White/Red/Blue sz. 7.5
    Nike Zoom Womens Shoes Size Size 9.5 mogochinese-29997 Stucture Triax Triax 11 Bowerman Series White Blue b0cfe0d ->Nike Zoom Womens Shoes Size Size 9.5 mogochinese-29997 Stucture Triax Triax 11 Bowerman Series White Blue b0cfe0d -
    Frye 77594 Jane Tall Cuff Leather Distressed Over the Knee Boots Womens SZ 8.5B , Christian Louboutin Scuba black /navy Leather Grommet boots SZ 37.5-Worn OncePre Owned Authentic PRADA Men's Black Sneakers Shoe Size 8.5Nike SB Check Solar Mens Shoes in Black White , Comfort Plus Wide Fitting Black Leather Block Mid High Heeled Ankle Tassel Boots , Reebok Classic Leather Ps Pastel Womens Lavender Leather TrainersNina Armando Alexia – Nude Ballet Flats , womens ladies high heels pumps dress shoes rhinestone pumps gold/silver size 9.5 , J. Crew Black Leather Pumps Stiletto High Heels Size 10 M Italy , DANSKO Womens BROWN Leather STRAPPY Side BUCKLE HEELS Shoes Sandals 37 6.5 7 , Women's Shoes Bernie Mev. Lux Gigi Strappy Woven Peep Toe Wedge Black *New*Womens Zippers Summer Hollow Out Knee High Boots Summer Chic Sandals Shoes us Sz , Calvin Klein Womens Nasi Heeled Sandal- Pick SZ/Color.Franco Sarto Womens Harlet2 Suede Peep Toe Casual Slingback Taupe Size 6.0 , NEW CHARLES DAVID PINK LEATHER SLIP ON FLOWERS WEDGE SANDALS 7.5 ITALY , The FLEXX Women's Fan Dance Wedge Sandal - Choose SZ/Color , Birkenstock Gizeh 043731 size 36 L5-5.5 R White Birko-Flor Thong SandalsBottega Veneta Lake Intrecciato Leather Sandal, 36, Purple , Teva Mens Arrowood Riva eVent Waterproof Athletic Hiking Trail Shoes Size 10.5Air Jordan III 136064-001 /white/Red Cement 3 retro Brooklyn Y3 Nike Size 11 , ADIDAS Ultra Boost 3.0 Multicolor - CG3004 DS yeezy Limited Rainbow Size 11 , Cole Haan Men's Millbridge US 12 M Black Leather & Canvas WP Boots $220.00 , NEW FRYE Wright Leather Harness Boots SZ 8.5 US / 41.5 EUR / 7.5 UKConverse Jack Purcell JP Signature Series Hi Top Black White (157710C) Size 11Man/Woman Mens Clarks Casual Shoes 'Trigen Limit' Many varieties Stylish and charming Different stylesNew Nike Oceania Nm Womens Sports/Casual ShoesNike Air Huarache Run Prm Txt Womens Style : Aa0523 Elm Size 5 , CLARKS Women's Black Leather Upper Zip Ankle Boots Size 9.5 MWomens Over Knee Suede Low Heel Pull On Boots Fashion Shoes US 4-10 Long BootWomens leather Pointy Toe block heels shoes over knee thigh boots Zipper Pull On
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Zoom Womens Shoes Size Size 9.5 mogochinese-29997 Stucture Triax Triax 11 Bowerman Series White Blue b0cfe0d -

    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.

    Nike Zoom Womens Shoes Size Size 9.5 mogochinese-29997 Stucture Triax Triax 11 Bowerman Series White Blue b0cfe0d -

    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
    Nike Zoom Womens Shoes Size Size 9.5 mogochinese-29997 Stucture Triax Triax 11 Bowerman Series White Blue b0cfe0d
    Athletic Shoes