Never miss an update

New 28657 NIKE MayFly Men's Men's Casual Athletic Athletic Shoes navy white sizes 8-10.5 e127a5f

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
Modified Item: No
Width: Medium (D, M) Style: Athletic Sneakers
Color: Blue Material: Suede/Synthetic
Brand: Nike
Never miss an update

New 28657 NIKE MayFly Men's Men's Casual Athletic Athletic Shoes navy white sizes 8-10.5 e127a5f -

    New 28657 NIKE MayFly Men's Men's Casual Athletic Athletic Shoes navy white sizes 8-10.5 e127a5f
    New 28657 NIKE MayFly Men's Men's Casual Athletic Athletic Shoes navy white sizes 8-10.5 e127a5f
    Gentleman/Lady Nike Air Max 120 excellent quality Impeccable Lightweight shoesEmerica Men's the Figueroa Skate Shoe, Grey/Black/Gold , REEBOK CLASSIC LEATHER GUM BS5451 HUNTER GREEN MEN US SZ 10.5Adidas Messi 16.3 Mens Football Soccer Trainers Grey , Gentleman/Lady DC Men's Shoes "Stag 2" RED/BLACK(RDB) The color is very eye-catching stable quality have fun , Air Force 1 ‘07 Mens Size 11.5 Team Red/Black , Nike Air Safari Premium NRG Black "Great Britain" Men's Shoes 543261 040 NewNEW $100 MEN'S NIKE AIR MAX MOTION RACER TRAINING SHOES size 9.5Nike Sneakers 819956-001 SZ 8.5 Black Men's Air Max InvigorMAMMUT MTR 201-II MAX LOW MEN TRAIL RUNNING SHOES NEW 10.5 44Clarks Men's Tunsil Plain Sneaker , Joma "Titanium" Men's Athletic Running Shoes, Grey , adidas Superstar Pharrell Supershell - Black - Mens , Vans OTW Cobern Men's Trainers Shoes Snakers Full Grain Leather Black BoatAdidas Originals Loop Racer Men's Causal Fashion Gym Trainers BlackNew Emerica Reynolds G6 Shoe Size 12 , ASICS GEL-Cumulus 19 - Blue - MensNike Air Max Full Ride TR Sneakers Mens sz 7 Black VOLT Green Training ShoesNEW NIKE PRIORITY LOW SIZE 13 $79 CDN FREE SHIP CANADA! , Converse Men's Chuck Taylor All Star High Street Fashion Sneaker , Nike Downshifter 6 4E Men's Training Shoes Black/White/Magnet Grey 684653 003Men's/Women's White Reflective Adidas Shoes Size 8 Easy to use Year-end sale Good qualityTucket Footwear Men's Giller Boat Shoe , Nike Men's "Air Max 95 NS GPX" Dust - Volt Training Shoes Multiple Size NewClarks Men's Grandin Plain Toe SneakerPuma x Fenty by Rihanna Fur Slide - Green - MensGeox Avery Men's Fashion Casual Shoes Sneakers , Puma Cell Kilter - Black - MensMEN`S NIKE AIR MAX KANTARA ATHLETIC SNEAKERS SIZE 9M NEW DARK GRY ,
    New 28657 NIKE MayFly Men's Men's Casual Athletic Athletic Shoes navy white sizes 8-10.5 e127a5f ->New 28657 NIKE MayFly Men's Men's Casual Athletic Athletic Shoes navy white sizes 8-10.5 e127a5f -
    Tommy Hilfiger TWSUPREM Womens Suprem Riding Boot- Choose SZ/ air force 1 AC mens trainers 630939 102 sneakers shoesNike Jordan Formula 23 Low Men Running Lifestyle Casual Shoes Sneakers Pick 1Versace 19.69 G02 CAMOSCIO ROSSICCIO boots Women's Dark Red AUnaturalizer Lauren Buckle Peep Toe Sandals, Soft Marble, 8.5 US / 38.5 EUadidas pw tennis hu W Size 7 Or 10 , Fabulicious Women's Lumina 23 Ankle Strap Champagne Satin Party ShoesSbicca Vtg Collection Sz 9 White Cracked Leather Wooden Platform Heels Slingback , Stylish Women's Round Toe velvet Rhinestone Crystal Pearl Cage heel Sandal Shoes , Womens Sexy open Toe cross strapp slim high heels stilettos Roma sandals shoes sFit Flop Florrie Soft Metallic Toe-Post Sandals - Women's Size 5 Black , Skechers Women's Reggae-Jammin Sandal - Choose SZ/ColorBaskets Femme DC SHOES TRICKY Black RedMEN'S NIKE SB ZOOM DUNK HIGH ELITE SHOES khaki light bone 917567 200 MSRP $125DS NIKE AIR MAX 1 "DARK CURRY" X ATMOS SKU: 908366-700 UK6,5/US7,5 /Georgia Men's Carbo Tec-M Farm and Ranch Prairie Chestnut 10 D US , Nike Rosherun NM Shoes (13) Game Royal / WhiteSteve Madden Kerman Men's Wing Tip Oxford Tan Nubuk Shoes , Converse Ctas Shroud High Line Ox Women's Size 7 New in Box NO Top Lid 554766C , Men's shoes sandals leather model ZAID Us Size 2 to 12.5 , Nike Shoes Womens Air Force 1 '07 White/Volt Green Sneakers Womens 7Brand New Nike Air Huarache Run Women's Athletic Fashion Sneakers [634835 302] , PUMA Women's Fierce Oceanaire Wn Sneaker, - Choose SZ/Color , PUMA 36266501 Womens Basket Denim WNs Field Hockey Shoe- Choose SZ/Color.New Nike Women's Air Force 1 High SE Shoes (860544-300) Midnight Turquoise , adidas Women's EQT Racing ADV Originals Ftwwht/Ashblu/Cblack Training Shoe 8.5 WMarc by Marc Jacobs Grand Studded Suede Skate Sneakers Slip On, Loafer Size 39 , Franco Sarto Motor Black Leather & Fabric Over the Knee Boots Size 5 & 5.5 MTorrid Embroidered Over-The-Knee Heel Boots Wide Width/Calf Black Size 10.5W , Cloudsteppers by Clarks Caddell Rush Wedge Booties 876, Black, 9 US / 40 EU ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New 28657 NIKE MayFly Men's Men's Casual Athletic Athletic Shoes navy white sizes 8-10.5 e127a5f -

    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.

    New 28657 NIKE MayFly Men's Men's Casual Athletic Athletic Shoes navy white sizes 8-10.5 e127a5f -

    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
    New 28657 NIKE MayFly Men's Men's Casual Athletic Athletic Shoes navy white sizes 8-10.5 e127a5f
    Athletic Shoes