Never miss an update

Nike Air Humara '17 Supreme X Nike Triple Black 924464 Air 924464 001 Men's Size 9.5 c10a829

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
Idset_Mpn: 924464 001
US Shoe Size (Men's): 9.5 Model: Air Humara 17 Supreme
Color: Black Modified Item: No
Brand: Nike Style: Shoes
UPC: 676556522374
Never miss an update

Nike Air Humara '17 Supreme X Nike Triple Black 924464 Air 924464 001 Men's Size 9.5 c10a829 -

    Nike Air Humara '17 Supreme X Nike Triple Black 924464 Air 924464 001 Men's Size 9.5 c10a829
    Nike Air Humara '17 Supreme X Nike Triple Black 924464 Air 924464 001 Men's Size 9.5 c10a829
    DS 2015 NIKE AIR JORDAN 7 RETRO HARE BUGS BUNNY WHITE TRUE RED 304775 125 10.5Nike Air Jordan 8 VIII Take Flight Olive Undefeated New in Box Sz 7 305381-305Air Jordan Gamma Blue 11's (Men's Size 9.5) Bred Space Jam Supreme , Adidas Ultra Boost 3.0 Night Cargo / Olive S80637 - US 7 and US 7.5 - SOLD OUT!Nike Air Jordan Retro 10 "Chicago 2012 Release" White/Varsity Red-Black - New , VANS SK8-HI REISSUE LX BLENDS x BORN FREE BLUE RED WHITE USA VN000XH5PYQ OG 11.5ASICS GEL-LYTE V 5 NEW SIZE 13 MINT LEAF WHITE RONNIE KITH H40KK-8686Nike Air Vapormax FK Moc 2 Flyknit Men's sz 8.5 Neutral Olive AH7006-200Converse One Star Ox Golf Wang Tyler The Creator Limited Size 7.5 Brand New , NEW BALANCE MRT580WM x WHIZ x MITA Sz US8.5 UK8 KITH Fieg Saucony END Cove 2013 , Air Jordan XI 11 Retro Legend Blue Columbia White Shoes Size 11.5Air Jordan 12 Retro Low Size 92018 Nike Air Max Deluxe OG SZ 9 Photo Blue Orange Peel Wolf Grey AJ7831-401 , ASICS x Concepts Gel-Lyte V 8 Ball Size 10.5 US Pre-Owned H40FK , Men's/Women's New Balance Men's mc806 Tennis Shoe Elegant appearance Clearance Most practicalNEW DS Nike Zoom LeBron V (5) Blk/ Blk-Var Crmsn Gold 2007 Size 11.5 317253 001 , Nike Air Foamposite One Metallic Copper Black 2017 314996-007 8-14 free shipping , Premiata shoes man sneaker suede fabric LUCY_1795 blue white , NIKE AIR HUARACHE LE WOLF GREY VOLT US 8.5 TRIPLE BLACK WHITE QS OG , Spyder Black Widow Run Running Shoes 2-Layered Mesh BNS Color Authentic , Jordan 4 Retro LS Oreo (2015) DS Size 10 New With Box 314254 003 , Nike Air Force 270 “Feel Big Air”, Black/White/University Red/Chrome, Size 14 , adidas ZX Flux DS Brand New Size 8 AQ4535Spyder Black Widow Run Running Shoes 2-Layered Mesh ABL Color Authentic , MARCELO BURLON shoes slip on LAUREN SLIP ON men CMIA015S173990621000 blackMEN NIKE LEBRON JAMES XIII BASKETBALL SHOES SIZE 11 "HORROR FLICK" , ASICS New Men's TARTHER JAPAN Road Running Shoes Yellow Color - AuthenticDeadstock Air Jordan 11 Low Navy Gum Bottom Size 10.5 With BoxAIR JORDAN 11 RETRO LOW "CLOSING CEREMONY"
    Nike Air Humara '17 Supreme X Nike Triple Black 924464 Air 924464 001 Men's Size 9.5 c10a829 ->Nike Air Humara '17 Supreme X Nike Triple Black 924464 Air 924464 001 Men's Size 9.5 c10a829 -
    FRYE Tyler Engineer, Back Zip, Silver Hardware, Black Leather Wmn's US Size 5.5M , AQUATALIA By Marvin K MILA stylish black suede ankle boots shoes sz. 8.5 MMen's Shoes Sneakers ALBERTO GUARDIANI Sport Man Shoe Adler White Made Italy New , New Top End Upclimb Dk Tan Womens Shoes Casual Boots AnkleNew Silent D Penats Womens Shoes Casual Sandals HeeledNine West Lastcall Synthetic Womens Moccasin- Choose SZ/Color.Women's Black Leather DANSKO Clogs Size 7.5 US, 38 Euro, Nice! , Chloe Gabes Women's Velvet Ballerina Flats Red Sz 37 $540 , COLE HAAN (Green Label) Tan Leather Slip On Loafers Size 6.5 B made in ItalyBadgley Mischka Women's Marimba Blksat Black Size 6.5 , NEW VANS SHOES CHUKKA 79 PRO CLASSICS 7 MENS NAVY DARK RED OXFORD SUEDE NIB , MENS ADIDAS CRAZY 1 "Kobe Bryant" in colors ORANGE / ORANGE / WHITE SIZE 11.5Nike Air Max 95 Essential Desert sand sunset tint AQ6303-001 Sizes 9 NewReebok BS5449 Mens Cl Lthr Gum Cu Fashion Sneaker- Choose SZ/Color.Reebok Work RB1630 Mens Ketee Rb1630 Industrial and Construction Shoe2003 Nike Air Max Trainer 1 ENERGY PACK OBSIDIAN BLUE BLACK WHITE 306530-431 10 , Nunn Bush Men's Phillips Oxford - Choose SZ/color , Chippewa Boots 9" Waterproof Insulated Steel-Toe EH Logger Bay Apache or BlackGenuine Lucchese, BC Lonestar Calf Skin Boots, Style M1021 Sizes (10 2E)Puma Sky Hi Holo Gold Leather 36419702 Men , NIB $195 MUNICH LASART MADE IN SPAIN HIGH-TOP SNEAKERS. SZs 44/ 10, 45/11 M , New! Womens New Balance 460 v2 Running Sneakers Shoes - limited sizesNike Roshe Two Women's Sneakers Dark Cayenne/White 844931-601Puma Basket Heart Women's Skateboarding/Casual Sneakers Red Dahlia 365198 02 L , EUC Golden Goose Gold Low Top Sneakers, 40Saks Fifth Avenue Calf Hair Fur Booties Size 9B , Shellys London Dema Silver Leather Flatform Rainbow Coolest Platform Sneaker , Chic Women's Clubwear Patent Leather Pointy Toes Pull On Riding Knee High BootsKenneth Cole Val Blue Womens Shoes Size 10 M Sandals MSRP $160Men's/Women's Steve Madden boots size 10 MENS main category special promotion Popular tide shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Humara '17 Supreme X Nike Triple Black 924464 Air 924464 001 Men's Size 9.5 c10a829 -

    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 Humara '17 Supreme X Nike Triple Black 924464 Air 924464 001 Men's Size 9.5 c10a829 -

    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 Humara '17 Supreme X Nike Triple Black 924464 Air 924464 001 Men's Size 9.5 c10a829
    Athletic Shoes