Never miss an update

Nike New Womens Air Grey Max Thea Print Black Nike Wolf Grey Sneaker Running Shoe 8.5 New 1e5465d

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 Shoe Size (Women's): 8.5 Material: Nylon
Style: Athletic Sneakers Color: Gray
UPC: 888507464972 ISBN: Does not apply
EAN: Does not apply
Never miss an update

Nike New Womens Air Grey Max Thea Print Black Nike Wolf Grey Sneaker Running Shoe 8.5 New 1e5465d -

    Nike New Womens Air Grey Max Thea Print Black Nike Wolf Grey Sneaker Running Shoe 8.5 New 1e5465d
    Nike New Womens Air Grey Max Thea Print Black Nike Wolf Grey Sneaker Running Shoe 8.5 New 1e5465d
    Nike 314812 441 Air Max 90 Premium Black Blue Shoes Youth Sz 6Y Women's 7 RAREd2m Salomon Womens 8 / 40 Shoes X-mission 3 Trail Running Shoes Teal Contragrip , Women's Nike Hyperdiamond Fastflex Softball Cleats 684680-011 Gray Size 7.5VANS Era Hi (Pig Suede/Nylon) Black Water Resistant High Top WOMEN'S Size 8 , Mizuno 9-Spike Swift 4 White/Black Fastpitch Softball Cleats Women's Sz 6.5 NewWomens NIB New 8 Reebok Rbk Speed Runner Trainer CrossFit Run Fury Hexalite , Nike Women Air Max Size 8.5 Running Shoes Black Neon Green Neon Pink 698903-005Adidas Womens Vigor Bounce W Black Running Shoes Size 5.5 (17989)Nike Air Jordan 1 Retro Low Women's Shoes, Size 8 AJ6004 010 BlackAsics Gel Lyte III Womens Ice Blue Metallic Leather H6E5K 4444 Size 8.5 New , Nike Women's Free TR Fit 5 Training Shoes NEW White/Red MSRP $100 , Asics Womens Gel-Sonoma Running Shoes, Charcoal/Mint/Hot Pink, US 9 D (Wide) , NEW Nike Women's Total Core Tr2 Athletic 649845-174 Sneakers Shoes , Reebok Size 6 REALFLEX SELECT Coral Pink Running Sneakers New Womens Shoes , NIB WOMENS SIZE 7 ADIDAS CLOUDFOAM FLYER RUNNING SNEAKERS BLACK AW5423 , VTG KangaROOS Sneakers Shoes Zip Pocket leather White/Pink Women's Size 8.5 (s12 , Vans Sk8 Hi Velvet Tan Black Men's 7 Women's 8.5 Skate Shoes New NIBMan's/Woman's adidas Gazelle - Green - Womens Best-selling worldwide excellent Comfortable and naturalNEW WMNS NIKE AIR MAX MOTION LW SE BLACK CRIMSON RUNNING SHOE 844895-002 SIZE 6 , Adidas Performance (BY8886) Nemeziz 17.4 FG W Soccer Cleats Women's SZ 6.5 & 10 , Nike Air Relentless 4 Women's Running Shoe 684042 102 Size 8.5New Women's PUMA Basket Heart Nylon Sneaker - 364954-02 Black - MSRP $80 , New Nike Wmns COURT MAJESTIC Women's Shoes Size: 6 , 6.5 454256 017 , Womens MERRELL Reactor Mid Waterproof Sage Green Leather Hiking Boots SIZE 7.5 , NIKE AIR FORCE 1 HI PRM WOMEN`S SHOES TRAINING RUNNING SNEAKERS NEWWomen's Reebok Reebok CL Harman Run - White - Width: med - Fashion SneakersCONVERSE ALL STAR MULTI COLOR HI-TOP SOFT SIDE DESIGN SNEAKERS WOMENS SIZE 10 , Asics Women's GEL-EXCITE Shoes NEW AUTHENTIC White/Berry/Lightning T385N-0136 , Adidas Women's Questar Drive Ankle-High Mesh Running Shoe
    Nike New Womens Air Grey Max Thea Print Black Nike Wolf Grey Sneaker Running Shoe 8.5 New 1e5465d ->Nike New Womens Air Grey Max Thea Print Black Nike Wolf Grey Sneaker Running Shoe 8.5 New 1e5465d -
    Hunter Original Boots Yellow Glossy Women Short Rain Boots New Authentic , Geox Womens D Kaula H Slip on Trainers, CobaltBlack C4340, 3 UK , Penthouse Black Platform Cherry Mary Jane Heels Dancer ShoesHot women's sandals high heel stilettos open toe leather party zipper shoes Sz , Loeffler Randall Women 9.5 Navy Green Raffia Ankle Buckle Wedge Heel Sandals NewChinese Style Women's Wedge Heel Shoes Sandals Buckle Multi Color Open Toe Ths01 , New ASICS GEL Surveyor Mens Running Shoes/ T6B4N Black-Silver MSRP $160 , Brooks Men's Adrenaline GTS 15 White/Olympic/Lime Punch Running Shoes 8MSneakers and Athletic Born Belford Rust/Brown ComboNIKE ZOOM MERCURIAL XI FLYKNIT FC SZ 13 FK BLACK WHITE 852616 002 , NIKE AIR PIPPEN 1 BLACK WHITE PURPLE 2008 RELEASE BASKETBALL SZ 7.5 325001-051Nike Air Jordan Why Not Zer0.1 Mirror Image Westbrook AA2510-104 Men's 9.5 SH04 , Saucony SOARIN J Jump Spike Shoes for Long Jump/Triple Jump/Pole Vault S29037-1#K MENS DAN POST COWBOY LEATHER BURGUNDY BOOTS SIZE 8.5 EW , Carhartt Men's CMP1259 11" Safety Toe Mud Wellington Brown/Black Leather , Xtratuf Men's Sharkbyte Airmesh Blue Size 6.5 Casual Deck Shoes , G.H. Bass & Co. Men's Proctor OxfordVans DERBY TH LX NERO Taka Hayashi Sizes 8-11 otw black dark gull gray brownFeragamo Leather Loafers Shoes ~ Woman's Sz 8 AAA ~ Made in Italy Vintage , L-3774998 New Brioni Capri Brown Leather Loafers Shoes US-9 Marked-8 , Giorgio Brutini Men's Roody Oxford - Choose SZ/Color , SKECHERS D'lites Women Sport Casual Comfort Memory Foam Sneakers NEW SZ 7.5 , VANS SK8-HI DEL PATO MTE BLACK WOMEN'S SIZE 8.5 HIKING SHOES/S84138.238SUPERGA UNISEX CELEB WEAR 2790 PERFLEAW LEATHER SNEAKER SHOES NEW 9 9.5 10Reebok Club C 85 Hardware White Chalk Women Shoes Sneakers Trainers BS9595NIKE Air Max 95 WQS Womens Sz 9 Shoes Liquid Lime Green Satin 919491 300 , JUNYA WATANABE COMME des GARCONS x NIKE sneakers nylon suede yellow khaki redNike Air Zoom Structure 21 Women's Running Shoes 904701 001 + 17D , Womens Nike Air Zoom Vapor X HC Size 10.5 (AA8027 403) No BoxColleen Lopez Grey Suede Wedge Tall Boot 7W NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike New Womens Air Grey Max Thea Print Black Nike Wolf Grey Sneaker Running Shoe 8.5 New 1e5465d -

    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 New Womens Air Grey Max Thea Print Black Nike Wolf Grey Sneaker Running Shoe 8.5 New 1e5465d -

    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 New Womens Air Grey Max Thea Print Black Nike Wolf Grey Sneaker Running Shoe 8.5 New 1e5465d
    Athletic Shoes