Never miss an update

Nike Dunk Low Premium SB 10 Orange Orange Box Safety Low Orange 313170 811 Size 10 Jordan VNDS 4346a17

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: super clean. NDS
Product Line: Nike Dunk Idset_Mpn: 313170-811
Brand: Nike US Shoe Size (Men's): 10
Modified Item: No Style: Skate Shoes
Model: Nike Dunk Low Premium SB Color: Safety Orange / White / Cream
UPC: Does not apply
Never miss an update

Nike Dunk Low Premium SB 10 Orange Orange Box Safety Low Orange 313170 811 Size 10 Jordan VNDS 4346a17 -

    Nike Dunk Low Premium SB 10 Orange Orange Box Safety Low Orange 313170 811 Size 10 Jordan VNDS 4346a17
    Nike Dunk Low Premium SB 10 Orange Orange Box Safety Low Orange 313170 811 Size 10 Jordan VNDS 4346a17
    Under Armour Speedform Slingride Running Men's ShoesNike Air Max 2 Uptempo 94 Men's 10.5 White Black Basketball Shoes 922934 102Nike Air Presto Essential Mens Sneaker Black White 848187-009 Size 14 , ADIDAS TUBULAR 93 SZ 12 RUNNING WHITE OFF WHITE S82513 , USED Men's NIKE CUSTOM NIKE ID AIR MAX 90 TRIPLE RED OCTOBER SZ 11 Free SHIP , Gentlemen/Ladies Adidas X_PLR B37438 Men's Sneakers Every item described is available Upper material Shopping promotionADIDAS D-ROSE MENACE 2 US Sizes : 7.5; 8.5; 9.5;11.5 ;12.5Brooks Beast '16 Sneaker-Men's Size 10 Extra Wide Black/GreySaucony Triumph ISO 4 Men's Running Shoe Grey Black Size 9 NEWNike Jordan Super.Fly 2017 Basketball Mens Camo Air River Rock 921203-051 , 2015 NIKE DUNK LOW PREMIUM DLS SB QS DE LA SOUL SAFARI BROWN ALTITUDE GREEN 11.5 , adidas XCS 6 Mens Cross Country Running Spikes Shoes Changeable Studs TrainersNike Air Jordan Retro VII Black Marvin 304775 029 Size 11.5 XI VI Bugs Hare , NIKE FREE ORBIT II SP COOL GREY SHOES MEN'S SIZE 11 STYLE 657738-090Adidas Mens Tubular Instinct Casual Shoe en US- Pick SZ/Color.Nike Lebron Soldier XI TB Promo Basketball Shoes Size 9 Yellow Gold 943155 702NEW NEW SUPRA VAIDER BLACK BLACK RED SURF BMX SNOW SKATEBOARD SPORTS SHOES 9Mens Hummel Marathona GBW Pack Black Grey White 65074-2001 , New VANS Mens STYLE 112 PRO UltraCrush NAVY VN0A347XQ4M US M 7.5 - 10 TAKSE , Nike Air Zoom Elite 9 Running Mens Shoes White Grey 863769-100 , NIKE ROSHE NM FLYKNIT [677243-013] BLACK PINK POW BLUE GLOW Men's Size 11.5 , Converse One Star Pinstripe Blue Green Suede Mens Womens Shoes Sneakers 159813C , Nike Zoom KD 10 White/Chrome/Pure Platinum Men's Basketball Shoes Size 14 , New Balance Minimus Trail Running Shoes MT10GG men's 9.5D grey/yellow minimalistNike Air Max Zero Essential Mens 876070-006 Triple Black Running Shoes Size 13Nike Air Jordan Jumpman Team II Gym Red Chrome Black 819175-602 Mens Size 11.5 , NIKE JORDAN FLY UNLIMITED Basketball Shoes Black Red Mens Size 10.5 AA1282-01127 Nike Air Max 90 Ultra BR Running Shoes Pure Platinum Gray SZ 14 725222-012 , Adidas Originals EQT Cushion 93 Primeknit LTD Runninng Shoes Kicks Mens S79113
    Nike Dunk Low Premium SB 10 Orange Orange Box Safety Low Orange 313170 811 Size 10 Jordan VNDS 4346a17 ->Nike Dunk Low Premium SB 10 Orange Orange Box Safety Low Orange 313170 811 Size 10 Jordan VNDS 4346a17 -
    SANITA DANISH LEATHER ANKLE CLOG BOOTS WOOD PLATFORM SIZE 37 NEW ANTRACITE , Laredo Womens Miss Kate Western Cowboy Boots Leather Arrow Snip Toe Tan/Pink , FRYE Women's Harness 15R Boot Black-77328 7 M US , Tom Ford Mid Calf Western Cut Stiletto Boots Size 9 (NWB) $1999Nike WMNS Air Zoom Fearless Flyknit Lux [922872-004] Women Training Shoes GreyAdidas Solarglide St Size Us8.5 As New Womens Running Shoes , NEW Zazou Sprite Black Floral Leather Shoe , Trademark Adrien Mules Tie Slides Wedge Velvet 36 Maryam Totokaelo Lagarconne , Victoria Women's Ballarina Inglesa Lona Blanco Canvas Shoes , Badgley Mischka Lacie White Satin D'Orsay Open-toe Pump Size 6.5M RH13537/VANESSA BRUNO ATHE black leather wedge heel loafers shoes size 40 spainNEW COLE HAAN WOMENS PINCH LOBSTER FLIP FLOP - BLACK-BLACK , Pour La Victoire New Womens Black Heels 6.5 M ShoesVero Cuoio Nude Heels, Women’s Shoes, Size 7M , Stuart Weitzman Black Suede Fired Up Fringe Heels Sandals Size 10 MTory Burch Carrie Quilted Leather Pump Black Women Sz 5.5 M 3172 , $800 NEW ROBERTO CAVALLI BLACK PATENT LEATHER T-STRAP PLATFORM SHOES 36.5 - 6.5 , Jack Rogers Women's Lauren White/White Leather Slidesadidas Matchcourt Mid X Snoop X Gonz - White - Mens , Stacy Adams Men's Brighton Fisherman Sandal 25095 White Polyurethane Sandals , Under Armour Men's Slingride 2 Sneaker, 3 - Choose SZ/ColorES SPARTA NOS 2001 Vintage Skate shoes LEATHER & SYNTH TRAINERS Free WorldwideAdidas Yeezy 500 Desert Rat Super Moon Yellow Size 9.5 Bundle ITEM IN HANDGiorgio Brutini Men's Regan Slip-on Loafer, Brown, 10.5 M US , Nike Women AF1 Upstep PRM Size Size 11Under Armour Women's Charged Push - Choose SZ/ColorSkechers Performance Women's Go Walk 3 Slip-On Walking Shoe, Navy/White, 6.5 XW , Nike Air Huarache Run Prm Python Womens 683818-302 Khaki Stucco Shoes Size 7.5 , Dansko Women's Pro XP Clog Iridescent Leopard PatentCole Haan Women's Lunargrand Chukka Silver Cloud D37991 2012 6.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Dunk Low Premium SB 10 Orange Orange Box Safety Low Orange 313170 811 Size 10 Jordan VNDS 4346a17 -

    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 Dunk Low Premium SB 10 Orange Orange Box Safety Low Orange 313170 811 Size 10 Jordan VNDS 4346a17 -

    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 Dunk Low Premium SB 10 Orange Orange Box Safety Low Orange 313170 811 Size 10 Jordan VNDS 4346a17
    Athletic Shoes