Never miss an update

Nike SB Zoom Dunk Low Dunk Pro Shadow Black Wolf Grey White Grey White 854866 001 Size 8.5 857f985

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
Model: Dunk
US Shoe Size (Men's): 8.5 Style: Skateboarding
Color: Gray Product Line: Nike SB
Euro Size: 42 Features: Slip Resistant
Brand: Nike UPC: Does not apply
Never miss an update

Nike SB Zoom Dunk Low Dunk Pro Shadow Black Wolf Grey White Grey White 854866 001 Size 8.5 857f985 -

    Nike SB Zoom Dunk Low Dunk Pro Shadow Black Wolf Grey White Grey White 854866 001 Size 8.5 857f985
    Nike SB Zoom Dunk Low Dunk Pro Shadow Black Wolf Grey White Grey White 854866 001 Size 8.5 857f985
    Adidas Originals ZX Flux AQ3099 Metal Gear Solid Grey Torsion Men's Shoes , Under Armour UA ClutchFit Drive 2 Shoes 1258143 411 , Man/Woman Nike Men's Hyperdunk '08 Basketball Shoe main category high quality Fine wild , New Men's Nike Air Zoom Gimme Spikeless Golf Shoes White Black Oreo Size 10.5Air Jordan Retro 5 Royal/Stealth Sz 8 , Mizuno Spark 3 Men's Running Shoes K1GA180309 A***NEW*** NIKE AIR JORDAN 1 RETRO MID GREY / BLUE / WHITE 554724-025 SZ 10.5adidas originals Pureboost mens trainers BA8893 sneakers CLEARANCENike Metcon DSX Flyknit 2 Mens Cross Training Weightlifting Black 924423-010 , Nike Mens Size 7.5 Metcon DSX Flyknit Black Grey Orange Purple Training ShoesMen's Nike Fly Top High Rise High Top Black/Purple Suede Leather- Size 9.5 USTOMMY HILFIGER Marcus Sneaker MEN'S LIFESTYLEAdidas ZX 500 Mens Size 8.5 Brown Leather , Nike SB Zoom Stefan Janoski PR QS 'Tie Dye' 678472-317 Green/White Men's ShoesNIKE DUNK LOW FLYKNIT MEN'S Sneakers Lifestyle shoes Collegiate NavyK-Swiss Men's Adcourt 72 Boot High-Top Leather Basketball Shoe , Nike Zoom Speed Tr3 Mens Running Trainers 804401 Sneakers Shoes 310 , adidas X 15.1 FG/AG - Orange - Mens , Nike Air Jodan Retro 5 Black Grape Size 11 100% Authentic , Nike Train Speed 4 Mens Running Trainers 843937 Sneakers Shoes 010 , Mizuno Wave Inspire 13 Men's Running Shoes Sz US 10 D Blue Silver BlackAdidas Originals Stan Smith 'Pony' OrthoLite B24700 Cardboard/Clay Men's Shoes , Nike Blazer Mid PRM VNTG Mens Hi Top Trainers 638261 404 Sneakers Shoes , Brand New Men's Dawangyeezy Sports Casual 350 Athletic Sneakers Running Shoes V2 , Adidas 3ST.001 Grey One Black Sz 11 CQ1084Nike Air Max 90 Ultra BR mens trainers sneakers shoes 725222 007 NEWADIDAS STAN SMITH ADICOLOR LOW SNEAKERS MEN SHOES GREEN S80250 SIZE 12 NEWNike Air Zoom Pegasus 33 Mens Running Shoe 831352 004 Size 7Gentleman/Lady Jordan Retro 4 Motorsport Size 9 Elegant and sturdy set meal The highest quality material Clearance sale
    Nike SB Zoom Dunk Low Dunk Pro Shadow Black Wolf Grey White Grey White 854866 001 Size 8.5 857f985 ->Nike SB Zoom Dunk Low Dunk Pro Shadow Black Wolf Grey White Grey White 854866 001 Size 8.5 857f985 -
    Fly London Women's Yagi Southwestern Fringe Suede Wedge Boots CamelFREE PEOPLE SHOES WINDING ROAD HEEL BOOT KHAKI 40 ANKLE BOOTS NEWOld Gringo Yippee Ki Yay Women's Iroqui Leather Western Cowboy Boots - BoneGentleman/Lady Adidas Adi-Ease Premiere Skate Shoes, Black/White/Gum Consumer first Order welcome TRUECaterpillar Streamline S1P Safety Footwear / Mens Shoes (FS2313) , New Mollini Peave Silver Womens Shoes Dress Sandals Sandals FlatTARYN ROSE Women's Athletic Oxfords Shoes Size 37 M 6.5JCREW COLLECTION JANEY SNAKESKIN FLATS - SIZE 9- SOLD OUT COLOR!! , TOD'S Italy Womens Camel Tan Brown Leather Driving Loafers Sz 37 US 7Gentleman/Lady GUESS Parshaly Heels Modern technology Bright colors Popular recommendationMan's/Woman's john fluevog womens shoes size 8 Many styles Beautiful Beautiful and charmingKappa Shoes Caserta Footwear 3025WK0 C28 Womens Blue Navy Shiny Sneakers Casual , Polo Ralph Lauren Men's Tedd Hi-Top Sneakers Tan/Snuff Leather Size 8.5 DVogue Men Sequin Clubwear Rivet High Top Shoes Doodle Rhinestone CL Board Shoes , NWB (other) Reebok Men's Zigwild TR 2 Trail Running Shoes BLACK US SZ 11.5Nike Air Force 1 SF "Deep Burgundy"VNDS Adidas Yeezy Boost 350 2.0 Size 8.5 Pirate Black , MENS BROOKS GHOST 10 GTX MEN'S RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOESNew Rocky Mens Rkc0534m CoyoteBrown Military Boots Size 4 , Nocona Boots Mens 4002 Black Cherry Milano Kangaroo Size 8 D NEWMens Embroidery Moccasin Gommino Driving Wedding Shoes Rivet Spike Slip Ons Sz , ECCO Men's Intrinsic Knit Fashion Sneaker, Black/Dynasty, 45 EU/11-11.5 M US , Nike rosherun hyp Size 11 Color Purple 100 % authenticPleaser Women's Seduce 3028 Black Stretch PatentAdidas Tubular Defiant W Core Black S75896 Women's , NikeCourt 2016 Women's Zoom Vapor 9.5 Tour Tennis Shoes Black/Purple 631475-002 , Justin Women Cowboy Boots 6.5 B Western Embroidered Brown Leather Cowgirl L4936$150 Nikki Park Clarks Bendables Suede & Leather Side Zip Tall Shaft Boot SZ 6Dingo Women's Tan Brown Braided “Twisted Sister” Leather Cowboy Boots Size 7 , CLARKS Womens Wilrose Sage Ankle Bootie Brown Oiled Nubuck 5 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike SB Zoom Dunk Low Dunk Pro Shadow Black Wolf Grey White Grey White 854866 001 Size 8.5 857f985 -

    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 SB Zoom Dunk Low Dunk Pro Shadow Black Wolf Grey White Grey White 854866 001 Size 8.5 857f985 -

    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 SB Zoom Dunk Low Dunk Pro Shadow Black Wolf Grey White Grey White 854866 001 Size 8.5 857f985
    Athletic Shoes