Never miss an update

Men's Nike 27316 Air Max 270 Air Shoes -White/ Nike Hot Punch- StyleAH8050 103 -Sz 13 -NEW 723f305

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
Country/Region of Manufacture: Vietnam
Color: White Style: Running Shoes
Euro Size: EUR 47,5 Width: Medium (D, M)
Brand: Nike US Shoe Size (Men's): 13
UPC: Does not apply
Never miss an update

Men's Nike 27316 Air Max 270 Air Shoes -White/ Nike Hot Punch- StyleAH8050 103 -Sz 13 -NEW 723f305 -

    Men's Nike 27316 Air Max 270 Air Shoes -White/ Nike Hot Punch- StyleAH8050 103 -Sz 13 -NEW 723f305
    Men's Nike 27316 Air Max 270 Air Shoes -White/ Nike Hot Punch- StyleAH8050 103 -Sz 13 -NEW 723f305
    Nike Men's LeBron 15 FRUITY PEBBLES MULTI-COLOR Shoes 897648-901 c , AIR JORDAN XXXII 32 BLACK CEMENT AA1253 002 UNIVERSITY RED WHITE GREY NEW XXX2Nike Air Max 1 Ultra Moire QS "Iridescent" 777428-200 Size 8.52006 Nike Dunk Low Pro SB Dark Mocha Tweed Brown Gum 304292-229 Sz 10MENS ASICS GEL FORTE 2E WIDE WIDTH MEN’S RUNNING TRAINING ATHLETIC GYM SHOESMens Air Jordan 6 Retro All Star 'Chameleon' Size 10.5 , 2013 Nike Air Jordan 1 High Gold Clover Celtics 555088-315 VNDS size 12Nike Kobe 1 Protro All Star White/Black-Varsity Red; Men’s Sz 10 (AQ2728-102)NIKE AIR MAX 2014 ID GAMMA BLUE-VOLT SZ 10 [641423-991]Adidas Ultra Boost 3.0 Multi Color Men's Size 10 , Nike Zoom KD10 LMTD Limited "BHM" Black/Multi Basketball Shoe Men's Size 8.5 NEWNew Nike Air Max 270 Triple Black Mens AH8050-005 black out running sneaker , MEN'S SHOES SNEAKERS ADIDAS ORIGINALS NMD_RACER PRIMEKNIT [B37639] , NIKE AIR MAX 95 ESSENTIAL MEN'S US SIZE 13 STYLE , Nike Air jordan 13 retro low Bred US9.5 , 2018 AIR JORDAN RETRO 3 BLACK CEMENT Sz: 4Y , Nike Air Jordan 5 Retro V Red Suede Size 18 University Red Black 136027-602Adidas Men's ALPHABOUNCE SHOES Running Training Black All Sizes CQ0781Nike Men's Air Force Max Prm Basketball ShoeAdidas S79111_12 Men's Equipment Support 93/16 Size 9.5Nike Air Max 2009 Size 12 Volt Attack , Nike Air Max 90 Ultra 2.0 Flyknit Hyper Turquoise 875943-301 Men's SZ 131803 Nike LunarCharge Essential Men's Training Running Shoes 923619-302 , Air Jordan 14 Retro 311832-010 Men’s “Last Shot” Sneakers - Size 10 2011[F35725] Mens Adidas AM4LA Adicon - Running ShoeNIKE AIR TECH CHALLENGE II 2 QS WHITE HOT LAVA PINK BLACK AGASSI 643089-160 Sz 9 , Vans x Metallica Kirk Hammett SK8-HI Reissue Black Leather Men's New Size 5-13Adidas Supernova M [CG4020] Men Running Shoes Blue/Black , Drew Men's Aaron Comfort Shoes Dark Brown ,
    Men's Nike 27316 Air Max 270 Air Shoes -White/ Nike Hot Punch- StyleAH8050 103 -Sz 13 -NEW 723f305 ->Men's Nike 27316 Air Max 270 Air Shoes -White/ Nike Hot Punch- StyleAH8050 103 -Sz 13 -NEW 723f305 -
    NIB Frye Women's Gemma Tall Shearling Boot in Camel 71083Adidas Novak Pro [CG3082] Men Tennis Shoes Novak Djokovic Navy/White-Red , Bearpaw Boetis II Fur Calf Winter Boots 177, White, 5 US / 36 EU , LANVIN Yellow Leather Ballerina Flats sz. 38.00 , Poetic Licence Pucker Up Black Multi Womens Heels ShoesGentleman/Lady French Sole FS/NY Women's Bender Pump New market Won highly appreciated and widely trusted at home and abroad various kindsGentleman/Lady Report Lawren Platform Slingback Sandals, Natural Crazy price Used in durability cheaper , PUMA Turin NL Mens Sneakers 362167 06 Grey White Stripe SIZE 11.5 , CONVERSE CHUCK TAYLOR ALL STAR 70 OX SZ 10 PARCHMENT OXFORD CT 1970 FS 142338CNIKE MEN'S TRAINING FLEX SUPREME 3 SHOES SIZE 10.5 NEWAdidas Equipment Guidance RNG 93 X SNS Golf Black White AF5755 12 tee time eqt , VANS OTW LUDLOW SZ 13 HERRINGBONE BLACK WHITE OFF THE WALL VN 0ZUT4DZNike Mercurial Superfly 6 PRO FG Soccer Cleats ACC Black / Orange AH7368 081 NEWNike Duel Racer Mens Size 10.5 Volt Bright Crimson Black Running Shoe 918228-700Etnies Fleet Club Tattoo Sz 14 Linkin Park Chester Bennington Skater Shoes NEWNike KD "Kevin Durant" VIII NSW Lifestyle Men's ShoeNike Air Max 90 Essential Mens "Anthracite & Granite" Shoe Sz 13 537384-035Premiata Lucy 2460 Leather - Fabric Italian Sneakers Blue Camo , ROCKY S2V VENTILATED MILITARY DUTY BOOT 0104 / COYOTE * ALL SIZES - NEW , Justin Women's Sz 10 B Narrow Western Cowboy Boots Mauve/Pink Leather USA Made , Klogs Boca Closed Back Unisex Comfort Clogs - Enamel Blue - 7 Narrow , BRAND NEW SAINT LAURENT PARIS DARE NUBUCK JODHPUR BOOTS brown size , W NIKE AIR ZOOM PEGASUS 92/16 PRINT SZ: 6.5 WMNS (844927 001) RETAIL $125.00 , Nike Free 5.0 TR FIT 5 Women's Athletic Shoe 704674 004 Size 12 , Womens Skechers Double Up Shiny Dancer Flatform Casual Sequin Sneakers US 6-11 , Women's Under Armour CHARGED BANDIT 2 Running Shoes Sneakers Blue Navy Size 10Man's/Woman's Toe Warmers Women's Jennifer-Black Black Durable service First grade in its class Cheap orderSalomon Women's Snowclog W Snow Sneaker India Ink/Artic, 7 M USMan/Woman NEW GIUSEPPE ZANOTTI OUTSEASON WOMENS SKYLAR Great variety New style best seller , Gentleman/Lady Undercover Boots Steel Toe Rangers Not so expensive Ranked first in its class Selling new products ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's Nike 27316 Air Max 270 Air Shoes -White/ Nike Hot Punch- StyleAH8050 103 -Sz 13 -NEW 723f305 -

    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.

    Men's Nike 27316 Air Max 270 Air Shoes -White/ Nike Hot Punch- StyleAH8050 103 -Sz 13 -NEW 723f305 -

    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
    Men's Nike 27316 Air Max 270 Air Shoes -White/ Nike Hot Punch- StyleAH8050 103 -Sz 13 -NEW 723f305
    Athletic Shoes