Never miss an update

Nike Air Jordan Nike 1 Air Retro High Men OG Perforated Black For Men Size 10.5 555088 002 57e625f

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Product Line: Nike Air
Material: Leather Brand: Nike
Pattern: 555088 002 Model: Jordan 1
Width: Medium Idset_Mpn: 555088-002
Color: Black, White US Shoe Size (Men's): 10.5
Features: Retro Style: Basketball Shoes
UPC: Does not apply
Never miss an update

Nike Air Jordan Nike 1 Air Retro High Men OG Perforated Black For Men Size 10.5 555088 002 57e625f -

    Nike Air Jordan Nike 1 Air Retro High Men OG Perforated Black For Men Size 10.5 555088 002 57e625f
    Nike Air Jordan Nike 1 Air Retro High Men OG Perforated Black For Men Size 10.5 555088 002 57e625f
    Clarks Men Luminate Wake - Fashion, Comfortable Sneaker Sports Shoes , MEN'S SHOES SNEAKERS REEBOK ROYAL EC RIDE [BD3685]New ADIDAS Originals Superstar 80's Leather Sneaker Mens black all sizes , NEW ADIDAS TERREX TRACEROCKER HIKING TRAIL MEN'S SHOES ALL SIZESAltra One V3 Black Running Shoes Men's US 11.5 Eur 46 ()Men's Trainers Reebok One Cushion 3.0 CG Sports Shoes For RunningMEN'S SHOES SNEAKERS ADIDAS CLOUDFOAM SWIFT RACER [DB0679] , Adidas Samba Classic Soccer indoor shoes mens , Nike Metcon 3 NEW Men's Training Gym Shoes Black White University Red Wolf GreyAdidas Originals Tubular Sneakers 6 Mens Sky Blue Strap high topNike SB Dunk Hunter Forbes Size 10 , Nike LunarGlide 8 Men's Training/Running Shoes Sz. 10 , ASICS Noosa FF - Black - Mens , Paperplanes Mens Air Cap Athletic Shoes Fashion Sports Running Sneakers 1401Converse Chocolate Brown Leather Hi Top Men’s Size 12ADIDAS ORIGINALS SWIFT RUN BLACK WHITE MENS 8-13 B37726 , Gentlemen/Ladies Nike Air Monarch Cross-Trainers Men Good design Carefully selected materials Don't worry when shopping , Nike Air Jordan Retro 4 Men's Shoes Size 13 - Legend BlueNIKE RUNNING SHOES LUNARCONVERGE MEN'S SIZE 13 SNEAKERS WHITE/GREY 852462 100Nike Air Flex Trainer Leather Running Black Athletic Sneakers Shoes Mens 8.5Men/Women Adidas NMD C2 size 11 Reasonable price The highest quality material Suitable for color , Nike Air Max Dominate Men's Shoes White Navy Crimson 897651 100 Sz 9 - 11.5 , Nike Mens Lunar Apparent Running Shoes Sneakers Gray Size US 7 NWTNWOB Men's Nike Air Max Prime 876068 200 Running Shoes Sz us 10-D , Nike Roshe Tiempo VI QS Black Leather Sneakers Shoes Mens 9 9.5 10.5 11.5 , NEW ADIDAS MANA BOUNCE 2M ARAMIS YELLOW MEN'S RUNNING SHOES ALL SIZESOn Cloudflow Athletic Shoes - Men's Size 8.5 - Grey/Orange DAMAGED , Adidas Tubular Invader Strap Shoes Mens US Size 11.5 Trace Brown Suede LeatherNike Mens Zoom Live 2 Athletic Snickers Running Training Shoes Size 7.5 New ,
    Nike Air Jordan Nike 1 Air Retro High Men OG Perforated Black For Men Size 10.5 555088 002 57e625f ->Nike Air Jordan Nike 1 Air Retro High Men OG Perforated Black For Men Size 10.5 555088 002 57e625f -
    Jimmy Choo Motorcycle Moto Black Leather Biker Boots Size 34.5 / 4.5 $1,050+Skechers Equalizer 3.0 Charcoal Black Mens Trainers ShoesMerrell Mens Sandspur Rift Strap Sandals With Adjustable Straps , Ladies Clarks Slip On Casual Shoes Tri AvaSPRING STEP GINA-B - GINA Size: - Color: , Man/Woman ASPIRE-608MG durability New style Comfortable and natural , Rialto Calypso Wedge Floral Pumps, Midnight, 5.5 USBadgley Mischka Landmark Platino Diamond Drill Fabric Women's Heels Sandals 8M , Exquisite BRUNO MAGLI Brown Suede Pumps w/Brass Knot Accents 6.5AAPrada Size 38.5 Brown Ivory Canvas Leather D'orsay Peep-Toe Pumps , Nike BLAZER LOW SB Black Midnight Fog Discounted Skateboarding (141) Men's Shoes , Mr/Ms Circa Lopez 50 Casual Men's Shoes Ideal gift for all occasions Affordable A balance between toughness and hardnessNike Lunar Force 1 Hyperfuse City Pack "Brooklyn" Quickstrike 577666-002 NWT NIBNike Zoom Kobe 4 FTB Dust 869450 005 (Pin Only)Diadora N9000 ITA Alpini Green Laurel 501172304-70142 , Nike Internationalist PRM SE Legion Green Black Palm 882018 300 US size 13 NEW , Jordan Why Not Zer0.1 Low TB Black/Black-Metallic Silver (AQ9682 001)Nike Men Air Jordan XXXII 32 Low PF Win Like 82 Shoes AH3347-021 US7-11 04' , Air Jordan Retro 7 Bordeaux Size 10.5 VII , Klogs Boca Closed Back Unisex Comfort Clogs Mahogany Buff - 14 WideWILD WEST COGNAC GENUINE CROCODILE BELLY COWBOY BOOT RANCH-WIDE SQUARE-TOE (D)Salewa North America Mens Rapace Gtx Mountaineering Boot- Pick SZ/Color. , Bass Men's 11.5 Moc Loafer Shoes 6123-2565 Minimal Wear , Red Velvet Loafers Men Wedding Shoes With Metal Circle moccasins Driving SHoes , Stylish Mens Zebra Print Mix Color Wedding Shoes Round Toe Slip On Casual Loafer , Mens Lovely Beige Croco Embossed Pointed Toe Dress Shoes Liberty LS1046 size 13AHNU~ ALAMERE LOW Waterproof Hiking Trail Shoes Black US 7 /38New Balance Women's Ww812 Ankle-High Leather Walking ShoeIvanka Trump Women's nallis2 - Choose SZ/colorAerosoles Womens afterward Pointed Toe Knee High Fashion Wine Fabric Size 9.0
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Air Jordan Nike 1 Air Retro High Men OG Perforated Black For Men Size 10.5 555088 002 57e625f -

    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 Jordan Nike 1 Air Retro High Men OG Perforated Black For Men Size 10.5 555088 002 57e625f -

    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 Jordan Nike 1 Air Retro High Men OG Perforated Black For Men Size 10.5 555088 002 57e625f
    Athletic Shoes