Never miss an update

Nike Air Sz bagisrecor-23045 Jordan 5 V Retro Sz 10 Grape DS Pre Grape Hornets 36027-405 c04d7a6

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
Idset_Mpn: 36027-405
Width: Medium (D, M) Material: Leather
Features: Retro Model: Jordan 5
Upper Material: Leather Style: Athletic Sneakers
Color: Blue Product Line: Air Jordan 5
Brand: Nike
Never miss an update

Nike Air Sz bagisrecor-23045 Jordan 5 V Retro Sz 10 Grape DS Pre Grape Hornets 36027-405 c04d7a6 -

    Nike Air Sz bagisrecor-23045 Jordan 5 V Retro Sz 10 Grape DS Pre Grape Hornets 36027-405 c04d7a6
    Nike Air Sz bagisrecor-23045 Jordan 5 V Retro Sz 10 Grape DS Pre Grape Hornets 36027-405 c04d7a6
    Man's/Woman's Jordan 13 Cherry size 11 Consumer first Online Known for its beautiful qualityNike Air Griffey Max 1 Prez QS size 10 Griffey For Prez W Receipt Cavs , NEW NIKE AIR HUARACHE RUN AS QS ALL STAR 90/10 SHOE AH8048-100 SHOE MEN SIZE 9 , Air Jordan 3 Retro Sz 9 Black Cement Red 100% Authentic 136064-010Gentleman/Lady Adidas ultraboost black size 10.5 Moderate price Beautiful Quality and consumer first , Men's Nike Kyrie 4 All Star Tie Dye Black White Blue Pink AQ8623 001 Size 15 , Men’s NIKE AIR JORDAN RETRO 13 XIII LOW BRAVE BLUE BLACK 310810-407 Size 8.5 , 100% Auth NIKE AIR MAX 90 360 PREMIUM Sz 9 DS SKULLS 3M VINTAGE HEAT Hype 2006 , Adidas Unisex Original Yung-1 RED NAVY WHITE 4-12 B37615 Authentic , Nike Air Jordan Retro 11 Low IE 2015 White/Grey 306008 102 NEW DS Mens Size 13 , Adidas Raf Simons Ozweego Size 8 Mens Sneakers , Air Jordan 13 Size 11 Retro Love & Respect SNGL Day 888164-112Men/Women Air Jordan Black Cement Size 8 The color is very eye-catching Used in durability classic style , 2018 White Black Yellow Volt Acronym Nike Air Presto Mid SP Utility Off-White , Mizuno Wave Prophecy 7 [J1GC180040] Men Running Shoes Black/Grey-LimeNike Air Max 270 Light Bone Hot Punch Tan Pink Red AH8050-003 , Nike Air Jordan 2010 Retro VI 6 Sz 9.5 Varsity Red IV XI Bred Infrared CactusDS Nike Total Air Foamposite Max Blue Black 472498 400 Tim Duncan silver pro oneNike Air Max 1 "By Day" CENTRE POMPIDOU sz US 9.5 patta parra in hand !! , Nike Air Jordan Retro 11 Gamma Blue Basketball Shoes Men’s Size 10 - black/blue , Air Jordan 1 Retro High OG Shadow 555088-013 / 575441-013 MENS / GS SIZES DS NWT , New Kobe Protro 1 Final Seconds Gold Purple AQ2728-101 Men size 8-13 , Nike Air Jordan 5 Retro [136027-130] Basketball White/Black-Metallic SilverGentlemen/Ladies Jordan 6 “Champagne” Size 14 Used Elegant shape the most economical cheap priceAIR JORDAN X CONVERSE PACK SZ 10.5 RETRO 2 II FAST BREAK DMP UNC 917931 900Air Jordan 3 III Retro NRG Tinker AQ3835-160 Size 10 Brand New , DS Nike React Element 87 Neptune Green Size 7 100% Authentic , Nike Air Jordan 11 Win Like 82 XI Retro Midnight Navy White 378037-123 Size 9.5 , Gentlemen/Ladies Adidas NMD XR1 Primeknit Linen S77194 Various styles Quality First Vintage tide shoes ,
    Nike Air Sz bagisrecor-23045 Jordan 5 V Retro Sz 10 Grape DS Pre Grape Hornets 36027-405 c04d7a6 ->Nike Air Sz bagisrecor-23045 Jordan 5 V Retro Sz 10 Grape DS Pre Grape Hornets 36027-405 c04d7a6 -
    New Nike Mens Pocket Fly Sneakers In Black White Sneakers Low Top , 100%Auth BNIB Onitsuka Tiger x Andrea Pompilio camouflage studs Sneaker Shoes , New Vivobarefoot Gobi II Womens Eco Suede Tan Minimalist Vegan Casual BootGentlemen/Ladies OVO JORDAN 10s (Drake x Jordan) Elegant shape a wide range of products At an affordable price , Jessica Simpson Rozmari Platform Evening Sandals, Black Glitter, 9.5 USWomens STUART WEITZMAN navy blue leather ballet flats sz. 7 MBass, G.H. 1876 Maine, U.S.A. Womens 7.5 M White Matilda, Brown Strap and BuckleSkechers Women's Bobs Plush-Monday Blues Ballet Flat , Gentlemen/Ladies Bordello Women's Tempt 27 use First batch of customers Various latest designs , STEVE MADDEN Burnett Cage Sandals Heels 8 NEW NIB , SAKS FIFTH AVENUE "FENTON LAST"--BLACK SILK WITH GOLD TOE---7B , Badgley Mischka Women's Thelma Dress Sandal - Choose SZ/ColorMANOLO BLAHNIK HOUNDSTOOTH D'ORSAY PUMPS SIZE 35, US 5 SHOESWomens Fly London Yidi Wedge Open Toe Cut Out Fashion Leather Sandals US 5-12 , Acorn Women's Spa Wrap Slipper Powder Blue Large / 8-9 B(M) US , ASICS MENS GEL-KAYANO 23 RUNNING SNEAKERS-SHOES-T646N-9093- BLACK/ YELLOW - SZ 8 , adidas Samba Classic Og MIG BB2587 Mens Trainers~Originals~to 11 Only2018 Mens Nike Air VaporMax 95' Volt Black Medium Ash OG Size 10.5 AJ7292-001Converse Men's CT Outsider Boot HI Black Hiking Boots 11153 [] , crocs Santa Cruz Clean Cut Loafer Crocs Mens Slip-On- Choose SZ/Color.Puma Smash Strap White Peacoat Leather Men Women Shoes Sneakers Trainer 36372301 , Nike Flex 2017 RN Womens Grey White Running Training Shoes 898476-002 NIBNike Zoom All Out Low 2 Women's AJ0036 101 White Running Shoes219 Vince Blair White Perforated Leather Slip-On Sneakers Women's Sz 6 Madidas Originals S80612 Womens Flb W Running Shoe- Choose SZ/Color.Women Adidas AQ0421 Ultra Boost X Parley Running shoes grey blue Sneakers , Adidas Tubular X 2.0 W Womens BY9749 CBLACK,CBLACK,OWHITE Womens Size 10BY961 MBT shoes black leather women sneakers , Ladies Retro floral embroidery ankle Boots zip Block High Heel shoes Autumn SZRoper Tied Womens Riding Boot- Choose SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Sz bagisrecor-23045 Jordan 5 V Retro Sz 10 Grape DS Pre Grape Hornets 36027-405 c04d7a6 -

    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 Sz bagisrecor-23045 Jordan 5 V Retro Sz 10 Grape DS Pre Grape Hornets 36027-405 c04d7a6 -

    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 Sz bagisrecor-23045 Jordan 5 V Retro Sz 10 Grape DS Pre Grape Hornets 36027-405 c04d7a6
    Athletic Shoes