Never miss an update

Nike Air Force Max 2013 University “ Charles Red Barkley “ Air University Red 555105 600 Size 8.5 d0a237d

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: In good Condition. Some wear on the upper inner corners. See pictures
Idset_Mpn: 555105-600 US Shoe Size (Men's): 8.5
Country/Region of Manufacture: China Color: Red
Style: Athletic Sneakers Brand: Nike
Product Line: Charles Barkley UPC: Does not apply
Never miss an update

Nike Air Force Max 2013 University “ Charles Red Barkley “ Air University Red 555105 600 Size 8.5 d0a237d -

    Nike Air Force Max 2013 University “ Charles Red Barkley “ Air University Red 555105 600 Size 8.5 d0a237d
    Nike Air Force Max 2013 University “ Charles Red Barkley “ Air University Red 555105 600 Size 8.5 d0a237d
    Mens Adidas NEO Cloudfoam Super Daily Black Sneaker Lifestyle Shoe BB9873 8.5-13PUMA BREAKER HI PEACOAT NAVY BLUE OFF WHITE MENS SIZE RETRO SNEAKERS 366599-03 , NIKE JORDAN ECLIPSE HOLIDAY SIZE 10 MENS SHOES GYM RED / BLACK 812303 601 NEWMen's Brand New Diadora V7000 Premium Athletic Fashion Everyday Sneakers [C6124] , ADIDAS INIKI RUNNER GREY TURBO GUM VNDS BB2098 Size 9New Balance Mens Classic Sneakers MRT580TW Rare Lifestyle D width , NIKE LeBron LBJ Soldier 10 Size 16 Basketball Shoes 856489-150 White Purple NEW , Men’s Nike Mercurial Superfly 6 Men's US9 Black/Orange AH7362-081 EUC LOOK! , Nike KD VII 7 Weatherman Men's US 10.5 , New Men's Nike Air Max Invigor SE Running Shoes NEW Black/Red MSRP $110Mens Nike Air Epic Speed TR ll Trainning Shoes Size 14 D White Blue 852456-014Nike Roshe NM QS w/ Box 810857 700 Yellow Polka Dot 13 NMD ultra Boost Off White , Asics Gel-Rocket 8 Orange Yellow Silver Men Volleyball Badminton Shoes B706Y-800 , Nike Bug Low Lux Black Mens 854166-002 US Size 10.5PUMA FIRST ROUND CHINESE NEW YEAR BLACK BROWN GOLD SZ 7-13 347439-01Skechers 55209 BKW Go Run 6 Black White Men's Running Shoes , NEW NIKE Vapor Pro 3/4 Nubby Black White Cleats Shoes 527878-011 , Nike FREE TRAINER 3.0 Mens Athletic Shoes (NEW) $110 FREE SHIPPING Sizes 10 & 11New Nike Jordan Eclipse Men's Casual Shoes Purple 724010 505 , ECCO Aqua Sport Slip On Mens Mesh Water Shoes Size 12 - 12.5 Blue 858004NEW! Adidas James Harden Vol. 1 Home Boost Scarlet Red White BW0547 Size 17 , Nike Men Size 10.5 Lebron James XIII LJ 13 Lifestyle Sneaker Shoe Black 819859 , New Balance Men's CRUZ FRESH FOAM Shoes Burgundy/Gum MCRUZOM bAdidas ELEMENT REFINE TRICOT ONIX/BLACK/SOLAR RED mens RUNNING COURSE SHOESNike Free Trainer V8 Athletic Shoes - Men's Size 11 - Black , Vans Classic Slip On Suede Fleece Black Men's 11.5 Skate Shoes New Skater , Adidas Dame 3 2017 [BY3193] Men Basketball Shoes /Gray/ Size 12.5NIKE JORDAN WESTBROOK 0.2 854563 704 WHEAT SIZE 11 , adidas WM Racing 1 - Navy - Mens
    Nike Air Force Max 2013 University “ Charles Red Barkley “ Air University Red 555105 600 Size 8.5 d0a237d ->Nike Air Force Max 2013 University “ Charles Red Barkley “ Air University Red 555105 600 Size 8.5 d0a237d -
    Versace 19.69 B1441 AMALFI MORBIDO LAVA Low Boots Women's Dark Grey USRalph Lauren Collection Womens Boots Size 7.5 Brown Riding Side Buckle LeatherStuart Weitzman Suede Stretchy Pointed Toe Knee High Boots Sz 7.5 38 , Ladies Rieker Summer Shoes Style 40087 -WDr Martens 1490 Virginia Women Leather Matt Black Ankle BootsJOHN FLUEVOG WOMEN’S BLACK LEATHER SIGNATURE OXFORDS 35½ US 5 , Vintage Italian Cobbies Sandals, Size 8 1/2 N, Mint Cond.Marc Fisher Teron Slingback Heels 9.5 M Black Suede New in BoxWomens High Heels Stilettos Open Toe Prom New Sandals Causal Strappy Shoes Pumps , AQUAZZURA 101017 BEIGE SUEDE TIE UP SANDAL BOOTIE SZ 37.5Jeffrey Campbell Sandal 8 Havana Last Nude Leather Strappy Slingback Platform , Reef Women's Star Cushion Sassy Flip Flop - Choose SZ/ColorCorso Como Womens Elise Dress SandalUS/- Pick SZ/Color. , Nando Muzi 186 Black Leather / Pewter Patent Leather Bow Sandals 37.5 / US 7.5NIKE FLYKNIT LUNAR 2 RUNNING SHOES Mens SIZE 12 46 620465-801 Orange Royal , Adidas Ultraboost [BA8841] Men Running Shoes White/White , Steve Madden hacksaw chukka black suede mens boots size 13 , Men's Shoes Ankle Boots MOMA 59605-Y1 Slip On Suede Camoscio Beige Vintage ItalySalomon Kaipo Mid CS Waterproof Black & Gray Winter Boot 390570 Men's Size 7Converse One Star Pro Ox Malted Pale Putty White Mens Suede Skateboard ShoesZARA HIGH TOP SNEAKERS WITH EMBOSSED SNAKESKIN EFFECT BLACK 39-45 REF. 5501/202 , Domani Size 8 Cordova Loafers New Mens ShoesVintage ADIDAS Climachill Chill Snowflake Red Patent Hi-Top Women’s US 8 X-MAS , MEN'S BRUNO MAGLI "PROVA" BLACK PATENT LEATHER TUX SHOES SIZE 10.5M NEW IN BOX , Nike Air Max Fury Shoes Violet dust AA5740 500 Wmns Sz 8 Retail $120.00 , AUTHENTIC NIKE React Wolf Grey White Blue Hero Volt AO9820 005 Women size 6-10NIKE FREE TRANSFORM FLYKNIT SIZE 9.5 BLACK COOL GREY NEW COMFORTABLE FASHIONABLE , Aimee Kestenberg Faux Fur Lined Mid Calf Boots Zip Sammy Black 8M , Black Green Military Army Combat Boots USO Pin Up Girl Costume Womans Shoes 8 9 , 2 Lips Too Women's Too Natasha Fashion Boot Black Size 8.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Force Max 2013 University “ Charles Red Barkley “ Air University Red 555105 600 Size 8.5 d0a237d -

    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 Force Max 2013 University “ Charles Red Barkley “ Air University Red 555105 600 Size 8.5 d0a237d -

    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 Force Max 2013 University “ Charles Red Barkley “ Air University Red 555105 600 Size 8.5 d0a237d
    Athletic Shoes