Never miss an update

NEW Black Jordan Air Jordan 32 "MJ Day" Bred thefansshop-1099 - 32 Black Basketball Shoes (Men's 16) 755c48c

100% of the final sale price will support Managers On A Mission - opens in a new window or tab

Giving Works ItemAbout this nonprofit:
MOAM (Managers On A Mission) funds mission trips to orphanages in Africa, service projects throughout the US, and scholarships with a Christ centered focus by maximizing the platform afforded to the sports industry.

This is an eBay for Charity charitable listing

Item specifics

New with defects: A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour ... Read moreabout the condition
Style: Basketball Shoes
Brand: Jordan US Shoe Size (Men's): 16
Color: Black UPC: 883412816809
Never miss an update

NEW Black Jordan Air Jordan 32 "MJ Day" Bred thefansshop-1099 - 32 Black Basketball Shoes (Men's 16) 755c48c -

    NEW Black Jordan Air Jordan 32 "MJ Day" Bred thefansshop-1099 - 32 Black Basketball Shoes (Men's 16) 755c48c
    NEW Black Jordan Air Jordan 32 "MJ Day" Bred thefansshop-1099 - 32 Black Basketball Shoes (Men's 16) 755c48c
    Men Reebok The Pump Shoes Black Size 13 , Adidas Original Marathon TR Shoes Running Blue Black BB6802 SZ 4-13 , Mizuno Wave Prophecy 6 Black Reflective Silver J1GC171703 Men Running Shoes , NIKE FREE FLYKNIT MERCURIAL PURE PLATINUM-WHITE-GREY SZ 13 [805554-001]Nike "Air Jordan 1" x Off White Size-US10Nike Air Jordan 1 Retro GS SERENA WILLIAMS PINK VALENTINE'S DAY 332148-008 9Y , NIKE HYPERVENOM PHANTOM III TC FG "TECH CRAFT" BLACK-GREEN SZ 9.5 [852569-033] , NIKE STREET GATO (9) - Mercurial Proximo Magista Obra Superfly Safari CR7 lunarAir Jordan 3 Retro "Pure White" - 136064 111 , Nike Air Max 270 Futura SE Men's Shoe AV2151-002 DESERT SAND 90 1 95 97NIKE FLYKNIT RACER BETRUE RAINBOW-BLACK-PINK SZ 10 // WOMEN SZ 11.5 [902366-100]Adidas Superstar 80V UNDFTD x BAPE DS (9US - 42 2/3FR) neuf et 100% authentiqueNike Air Max 270 Mens AH8050-401 Racer Blue Crimson Black Running Shoes Size 11 , NIKE AIR FORCE II HIGH PREMIUM NINTENDO WII SNEAKERS 8.5 US 42 FR DEADSTOCKAir Jordan Retro 13 He Got Game Men's Size 10.5 DS Brand New White Red Black '18New Balance Men's MSD200V1 Track Shoes - Choose SZ/Color , Adidas Y-3 BYW Basketball James Harden Shoes sizes US 8 limitedGentleman/Lady Nike Kyrie 4 Halloween sz 8-13 Fashion pattern a wide range of products Immediate deliveryNIB Nike Federer ZOOM VAPOR 9 TOUR White Tennis Shoes 488000-100 Size 8.5 RARE , Reebok Classic Kendrick Lamar 7 Us , 2018 Nike Air Jordan Retro 10 X Tinker SZ 12 Racer Blue Team Orange 310805-408Mizuno Wave Prophecy 7 / Nova VII Mens Cushion Running Shoes Sneakers Pick 1 , Nike Air Force 1 Low x Air Max 97 Men's Size 12 Hybrid Red Silver 3M AM97 , NIKE AIR MAX PPLUS TN AR0006 800Air Jordan 3 Retro Tinker Nrg Size 11 Dead Stock , Nike Air Jordan 9 Retro IX AJ9 Black Men Shoes With Size US9.5 Box 302370-014Under Armour Curry 1 Gold Banner SIZE 11.5 Black Championship 2 3 4 5 DS Anafoam , DS NIKE AIR MAX 1 "DARK CURRY" X ATMOS SKU: 908366-700 UK6,5/US7,5 / , Nike Air Force 1 Low Easter Patchwork 8 9 10 11 I2 SportsLocker AH8462-400
    NEW Black Jordan Air Jordan 32 >NEW Black Jordan Air Jordan 32
    Ecco - Ecco Touch 25 B, Birch, Women's Size 9.5 Boots (264503) , Australia Luxe Collective Womens Size 10 Boots Purple Suede Shearling Lined Yael , Miu Miu Black Leather Buckle Strap Mid Calf Moto Boots SZ 38AJ01 BEVERLY HILLS POLO CLUB shoes blue leather suede men sneakersBrunello Cucinelli Brown Leather Peep Toe Wedge Ankle Boot Sz IT39/US9~RTL$1195Women's Boots Leather model GIRLY by HGilliane Design Us size 3.5 to 12 , NIKE WOMENS VIALE BLACK SHOES 2018 **BEST SELLER , New Django & Juliette Neve Womens Shoes Casual Sandals HeeledCarvela Womens Kando Np Open-Toe Sandals, Brown Tan, 6 EU , FLY LONDON Yifa Sz 8.5 M /39 Wedge Heel Sandals Brown Leather BOHO Hipster ShoesMr/Ms Pleaser Pink Label KIMBERLY-05 selling price stable quality Outstanding style , SOLE SOCIETY PUMPS 9.5 M , NEW "Skechers" Relaxed Fit With Memory Foam ~ Size 5 ~ Taupe ~Skechers Cali Womens Meditation Desert Princess Toe Ring SandalMPuma Complete Concinnity White/Chile Pepper/Team Gold Men's NIBNIKE ZOOM TALARIA 2016 SZ 11 NEUTRAL GREY 844695 003 , Nike Mens Size 11.5 Vapor Untouchable 2 Flyweave Solar Flare Limited New $200 , ASICS GEL-Surveyor 5 - Grey;Red - Mens , Nike Air Max LD Zero Mens Black White Grey 848624 101 Mulitple Sz Running NIB , Under Armour Men's Acquisition Military and Tactical Boot, - Choose SZ/Color , Onitsuka Tiger Men's Mexico 66 Slip-On Ankle-High Shoes , Steve Madden Mens Element Quilted Slip On Loafer Shoes, Red, US 12 , New Balance Women's WT410v5 Cushioning Trail Running Shoe, Vortex, 5 B USUnder Armour Womens Highlight Delta 2 Running Sneaker Black Pink Size 7.5 M , ASICS GEL HAVOC T464Q 4891 LIGHT BLUE LIGHTNING PUNCH WOMEN SHOES SIZE 6adidas Originals Stan Smith CF W Crystal White Trace Orange Women Shoes CQ2788Gentlemen/Ladies Merrell Emery Women's Black Boot 8.5M economic Wholesale trade A balance between toughness and hardnessNWT ZARA Black Over The Knee High Heel Cap Toe Boots SZ 7.5 , Alfani Womens Adisonn Leather Closed Toe Ankle Fashion Boots, Black, Size 9.5 km , Women's Diba True Flower Child Boot- Size 6 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Black Jordan Air Jordan 32

    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 Black Jordan Air Jordan 32 "MJ Day" Bred thefansshop-1099 - 32 Black Basketball Shoes (Men's 16) 755c48c -

    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 Black Jordan Air Jordan 32 "MJ Day" Bred thefansshop-1099 - 32 Black Basketball Shoes (Men's 16) 755c48c
    Athletic Shoes