Never miss an update

Nike Air Force 1 Premium Rare Maple 1 Birch Air 309096-222 Rare sz 10.5 d28d2e6

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: very good condition once.....
Style: Baseball Shoes Brand: Nike
Product Line: Nike Air Idset_Mpn: 309096-222
US Shoe Size (Men's): 10.5
Never miss an update

Nike Air Force 1 Premium Rare Maple 1 Birch Air 309096-222 Rare sz 10.5 d28d2e6 -

    Nike Air Force 1 Premium Rare Maple 1 Birch Air 309096-222 Rare sz 10.5 d28d2e6
    Nike Air Force 1 Premium Rare Maple 1 Birch Air 309096-222 Rare sz 10.5 d28d2e6
    ADIDAS TUBULAR SHADOW SZ 14 ORIGINALS GREY CRYSTAL WHITE KNIT BY3570DVS Skateboard Shoes Drop Teal/Black Suede WalkerNike Presto Fly Medium Olive Mens Mesh Running Gym Low-top TrainersConverse Chuck Taylor OX 153843F Andy Warhol Marilyn Monroe , NEW MEN ADIDAS ORIGINALS RUNNING SUPPORT 93 [B40400] MEN US 11.5 /Nike SF Air Force 1 Mid Suede Coral Stardust Special Forces Sz 10 AJ9502-600Men's/Women's NIKE MENS TALARIA BOOT selling price fashionable At an affordable priceNike NikeLab Air Force 1 Mid Premium Leather Shoe, Velvet Brown, 10 , Nike Lebron James Soldier 10 SFG BUCKEYES SZ 17 MENS New NR DS 844380-601Nike Men’s Classic Court Borough Mid in All White in Sizes 6.5 to 15Mens Nike Zoom Witness 852439-004 Wolf Grey Brand New Size 11.5Nike Air Max 1 Ultra Flyknit Running Shoes Grand Purple Red SZ ( 856958-566 ) , Nike Vortak Men's Shoes Desert Sand/Orage/Black aa2194-001NIKE AIR FORCE 1 PREMIUM SZ 10 LIGHT CARBON GREY 3M REFLECTIVE SWOOSH 905345 003 , Ed Hardy Men's Fierce Tiger Print Hi Top Trainers, Black , Under Armour Moda Run Low Athletic Men's Shoes Size , ADIDAS EQT SUPPORT ADV SZ 11.5 TRIPLE BLACK 91/16 NMD CP8928 , Nike Air Max 1 Wht/ Gym Blue grey Men's Running Shoes AH8145-102 og one 9 sz 13 , NEW Adidas Men's Energy Boost SuperNova Neutral Runner Shoes Sneakers , REEBOK MENS ZIG DYNAMIC NUBUCK RUNNING SHOE SUEDE/BLACK/GRAVEL SZ 8 ONLY $74.99NEW BALANCE 870 MENS RUNNING M870Used Worn Size 11 Adidas Crazy 8 Basketball Shoes Black Pink LimeNike FS Lite Trainer 615972 007 Mens Running Shoes Red/Black/White See Sizes NIB , Nike Roshe Run Rosherun M shoes mens new 669985 001 sneakers size 13Royal Elastics Icon Alpha 1801 Black Men Shoes Sneakers Trainers 02081-998 , Nike Air Jordan Retro 5 ( V ) white Grape size 6.5y good condition , Adidas Originals Equipment Support Advance Men's Running Shoes White/White/TurboSALE ADIDAS ORIGINALS SAMOA VINTAGE VNTG MYSTERY RED SUEDE B39016 10.5 11 , New Merrell J09667 Trail Glove 4 Molten Lava Men's Running Shoes 13 US ,
    Nike Air Force 1 Premium Rare Maple 1 Birch Air 309096-222 Rare sz 10.5 d28d2e6 ->Nike Air Force 1 Premium Rare Maple 1 Birch Air 309096-222 Rare sz 10.5 d28d2e6 -
    Tanner Mark Sarape Red 37001 NIB Size 7.5 , Nike SB Zoom Stefan Janoski Mens Trainers Pink Branded FootwearNEW Wide Steps Draper Brown Leather Boots Womens Shoes Wide Fit C+ FitKickers Kick Women Lo Classic Back to School Shoes in Patent Black 110688 , Clarks Patent Leather Nude Size 9 Orig. price US$179Steve Madden P-Heaven Black Patent Flats Size 8.5 New In BoxSt John Womens Shoes Size 7.5 M Beige Tan Classic Pumps Leather Stiletto HeelsDevious Women's Tramp 2020 BootWomen Open Toe High Heels Stiletto Sandals Rhinestone Ankle Strap Shoes Big SizeGentlemen/Ladies New! Guido Sgariglia Platform Sandal Modern technology Comfortable touch Most practical$375 Marvin K Women's Netta Ankle Strap Dress Sandals Size 6.5 Black White LeathNEW DSQUARED2 RASSO FIAMMA PLATFORM SHOES PUMPS 39 - 9Teva Womens Mush II 2 Pack Flip Flop- Pick SZ/Color. , DVS Quentin Port Suede Size 14 US Men's BMX DC Skate Shoes SneakersAdidas Men's Sneakers Originals Haven Black Shoes Sneakers Leisure Y9717 , SALE NIKE AIR HUARACHE RUN PRM PREMIUM 704830 010 DESERT MOSS BLACK NEW , Brooks Levitate Black Red Orange Men Running Shoes Sneakers 110269 1D , New CAT Caterpillar Lenox P719079 Bitter Chocolate Leather Boots 7.5 Men , Dr. Martens Men's 1460 Grizzly Bark Boot 13 Men Us / 14 Women Us (12 Men Uk)Mark Nason ,8.5 brown leather loafers,made in Italy,pre-owned. , Retro Mens Monk Strap Dree Formal Slip on Loafers Shoes british Casual MoccasinsFitFlop 278 Fitflop Mens Monty (canvas) Boating Shoe- Choose SZ/Color. , New Fashion Men's Faux Leather Dress Pointy Toe Slip On Shoes US7-10.5 Stylish&adidas ClimaCool Crazy Running Shoes - Women athletic sneakers PINK M25989 , Fila Mens Massaggio Slippers Casual Sandals- Pick SZ/Color. , Nike Air Vapormax Flyknit Running Shoes AH8448-001 Camo Grey Pink Women’s US 7.5adidas Performance BW1132 Womens Alphabounce Ams w Running Shoe , Merrell Women's Vapor Glove 2 Barefoot Trail Running Shoe , Gentlemen/Ladies PUMA Women's Vikky Platform vr Sneaker Customer first Won highly appreciated and widely trusted at home and abroad International big nameWomen Embrodiery Pointed Toe High Stiletto Heels Side Zip Mid Calf Boots Shoes 8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Force 1 Premium Rare Maple 1 Birch Air 309096-222 Rare sz 10.5 d28d2e6 -

    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 Air Force 1 Premium Rare Maple 1 Birch Air 309096-222 Rare sz 10.5 d28d2e6 -

    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 Air Force 1 Premium Rare Maple 1 Birch Air 309096-222 Rare sz 10.5 d28d2e6
    Athletic Shoes