Never miss an update

Nike Women's Air Max Thea Max Print Casual Women's Shoes Thea Size 9070604

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
Color: Blue/University Red/White Width: Medium (B, M)
Style: Casual Shoes
Never miss an update

Nike Women's Air Max Thea Max Print Casual Women's Shoes Thea Size 9070604 -

    Nike Women's Air Max Thea Max Print Casual Women's Shoes Thea Size 9070604
    Nike Women's Air Max Thea Max Print Casual Women's Shoes Thea Size 9070604
    2018 WMNS Nike Air Jordan 1 Retro High Premium SZ 9.5 Black Gold Toe AH7389-007 , Nike Air Jordan Flight 45 Hi GS White Pink Black Womens Girls TrainersPuma Women's Thunder Desert in Natural Vachetta/Cream Tan 368024-01 FREE SHIP , Nike Cortez Ultra Moire Casual Women's Shoes Size 5.5 , ECCO Biom Venture Sneaker - Women's Size US:8-8.5 / EU:39, Black/PurpleNew Adidas PureBoost X All Terrain Running Athletic Shoes Gym Black-White BY2691Nike Dunk Sky HI Cut Out Premium 644411-100 Women's US 8 Sail Mango NEW $130EMPORIO ARMANI EA7 WOMEN'S SHOES HIGH TOP TRAINERS SNEAKERS NEW CULT VINTAGE 874 , Adidas Women’s NMD R2 PK W Wonder Pink Sz 6 NIB BY9521 Worn OnceNEW BALANCE CT300SRO ORANGE WHITE SUEDE/MESH LEATHER LIFESTYLES SNEAKERS 9.5NIB Brooks Adrenaline GTS 17 Women's Running Shoes Black-Anthracite almost goneNike Women's Air Max Cage 2 Tennis Shoes 705260-801 Hyper Orange Sz 6 - 10Nike Free Run Running Women's Shoes SizeWomens NIKE Air Jordan 1 Retro Low NS Shoes Sneakers Gym Red Gold White 9 7.5Y , Bally Sneakers 8.5 Women's Frazee Leather Shoes Red & White PerforatedNew Nike AIR MAX THEA METALLIC HEMATITE Wmn USszs: 6; 7.5; 9.5 Light 861674-002 , New Balance W530TCB B White Grey Floral Women Running Shoes Trainers W530TCBBNIKE Women's AF1 Air Force 1 Jester XX Size 7.5 - All black AO1220-001Adidas Women's Superstar Boost Shell Toe shoes sneakers new BB2271 Silver , Nike Wmns Air Max 90 Binary Blue/Oatmeal-White 325213-410 Size 7.5 , Womens Saucony Shoes Triumph 3 Grey Purple Running Shoes S10346-4 NEW , NIB Merrell Chameleon 7 Limit Women's Hiking Shoes Brindle many sizeGentlemen/Ladies adidas alphabounce Undye womens 11 High quality and cheap Ranked first in its class Full range of specificationsPuma x Fenty by Rihanna Suede Cleated Creeper - Yellow - Womens 8.5Nike Air Max 95 LE 310830-011 Atmosphere Pink Grey Size 6.5Y Womens Size 8NIKE CLASSIC CORTEZ LEATHER WHITE/VARSITY RED SIZE WOMEN'S 9 [807471-103]HOKA ONE ONE MAFATE 4 TRAIL RUNNING SHOES WOMEN'S 9.5 , Reebok X Face Stockholm Women’s Size 10 Instapump Fury Shoes Blue Pink AR2650 , Nike WMNS Air Max 90 women casual sneakers NEW white wolf grey 325213-126 ,
    Nike Women's Air Max Thea Max Print Casual Women's Shoes Thea Size 9070604 ->Nike Women's Air Max Thea Max Print Casual Women's Shoes Thea Size 9070604 -
    Women Sexy Peep Toe Denim Over Knee Boots Nightclub High Stilettos Heel SHoes , Women Patent Leather Ankle Boots Stilettos High 22Cm Platform Shoes Zsell , Kenneth Cole New York Women's Alyssa Stretch Shaft Heel Ankle, Pewter, Size 7.5Upcycled Cowboy Boots gypsy junk Cutomized OOAK wearable art bling leather logo , Converse Chuck Taylor All Star II 2 Red White Men Sneaker Shoes Lunarlon 150144C$1350 New Authentic Bottega Veneta Leather Tall Boots w/Buckle,Black,307880 1000 , Reebok CLUB C 85 MELTED METALS BS7901 Gold mod. BS7901 , Sanita womens dark brown leather shoe "Nikita" (Nell Shoe) , Birkenstock Women's Kleifar Oxford Black Style 1010775, , New Melissa Black/Nude Trippy Pointed Ballet Flats Size 9 **Defect Discount**EMU NHILL W10532-MUSH MUSHROOM OPEN TOE AUSTRALIAN SANDAL Medium (B, M) WomenDolce & Gabbana Black Patent Leather High Heel Shoes Size 40 , Pleaser ADORE-708F Women's Clear Neon White Marabou Feather Heel Platform Sandal**HOT NEW ELEGANT SEXY BLACK PURA LOPEZ PEEP-TOE PUMPS** , Men/Women Hades Women's Layla Mustard Pumps Crazy price, Birmingham Selected materials Most practicalNEW FOSSIL LEATHER RAMINEH X BAND TAN+BRONZE WEDGES,SANDAL,SHOES-SIZE 8.5,9Womens Flats Crystal Bowknot Sliders Shoes Loafer Casual Mules Slipper Date Shop , *New* Nike Force Zoom Trout 4 Turf Men’s Size 12 Baseball Shoes 917838-001NIB Mens Nike Metcon 3 AMP Sz: 12.5 Medium Blue/Ghost Green (852929-401) , Adidas Baseball Cleats Mens 12 Sneaker Dual Threat D69414 Shoes , NIKE AIR FOOTSCAPE WOVEN NM SEQUOIA OREWOOD BROWN SAIL 875797 300 SZ 10 , Vintage 1970’s Chuck Taylor Converse Amazon Green 144756c Mens 7 Womens 9 , Gentleman/Lady Shoes Blackstone Mm23 Black Great variety Pleasant appearance Excellent workmanshipNike Air Jordan Retro 1 High Royal OG Black 555088-085 10 11 3 supreme , Mens Brown Bull Embroidered Design All Real Genuine Leather Cowboy Boots RodeoMan/Woman Paul Harnden Derby Big clearance sale a good reputation in the world Modern and elegant , Nettleton Vintage Mens Brown Penny Loafers 11DWomen's Fashion Back Zipper Mid Calf Boots Solid Stiletto Heel Pointed Toe Shoes , BEARPAW Women Lauren Tall Winter Boot Fur Lined Charcoal Suede Warm Button BootBurton Women's Mint Snowboard Boot - Black - Size 7 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Women's Air Max Thea Max Print Casual Women's Shoes Thea Size 9070604 -

    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 Women's Air Max Thea Max Print Casual Women's Shoes Thea Size 9070604 -

    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 Women's Air Max Thea Max Print Casual Women's Shoes Thea Size 9070604
    Athletic Shoes