Never miss an update

Air 8 11452 Jordan 1 Shattered Backboard Satin White 1 Black White Orange Size 8 Womens New a36626b

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
Brand: Jordan
Style: High Top US Shoe Size (Women's): 8
Color: Orange
Never miss an update

Air 8 11452 Jordan 1 Shattered Backboard Satin White 1 Black White Orange Size 8 Womens New a36626b -

    Air 8 11452 Jordan 1 Shattered Backboard Satin White 1 Black White Orange Size 8 Womens New a36626b
    Air 8 11452 Jordan 1 Shattered Backboard Satin White 1 Black White Orange Size 8 Womens New a36626b
    Rihanna's Custom Puma Fenty Fur Slides Bling With Swarovski CrystalsNIB Valentino Rockstud White Star Camo Slip On Trainer Sneaker Flat 40.5 $775WMNS AIR JORDAN 1 REBEL XX OG " CHICAGO" AT4151 100 , NIKE Women's WMNS Air Max 270, White/Ultramarine-Solar RED-Black, 5.5 M USNike Air Jordan 1 Satin Shattered Backboard DS Size 8 Women’s Size 6.5 Men’s , NIKE Women's WMNS Air Max 270, Ocean Bliss/White-Black-HOT Punch, 8 M US , W AIR Vapormax Plus 'Light Menta' - AO4550-100 - Size - W6.5Giuseppe Zanotti Design Pony Hair Leather Hi Top Sneakers Shoes US 7.5 IT 37.5 , Man/Woman Gabriella Michel Gold Leather Slip On New market luxurious renewed on time , Gentleman/Lady Adidas NMD_R1 Womens - S76006 online sale luxurious Outstanding function , PUMA SUEDE CREEPERS GREEN BORDEAUX 100% AUTHENTIC TRUSTED SELLER RARE DS FENTY , WMNS NIKE AIR MAX 90 ULT LIBERTY QS "MERLIN" SZ 6.5 [746632-100]NIKE AIR HUARACHE BRONZINE GOLD WOMEN'S SIZE 6 6.5 7 7.5 8Free Lance Skyla High Top Platform Sneaker Shoes Size 38 $545 , Scarpa Kailash GTX Women's 67052/202 Vibram Hi Trail Suede Hiking ShoesPRADA Women's Navy Blue Sneakers 6122 Size 6 UK , PRADA sneakers I-38.5 fits US-9 real snake leather silver platform great cond. , Finn Comfort Women's Jersey Soft Marble Idaho Size 36 DNike Air Vapormax 2 Black Metallic Gold Metallic Platinum 942843-012 Black Gold , Wmns shoe nike air force 1 premium 308038-431 olive dark charcol RETAIL Size 11Stella Mccartney Elyse Blue Womens Shoes Size 10 M Fashion Sneakers MSRP $1080 , Dior $1369 Parure Embroide & Nylon Floral Embellished "Fusion" Sneaker , Women's Nike Air Max 97 OG ShoeIsabel Marant Tony's Sneaker Marine Size 37 , Prada Women's Embellished Silver Crystal Sneakers Sz 41AIR JORDAN 3 RETRO W "VOGUE" 2018 - ITEM NUMBER 4712-1 , FEIT Women's Runner Semi Cordovan Seed Color Brand New Size 40 - 10USNike Air Max 1 Premium SC Sneakers Mineral Yellow Size 6 7 8 9 Womens Shoes NewNEW Women's Nike Epic React Flyknit Black Dark Grey Pure Platinum AQ0070-001
    Air 8 11452 Jordan 1 Shattered Backboard Satin White 1 Black White Orange Size 8 Womens New a36626b ->Air 8 11452 Jordan 1 Shattered Backboard Satin White 1 Black White Orange Size 8 Womens New a36626b -
    Dingo Women's Martine 11" Shaft Pull On Cowboy Western Boots Rust DI745 , Nike Air Zoom Train Complete Mens Running Trainers 882119 Sneakers Shoes 600 , Nike Womens Air Max Invigor BR Running Trainers 833658 441 Sneakers ShoesLadies Clarks Formal Shoes The Style - Griffin Mabel , PLEASER KISS-201 RED/CLEAR PLATFORM FITNESS BIKINI POLE DANCE 6" Heels 5-14Gabor, Women s, Mindy, Mindy, Black Black Leather , 7.5 UK , Skechers Go Step Lite Enchanted Womens Ballet Flat Skimmers Taupe 8.5Easy Street Women's Sportster Slingback Mule Black 7 M US , 2017 Gothic Punk Women Flat Pointed Toe Slip On Buckle Strap Rivet Studded ShoesHaflinger Women's Snowbird Shearling Leather Clog - Choose SZ/ColorWomen Summer Bohemia Rhinestones Hollow Sandals Beach Comfortable Flat Shoes , SERGIO ROSSI Boho Wood and Shell Strappy Leather Heel Sandal SZ 39.5 / US 9.5 , Men's/Women's NEW JANET & JANET WOMENS PUMP Quality products online shop Excellent stretching , Volatile 3.5" Wedge Heel Black & White Reptile Print Thong Sandals Size 8Nike Mens Black/Black Running Shoes Size 13 (40833)Nike Roshe Dbreak NM men's sneakers 826666 100 multiple sizes , Nike Air Untouchable Vapor Fsu Trainers Size 9Nike Kobe AD Passion - CHOOSE SIZE - 922482-600 Habanero Triple Solar October QS , Adidas AS D Rose 5 Boost Basketball Men's Shoes Size 12.5Propet Men's Marv Adjustable Strap Shoe Brown Synthetic Plain Toe Shoes , Adidas Originals Men's Deerupt Runner Shoes Size 12 us B27779 LAST PAIR2003 Jordan Retro White Cement 3 III , Men's SONOMA Forrest Casual Boots Shoes Romney Braydon Watkins Cognac Size 8 , Bernie Mev Women's Brooke Open Toe Sneaker Jeans SneakersCrystallized Dallas Cowboys Shoes-Custom-made Any Team Any Sport Sz7-11 , Balance Women's RUSHV3 Running Shoe, Black/Thunder, 11 B US , Comfortiva Women's Lyons Sneaker Smoke Distressed Foil Suede , Women's Shoes Ankle Boots Strappy Pearl Square Toe High Black HeeSl Sandals Sexy , NEW GUESS WOMENS 8.5 M BLACK/GOLD SPARKLE ANKLE BOOT EMBROIDERED SEQUIN $120Muck Boots Company Kid's HALE, BLACK/HOT PINK, Neoprene Rubber Waterproof
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Air 8 11452 Jordan 1 Shattered Backboard Satin White 1 Black White Orange Size 8 Womens New a36626b -

    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.

    Air 8 11452 Jordan 1 Shattered Backboard Satin White 1 Black White Orange Size 8 Womens New a36626b -

    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
    Air 8 11452 Jordan 1 Shattered Backboard Satin White 1 Black White Orange Size 8 Womens New a36626b
    Athletic Shoes