Never miss an update

NEW NIKE JORDAN JASMINE Mulberry Womens 7.5 7.5 (6Y) air air 29008 retro iii x NIB NR fd0b010

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
Brand: Nike Jordan
Style: Athletic US Shoe Size (Women's): 7.5
Main Color: Mulberry UPC: 888410386187
Never miss an update

NEW NIKE JORDAN JASMINE Mulberry Womens 7.5 7.5 (6Y) air air 29008 retro iii x NIB NR fd0b010 -

    NEW NIKE JORDAN JASMINE Mulberry Womens 7.5 7.5 (6Y) air air 29008 retro iii x NIB NR fd0b010
    NEW NIKE JORDAN JASMINE Mulberry Womens 7.5 7.5 (6Y) air air 29008 retro iii x NIB NR fd0b010
    Denver Broncos Bling Converse Women's Canvas Shoes size 5.5ASICS GEL-Kayano 24 Athletic Shoes - Women's Size 9.5 - PurpleNIB Nike Mid Runner 2 ENG Mesh Sneakers Cream 916797-100 Womens Sz 6.5 - 8.5Nike Wmns Air Zoom TR Dynamic Cross Training Womens Shoes Trainers 849803-001 , Tretorn Women's Camden 3 Ankle-High Suede Fashion SneakerSkechers Flex Appeal 2.0 New Image Air-Cooled Charcoal/Coral Sneakers Shoes , Women's Nike Dunk High Retro QS Syracuse Orange 854340-100 size 8.5 , Nike Court Lite 845048-003 Womens Tennis Shoes Platinum & Volt GreenNWB Sz. 8 NIKE Women's Air Max Fusion Running Shoes Training 555161 008NIKE AIR MAX THEA SE SIZE 7-12 WOMEN'S SNEAKERS SHOES (861674 901) , NIB Nike Lunar Lux TR Training Running Shoe 749183-004 Gray Pk Womens Sz 9.5Nike Air Max Thea Ultra FK Running Shoes Size 5 Navy Blue White 881175 402 , Vans CLASSIC SLIP ON Patent Leather Black Women's Shoes 7.5 , Nike Zoom Fit Trainer Shoes Fuchsia Pink Black White 704658 602 $90 Womens US 10Nike Air Max Jewell Light Green Spark Running Shoes 896194-301 Size 7 , NEW IN BOX NIKE WOMEN'S AIR MAX FURY VIOLET PURPLE PLUM OFF WHITE SIZE 7 SHOE'S[365830-04] New Women's PUMA Platform Trace Sneakers - Aqua Blue White , BA7211 Adidas Women Adilette Cork W black footwear white gumNike Women's Tanjun SE Running Shoes Light Bone White Mesh Size 8 , WOMENS NIKE AIR MAX THEA ULTRA FK SZ 7 BLACK IVORY NIGHT PURPLE 881175 006 , Women Adidas Performance Edge Lux Clima Pink Running Shoes Sneakers Adidas NEWNIKE AIR REVOLUTION Premium Essential Women Sz 5.5 Black Sneakers Shoes NEWAsics Gel Torrance Women's Running Shoes Stone Grey/Frosted Rose 1022A049-020REEBOK VINTAGE classic WOMEN'S HIGH TOP SHOES SIZE 9 Lime green , Women's Nike Free RN 2017 Running Shoe, Black, size 9 880840 003New Womens Nike Free 5.0 TR Fit 5 PRT 704695 602 sz 9 Bright Crimson Black Shoes , Diesel D-String Plus High Top Sneaker- Women's Size 6, White/SilverWOMENS DC CHELSEA TX SE SKATEBOARDING SHOES BLACK LEOPARD (LEO) , Nike Kaishi Print womens shoes sneakers 705374 010 gray ,
    NEW NIKE JORDAN JASMINE Mulberry Womens 7.5 7.5 (6Y) air air 29008 retro iii x NIB NR fd0b010 ->NEW NIKE JORDAN JASMINE Mulberry Womens 7.5 7.5 (6Y) air air 29008 retro iii x NIB NR fd0b010 -
    Womens Over Knee Boots Sexy Party Clubwear Pointed Toe leather Heels Stiletto @1.2K PRADA MIU MIU black/burgundy CORSET knee-high BOOTS 35.5 US 5.5 - amazingWomen`s Girl Lambskin Leather Flats Espadrilles Loafers Shoes Size 4.5-11 35-41New Sol Sana Women's Oatley Heel Suede Synthetic Green , NWOB FS NY Passport Flat Black Patent Cap Toe Quilted Black Leather Upper 7.5Gentleman/Lady Oasis Women's Hannah Brown Comfort Shoes Complete specification Won highly appreciated and widely trusted at home and abroad Different stylesDansko Patent Leather Clogs Burgundy Shoes Comfort Walking Mary Jane Work 40 , Men's/Women's Lucky Brand Women's Ointlee Pump Special price Comfortable touch Pick up at the boutique , $149 VIA SPIGA ERNEST Cognac Brown Leather Designer Wedge COMFORT Sandals 8.5 , Womens Open Toe Vintage Denim Ankle Boots Sandals Slingback Casual High Heels GMr/Ms RADIANT-708LG High-quality New design Elegant and solemn , Madden Girl Women's Bryceee Toe Ring Sandal - Choose SZ/Color , Nike Juvenate Print Women's Athletic Shoe 749552 404 Size 5 , Man's/Woman's Propet Aurora - Grey - Womens Rich design Reliable performance Known for its beautiful qualityVia Spiga Women's Tiara, Specchio Gold, 9.5 M USNike MercurialX Finale IC Mens Soccer Indoor shoes cleats turf 831974 013 Sz 11K-Swiss 05660-038-M Mens Tubes Millennia P Cmf Sneaker- Choose SZ/Color.Nike Kobe XI Elite Low Flyknit iD Multicolor 2016 Men SZ 7 [835649 992] , Air Jordan XII 12 OVO Black 873864-032 US Sz 8.5-10.5 Metallic Gold Drake AJ MenNEOS VNN1 Voyager Mid Nylon Overshoe, BlackNew Air Jordan Retro 6 VI "INFRARED 23" TORO BRAVO RED 384664-623 Sz 10 , Cole Haan Men's Summers Bit Driver Loafer, Java Leather, 10 Medium US , Converse Chuck Taylor All Star Hi M7650C Mens Womens Shoes White Casual Sneakers , To Boot New York 11.5M Adam Derrick Casual Men's Shoes Boots Made in ItalyGentlemen/Ladies Skechers Women's Bikers-Ripples Slip-On Loafer Cheap Stylish and fun Preferred boutique , NEW Puma Womens 8 Surf Blue Basket Sneakers Platform Patent , Aravon Women's Katherine Adjustable Strap Sandal Metallic Multi , New Womens Adidas NMD XR1 Shoes Running Training Casual Tan Black 8.5 primeknit , CORDANI SZ 9.5 M 40 BEIGE BLACK SNAKE PRINT LEATHER MID CALF BOOTS BOOTIES ITALYPLEASER Delight-1033 Series 6" Heel Sexy Exotic Ankle-High Boot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW NIKE JORDAN JASMINE Mulberry Womens 7.5 7.5 (6Y) air air 29008 retro iii x NIB NR fd0b010 -

    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 NIKE JORDAN JASMINE Mulberry Womens 7.5 7.5 (6Y) air air 29008 retro iii x NIB NR fd0b010 -

    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 NIKE JORDAN JASMINE Mulberry Womens 7.5 7.5 (6Y) air air 29008 retro iii x NIB NR fd0b010
    Athletic Shoes