Never miss an update

Nike mogochinese-29875 Footscape Route SP SP Sneakerboot 728746-001 NIKELAB Black White SZ 6.5 ( 728746-001 ) 22143cb

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
Brand: Nike
Pattern: Solid Style: Athletic Sneakers
Country/Region of Manufacture: China US Shoe Size (Men's): 6.5
MPN: 728746-001 Width: Medium (D, M)
Euro Size: EUR 39 Material: Leather
UK Size: 6 Color: Black
CM Size: 24.5 UPC: Does not apply
Never miss an update

Nike mogochinese-29875 Footscape Route SP SP Sneakerboot 728746-001 NIKELAB Black White SZ 6.5 ( 728746-001 ) 22143cb -

    Nike mogochinese-29875 Footscape Route SP SP Sneakerboot 728746-001 NIKELAB Black White SZ 6.5 ( 728746-001 ) 22143cb
    Nike mogochinese-29875 Footscape Route SP SP Sneakerboot 728746-001 NIKELAB Black White SZ 6.5 ( 728746-001 ) 22143cb
    Air Jordan 8 305381-103 Red Black White Gray Bugs Bunny Space Jam Shoes Size 8.5AIR Jordan 11 legend blue men and boys size 6 women’s 7.5 in excellent conditionNike Hyperdunk 2017 Flyknit Multi-Color Black Total Crimson Mens 11.5 917726-0062011 VANS SK8 HI BOAT SHOES LX VAULT 2 TONE GREY BLACK WHITE VN-0L9J1WA NEW 8.5Balenciaga perforated sneakers white high top 43 EUEUC Men Nike Air Max Penny 1 US 10.5 University Red Orlando 685153-600 Flight A3 , Yves Saint Laurent Paris SL/01 SL01 Red/Rouge size IT43/FR44 , Paul George Nike PG1 Basketball Shoes Mens Sz 10 Neon Volt White Tennis 878627 , NEW BALANCE Mens 'ML247' Red Lifestyle Sneakers Sz 9.5 D NEW! 229749 , Man/Woman Nike Rosherun GPX - 555445 331 Fine processing Good market Fashion versatile shoes , NIKE AIR MAX PLUS NS GPX SP - MEN'S Hyper Sneaker ShoesAdidas Stan Smith x SNS "Shades of White" B24346 Men Size US 4 NEW Limited , nike Air PENNY ZOOM II HOME BLUE SZ 11 , NIB New Balance MRL247LG 247 LUXE PREMIUM SUEDE LEATHER LIFESTYLE SNEAKERS 8-13 , NIKE AIR JORDAN 4 IV RETRO MILITARY BLUE 308497-141 US 9 royalty motor sports , Puma Blaze Of Glory Ronnie Fieg &Colette Size 6.5 US Blue/White,Eur 38.5 , MEN’S SHOES DIADORA GAME L LOW WAXED 501.160821.C7707 WHITE , Adidas NMD R1 STLT PCK Primeknit CQ2389 Green Black Olive DS New In Box , Reebok - Clshx Runner SP - V69488 Mens size 11 , Nike Air Force One Low Suede ID Brown-White Men's 10.5 [AQ3661-991]Nike Air Huarache Drift Premium White Racer Blue Black Sz 13 AH7335-103Nike Air Max 90 ESSENTIAL Anthracite-Granite-Black SZ 13 [537384-035]Man/Woman Vans HALF CAB x 48EU8S The color is very eye-catching online shop Cost-effective , AV3922 001 AIR JORDAN LEGACY 312 BLACK WHITE CEMENT SZ 8-14 , Adidas NMD Champs Exclusive Chalk White Olive Size 11.5 CQ0758NIKE DUNK RETRO QS "QUICK STRIKE" WHITE-MIDNIGHT NAVY BLUE SZ 10.5 [850477-103] , SIZE 10.5 Nike Air DT Max 96 White Varsity Red Black Deion Sanders 316408 161YEEZY Boost 350 V2 9.5 Mens NIb , NIKE Men's Lunarconverge Running Shoe, Dark Grey/Chlorine Blue/Anthracite/Bla...
    Nike mogochinese-29875 Footscape Route SP SP Sneakerboot 728746-001 NIKELAB Black White SZ 6.5 ( 728746-001 ) 22143cb ->Nike mogochinese-29875 Footscape Route SP SP Sneakerboot 728746-001 NIKELAB Black White SZ 6.5 ( 728746-001 ) 22143cb -
    Miu Miu Black Suede Glittered Platform High Heel Booties SZ 37.5 , Nwot Hunter Refined Webbing Backstrap T Slate US7 , Men's/Women's Vans Authentic Lo Pro Skate Shoes Best-selling worldwide International choice Suitable for colorANN DEMEULEMEESTER black white ombre dip dye leather boots size 37adidas Cloudfoam Element Race Trainers Mens White/Blue Athletic Sneakers ShoesGary Castles Suede Olive Boots Shoes Heels size 39Cole Haan Avani Ankle Buckle Sandals, Nude Leather, 9.5 USVersace 19.69 B1387ECO VERNICE ROSSO Sandals Women's Red AU , Ladies Remonte Shoes with Remonte Tex Style R1403-WWalter Steiger Women's Green Suede Slip On Shoes Size 8 US Casual Comfortable , YVES SAINT LAURENT "Tribute" YSL Yellow Topaz Satin Platform Sandal PumpsWomen Rhinestones Floral Shining Ankle Strappy Platform Wedge High Sandals Shoes , CLARKS Women's Lexi Marigold Q - Choose SZ/Color , Skechers 832 Street Womens Double Fashion Sneaker- Choose SZ/Color. , Saucony Omni 15 Size: US 7 M (B) Women's Running Shoes Black Pink S10315-1New Balance 574 Men's Sneakers Fashion Shoes Burgundy ML574ETDNike Men's Air Max Tavas Shoes NEW AUTHENTIC Red/White 705149-603 , Men's Brand New Adidas Glenbuck SPZL Athletic Fashion Sneakers [DA8759] , 1801 Nike Air Max Vision Men's Training Running Shoes 918230-007 , Air Jordan 1 Shadow 2018 Size 12 DSNike Kobe X 10 Elite Low Flyknit iD Multi-Color SZ 10.5 ( 802817-903 ) , BASS Weejuns Soft Brown Leather Penny Loafers Size 10Skechers USA Mens Montz Devent Slip-On Loafer (- Select SZ/Color. , Amali Men's Silver Checker Print Oxford Tuxedo Shoe w/ Silver Tip : Winslow-211NEW ADIDAS ORIGINALS WOMEN'S SAMBA SHOES CQ2640 SIZE 7 1/2 WHITENIKE W Lf1 Duckboot AA0283-001 BLACK/BLACK-WHITE Womens Size 7 , Madden Girl Women's Prissley Slouch Boot - Choose SZ/Color , Womens Over Knee Boots Pointed Toe Stiletto Side zip Glossy Sexy Party Shoes New , Via Spiga NEW Beige Size 4M Side Zip Knee High Boots Suede Shoes $395- 619Vagabond Women's Alex Polished Leather Pull On Chelsea Boot NWOB size ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike mogochinese-29875 Footscape Route SP SP Sneakerboot 728746-001 NIKELAB Black White SZ 6.5 ( 728746-001 ) 22143cb -

    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 mogochinese-29875 Footscape Route SP SP Sneakerboot 728746-001 NIKELAB Black White SZ 6.5 ( 728746-001 ) 22143cb -

    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 mogochinese-29875 Footscape Route SP SP Sneakerboot 728746-001 NIKELAB Black White SZ 6.5 ( 728746-001 ) 22143cb
    Athletic Shoes