Never miss an update

Nike 34 Air Zoom Pegasus 34 TB Shoes 887009-002 Platinum/White Platinum/White/Black/Black Men's Running Shoes 8d03123

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
Color: Pure Platinum/White/Black Style: Running, Cross Training
Country/Region of Manufacture: Vietnam Width: Medium (D, M)
Never miss an update

Nike 34 Air Zoom Pegasus 34 TB Shoes 887009-002 Platinum/White Platinum/White/Black/Black Men's Running Shoes 8d03123 -

    Nike 34 Air Zoom Pegasus 34 TB Shoes 887009-002 Platinum/White Platinum/White/Black/Black Men's Running Shoes 8d03123
    Nike 34 Air Zoom Pegasus 34 TB Shoes 887009-002 Platinum/White Platinum/White/Black/Black Men's Running Shoes 8d03123
    Adidas Originals Men's Lacombe SPZL Sneakers Size 7 to 12 us DA8786[BY9733] Mens Adidas Originals Iniki I-5923 - Goldenrod Black Yellow size 10.5 , Nike Air Jordan 1 Retro High Yin Yang White 555088 102 Size 13 , [CQ0761] Mens Adidas NMD_R1 Running Sneaker - Grey MaroonNike Air Max 1 Premium Men's Shoe Size 9.5 Sneaker Style: 875844-007 Retro , Reebok Men's Boxing Boots Buck Size 7 to 14 us BS8266NIKE ZOOM ALL OUT LOW 2 Sz 11.5 Black Dark Grey Anthracite Air Max AJ0035-004 , New Nike Men's Lunar Force 1 Duckboot '17 (916682-203) Ridgerock// Velvet BrownNEW Nike Metcon DSX Flyknit 2 - Men's Triple Black Training Shoes 924423-004Sandro Moscoloni Men's Nico SneakerNike Men's Free RN Motion Flyknit Running shoes Size 7 to 13 us 834584-403 , MEN'S SHOES SNEAKERS PUMA SUEDE CLASSIC X BOBBITO [366336 01]Altra Men's Lone Peak 3.5 Mid Mesh Running-ShoesNEW NIKE AIR MAX 95 = SIZE 12.5 = MEN'S RUNNING SHOES SNEAKERS 609048-083Nike Lebron Soldier 10 SFG Basketball Men's Shoes White Black size 10 , Air Jordan Retro 3 Sport Blue 2014 Size 8 , Nike Mens Lebron Air Zoom Generation QS Size 7 Black Red Kings Rook AJ4204 001 , adidas Mens NMD_R1 White/Grey Men’s - NEW - Size 9 , NIKE AIR MAX LIGHT ESSENTIAL MEN RUNNING TRAINING SHOES 631722 102 SIZE 10 NEW , Nike Air Zoom Span 2 Shield 921703-001 Black/Grey/Anthracite Men Running Shoes , Nike Free Run Flyknit Black/White 831069-001 Men's SZ 13 , Nike Air Jordan 2011 Retro 7 VII Black Bordeaux Size 9.5 OG 1 2 3 4 5 6 8 9 10 , NEW MEN'S NIKE AIR MAX GOATERRA 2.0 916816-001On Cloudflow Mens Running Shoes 15-4329. Size 13 , Air Jordan Retro 10 Bobcats bred 12 5 Royal 1 top 13 red 4 black gold olive 3 , Nike Mens Air Jordan Dub-Zero Basketball Shoe , NEW NIKE AIR MAX LUNAR90 JCRD MENS PREMIUM CUSHIONED SHOESAdidas Original Superstar BW3S Slip On Sneakers Grey CG3695 SZ 4-11 HiphopNike Air Max '90 Premium Men's Running Shoes 700155-602 ,
    Nike 34 Air Zoom Pegasus 34 TB Shoes 887009-002 Platinum/White Platinum/White/Black/Black Men's Running Shoes 8d03123 ->Nike 34 Air Zoom Pegasus 34 TB Shoes 887009-002 Platinum/White Platinum/White/Black/Black Men's Running Shoes 8d03123 -
    Dolce Vita Women's Jonn Fashion Boot - Choose SZ/ColorSERGIO ROSSI Womens Mermaid-Cage Lilac-Leather High-Heel Pumps Ankle-Boots 8-38 , Ladies Clarks Unstructured Buckle Fastening Flat Leather Shoes - Un Lady2 , Ladies Clarks Casual Ankle Boots 'Merrian Lynn' , Kensie Sadira Heeled Gladiator Sandals 188, Black, 8 US / 39 EU , FRYE TERRI WOMENS SLIP ON LEATHER MULE SHOES NEW SIZE 8 , Proenza Schouler PS28125 Slip On Flat Loafers Silver Women’s 36 US 6 , SAS Shoes Flats Mary Janes Tripad Comfort Soft Step Beige USA Womens Size 7WW , Brand New! Women’s Black Comfort Walking Shoes Size 10 Medium X801Ladies vogue cuban high heels furry decor rhinestone slip on shoes lady suede SzMazatlan Shimmery Heel Sandal Anthropologie Size 8.5 MSRP $148Men's/Women's STEVE MADDEN SURRNDER SANDAL SIZE 8 High quality and low overhead Bright colors a lot of varieties , $1299 Dsquared Shoes Metallic Real Leather Size US 7 IT 37 Sale 8306MIU MIU 5X8460 Green Patent Designer Sandals Comfort 7.0 MAdidas ZX Flux White/Black-Bluebird S76504 Men's SZ 11Nike Men's Shoes SB Braata LR Premium Sneakers 458696-010 Men Size 10, 10.5Men's Nike Air Max ST Running Shoes, 652976 004 Sizes 8-13 Black/Onyx/Light Mand , Nike Free RN Flyknit 2017 Running Mens Shoes Size 10 880843 010 , Adidas NMD R2 Runner Men's Size US 7 ~ 14 / Brand New in Box!!! , Giorgio Brutini Men's Wallen Oxford - Choose SZ/Color , New BRUNO MAGLI Wilson Hi Top Leather Sneakers Bordo Maroon Men's Size 8.5ZARA MAN LEATHER SHOES WITH FRINGE DETAIL BLACK Ref. 5718/002 44EU/10UK/11USA , Chaco Men's Waypoint Cloud Athletic Sandal - Choose SZ/Color , New FILA Womens CLASSIC KICKS B WHITE FS1SIA1034X UNISEX SIZE FILA CANVAS TAKSE , Altra Women's Torin 3.0 Road Running Shoe, Blue/Coral, 9 B US , CONVERSE ONE STAR PLATFORM OX WOMENS SHOES SNEAKER BLACK Patented size 5 - 11Stretchy Womens Suede Side Zip Mid Calf Boots Mid Block Heels Shoes Knitted ShoeARRAY Womens Tonya Leather Closed Toe Ankle Fashion Boots , White Mountain Tivia Black/Fabric Boot Women Size 6.5 MNWT La Canadienne Women's Misty Black Ankle Boots - $425 - 9.5M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike 34 Air Zoom Pegasus 34 TB Shoes 887009-002 Platinum/White Platinum/White/Black/Black Men's Running Shoes 8d03123 -

    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 34 Air Zoom Pegasus 34 TB Shoes 887009-002 Platinum/White Platinum/White/Black/Black Men's Running Shoes 8d03123 -

    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 34 Air Zoom Pegasus 34 TB Shoes 887009-002 Platinum/White Platinum/White/Black/Black Men's Running Shoes 8d03123
    Athletic Shoes