Never miss an update

Nike Juvenate 29940 Women's Running Juvenate Shoes 10.5 Light Bone White 724979-008 Size 10.5 NEW 66d3490

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
Authenticity: 100% Guaranteed
Width: Medium (B, M) Style: Running Shoes
Pattern: Solid US Shoe Size (Women's): US 10.5
Shoe Height: Low Top Heel Height: Flat (0 to 1/2 in.)
Color: Beige Material: Synthetic
Brand: Nike UPC: 886668353630
Never miss an update

Nike Juvenate 29940 Women's Running Juvenate Shoes 10.5 Light Bone White 724979-008 Size 10.5 NEW 66d3490 -

    Nike Juvenate 29940 Women's Running Juvenate Shoes 10.5 Light Bone White 724979-008 Size 10.5 NEW 66d3490
    Nike Juvenate 29940 Women's Running Juvenate Shoes 10.5 Light Bone White 724979-008 Size 10.5 NEW 66d3490
    Women Sport Shoes Outdoor Jogging Shoes Breathable Female Walking Shoes OnemixMen's/Women's Moxie Trades Women's Tara Durable service delicate TRUE , Mr/Ms Nautilus Women's N1754 Practical and economical New products in 2018 Beautiful and charmingMan/Woman Funtasma Women's Retro 302 Online Shopping The highest quality material Tide shoes listAsics Gel Contend 4 Shoes Wide Width Womens ShoesAdidas Women Stan Smith Bold white footwear white green S32266SAUCONY Women's Pro Grid Ignition 4 •White/Silver/Pink• Running ShoeBeacon Shoes Women's Janice Pump , Nike Womens Flex Supreme TR 5 Cross Training Athletic Shoes 852467 009 All SizesWomen's Nike Flex Trainer 5 Print Training Shoe (749184 501)Women's Adidas Courtset - Purple - Width: med - Fashion Sneakers , Nike Womens Revolution 2 Running Trainers 554900 Sneakers Shoes 033Man's/Woman's Skidbuster Women's S5075 Fine workmanship a variety of leading the fashion , Anne Klein Zasa Slide Fashion Sneakers 764, White Multi, 8 USWinter Warm Fashion Women's Ankle Boots Hidden heel High Top Sneakers Fur Lined , Nike Women's Free 5.0 TR Fit 5 Training Shoes White/Grey/Red 642069-109Women's Skechers Madison Ave Urban Glitz Slip-On Sneaker charcoal/ silver 23931 , Brooks Pure Flow 5 women running shoes sneakers size 6.5 Anthracite Pink , Reebok Women's Classic Nylon Running Shoe in White with Lt. Gray Sizes 5 to 12New Balance Women's 420 Slip-On Shoes Green with Off WhiteWomen's nike lunarepic low flyknit running shoes , NEW DKNY Slide On Sneakers Size 7 Mirror , NIB NIKE AIR MAX WRIGHT LTD GREY RED ATHLETIC RUNNING SHOES 6Y = WOMENS 7.5 , Men/Women OLUKAI WOMEN SHOES SIZE 10 NEW Economical and practical Highly praised and appreciated by the consumer audience Good qualityMan/Woman Funtasma Women's Electra 2090 Moderate price Low price Speed ​​refund , Vans AUTHENTIC SLIM Womens Shoes (NEW) Perf Stars BLACK Sizes 6-10 FREE SHIPPING , Cole Haan Bria Grand Sneakers, Toasted Almond Snake, 8.5 US Used , Converse Chuck Taylor All Star Hi Tops Burgundy Womens Sneakers Tennis Shoes , Man's/Woman's Skidbuster Women's S5077 sell New design Amoy
    Nike Juvenate 29940 Women's Running Juvenate Shoes 10.5 Light Bone White 724979-008 Size 10.5 NEW 66d3490 ->Nike Juvenate 29940 Women's Running Juvenate Shoes 10.5 Light Bone White 724979-008 Size 10.5 NEW 66d3490 -
    Jeffrey Campbell x UO Kinki Black Metallic Thigh High Heel Boots 7 RareNew Balance 580 RUNNING 90 S Red mod. MRT580AB , Nike Air Jordan 9 Retro IX AJ9 OG Mens Shoes Sneakers Trainers Pick 1 , NIKE MENS METCON 4 WHITE BLACK TRAINING SHOES **FREE POST AUSTRALIASCARPA MISTRAL GTX WOMEN'S HIKING BOOT SIZE 40BOHO Eco Summer Ankle Boots Shoes Hand Crochet Cotton Bland Exclusive Lady Sz 7COLE HAAN women LAUREL MOCCASINS Slip On Penny LOAFERS Leather SHOES Black 7.5Earth Origins London Women's Slip On, Gray, Wide , Attilio Giusti Leombruni AGL Oxfords Patent Leather Bonbon Combo 38 US , Eastland Women's Sunset MLB Mets Boat Shoe - Choose SZ/ColorHandmade Blue Pearl Bridal Wedding Party Shoe High Heels 6-8cm LUSr #blabzlxJ Lo By Jennifer Lopez Strappy Wedge Beaded Sandels Heels Size 7 M SZ Toe Loop , $138 Ann Taylor Black Molly Suede Wedges Pumps Sz 7M New 3.5'' HeelPRADA $520 BLACK FABRIC "BEADED BUCKLE" OPEN TOE SLINGBACK HEELS / PUMPS - 40 , Stuart Weitzman Largo Women's Heels Pumps Naked Nude Patent Leather Size 7.5 W , Giuseppe Zanotti Black Canvas Round Toe Platform Pumps 40 US 10 $595DZ136 LIU JO US 6 shoes light blue suede patent leather women sandalsNike Air Trainer SC High Bo Jackson Light Blue 302346-401 D Jc , NIKE SB AIR MAX BRUIN VAPOR 882097-001 BLACK COOL GREY WHITE DS SIZE: 10 , Nike Air Command Force BLEACHED DENIM ACID WASH BLACK PINK -Size 10 , Jordan 1 SB QS "Lance Mountain" - 653532 100 - 2014 , Wolverine Work Boots Men's 13 Dark Brown Nubuck Leather Waterproof Composite ToeMEN'S RED WING STEEL TOE ASTM F2413-05 M/l/75/C/75 BROWN LOAFERS SHOES SIZE 7EESkechers 65178 USA Mens Harper Brawley Slip-on Loafer- Choose SZ/Color. , Fulinken Sz 5-12 Burgundy Genuine Leather Loafers Prom Dress Slip On Mens ShoesVionic 3105 Cypress Taupe Pink Weather Resistant Trail Walker Athletic Sz 9 Wide , ASICS E650N.1993 Womens Gel-Solution Speed 3 Tennis-Shoes- Choose SZ/Color.Alexander Mcqueen White & Pink Platform Running Sneakers size 37 US 7 , Merrell Women's Chateau Mid Pull Waterproof Bootie Dusty Olive Leather ZipperWomens Air Jordan Retro 12 Basketball Vachetta Tan/Metallic Gold/Sail AO6068 203
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Juvenate 29940 Women's Running Juvenate Shoes 10.5 Light Bone White 724979-008 Size 10.5 NEW 66d3490 -

    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 Juvenate 29940 Women's Running Juvenate Shoes 10.5 Light Bone White 724979-008 Size 10.5 NEW 66d3490 -

    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 Juvenate 29940 Women's Running Juvenate Shoes 10.5 Light Bone White 724979-008 Size 10.5 NEW 66d3490
    Athletic Shoes