Never miss an update

Nike Women's Platinum LD Shoes Runner LD Premium Pure Pure Platinum Shoes Size:11 $95 c0c31c4

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
Country/Region of Manufacture: Indonesia
Pattern: Solid Style: Running Shoes
EUR Shoe Size (Women's): 43 UK Shoe Size (Women's): 8.5
Brand: Nike
Never miss an update

Nike Women's Platinum LD Shoes Runner LD Premium Pure Pure Platinum Shoes Size:11 $95 c0c31c4 -

    Nike Women's Platinum LD Shoes Runner LD Premium Pure Pure Platinum Shoes Size:11 $95 c0c31c4
    Nike Women's Platinum LD Shoes Runner LD Premium Pure Pure Platinum Shoes Size:11 $95 c0c31c4
    MUST SEE $114.99 NWOT FABULOUS WT10BB NEW BALANCE Minimus 10v1 Trail WOMEN 8 BASICS Womens Gel-Cumulus 19 Running Shoe, Blue Purple/Black/Flash Coral, 9 D USWOMENS ADIDAS AMBERLIGHT W in colors WHITE / TURQUOISE / LEG INK SIZE 6NEW BALANCE WOMENS WX 711 V3 CUSHIONED FITNESS EXERCISE SHOES MEDIUM (B) NEWNew Under Armour Women's Micro G Pursuit Twist Running Shoes Size 10 - Jet GrayNEW NIKE AIR ZOOM ELITE 7 Running WOMENS Limited $120Nike Tanjun SE Sneakers Black 844908-003 Running Women shoesNEW Calvin Klein Women's Lyda High-Top Black Sneakers Shoes sz 6adidas Crazytrain Bounce - Red - WomensHoka One One Arahi 2 Navy/Teal Running Shoes Women's US 9.5 Wide (P)Women's Adidas Edge Lux Clima - Pink - Width: med - Running , Nike Revolution 3 GS Running Kids Youth Womens Shoes Blue Pink 819416-404 , Asics Womens Size 6 Gel-Cumulus 18 Black Running Athletic Training ShoeVibram FiveFingers VI-S Black Women's sizes 36-42 NEW!!! , WOMEN’S NIKE AIR MAX+ 2012 Black Volt Green Size 7 487679-001 Running Shoes EUCNIKE WOMENS AIR MAX FURY SZ 10 PURE PLATINUM AA5740 007 "LOOK" NWB. , Nike Air Max 2016 Sneaker - Women's Size 7 Orange , ASICS Women's Gel-Cumulus 19, Blue Purple/Black/Flash Coral, 11 D USSaucony Kinvara 8 Women’s Size 10.5 Yellow/Orange Running Shoe X14-1294 , ASH virgin taupe leather sneakers Orig $198!! Celeb and blogger fave! Worn 1! , NIB WOMENS SIZE 6 NIKE AIR MAX THEA SNEAKERS OUTDOOR GREEN 599409 308NIKE AIR MAX ADVANTAGE BLACK WHITE RUNNING WOMENS WMNS SZ 6-10 908991-001Nike Women's Vintage 2003 Dunk Low Pro Shoes White/Blue 302517-112 sz. 9Nike Women's Air Max 90 Ultra 2.0 RS Athletic Snickers Running Training ShoesNew Womens 6.5 Converse CTAS Lux Mid Wedge Metallic Fuschia Shoes $70 556779CNEW WOMEN'S VANS AUTHENTIC PEANUTS WOODSTOCK BONE SKATE SHOES CHARLIE BROWN , Kenneth Cole Kalvin Nubuck Leather Slip‑On High Top Sneaker Womens Size 6M-BlackConverse Chuck Taylor Shroud Hi.. Black/ Black.. Size 7.. Ships Fast! , NIKE Free TR 6 Training Shoes Women's 8 Black/Purple/Multi 833424-006 ,
    Nike Women's Platinum LD Shoes Runner LD Premium Pure Pure Platinum Shoes Size:11 $95 c0c31c4 ->Nike Women's Platinum LD Shoes Runner LD Premium Pure Pure Platinum Shoes Size:11 $95 c0c31c4 -
    FRYE Stone Wash Leather Shirley Plate Riding Boots, Women’s Size 7$3300 Ferragamo Women's Sz 10 Dark Blue Snake Python Open Toe BootsITALIAN VALENTINO GAR AVANI STUNNING GENUINE LEATHER HEELS SHOES SIZE 37Sperry Top-Sider x Jaws Movie Seacoast Red Casual Canvas Shoes Sz 8 NEW STS97115 , New Django & Juliette Prickles Dark Nude Rose Gold Womens Shoes CasualNautilus Women's Alloy Safety Toe Size 6.5 W Athletic Shoes in Grey / Red 1356 , Handmade Aqua Pearl Bridal Wedding Party Shoe High Heels 6-8cm lusL #hlabzlx , MIU MIU Wedge Sandal Black Suede Leather Slingback Heel Open Toe Cork 38.5 , Authentic Sophia Webster Lucita Malibu Sunrise Espadrille Wedge Sandal Size 40 , Earth Tierra - Women's Heeled Slip-o Bright Coral Multi - 8.5 MediumPLEASER Adore-708UV Series 7" Heel Sexy Exotic Ankle-Strap SandalEarth Origins Sizzle Slide Leather Womens Sandal Low Heel Shoes Low Heel , Nike Kobe 6 All Star Nxt Ad Orange County Lakers Size 8 Chaos Joker , New Balance Men's MW577 White Walking Shoe - 11 B - NarrowRARE Mens Adidas RASTA Remix Shoes 044093 Size 9ADIDAS Flying Impact Wrestling Shoes MMA Boxing Red Black Camo AC7493 pretereoNIKE AIR FOAMPOSITE ONE BLACK-METALLIC COPPER-BLACK SZ 8 [314996-007] , Durango Mens Rebel Western Boot,Brown,11 W US , Call It Spring Men's Marmetto Chelsea Boot - Choose SZ/ColorJUSTIN Lizard Leather Western Cowboy Boots Brown Tan USA Men's 11 B VINTAGE , 2017 Men's Brogue Carved England style Pointed toe Low top Wing tip Casual shoesAdidas Boston Spezial 'Bliss White Vapour Black' New Spzl (US11) New max ultra 1Stacy Adams Mens Alberto Black Bike toe tassel loafers Snakeskin Shoes 23059-01VANS Sk8 Hi Slim (Perf Stars) True White Leather Casual WOMEN'S SIZE 10NIKE AIR HUARACHE RUN SZ: WMNS 6 (634835 605)Women's New Balance Gray Sneaker Running Shoes W01GP Size 8 Badidas Originals Superstar W Low Women Classic Shoes Sneakers Pick 1New! Madden Girl "Camdenn" Cognac Buckle Boot 7.5MMan/Woman Women’s Winter Coat & Boots New varieties are launched Used in durability Elegant and solemn , Frye Women's (Size 6) Cara Short Women's Leather Boots, Cognac (P)
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Women's Platinum LD Shoes Runner LD Premium Pure Pure Platinum Shoes Size:11 $95 c0c31c4 -

    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 Women's Platinum LD Shoes Runner LD Premium Pure Pure Platinum Shoes Size:11 $95 c0c31c4 -

    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 Women's Platinum LD Shoes Runner LD Premium Pure Pure Platinum Shoes Size:11 $95 c0c31c4
    Athletic Shoes