Never miss an update

Nike Air Jordan Nike KO High 29987 OG AJKO Jordan Bred 1 Bred Banned Chicago size 12 638471 001 40849ea

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: 638471-001
Features: Retro Model: AJ1
US Shoe Size (Men's): 12 Style: Athletic Sneakers
Color: Black Product Line: Air Jordan
Brand: Nike Width: Medium (D, M)
UPC: Does not apply
Never miss an update

Nike Air Jordan Nike KO High 29987 OG AJKO Jordan Bred 1 Bred Banned Chicago size 12 638471 001 40849ea -

    Nike Air Jordan Nike KO High 29987 OG AJKO Jordan Bred 1 Bred Banned Chicago size 12 638471 001 40849ea
    Nike Air Jordan Nike KO High 29987 OG AJKO Jordan Bred 1 Bred Banned Chicago size 12 638471 001 40849ea
    New Air Jordan 11 TD Cool Grey Cleats Size 10 w/ receipt 100% AuthenticNike Air Max Plus TN Tuned 1 EF Wheat Flax Suede Sail White Sz 9 AH9697-201 , NIKE SFB FIELD 8" GEN 2 SPECIAL FIELDS BOOT SAGE GREEN SZ 9.5 [922471 200] , Nike LeBron XIV 14 BRED BLACK UNIVERSITY RED SZ 11 [852405-004] , VANS X Metallica Shoes - Metallica SK8-Hi Reissue - Kirk Hammett Size 7.5 , Replay Stone Scatto 1972 Navy Suede Mens Trainers Shoes , Asics GT-2000 6 [T805N-4549] Men Running Shoes Navy/Blue-Orange , Converse Lunarlon CTAS PRO OX White/red/navy 147528CNike MEN'S Air Huarache Utility Premium 3M SAFARI SIZE 12 BRAND NEW CLASSIC , Nike Air Jordan Retro II Melo White University Blue UNC Yellow SZ 11 385475 1222017 Nike Air Max 97 OG QS Metallic Gold Varsity Red White Black 884421-700 US 8 , NIKE FLYKNIT MAX (620469 105) SZ: MNS 7.5 RETAIL: $225.00NIKE AIR MAX 90 ESSENTIAL SHOES MENS SNEAKERS - PLATINUM / GREY NOISENike Lebron XII Low LMTD SIZE 10 - NEW- 812560-406 Rise Limited Edition 12 WhiteNEW Nike LunarEpic Flyknit Blue Black Volt Running Shoes Sneakers 818676-400 , Nike Air Jordan 2011 Team Red Style Size 9[bargain] Brooks Launch 4 Mens Running Shoes (D) (037) BNIBNike Air Max 95 NS GPX AJ7183 001 Dust Grey Volt Big Logo Men Sz 8 -13Nike Free RN Run Flyknit Mens Running Shoes Multi Colour , 2000 Nike Air Trainer 1 WHITE OBSIDIAN NAVY BLUE GREY YELLOW BLACK 679039-141 9 , Mizuno Wave Rider 19 Mens Running Shoe (D) (307) | SAVE $$$ , NIKE AIR MAX 97 PURE PLATINUM/UNIVERSITY RED 921826-009 , Lebron X Elite Sport Turquoise Miami Dade size 9 DSMen's Brand New Adidas Ultraboost Lux Athletic Fashion Sneakers [DB0338] , Nike Epic React Flyknit 2018 Photo Blue Glow Volt Green White Running AQ0067-401DS MENS NIKE AIR MAX 95 OG SOLAR RED AT2865 100 RUN SHOES MEMS SZ 5 WOMENS 6.5 , size 9.5 BAIT x Saucony Cruel World 4 Shadow Original gray redAdidas Jeremy Scott Opart Bones G95768, Size 10, RARE!Air Jordan Zoom Tenacity 88 - CHOOSE SIZE - AV5878-100 Retro 3 Cement True Blue ,
    Nike Air Jordan Nike KO High 29987 OG AJKO Jordan Bred 1 Bred Banned Chicago size 12 638471 001 40849ea ->Nike Air Jordan Nike KO High 29987 OG AJKO Jordan Bred 1 Bred Banned Chicago size 12 638471 001 40849ea -
    LADIES OLD WEST BLACK SNIP TOE WESTERN BOOTS LF1510Camper Women's Peu Cami 46477 Mid Calf Boot, Black, 37 M US , Superga 2790 ACOTW Linea Up Down Platform Plimsoll Canvas Shoes Blue White BlackFred de la Bretoniere Womens Espadrilles, Pink Soft Rose 5004, 5 UKGentleman/Lady CLARKS Women's Bellevue Cedar Slip-On Loafer Fine workmanship Fast delivery Very good classification , Men's/Women's Andrew Charles Womens Loafer Orange MAX Beautiful design Sufficient supply Various latest designs , ROBERT CLERGERIE Vtg 90s Black Crepe Point Toe VE Chunky Heels Pumps Shoes 6/36 , Anne Klein Women's Hastobe Leather Dress Pump , Pleaser ADORE-787 Women's Black Patent Heel Platform Mary Jane Pump Strap SandalStuart Weitzman Women's Tour Heeled Sandal, Candy, 9.5 Medium USNew Valentino Red Patent Leather Wedge Slingback Espadrille Heel Shoes 37 7 6.5 , Amazing NANDO MUZI Blue Patent All Leather Platform High Heel Pumps 40 9 NEW , Man's/Woman's Pixy Shoes 593134 Black 37 main category Impeccable Very good color , K JACQUES AUTHENTIC collective handmade sandals special edition for GOLDEN GOOSE , Summer Women Slipper Sandals Wedge Heels Platform Tassel Espadrilles Sexy ShoesSaint Laurent Women's Python Print Leather Ankle Strap Flats Sandals ShoesK-Swiss Mens Arvee 1.5 Tech Trainers Low Retro Style Iconic Athletic Shoes BlueNike Men Air Max Ld Zero Hiroshi Fujiwara Black Navy Dark Grey Sz 10 848624-002 , New Balance MRL247KB D [MRL247KBD] Men Casual Shoes Black/TurquoiseNike JORDAN MELO M13 (881562 505) Men’s Athletic Shoes Size 11.5 Purple DynastyNike Air Force 1 High x Just Don - size 12 , Man/Woman Air Jordan 4 Retro Laser Aesthetic appearance Won highly appreciated and widely trusted at home and abroad Fair price , 2017 Adidas Ultra Boost 3.0 Trace Cargo Olive LTD Size 12.5. BA7748 Yeezy NMD PKNew Balance Womens Wl574ew White Running Shoes Size 8.5 (32398) , Man/Woman Nike Tanjun GS 818381-001 Junior/Women's Sneakers Moderate price Used in durability Extreme speed logisticsReebok Freestyle Classic 25th Anniversary Women’s High Top Sneakers Blue Size 7 , Spring Step Women's Lenna D'Orsay Shoe Mauve Leather , Nike Free RN Distance 2 Womens 863776-610 Multicolor Knit Running Shoes Size 7Women's Air Jordan 1 Retro High SOH Casual Shoe AO1847-440BOEMOS Women's Chalk Gray Suede Mild-calf Boots Sz EUR-40 US Sz-9 M- Italy
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Jordan Nike KO High 29987 OG AJKO Jordan Bred 1 Bred Banned Chicago size 12 638471 001 40849ea -

    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 Jordan Nike KO High 29987 OG AJKO Jordan Bred 1 Bred Banned Chicago size 12 638471 001 40849ea -

    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 Jordan Nike KO High 29987 OG AJKO Jordan Bred 1 Bred Banned Chicago size 12 638471 001 40849ea
    Athletic Shoes