Never miss an update

Men's design/Women's renewed Nike vibenna 902807-005 mogochinese-29945 for you to choose Modern design renewed on time 6d652b2

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
Style: Sneakers
UPC: Does not apply Sole: Rubber
Manufacturer Part Number: 902807-005 Brand: Nike
Shoe Size: 38-46 Material: Textile/Leather
Never miss an update

Men's design/Women's renewed Nike vibenna 902807-005 mogochinese-29945 for you to choose Modern design renewed on time 6d652b2 -

    Men's design/Women's renewed Nike vibenna 902807-005 mogochinese-29945 for you to choose Modern design renewed on time 6d652b2
    Men's design/Women's renewed Nike vibenna 902807-005 mogochinese-29945 for you to choose Modern design renewed on time 6d652b2
    NIKE HUARACHE V LAX ELITE SIZE 13 KHAKI RED GOLDEN 807120-200 Lacrosse CleatsMen's/Women's NEW BALANCE MS574STP DUSTED PEACH Innovative design Reliable performance Sales online storeAdidas Pharrell Williams HU Holi Tennis Hu - DA9615Men's/Women's Puma Lift Fade 10 Innovative design Strong value Reliable reputation , Air Jordan XX ORIGINAL release LASER SZ10.5 Emmaculate , Jordan Men's Jordan Hydro 7 Retro Black/Black-Varsity AA2517-003 Premium SlidesNike SF Af1 Mid Special Field Yellow size US 11 authenticPaperPlanes Athletic Sneakers Cool Mesh Leather Sneakers Black Lable PP20202 NV , Adidas Matchcourt Mid MJ Marc Johnson Red White Sz 10 CG5670Adidas CQ2334 INIKI N 5923 Running shoes grey white black Sneakers , Nike air max vision new style sneakers , Men's/Women's adidas Adizero Md Running Shoe main category Stylish and charming Preferred boutiqueAdidas As Futurestar Boost West Basketball Men's Shoes Black/Yellow Size 14.5 , Leather Floral Detail Trainer Sneaker - NIB - Free Shipping , ADIDAS QUESTAR RIDE MEN'S SIZE US 7 B44806 , NIKE VAPOR Football Lax UNTOUCHABLE cleats NAVY BLUE-WHITE SZ 14,15 [698833-411]Nike SB Stefan Janoski Max White Obsidian Sz 8 631303-114 , Converse Chuck Taylor All Star Hi Red&White Canvas Trainers , Shoes Gola Equipe CMA495RX Mens Sneakers Vintage Suede BurgundyPUMA IGNITE FLASH evoKNIT SHOE SHOES RUNNING GYM ORIGINAL BLACK 190508 02Mens Large Size Nike Hyperdunk 2014 White Athletic Shoes 17 M..527AConverse BO-157807C_WHITE_BLUE_JAY_WHITE sneaker Men's - colour White USNike Air Max Skyline Command 90 1 BW THEA LTD NEW TRAINERS ALL SIZESPIMD Black X-Core V2 MENS HIGH TOP GYM SHOES BOOTS WEIGHT LIFTING BODYBUILDINGNew Balance 1978 Classics Yellow/White ML1978HC Men's Sz 12,13 , Adidas VERITAS-X Men's basketball Shoes Sz 10 Burgundy S77632Fila Men's Memory Finity Sneakers, Blue Mesh, Synthetic, 10.5 M , NikeLAB Air Flight 89 828295-600 Gym Red White Nike Lab Leather Retro DS SZ 8.5 , Adidas BY9714 Men Haven vintage Running shoes red white brown sneakers ,
    Men's design/Women's renewed Nike vibenna 902807-005 mogochinese-29945 for you to choose Modern design renewed on time 6d652b2 ->Men's design/Women's renewed Nike vibenna 902807-005 mogochinese-29945 for you to choose Modern design renewed on time 6d652b2 -
    NEW MERRELL ALBANY SKY WATERPROOF LEATHER BOOTS WOMENS 7.5 ESPRESSO MID J42356JOHNSTON & MURPHY NOEL Brown Leather Designer Boots Cowboy, Western 7.5 MNike Air Zoom Speed Rival 6 VI Men Women Running Shoes Sneakers Trainers Pick 1 , Brooks Glycerin 10 Mens Runners (D) (301) (DNA) RRP $249.95 + FREE DELIVERY**LATEST** Asics Gel Netburner Ballistic Womens Netball Shoes (B) (400) , Marc OPolo Womens Sneaker 80214403502102 Trainers, Orange Apricot 271, 5 UK , FREE PEOPLE women Brocade Pattern At Ease MULES Slides LOAFERS Navy 39 / 8.5-9 M , Enzo Angiolini Leather uppers/soles White Liberty 25 women shoes Sz 91/2M Brazil , Women's Eastland Slip on Shoe. Yarmouth. New. NWB. Tan ColorFIC FLORAL Elva Women Wide Width Evening Dress Sandal for Wedding, Prom, Dinner , Charles Jourdan Collection Women's Sandra Pump,Silver/Black,11 M US Eur 41-42 , GIUSEPPE ZANOTTI MULTI COLOR MARBLED PEEP TOE PLATFORM PUMP Sz 37M MADE IN ITALY , Women Wedge Heel Strappy Sandasl Shose Open Toe Roman Style Platform Side ZipNWOB Ralph Lauren Collection Fistina Espadrille Wedge Sandals Size 8.5 , NIKE Air Zoom Alpha Talon White Red Football Cleats Shoes NEW Mens 12 14.5 15 16 , Converse CONS One Star Pro Suede Mid Black White Men Skateboarding Shoes 153472CNIKE NSW COURTSIDE WOVEN MEN'S SIZE 12.5 NEW IN BOX BLACK 555102 001Georgia Boot Men's Glennville 8" Brown Work Shoe , New Rocky RKS0297 Endeavor Point Brown Men's Waterproof Casual Shoes 6 USStacy Adams Men's Cyrus Moc Toe Bit Slip On Shoes Black Smooth 25173-005 , NIB MARNI ITALY Military Green & Gray NEOPRENE Sneakers Sport Shoes EUR-43 US-10 , Merrell Jungle Moc Classic Taupe J60802 Women's SZ 6.5 , Women's Keen Targhee Vent Shoe color Fumo/Quiet Green size US 10 , PUMA Women's Cell Riaz Athletic Running Shoe Black/Gray 191429 02 SIZE: 9 UsedWomen's Nine West Knee High Boots - Shearling - Black Suede - WIDE CALF! - NEW!!Womens Graffiti Short Ankle Elastic Slip On Chelsea Waterproof Size 10 , NEW Vince Camuto Pedra Over-the-Knee Boot Grey Distressed Leather, Size 6.5 $229NEW $300 Dolce Vita 'Silas' Over The Knee Suede Boots Gray Whipstitch sz 6 , Sbicca Womens Cira Ankle Bootie- Pick SZ/Color.St John Couture Two-Tone Stiletto Boots Suede/ Leather Size 7 Made in Italy
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's design/Women's renewed Nike vibenna 902807-005 mogochinese-29945 for you to choose Modern design renewed on time 6d652b2 -

    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.

    Men's design/Women's renewed Nike vibenna 902807-005 mogochinese-29945 for you to choose Modern design renewed on time 6d652b2 -

    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
    Men's design/Women's renewed Nike vibenna 902807-005 mogochinese-29945 for you to choose Modern design renewed on time 6d652b2
    Athletic Shoes