Never miss an update

Nike Air Zoom Zoom Span Mens Running Running Shoes Fitness Air Gym Workout Trainers Black 52eadad

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
Shoe Style: Running Shoes Style: Running Shoes
Fastening: Lace Up Main Colour: Black
Product ID: NK143909 Upper Material: Textile / Mesh / Synthetic
MPN: NK143909 Exact Colour: Black / Grey / White
EAN: 675911653142 Colour: Black
Never miss an update

Nike Air Zoom Zoom Span Mens Running Running Shoes Fitness Air Gym Workout Trainers Black 52eadad -

    Nike Air Zoom Zoom Span Mens Running Running Shoes Fitness Air Gym Workout Trainers Black 52eadad
    Nike Air Zoom Zoom Span Mens Running Running Shoes Fitness Air Gym Workout Trainers Black 52eadad
    Adidas NMD R1 Primeknit Sashiko Zebra BZ0219 Originals MenNike Shox Gravity Mens Running Shoe Red/White/Gold AQ8553 009 NEW Size 8Nike Takedown 4 Men's White & Blue Wrestling Shoes men's size 12 US , NEW NIKE AIR ZOOM STRUCTURE 18 MEN'S RUNNING SHOES WOLF GREY BLACK 683731 002 , Nike Air Max TR 180 Mens Triple Black Running Cross Training 723972 001 NIB , Nike Mens Air Presto Essential White Silver Grey Running Sneakers 848187-101NEW MENS NIKE LEBRON XIII Low sz 12 ALL BLACK Baskeball Shoes Sneakers James , Gentlemen/Ladies SHOES ADIDAS LA TRAINER OG-BB1206 Reasonable price Trendy classic styleSUPRA SKYTOP BLACK WHITE S18272 MEN SHOES SIZE 8 TO 13(2) Nike Air Jordan 1 Flight Shoes- Black/Blue/Gray & Grey/Black/Purple Size 11 , Men's Nike Match Classic Suede Leather Shoes Black White Tan Size 13 844611-001Tommy Hilfiger Men's Iconic Leather Suede Trainers, BlackNike Jordan Men's Ultra Fly 2 Basketball Shoe Black 897998_003 size 11Jordan Retro 12 Vanchetta Tan W Size 7 , Nike Air Max LeBron 10 Low University Red Grey 579765-600 Men’s Size 12 , New FILA Mens Boveasorus 99 WHITE / NAVY / RED FS1HTA3051X US M 7-10 TAKSEMarugo " Sport Jogs " Tabi Sneakers , New ADIDAS EQT Support ADV Cushion Sneaker Mens black orange crimson all sizes , NIKE DUNK HIGH PREMIUM SB "OLYMPIC FRANCE" RED-GOLD-BLUE SZ 12 313171-674Nike SF Air Force 1 MID Mens Black Anthracite White [917753 006] Size 9 NEW $160 , Nike Men's Blazer Studio Low Ankle-High Leather Fashion Sneaker , NIKE AIR JORDAN TRAINER 2 FLYKNIT Men's 9.5 ANTHRACITE BLACK ORANGE 921210-012Nike Men's Air Force 1 Mid Basketball Shoe Black (315123 001)Converse Burnished Leather HI C Blue Men SZ 7 - 11 40% OFFNIKE MEN'S JORDAN HORIZON LOW BASKETBALL SHOES 845098-102 WHITE/RED SIZE 12 NEWMens Air Jordan XXXII Low AA1256-401 University Blue Brand New Size 9.5 , Adidas Iniki Runner Boost BY9728 Red/White Men's Casual Runner , adidas LUCAS PREMIERE PK - Black - MensNike Zoom All Out Flyknit Mens Size 11 Running Shoes Jade White Volt 844134-313
    Nike Air Zoom Zoom Span Mens Running Running Shoes Fitness Air Gym Workout Trainers Black 52eadad ->Nike Air Zoom Zoom Span Mens Running Running Shoes Fitness Air Gym Workout Trainers Black 52eadad -
    Jimmy Choo Black Leather Grommet Eagle "Wylie" Knee High Boots SZ 39Women's Ruby Shoo June Black Detailed Low Heel Ballet PumpMan/Woman NEW Sandler Memphis Grey Nubuck Boot Rich design discount Strong heat and heat resistance , Mr/Ms Fabulicious FLAPPER-01F Promotion delicate value , Aerosoles Womens Tidbit Ballet Flat- Pick SZ/Color. , COLE HAAN Grand OS Catalina Wedge Black Suede D42913 Shoes Women 10 B M $170 NEW , Pleaser 7" silver rhinestone ankle strap sandals , Seychelles Women's Hazel Dress Pump - Choose SZ/Color , NIB YSL Yves Saint Laurent MAGGY 105 FS WEDGE PLATFORM Peep Booties Shoes 37.5 , Gibellieri 3367k White Leather Pointy Heel Classics Pumps 37 / US 7CHRISTIAN LOUBOUTIN MORPHING MINI PONY LEOPARD WEGDE SHOES 38/7.5$995 , New Manolo Blahnik CALLAMU Blue Patent Leather Kitten Heel Sandals Shoes 37.5 , Anthropologie Minda living fringe coin slide Sandals Size 8 , J.CREW STRIPED PLATFORM SANDALS 7.5 NEW #E7660 NAVY FLAT SHOES $178 , Reebok Men's Ridgerider Trail 2.0 Running Shoe - Choose SZ/Color , Nike CLASSIC CORTEZ LEATHER Mens White 749571-111 Athletic Training Shoesnike barkley posite max area 72 ASGAndrew Marc Men's Remsen High-Top Sneakers Gun/Cream Leather Size 11 DMen/Women Prada Suede & Nylon Runners Grey We have won praise from our customers. Settlement Price Preferred boutiqueNew Bed Stu Benny Oxford Leather Men Shoes Size 9 , Schmitt Fur Covered Boots - Eric Vibram - Sz 12 - AustriaMens G.H. Bass Larkin Slip On Tassel Smart Penny Loafer Leather ShoeWOMENS REEBOK VENTILATOR WINTER RUNWAY SIZE UK4.5/US7/EUR37.5 AQ9829NEW WOMENS NIKE ZOOM WILD HORSE PURPLE BLUE SZ 10 , Mizuno Women's Wave Tornado 8 Volleyball Shoe White/Black size 6 M US 9KV-38009 , Nike Roshe Two 2 Size 11 US Black Women's Running ShoesAltra Women's Paradigm 3 Running Shoe, Dark Blue, 7.5 B US , Kenneth Cole New York Women's Eryn Pump Blush Satin PumpsBlack Red Color Over the Knee Pu Leather Long Boots for Women , Chic Womens Sexy High Heels Knee HIgh Boots Leather Stilettos Pumps Shoes US 4-9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Zoom Zoom Span Mens Running Running Shoes Fitness Air Gym Workout Trainers Black 52eadad -

    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 Air Zoom Zoom Span Mens Running Running Shoes Fitness Air Gym Workout Trainers Black 52eadad -

    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 Air Zoom Zoom Span Mens Running Running Shoes Fitness Air Gym Workout Trainers Black 52eadad
    Athletic Shoes