Never miss an update


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
Brand: Nike
US Size: 10 Style: Athletic Sneakers
Sub Style: 100% AUTHENTIC US Shoe Size (Men's): 10
UPC: Does not apply
Never miss an update

NIKE IPOD LUNARMX+ VOLT mogochinese-19577 GREY BLACK VOLT RUNNING Sz 10 Mens IPOD af6b6b6 -

    NIKE IPOD LUNARMX+ VOLT mogochinese-19577 GREY BLACK VOLT RUNNING Sz 10 Mens IPOD af6b6b6
    NIKE IPOD LUNARMX+ VOLT mogochinese-19577 GREY BLACK VOLT RUNNING Sz 10 Mens IPOD af6b6b6
    Men Athletic Sneakers Adidas Shoes Originals Pharrell Williams Tennis HU Beige , NIB Nike Air Max 93 Running Shoes Dusty Cactus White Turquoise Retro Men's Size11.5 NEW Men's NIKE ROSHE TWO 2 844656-001 Casual Shoes Triple Black Blackout , Mens HUSH PUPPIES BLOKE FORMAL/DRESS/WORK/CASUAL/LEATHER SHOES -WIDENEW Nike JORDAN INSTIGATOR Men's Athletic Shoes Size US 12 , NEW Mens NIKE JORDAN Prime.Fly 599582 015 Black Blue Basketball Sneakers ShoesBrand New- Nike Air Penny 2 "Miami Heat" GS (Size 7Y)Men's NEW BALANCE Fresh Foam Zante V3 Running Sneaker - MZANTBK3 Black , USED MENS NIKE AIR JORDAN XIV RETRO CHARTREUSE 2005 EDIT 311832 132 SZ 10 FREEMen’s Nike SF Air Force 1 “Special Forces” Size-11 Midnight Navy (864024 400)Air Jordan 11 Retro XI Low 528895-106 UNC Blue 8c-10c/6y-7y/10/10.5-12 Ship NOW , Brooks Men's Levitate Blue/Silver/Black 14 D USNEW IN BOX APL Athletic Propulsion Labs Techloom Pro Mens sz 10 Black , NIKE AIR MAX 1 PREMIUM SZ 11 OBSIDIAN NAVY BLUE FURY BLACK CARBON 875844 401Adidas Pureboost ZG Mens Running Shoe SKU BA8458 Size 15Nike Air Huarache Run Ultra SE Dark Stucco River Rock 875841 003 Men's Size: 9 , Nike Air Max Zero Essential Mens Sneakers Tinker Hatfield Shoes 876070 101 Sz 8 , DS Nike Air Flight 89 LONDON OLYMPICS Blue Fireberry Volt Pink 11 306252 400 aj3Under Armour Men's Shoes Deception Low Diamond Tips Baseball Cleats , Nike Mens Air Zoom Vomero 11 Running Shoes Pure Platinum Black White Size 9.5 , Nike Shox Avenue Mens Running White/Silver-Black Nike (833583-101) Size 8 , Nike Lunarglide 8 Shield Bright Crimson/Metallic Silver 849568-600 Men's SZ 7.5Adidas PureBoost Men’s Running Shoes Size 9.5 New , NEW Nike JORDAN INSTIGATOR Men's Athletic Shoes Size US 9Lacoste Lerond BL 1 Navy White Leather Mens Trainers Shoes , Nike Kobe AD A.D. Mid Rise Obsidian Navy Blue White Orange 922482-401 Mens 10-14Gentlemen/Ladies Nike Men's Roshe Two Running Shoe service New products in 2018 Maintenance capability , Mens Nike Air More Money AS QS AQ0112-001 Vast Grey Brand New Size 12Vintage Converse Triple Double Magic Johnson Sneakers Size 10 Mens ,
    NIKE IPOD LUNARMX+ VOLT mogochinese-19577 GREY BLACK VOLT RUNNING Sz 10 Mens IPOD af6b6b6 ->NIKE IPOD LUNARMX+ VOLT mogochinese-19577 GREY BLACK VOLT RUNNING Sz 10 Mens IPOD af6b6b6 -
    Aerosoles Women's My Way Ankle Boot, Black Fabric 8 M US , Sam Edelman F4288F2 Womens Calexa Fashion Boot- Choose SZ/Color. , Stuart Weitzman For Scoop Black Suede Embossed Croc Zipper Heel Ankle Boots 9.5Dansko Women's Liberty Ankle Bootie - Choose SZ/ColorCorral Women's Taupe with Multi-Color Inlay & Studs Snip Toe Boots Size 6new RRP $820 PRADA STUDDED LEATHER OXFORD SNEAKERS SHOES FLATS 40 last , Womens Ash Virgin High Top PERKISH NAPPA WAX BootsNew Womens Embroidery Pointed Toe Casual Slip On Loafers Slippers Mules Shoes Y1Mephisto Women's Parfolia Black Bucksoft Comfort ShoesNEW LOT Beaded Rhinestone Buckle Detail FAUX Leather ESPADRILLE BALLET FLATS , BCBGeneration New Caliko Black Womens Shoes Size 10 M Heels MSRP $110Giuseppe Zanotti stunning black patent leather sandals, / worn once! , Womens Bride Round Toe Wedding Fashion Princess High Heels Diamond Shoes Pumps , Teva Womens Terra-Float Livia Sandal B (M)- Select SZ/Color.Nike Air Monarch IV Extra Wide 4E Mens Lifestyle/Gym Shoe Black/Black 416355-001Converse One Star Mens Mid Vintage Off White Suede Shoe 157702C All Szs MSRP $90Vibram Men's V-Train Cross-Trainer Shoe, Black Out, 42 EUNike Air Force 1 Low AF-1 Olive Green unreleased Rare Canvas SZ 9 (579927-200)BASS Mens Brown Leather Hiking Boots Insulated Size 8 T419 w3 , ECCO Mens Darren Mid Cut Hydromax Waterproof Boot, Coffee 42 EU / 8 - 8.5 M US , Base London Troop Tan Mens Mid Ankle Leather Hi Boots , Boxfresh Swich Prem ICN Black White Mens Leather Mid Trainers BootsRivet Fashion Mens slip on loafer punk suede leather studded casual dress shoes* , Geox Mens U Albert Wing Tip Oxford, Black 39, 6.5 US , Skechers Performance Women's Go Walk Slip-On Walking ShoeMizuno Wave Shadow Running Shoes Women Size 9.5 New! , Merrell Women's Emma LTR Fashion Sneaker - Choose SZ/Color , Tall Women's Vince Camuto Vatero Black Chestnut Gentle Calf Leather Boots $229 , DailyShoes Women's Comfort Round Toe Mid Calf Hiking Outdoor Ankle High Eskimo 9KOLLI-010 Sbicca Womens Kolli BootM- Choose SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE IPOD LUNARMX+ VOLT mogochinese-19577 GREY BLACK VOLT RUNNING Sz 10 Mens IPOD af6b6b6 -

    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 IPOD LUNARMX+ VOLT mogochinese-19577 GREY BLACK VOLT RUNNING Sz 10 Mens IPOD af6b6b6 -

    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 IPOD LUNARMX+ VOLT mogochinese-19577 GREY BLACK VOLT RUNNING Sz 10 Mens IPOD af6b6b6
    Athletic Shoes