Never miss an update

New Shoes Nike Basketball Air Zoom Huarache Nike 2k4 Basketball Shoes Wolf Grey University Blue 308475 8d480df

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Color: Gray
Style: Basketball Shoes Brand: Nike
US Shoe Size (Men's): 13 UPC: Does not apply
Never miss an update

New Shoes Nike Basketball Air Zoom Huarache Nike 2k4 Basketball Shoes Wolf Grey University Blue 308475 8d480df -

    New Shoes Nike Basketball Air Zoom Huarache Nike 2k4 Basketball Shoes Wolf Grey University Blue 308475 8d480df
    New Shoes Nike Basketball Air Zoom Huarache Nike 2k4 Basketball Shoes Wolf Grey University Blue 308475 8d480df
    asics gel-lyte III unisex trainers H424N 2301 sneaker shoesNike Lunarconverge Mens Running Trainers 852462 Sneaker Shoe 001 , NIKE AIR ZOOM MARIAH FLYKNIT RACER SEQUOIA/NEUTRAL SIZE UK6/US7/EUR40 918264-301 , Nike Air Jordan Retro XIII (2017) Low Brave Blue 310810-407 Men’s Size 11.5 , ASICS GT-3000 Mens RUNNING SHOES 2E Widthadidas ORIGINALS BERMUDA TRAINERS MEN'S ORANGE BLUE VINTAGE CASUAL NEW RARE BNWTAdidas Originals Tubular Radial Men's Trainers Shoes in Black S80114Nike x Undercover Gyakusou Veil - CHOOSE SIZE - AH2181-001 Lab Grey White Grey , Retro Running Men Classic Shoes Pick Originals Shadow Sneakers Lightweight SportConverse Chuck Taylor All Star Waterproof Boot Hi Leather 157491C Men's Size 9 , NEW Size 13.5 US Men's Adidas DAME 4 BASKETBALL SHOES Damian Lillard Grey CQ0474Adidas Originals Veritas Mid Weave Men's Trainers Shoes - AF4385 - Blue , DC Heathrow SE Black Camouflage Mens Suede Trainers ShoesNike Air Darwin Low - Men's US Sizes 7-11.5 - Black / WhiteGentlemen/Ladies NMD R1 Duck Camo Size 11 Rich design New products in 2018 business , NIKE AIR JORDAN 5 V Retro Pro Stars Infrared Poison Space Jam 136027-115 sz 9.5 , Merrell Solo Mens Brown Casual Walking Trainers Shoes Size , Nike Dunk Low Pro SB “Space Jam” SZ 10Adidas Kobe Bryant Crazy 8 Men's Shoes Basketball Black Size 10 G21939 GUC , Mens Jordan WHY NOT Zero.1 Low AR0043-001 Black/Black Brand New Size 8.5Nike Air Jordan III 3 Retro Blk/Crimson-Purple 136064-005 Men's Size 9Adidas Originals By White Mountaineering Campus Mens Trainers Black BA7516 M17The North Face Endurus Hike GTX Hiking Shoes size 9 GORE-TEX NEW 2017Adidas Damian Lillard Dame D.O.L.L.A Men's Basketball Shoes Sneakers DB1074 , NEW NIKE VARSITY COMPETE TRAINER - 87064-002 MEN'S Black/Anthracite c1NIKE AIR FORCE 1 LOW SUEDE SZ 11.5 MOON PARTICLE SEPIA STONE AA1117 201NEW Men's Under Armour Shoes UA SPEEDFORM GEMINI 2 Running Select Sizes $130Nike Lunarepic FK 2 X Plore Mens Sz 10.5 White Metallic Bronze Black 904742 100K. Swiss Rinzler SP White Denim Mens Leather Trainers
    New Shoes Nike Basketball Air Zoom Huarache Nike 2k4 Basketball Shoes Wolf Grey University Blue 308475 8d480df ->New Shoes Nike Basketball Air Zoom Huarache Nike 2k4 Basketball Shoes Wolf Grey University Blue 308475 8d480df -
    Wanderlust Gabrielle 2 Wide Calf Women's Boot 11 E US TaupeAriat Women's Round Up Ryder Western Cowboy Boot SKY Wood-10017394-NIBSpiral Dragon Furnace Men's High Top Black Canvas Sneakers [Special Order] - Got , CONVERSE CHAUSSURE OX PLATFORM - BLK - 37 (888754883694)Born Luanda Fashion Sneakers 788, Taupe, 11 US , Birkenstock - Women's Madrid Birko-Flor Sandals Narrow Width - WhiteECCO CAYLA Slip on amber Women's shoes Sz.US.11-11.5 NEW , NEW Isola Obelia Sand Leather Sandals US 9 Open Toe Wedges Womens Shoes , COLE HAAN - EMBELLISHED THONG SANDALS-ORANGE SUEDE WITH RHINESTONES -SIZE 6 1/2Bsz 7.5 / 37.5 Jimmy Choo Anouk Blue Aqua Patent Leather Point Toe Heel Pump ShoeManolo Blahnik Womens Sandals Size 40 10 Ivory Leather Woven SlingbacksNike Men's Duel Racer Sneaker 918228 602 Bright Crimson/Volt-Black Sz-9.5 No-LidBig Nike Low White/Grey Men's Size 8-13 New in Box 355152 106 , Converse Chuck Taylor All Star PC Hi Top Mens Boots Grey/Blue Lagoon 153673c , Brand New Men's NIKE Roshe One Varsity Red SIZE 10.5 , Nike Air Huarache Run Ultra Wolf Grey/White-Black 819685-010 Men's SZ 9.5 , Nike Air Force 1 '07 QS 'Logo All Over' Sz 7 Men Black White Leather AH8462-001 , NIKE AIR JORDAN 1 RETRO 89 QS FIRE RED-CEMENT GREY-WHITE SZ 7 [599873-602] , Men's Saftey Oil resistant work Boot Heavy Duty Waterproof Genuine Leather TanVersace Men's Brown Ostrich Skin Leather Ankle Boots Shoes Sz 9 11 , Brooks Ghost 8 Running Shoe, Women's US 7 M, Charcoal/Bright Rose/Bluebird , Women’s Vand SK8- HI Slim Speckle 5.5 , New Asics Gel-Exalt 2 Womens Cushioned Running/Sport Shoes , Kenneth Cole Reaction Women's Log Set Clog Sandal Tan Leather Platform Sandals , ADIDAS WOMENS ULTRABOOST TRACE MAROON/BASE GREEN/BLACK BB6495ALDO Jen Women's size 9 Black Leather $180 Tall Knee Boots Z9-420 , Stylish Womens Over Knee Thigh Stiletto Peep Toe Pleated Pull On Long Boots Punk , Puma X Fenty Rihanna Unisex SB Sneaker Boot Puma White Size Womens 9.5 / Mens 8Aerosoles Womens after hours Leather Closed Toe Knee High, Black Combo, Size 5.5 , Doc Martens ♡ Grey/Tan Suede & Canvas Boots 11629 Sz. 7 (B04) ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Shoes Nike Basketball Air Zoom Huarache Nike 2k4 Basketball Shoes Wolf Grey University Blue 308475 8d480df -

    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 Shoes Nike Basketball Air Zoom Huarache Nike 2k4 Basketball Shoes Wolf Grey University Blue 308475 8d480df -

    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 Shoes Nike Basketball Air Zoom Huarache Nike 2k4 Basketball Shoes Wolf Grey University Blue 308475 8d480df
    Athletic Shoes