Never miss an update

Nike Revolution 3 Womens Running Womens Shoe (B) (009) + (B) Revolution Free AUS Delivery! 4e54d64

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
MPN: 819303 009
Brand: Nike
Never miss an update

Nike Revolution 3 Womens Running Womens Shoe (B) (009) + (B) Revolution Free AUS Delivery! 4e54d64 -

    Nike Revolution 3 Womens Running Womens Shoe (B) (009) + (B) Revolution Free AUS Delivery! 4e54d64
    Nike Revolution 3 Womens Running Womens Shoe (B) (009) + (B) Revolution Free AUS Delivery! 4e54d64
    Reebok Women Work Shoes Sneakers Royal Glide Black Casual Lifestyle V53960 New , Nike Wmns Classic Cortez Nylon Yellow White Women Casual Shoe Sneaker 749864-700 , NEW Wild Country Ashton Grey Hiking Trail Outdoor Climbing Shoes - Womens Size 8Converse Chuck Taylor All Star Hi Womens Trainers White White New ShoesSkechers Flex Appeal 2.0 New Image Charcol Coral Women Walking Shoes 12752-WCCCL , Puma Basket Heart NS Wns Bows White Ivory Leather Women Shoes Sneakers 364108-02Nike Wmns Metcon DSX Flyknit Black White Volt Women Training Shoes 849809-011 , Mizuno Prima Beat W [J1GH142854] Running Yellow/Pink-OrangeConverse Chuck Taylor All Star Ox Womens Blush Pink Canvas TrainersRoyal Elastics Icon 1801 White Red Women Shoes Sneakers Slip-On 92081-010Skechers Women's Athletic Trainer. 12908/BKMT. Air Cooled Memory Foam Insole , adidas Originals Stan Smith W White Black Splatter Women Classic Shoes BZ0408 , Nike Tanjun Racer GS Grey White Black Kid Youth Women Running Shoes AH5244-001 , Converse Chuck Taylor All Star Low Canvas Stud White Black Women Shoes 559829CPuma Ignite Mesh Wns Blue Green Womens Racing Running Shoes Sneakers 18858502 , ADIDAS ZX 700 US 10 cm Womens Runners Leather Grey Purple B25717 EUC , Reebok CL Nylon See Through Classic Navy Womens Vintage Running Shoes V69321Nike Wmns Blazer Low Triple White Women Casual Shoes Sneakers BQ0033-111PUMA X BTS TURIN Shoes + Photo Card, Official Products BANGTAN BOYS KPOP GOODSNew La Pinta Kart Leather Comfort Sneakers / Slip Ons Black , Wmns Nike AF1 Upstep LOTC QS Look Of The City Blur Black Women Casual 874141-900 , Asics Tiger GEL-Lyte Komachi [H858N-9090] Women Casual Shoes Black/White , Nike WMNS Revolution 4 [908999-001] Women Running Shoes Black/WhiteNike Wmns Pre Montreal Racer VNTG TXT Ocean Blue Women Vintage Shoes 833865-400 , SAVE $$$ Asics Gel Contend 4 Womens Running Shoes (D) (401)adidas Originals N-5923 W Ash Pink White Women Shoes Sneakers Trainers AQ0267Nike Air Jordan 1 Retro High GG GS BG AJ1 White Light Sand Kid Youth 332148-116Puma Vikky Platform Ribbon S Womens Dark Pink Suede Trainers , Reebok Print Lite Rush Black Grey White Women Running Shoes Sneakers CM8784 ,
    Nike Revolution 3 Womens Running Womens Shoe (B) (009) + (B) Revolution Free AUS Delivery! 4e54d64 ->Nike Revolution 3 Womens Running Womens Shoe (B) (009) + (B) Revolution Free AUS Delivery! 4e54d64 -
    Stuart Weitzman Metermaid Pink Combat Ankle Bootie Size 9M E589 , Teva Women's Delavina Suede Boot Black 8 M USStuart Weitzman Hiline Nutmeg Stretch Suede Boots Over The Knee OTK Size 11 MMan/Woman Women frye boots Innovative design a wide range of products As of the latest model , VINCE Chase Boot Leather with Suede Top Size 8 NIB Sold Out! , Women Slippers Fox Fur Sandal Shoes Fluffy Flip Flops , Eileen Fisher Sydney Leather sneaker Dune Blush Pink Size 7 Slip OnCUTE! Women's $450 Stubbs and Wootton for J Crew Straw "BOW" Slipper Loafer ShoeTEEZE-06W 6" WIDE WIDTH CLASSIC CLOSED TOE DRESSY FORMAL HIDDEN PLATFORM PUMP , Pleaser SMITTEN-01/BW Womens Smitten-01/BW Spectator Pump- Choose SZ/Color. , $105 Retail Dolce vita Women’s Athletics Shoes, Beige/metallic/ Orange Size 9.5Brooks Womens Addiction 10 Shoes Size 11 Gray Athletic Running Fitness , NWT Womens BIRKENSTOCK Birko-flor BROWN Sandals GIZEH Thong Shoe 40 9.5 BetulaKalliste 5954 Ankle Strap Square Toe Sandals, Black, 8.5 US / 38.5 EU , Man/Woman Vans Men's Shoes "UltraRange Pro" Blanc/Black Good design comfortability Strong heat and heat resistanceAir Jordan IX 2012 Retro Blue Black White Shoes Size 9 mens 302370-007Nike Mens Lebron XII Low PRM "Lebronald Palmer" White Lime/Mango 776652-383 , Nike NIKE Air Force 1 27.5 from japan (3224 , Nike Lebron 7 All Star Chlorine Blue VNDS Worn Once Size 10 375664-401 og all , Columbia Bugaboot Mens sz 7 M BY1290-010 Black Waterproof Omni-Heat Winter Boots , Fashion Men's Party Pointed Toe Low Top Formal Dress Casual Shoes Size NewCrocs Mens Swiftwater Casual Slip On Fashion Sneaker- Pick SZ/Color.2015 Nike Brand x OVO Air Jordan 10 Retro white - mens 10.5New 1st Quality Allen Edmonds side-zipp ankle boot 11.5 A brownMens 8 EEE 3E EW Florsheim Lexington Wingtip Black Leather Classic Oxfords Shoes , Custom Offwhite Vans oldskool shoe size 7.5 , WOMENS ADIDAS NMD R1 STLT PRIMEKNIT SZ 9 ASH GREEN STEEL CLOUD WHITE CQ2031adidas Performance Women's Irana 2 Cross-Trainer Shoe , Candy Europe Lady Kitten Heel Womens Elasticity Leisure Mid Calf Boots PartyWomens RARE Walter George Tan Leather Custom Handmade Cowboy Boots 7 B Exc Con
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Revolution 3 Womens Running Womens Shoe (B) (009) + (B) Revolution Free AUS Delivery! 4e54d64 -

    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 Revolution 3 Womens Running Womens Shoe (B) (009) + (B) Revolution Free AUS Delivery! 4e54d64 -

    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 Revolution 3 Womens Running Womens Shoe (B) (009) + (B) Revolution Free AUS Delivery! 4e54d64
    Athletic Shoes