Never miss an update

Wmns Silver Nike Internationalist JCRD WNTR Winter 555 Matte Silver Women WNTR Shoes 859544-001 e4e95c1

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Authenticity: 100% Authentic Guaranteed
Colour: Silver SizeScale: Us Size
Material: Synthetic Shoe Type: Sneakers
MPN: 859544001 Style: Fashion Sneakers
Width: Medium Brand: Nike
Never miss an update

Wmns Silver Nike Internationalist JCRD WNTR Winter 555 Matte Silver Women WNTR Shoes 859544-001 e4e95c1 -

    Wmns Silver Nike Internationalist JCRD WNTR Winter 555 Matte Silver Women WNTR Shoes 859544-001 e4e95c1
    Wmns Silver Nike Internationalist JCRD WNTR Winter 555 Matte Silver Women WNTR Shoes 859544-001 e4e95c1
    Converse Chuck Taylor All Star Hi White Red Black Kids Junior Youth Shoes 3J253C , Nike Wmns Roshe One Flyknit Rosherun Orange Womens Running Shoes 704927-802Nike Dual Fusion Tr 3, Women’s Fitness Shoesadidas Dame 3 J Damian Lillard Black White Kids Boys Basketball Shoes CG4228 , CONVERSE WOMENS CHUCK TAYLOR ALL STAR HI MESH BLACK WHITE THUNDER SIZE US 6Nike Wmns Air Zoom Strong Orange Black Strap Women Training Shoes 843975-800Nike Beautiful x Powerful Wmns Air Max Thea Ultra JCRD PRM Running 885021-001 , Nike Wmns Flyknit Lunar 3 Pink Black Women Running Shoes Sneakers 698182-603 , Converse Jack Purcell LP L/S Blue White Canvas Women Casual Shoe Sneaker 560834C , Zara AU Women Red fabric sneakers 1411/301/020 , Nike Wmns Flex Essential TR White Wolf Grey Women Training Trainers 924344-100 , Puma Suede Classic Wns Low Women Classic Shoes Sneakers Pick 1 , Converse All Star, Burgundy, Suede, US 6, Bling, Authentic FREE SHIPPING , Converse Chuck Taylor All Star Gemma Triple Black Women Casual Shoes 553452CWmns Nike Air Max Motion LW Low Black White Women Running Shoes 833662-011 , Nike Wmns Zoom Rev EP Net Collectors March Madness Women Basketball 903562-700 , BNIB Womens Nike Air Max Thea Prm Sports Runners Sneaker Shoes Blue/White 8.5**LATEST RELEASE** Nike Revolution 4 Womens Running Shoes (B) (008) , Reebok ZPump Fusion 2.5 Black Pink Womens Running Shoes Sneakers AR2816Nike Wmns Free RN Motion FK 2018 Run Flyknit White Women Running Shoe 942841-1002017 New Women Breathable Mesh Sport Shoes Waterproof Outdoor Hiking Camo BootsSkechers You-Unique White Mesh Women Casual Walking Shoes Sneakers 14966-WHTAdidas CC Freshride W Women's Shoes SizeWmns Nike Air Max Thea Black White Womens Running Shoes Sneakers NSW 599409-020 , Wmns Nike Lunarglide 8 VIII Hot Punch Black Women Running Shoes 843726-606 , Asics Upcourt 2 [B755Y-0193] Women Volleyball Badminton Shoes White/Silver , Asics Gel-Rocket 8 VIII White Black Gum Women Badminton Volleyball B756Y-0190 , Wmns Nike Free RN Run Blue Pink Womens Running Shoes Trainers Sneaker 831509-401 , Skechers Synergy 2.0 Simply Chic Trainers Memory Foam Knit Womens Sneakers Shoes ,
    Wmns Silver Nike Internationalist JCRD WNTR Winter 555 Matte Silver Women WNTR Shoes 859544-001 e4e95c1 ->Wmns Silver Nike Internationalist JCRD WNTR Winter 555 Matte Silver Women WNTR Shoes 859544-001 e4e95c1 -
    Women's POUR LA VICTORIE WILLIS 228897 black leather ankle booties sz. 7.5 , Asics Tiger GEL-Lyte III [H7M3L-9090] Men Casual Shoes Black/AquaMen's/Women's FLAMINGO-3050 Black Best-selling worldwide Highly praised and appreciated by the consumer audience Famous store , Zara AU Women Printed fabric high-heel ankle boots 5117/301/202 , Men's/Women's Wedge Hogan Blue Elegant appearance Latest styles Valuable boutiqueGentlemen/Ladies ADORE-708OMBRE Clear Gold Red New market a wide range of products Very practical , Men's/Women's RADIANT-708UV Clear White Neon We have won praise from our customers. stable quality International big nameMr/Ms Marc by Marc Jacobs Wedge Sandals Adequate supply and timely delivery Beautiful appearance Different goods , Flexus by Spring Step Women's Fabrice Brown Leather/Suede Comfort Shoes , BURBERRY Nova Check Slide Espadrilles with Straw Siding - Size 37 , NEW Women's Bata Pink Salmon Leather Covered Toes Strappy Shoe Size 7 or 38 EurVia Spiga Selita Ankle Strap Pumps, Light Camel, 9 US / 39 EU Display , 6 NEW PAIR DEXTER LADIES 2" HEELS 5 PAIR 7M, One PAIR 61/2M.Women Sexy Club Vintage Metallic Tassels High Wedge Heels Open Punk Pumps Shoe , Marni kitten heel sandals italian shoes with big fabric bow Size US 10 - , AGL Womens Nude Wedges Shoes - Lash Platform Wedge Sandal Women Size 7.5 summer , Nike Lunar Fingertrap TR 4E 898065 100 Mens Wide E Running Shoes White/Black NIB , Lil Wayne's Supra Spectre Skateboard Sneakers Magazine SP75052 New AuthenticVintage Buffalo Biker Boots Four Buckle Heavy Duty Size 42 EE , Nike Air Jordan 5 Retro Size 10.5 Fear Pack BIN DB Doernbecher Grape A , Safety Jogger Nova Men Safety Toe Lightweight EH PR Water Resistant Shoe - 7.5FRYE Men's Tanner Slip on Fashion Sneaker - Choose SZ/Color , Mens Belvedere Bone with Black trim Basket Weave Shoe "Franco"Nunn Bush Men's MAURY leather oxford Brown Shoes 83363-200 , Salvatore Ferragamo Wholecut Oxford Dress Shoes 9 D Brown Leather Italy Balmoral , Nike Air Zoom Mariah FK Racer Womens Grey Running Training AA0521-002 NIB , women's shoes BEVERLY HILLS POLO CLUB 8 () sneakers gray suede AJ15-38 , Asics Gel-Cumulus 18 LE Blue White Women Running Shoes Trainers T780N-0149COUNTRY ROAD leather heels sz 9 / 40.5 olive gladiator peep toe shoes NEW rp$199 , Womens Brogue Shoes Square Toe Elastic Pull On Low Block Chunky Heels New 2017 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Wmns Silver Nike Internationalist JCRD WNTR Winter 555 Matte Silver Women WNTR Shoes 859544-001 e4e95c1 -

    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.

    Wmns Silver Nike Internationalist JCRD WNTR Winter 555 Matte Silver Women WNTR Shoes 859544-001 e4e95c1 -

    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
    Wmns Silver Nike Internationalist JCRD WNTR Winter 555 Matte Silver Women WNTR Shoes 859544-001 e4e95c1
    Athletic Shoes