Never miss an update

2002 Nike Dunk Low Pro Low B UGLY BLACK DUCKLING UGLY Co.JP BLACK NORI CERAMIC 624044-031 11.5 1d1bf23

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Product Line: Nike Dunk
Style: Skateboarding Brand: Nike
Width: Medium (D, M) US Shoe Size (Men's): 11.5
Color: Orange
Never miss an update

2002 Nike Dunk Low Pro Low B UGLY BLACK DUCKLING UGLY Co.JP BLACK NORI CERAMIC 624044-031 11.5 1d1bf23 -

    2002 Nike Dunk Low Pro Low B UGLY BLACK DUCKLING UGLY Co.JP BLACK NORI CERAMIC 624044-031 11.5 1d1bf23
    2002 Nike Dunk Low Pro Low B UGLY BLACK DUCKLING UGLY Co.JP BLACK NORI CERAMIC 624044-031 11.5 1d1bf23
    Vans CHUKKA LOW Mens Shoes NEW Reversed Denim ULTRACush SKATE FOOTWEAR Free Ship , REEBOK Men's Ros Workout TR 2.0 Training Shoes Black Cross Training SneakersOnitsuka Tiger by Asics Men's Gel-Sight Navy/Black Sneaker , DVS Daewon 14 Black Gum Size 11 BMX DC Skate Shoes Sneakers Daewon SongPuma Men's Blaze Cage Solar Fm Ankle-High Fashion Sneaker , USED MENS NIKE AIR JORDAN XX2 22 WHITE BLACK 2008 Size 11New Shoes Men Canvas Waterproof Anti Skid Wear Resistant Breathable Rubber ShoesTommy Hilfiger Men's Flag Canvas Trainers, Black , Altra Men's The Torin 1.5 Ankle-High Running ShoeReebok Men Shoes Royal Nylon Gum Black White Memory Foam Premier Comfort , Nike Men's Air Max Motion Racer Running Shoes Trainers Size 10.5 Airmax , ADIDAS ORIGINALS Mens Size 10 N-5923 INIKI RUNNER [AQ1125] , New Balance Men's Fresh Foam Zante Shoes RedNIKE MAYFLY LITE BR SZ 9 UNIVERSITY RED WHITE 898027 600REEBOK MEN'S SL BERLIN LOW CLASSIC SNEAKER , Mens Nike Benassi SLP Slip On Shoes Size 8 - 14 Black 882410 003 Casual , Converse CONS BREAK POINT SUEDE SKATE Shoes Size 11 153988CVans Lampin (Suede) Medal Bronze/Black Men's 8.5 , NIKE Zoom HyperRev 2014 MEN'S US SIZE 9.5 PE BLACK GOLD 705370-071Youth Nike Jordan 1 Flight 2 Athletic Shoe Sz 7Y Black Pink 631784-018Nike Air Jordan Melo M10 Year Of The Horse Black 649352-040 Size 12 , NIB Men's New Balance 818 Cush+ MX818BK2 Shoes Sneakers XWide (4E)2007 Nike SB Air Classic Horitaka Tiger white leather 310704 102 SIZE 11.5 , Adidas Pure Boost Kelly Green Men's Size 11 NO BOXVANS VAULT ERA 46 LX SZ 9.5 VINTAGE ANDORRA ANTIQUE WHITE OSTRICH VN 0L9HLIB D1 , Lakai Camby Size 13 US Marble Canvas SB BMX DC Skate Shoes SneakersNIKE MAYFLY WOVEN SZ 13 MEDIUM OLIVE LIGHT BONE 833132 200Nike Dunk CMFT WB Mens 9 Premium Work Boot Shoes Sneakers Boots 805995-700 WheatNEW MENS ADIDAS EQUIPMENT RUNNING GUIDANCE "TRIBE BERRY" M25501 SIZE 12
    2002 Nike Dunk Low Pro Low B UGLY BLACK DUCKLING UGLY Co.JP BLACK NORI CERAMIC 624044-031 11.5 1d1bf23 ->2002 Nike Dunk Low Pro Low B UGLY BLACK DUCKLING UGLY Co.JP BLACK NORI CERAMIC 624044-031 11.5 1d1bf23 -
    FRYE Women's Kenzip Sling Back Ballet Flat - Choose SZ/color , Old Gringo Brown Turquoise Leather Pointy Toe Cowboy Western Boots Women's 6 BPLEASER FABULICIOUS AMUSE-20 NEON GREEN PATENT POINTED TOE PUMPS 5" HEELS 5-14LANVIN FELT BALLERINA FLATS GRAY BLACK SHOES PATENT LEATHER TOE CAP 7 MDansko Work Wonders Coral Leather Black Shoe Ladies US 11 1/2 - 12 NIB , Men/Women Cole Haan Heels elegant Modern design At an affordable price , Vince Camuto Saxon Zip Up Platform Pumps 254, Black, 8.5 US / 38.5 EUPointy Toe Rhinestone Womens High Heels Stiletto Slip On Sandals Red Black ShoesMary Janes Vogue Womens Round Toe Mary Janes Ankle Strap Block Heels Work Shoes , Gentlemen/Ladies Guess Oliva Women's Boots Red Multi High-quality Moderate cost Brand feastTim Burton Corpse Bride Emily Maggot MEDIUM Women's High Heels , ELEGANT New Ivanka Trump Women's Shoes Sandals Gold Genuine Leather Size 9.5 MAdidas Originals Superstar 80s New Bold Pick Your Size Black Platform CQ2365ASICS Men's Gel-Moya #T841N-9090 Black/Black/Silver Medium RunningNIKE SB ZOOM BLAZER MID SZ 8 SEQUOIA GREEN MEDIUM OLIVE GUM BROWN 864349 300NIB Under Armour Mens UA Lockdown 2 Athletic Shoe- Pick SZ/Color , NEW BALANCE X KASINA ML581 KS US Size 12 TOTAL DEADSTOCK kith supreme ds , Nike Airmax 97 “Just Do It” Size 10.5 W/receiptAriat ATS Mens Brown Leather Ankle Boots sz 7 DKing Exotic CHERRY TEJU LIZARD Western Boot Side Zipper Mid Calf DALEXANDER McQUEEN PEBBLE LEATHER COMBAT BOOTS AUTHENTIC SIZE41 MADE IN ITALY EUCEcco Holton Apron Casual Slip On Shoes - Men's Size 13, BlackBusiness Dress Formal Shoes Oxford Mens Slip On Leather Metal Toe England Chic XNike Women's SF AF1 Light Bone; Women’s Sz 7.5 (857872-004) , Nike Wmns Classic Cortez Leather Triple White Women Shoes Sneakers 807471-102NIKE AIR MAX 2014 White Lime Green Womens 621078 103 sz 8 39 EURPleaser Women's Classique 20 Pump Nude Suede , PUMA Women's Match Animal WN'S Shoe - Choose SZ/Color , Man's/Woman's ZigiSoho 11 Black Wedge Boot elegant online shop Explosive good goods , White Mountain Womens Teague Suede Colorblock Winter Boots Shoes BHFO 4708
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    2002 Nike Dunk Low Pro Low B UGLY BLACK DUCKLING UGLY Co.JP BLACK NORI CERAMIC 624044-031 11.5 1d1bf23 -

    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.

    2002 Nike Dunk Low Pro Low B UGLY BLACK DUCKLING UGLY Co.JP BLACK NORI CERAMIC 624044-031 11.5 1d1bf23 -

    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
    2002 Nike Dunk Low Pro Low B UGLY BLACK DUCKLING UGLY Co.JP BLACK NORI CERAMIC 624044-031 11.5 1d1bf23
    Athletic Shoes