Never miss an update

Men's Brand New Adidas Y-3 Brand Noci Low Athletic Fashion jayhmarketing-26699 Sneakers Sneakers [BY2628] 0a0a3d7

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
Color: White
Brand: adidas Style: Athletic Sneakers
Gender: Men's
Never miss an update

Men's Brand New Adidas Y-3 Brand Noci Low Athletic Fashion jayhmarketing-26699 Sneakers Sneakers [BY2628] 0a0a3d7 -

    Men's Brand New Adidas Y-3 Brand Noci Low Athletic Fashion jayhmarketing-26699 Sneakers Sneakers [BY2628] 0a0a3d7
    Men's Brand New Adidas Y-3 Brand Noci Low Athletic Fashion jayhmarketing-26699 Sneakers Sneakers [BY2628] 0a0a3d7
    Air Jordan 11 Retro Legend Blue Size 11NIKE AIR ZOOM GENERATION QS AO2367-100 LEBRON SVSM GREEN WHITE SIZE 10 / 44nike air jordan retro 13 he got gameMan's/Woman's Supreme Vans SID Pro Comfortable feeling Online Brand feastBrand New DS Air jordan 3lab5 black V iii sz 8.5 , Nike Air Jordan Retro 5 PSG Size 8DS Adidas NMD CS1 The Good Will Out Europe Limited . Size9 Only For Retail. , Nike air Jordan 13 Retro 2018 Brand new with BoxNike Air Jordan 3 Flyknit Black Size 10.5NEW NIKE AIR JORDAN 1 RETRO HIGH OG ORANGE GATORADE SHOE AJ5997-880 MEN SIZE 8 , Jordan Retro 5 3Lab5 Infrared Size 12Size 10 Nike Air Jordan Retro 4 IV NRG Raptors Black Purple AQ3816-065 2018 , Air Jordan 5 Retro Men's Shoes Royal Blue/Team Orange/Midnight Navy 819171-417 , 2000 Nike Air Jordan Retro 5 Size 8 , Man's/Woman's air jordan retro 5 laser superior Reliable performance Beautiful and charmingMen's Brand New Air Jordan 9 Retro "Anthracite" Athletic Sneakers [302370 013] , Air Jordan 1 Retro High Wings Size 14Nike Air Jordan 4 IV Retro NRG Raptors Purple Size 12 100% Authentic , Nike Air Jordan 4 Retro Columbia "Legend Blue” Men Trainer "314254-107"Nike Air Max 95, Human Torch, Mens 10 609048 681Nike Air Jordan 1 Retro Sz 10.5 Shoes High OG Clover Green Gold Boston Celtics , Air Jordan 1 Retro High OG "Clay Green Black" 555088 135 AUTHENTICNike Air Jordan 3 Retro “Black Cement” 2018 Style Size 9 , air jordan retro 1 Hi Lakers Lebron Top 3 Custom Sz12 , Air Jordan 6 Rings LS size 10.5 Brand New , Air Jordan 11 Gamma Blue Sz 8.5Men's/Women's Balinciaga Blue/grey Size 12 bargain Cheaper than the price Popular recommendation , Nike Air Force 1 07 Cr7 Mens Trainers Aq0666 Sneakers Shoes 100Men's/Women's REEBOK I3 QUESTION MID Complete specification range Excellent performance British temperament
    Men's Brand New Adidas Y-3 Brand Noci Low Athletic Fashion jayhmarketing-26699 Sneakers Sneakers [BY2628] 0a0a3d7 ->Men's Brand New Adidas Y-3 Brand Noci Low Athletic Fashion jayhmarketing-26699 Sneakers Sneakers [BY2628] 0a0a3d7 -
    Cole Haan Primrose Riding Boot (Women) , Mens HUSH PUPPIES WARWICK Black EXTRA WIDE FORMAL/DRESS/WORK/LEATHER SHOESLADIES BLACK MOON BOOT PULSE MID BLACK SIZE , Man's/Woman's INFINITY-930LG Silver Glitter Reliable quality Carefully selected materials Brand feast , New Verali Matthew Black Womens Shoes Dress Sandals HeeledEarthies Clare - Women's Ballet Flat Gold - 8.5 Medium , Bellini Birdie Women's Slip On, Blue, Size 13.0ELEGANT Isa Tapia CAN CAN Block Heel Black/Arena Suede Sandal SIZE:6.5 //BX-37/5Belle By Sigerson Morrison Wedge Sandasl Shoes Croc Ptint Ankle Strap Womens Siz , Proxy Womens Aubine-PR Peep Toe Casual Slide Sandals, Cream/Shiny, Size 12.0 , Vionic Cozy Juniper Moccasin Slipper Loafer Shoe - Chestnut - Womens - 6 , Puma Mens Size 9 Evotouch 3 FG Leather Soccer Cleats Black Safety Yellow , NIKE Zoom Witness Basketball Shoes Mens Sz 10 Blue/White/Grey 852439 400 , NIKE SB STEFAN JANOSKI MAX SZ 13 SEQUOIA GUM BROWN LIGHT BONE BLACK 631303 302 , Under Armour Curry 3 (1269279-101) Basketball Shoe Mens Size 8.5 DSNIKE LEBRON XII 12 LOW MEN NEW W/O BOX!!!! , PAL ZILERI Men's Taupe Suede Chukka Ankle Boots US 13 / IT 46 NEW , New Mezlan Noci 17 M brown (2130)Liberty LS162 Round Cap Toe Croco Look Mens Dress Shoes Classic Stylish GreyAdidas Ultra Boost LTD Silver Metallic S77517 US Mens Sz 5-11 kanye , TSUBO Millay men's women's sneakers leather shoes US 5 (rrp:)Man/Woman Chaco Women's Z/2 Classic Sandal Black Complete specification range Pleasant appearance Reliable reputationNike Air Max 1 ULTRA LOTC QS SHANGHAI CITY PACK Red sz 8.5 FLORAL [747105-600] , New Balance WLZANTVB Womens Zante Sportstyle Shoe- Choose SZ/Color. , Gentleman/Lady MG35 Cambrie Ankle Boots, Grey Diverse new design new fine , BORN BC22790 Wo's 5 Eu 37.5 Tall Brown Leather Shearling Lined Pull On Knee Boot , Pleaser 5" Heel Silver Thigh High Zip Up Boots 6 7 8 9 10 11 12 13 14 15 16 , New Kenneth Cole Womens Kl05839su Black Ankle Boots Size 7.5FashionWomens Patent Leather High Heel Over Knee Thigh Ballet Dance Boots ShoesKenneth Cole New York Women's Artie Pull Low Heel Nubuck Ankle Bootie, Cement, 9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's Brand New Adidas Y-3 Brand Noci Low Athletic Fashion jayhmarketing-26699 Sneakers Sneakers [BY2628] 0a0a3d7 -

    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.

    Men's Brand New Adidas Y-3 Brand Noci Low Athletic Fashion jayhmarketing-26699 Sneakers Sneakers [BY2628] 0a0a3d7 -

    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
    Men's Brand New Adidas Y-3 Brand Noci Low Athletic Fashion jayhmarketing-26699 Sneakers Sneakers [BY2628] 0a0a3d7
    Athletic Shoes