Never miss an update

Nike Zoom Zoom 6 Fly Hot Punch Women's Running Running shoe Sz US 6 New in Box 0714b5a

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
Product Line: Nike Zoom
EUR Shoe Size (Women's): EUR 36.5 Brand: Nike
Width: Medium (B, M) Model: Zoom Fly
Color: Hot Punch US Shoe Size (Women's): US 6
Never miss an update

Nike Zoom Zoom 6 Fly Hot Punch Women's Running Running shoe Sz US 6 New in Box 0714b5a -

    Nike Zoom Zoom 6 Fly Hot Punch Women's Running Running shoe Sz US 6 New in Box 0714b5a
    Nike Zoom Zoom 6 Fly Hot Punch Women's Running Running shoe Sz US 6 New in Box 0714b5a
    Nike Air Zoom Structure 20 Shield 849582 woman plum/mango shoes 10.5 Brand New , WOMEN'S NIKE LUNARHYPERWORKOUT XT+ RUNNING SHOES SNEAKERS 500 NEWSalomon Speedcross 4 Sneaker - Women's Size 9 Gray , NEW ADIDAS Springblade Women's Running Shoes D66233 Orange/Silver/Glow Sz 9 , Nike Air Max Tavas Women’s 8 916791-400Asics Gel Nimbus 19 Running Shoes Grey Mint Orange Women's Size 8 , Nike Roshe Two Hi Flyknit Boots Black White Leather 861708-002 $225 Womens 7.5 , New Balance Women's Speed Vazee Pace v2 Protect Pack Shoes - WPACEPJ2ADIDAS WOMENS PW TENNIS HU WHITE/NAVY DB2559 , Nike Air Max 1 Ultra SE Black Women running shoes 861711 002 SIZE 7.5 , Asics Women's Gel-Nimbus 17 Ankle-High Tennis Shoe , Nike Lunarepic Low Flyknit Women's Running Shoe 843765 100 Size 5Women Air Bella TR Training/lifestyle Shoes Black Storm Pink & Gray 924338 006NIKE WOMEN'S AIR MAX 1 ESSENTIAL SHOES SIZE 12 black white 599820 022TORY BURCH Sport Low Top Chevron Sneakers Tennis Shoes in Snow White $195 sz 8.5Nike Air Max Thea SE Metallic Dark Sea Teal Blue Green Womens Shoes 861674-901 , Nike Free 5.0 TR Fit 5 Print 704695-014 Black/White/Volt Women's Running ShoesWOMEN'S NIKE FREE RN 2017 RUNNING SHOES 880840-001 ATHLETIC BLACK WHITE SIZE 8Nike Air Force 1 High PRM Basketball Shoes Light Bone Gum 654440 004 Womens NewNike Air Max 95 Black Gray Neon (2006) Womens Size 8 , Women's ADIDAS Neo Cloudfoam Advantage Black/White Sneakers Sz US 9.5Nike Women's Air Max Captivate Running Sneakers Black Fireberry Size 9.5 NEW! , Nike Air Max Fury Women Running Shoes Sneakers Platinum Metallic Bronze size 8 , Brand New In Box - Adidas Samoa Sneakers Size 11Saucony Guide 7 10228-1 Running Training Shoes Sneakers Silver Womens 11 WIDENIKE IN-SEASON TR 7 WOMEN'S BLACK TRAINING SHOES, SIZE 8 NEWNIKE AIR MAX 1 MID SNEAKERBOOT LB QS SZ: WMNS 8 (706657 001) , Asics Womens Gel-Super J33 2 Running Sneaker ShoesADIDAS ZX FLUX WOMEN'S RUNNING SHOES AF5689 ,
    Nike Zoom Zoom 6 Fly Hot Punch Women's Running Running shoe Sz US 6 New in Box 0714b5a ->Nike Zoom Zoom 6 Fly Hot Punch Women's Running Running shoe Sz US 6 New in Box 0714b5a -
    Easy Street Women's Jayda Western Boot - Choose SZ/ColorPajar Women's Alina Boot Ice/White 39 EU/8-8.5 M USKeen Boston III Men's Leather Shoes Low Shoes Casual Shoes Summer Shoes , Cole Haan Alligator Print Brown Leather Loafers Womens Size 9 B Made in Italy , ROGER VIVIER graphic patent buckle skimmer flat shoes sz 40.5 NEW belle graphicRockport Women's Cobb Hill Abigail Dress Pump - Choose SZ/ColorFrye 'Karissa' Antiqued/Polished Natural Leather Open Toe Heels Mules sz: US 10 , Cole Haan Women's Juliana Pump 45 Dress Pump, Black, 10.5 B USNEW $708 JIMMY CHOO Parody Braided Leather Wedge Sandals - Gold - Size 4154799 auth VALENTINO burgundy leather ROCKSTUD Flat Sandals Shoes 37.5 , Men's Nike Roshe One Lifestyle Shoes Wolf Grey/White NIB 8-12 511881-023 , HUF "Soto" Sneakers (Navy) Men's Canvas Skateboarding Low Top Shoes , (876068-006) MEN'S NIKE AIR MAX PRIME BLACK/DARK GREYNew Balance Men's GOBIV2 Running Shoe - Choose SZ/ColorMr/Ms Adidas Superstar Excellent craft Environmentally friendly Tide shoes listYeezy Boost 350 V2 Triple White 9.5 By Adidas , Rockport Mens Northfield WP Plain Toe Chukka Boot- Black Waterproof-10.5 W , Mario Calugi Mens Sz 10M Ankle Boots Black Patent Leather Zip Side 1508,Italy , OLUKAI MENS SHOES KAHU KAI DARK SHADOW OFF WHITE SIZE 13SALOMON RX Slide 3.0 Mules Clogs Slippers Relax Beach Shoes Mens New All SizeMizuno Wave Viper-W Womens Running Shoe - Drk Shdw Silver sz 10.5 , Cat Women's Restless Walala Ankle-High Canvas Fashion Sneaker , Current Mood Brand Kandi Rush Platform Neon Sneakers 3" Heel Sz 6 Club Rave EDMNew Adidas Women Sz 10 Men Sz 9 James Harden Vol 1 Boost Basketball Shoes Red , Spring Step Women's Allenisa Wedge Sandal White Multi Leather/Textile Sandals , Womens Nike Air Zoom Pegasus 35 Running Shoes Trainers Gorge Green/White/Black , Jessica Simpson Joline Womens Riding Boot- Choose SZ/Color.Women's Block Heel Square Toe Side Zip Ankel Boots Trendy Sequin Bling Bling SzLori Goldstein Collection Low Shaft Boot Side Goring Booties Womens Olive 9 NewVogue Ladies Round Toe High Hidden Wedge Platform Casual Ankle Boots Shoes hot s
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Zoom Zoom 6 Fly Hot Punch Women's Running Running shoe Sz US 6 New in Box 0714b5a -

    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 Zoom Zoom 6 Fly Hot Punch Women's Running Running shoe Sz US 6 New in Box 0714b5a -

    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 Zoom Zoom 6 Fly Hot Punch Women's Running Running shoe Sz US 6 New in Box 0714b5a
    Athletic Shoes