Never miss an update

NIKE Zoom AJ9282-100 Fly Running SP Men's 25582 Size 10.5 - White Red Tokyo Running AJ9282-100 7ea4b0b

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
Style: Running Shoes
Color: White Product Line: Nike Zoom
Euro Size: EUR 44,5 US Shoe Size (Men's): 10.5
Brand: Nike UPC: 887230475033
Never miss an update

NIKE Zoom AJ9282-100 Fly Running SP Men's 25582 Size 10.5 - White Red Tokyo Running AJ9282-100 7ea4b0b -

    NIKE Zoom AJ9282-100 Fly Running SP Men's 25582 Size 10.5 - White Red Tokyo Running AJ9282-100 7ea4b0b
    NIKE Zoom AJ9282-100 Fly Running SP Men's 25582 Size 10.5 - White Red Tokyo Running AJ9282-100 7ea4b0b
    Cole Haan GrandExplore All Terrain Woven Blue Sneaker 10 M , Gentleman/Lady Nike dunk low quality Brand Reliable reputation , Nike Sz 10 Air Jordan XXXII 32 Michigan Wolverines AA1256-405 Xii 1 Xi Max 97 98 , MENS NIKE LUNAR FORCE 1 DUCKBOOT DARK BLUE WATERPROOF SHOES 805899 400 SIZE 9NIKE AIR MAX 1 ANNIVERSARY White/Aqua SZ 10 (908375-105)NIKE AIR HUARACHE PREMIUM ID SIZE 10 836138-993 , NIKE SB DUNK HIGH PREMIUM RAW MEAT Sz 8 RED/WHITEMens Nike Air Max Premium 875844-403 Navy/Gym Red Brand New Size 10.5 , NIKE AIR MAX LTD 3 COBBLESTONE BEIGE RARE COLOR MEN'S RUNNING SHOES AUTHENTICNike Air Jordan 5 V Retro NEW 2016 SZ 6Y Bronze Obsidian Blue Olympic 136027 416NIKE AIR MAX 1 PREMIUM ID "UNC NORTH CAROLINA TARHEELS" SZ 8.5 [AR1379-991]adidas NMD R1 Bedwin & The Heartbreakers Night Grey Black White (BB3124) Sz 11.5Nike Metcon Repper DSX 898048-007 Black/Volt/Crimson Men's Training Shoes Sz 112017 Nike Air More Money QS Global Currency Pack Sequoia/Gold Shoes! Size 10.5NEW Nike Men's Air Max Typha 2 NFL Raiders Training Shoes Black White metcon7 New NIKE MENS LUNAR FINGERTRAP TR TRAINING Volt Yellow Black SHOES 644679-007 , New~Adidas CRAZY 97 IMAN SHUMPET 8 top ten Basketball 2000 Shoe promodel~Mens 12 , Nike Air Max 1 Premium Size 11 Mens Shoes Sneakers Clay Green Royal Blue WhiteNew Balance 997 Made in USA Distinct Pack Olive Sz 8 M997DCS{S70197-1} Saucony Grid 8000 Shoe Black/Grey/Purple "NEW" , 2008 Nike Dunk SUPER BLAZER HI PREMIUM CEMENT PRINT GREY BLACK RED WHITE Sz 11 , Air Jordan Future Woven Mens Basketball Shoe Black Gold 656503-031 Size 10.5 , Lacoste Men's Carnaby EVO 317 1 Sneaker819685-413 NIKE AIR HUARACHE RUN ULTRA (GAME ROYAL / NEPTUNE GREEN) MEN SNEAKERS , Man/Woman MEN'S SHOES SNEAKERS NEW BALANCE [MS247TN] durable stable quality Explosive good goodsAdidas Ultra Boost Support CNY Year Of The Rooster Size 10Men's Adidas PW Tennis HU "Pharrell Williams" - Size 9.5 - Core Gold - CP9767 , Mns Nike Metcon 3 Sz 7-11.5 Black/White/Metallic Silver 852928-005 FREE SHIPPING , Atmos x Asics Gel-Lyte III 3 Atmos Duck Camo Size 5.5 Ds Qs under retail ,
    NIKE Zoom AJ9282-100 Fly Running SP Men's 25582 Size 10.5 - White Red Tokyo Running AJ9282-100 7ea4b0b ->NIKE Zoom AJ9282-100 Fly Running SP Men's 25582 Size 10.5 - White Red Tokyo Running AJ9282-100 7ea4b0b -
    Man/Woman NEW BRAWN'S WOMENS ANKLE BOOTS New product Order welcome Selling new products , New Balance Men's 996 Suede Trainers, Blue , DSQUARED2 Men's Brown/Black Leather Boots Size 43 , Versace 19.69 G03 VELOUR TESTA MORO boots Women's Brown AU , New Sol Sana April Ii Slide Womens Shoes Casual Sandals Sandals FlatAravon Bromly Double Strap Women's Sneaker - All Colors - All Sizes , NEW! Women's $450 Stubbs and Wootton Blue Canvas "LINES" Slippers Loafers ShoesDolce & Gabbana Pink Slingback Stiletto Heels SZ 36.5 Leather SZ 6 1/2 US ShoesUNITED ARROWS Shoes 584019 Blue 35 1/2Sexy Crazy Outfits Pants Hose Capri cuir Schwarz Black Leder leather US10 M40 , K-SR2200 New Sergio Rossi Leather Heels shoes Pump Snake skin Size 8 / 38 $990Nike Tennis Classic CS Suede mens Trainers 829351 600 Sneakers Shoes , Adidas Men's EQT Support Advance Blk/Blk 12 DS Reflective Authentic NMD BOOST , Mens ADIDAS PUREBOOST White Running Trainers S81991 , Nike LeBron XIII 13 Elite University Red & Black & Crimson Sz 10 NEW 831923 606Nike PG 2 The Moment Free Shipping , BRAND NEW LEBRON IX (9) LOW FLORIDIANS 2012 - SIZE 12 DEADSTOCKFIVE BY RIO FERDINAND MEN'S ORSON LOW TOP SNEAKER, SAND, US 13 M, NEW/DISPLAY , Converse Chuck Taylor All Star 70's Ox Low Classic BLACK LEATHER 151156C , Men Wingtip Brogue Strappy Creeper Leisure Platform Mid Heel Dress Leather Shoes , La Milano Men's Oxford Tan Leather Dress Shoes A11326Gentlemen/Ladies adidas Originals Men's NMD_r1 Sneaker High-quality Order welcome wonderful , Mens 8 D M hush puppies steel toe penny loafer shoes brown leather SR dress work , NIKE Air Troupe Metallic Silver White Shoes Sneakers TOE PIVOT Dance NEW Women 6PUMA CROSSFOX XCS V2 BLUE CORAL SULPHUR WOMEN SHOES SIZE 11Women's Nike Lunarglide 6 Running Shoe Red Orange/Pure Platinum/Cool Grey; Sz6.5 , Womens Reebok Freestyle HI Pale Blue Sneakers Reebok CN1637 NEWNew Balance Womens W1400V4 Running Shoes- Pick SZ/Color.Nike Air Max '97 SE - Burgundy - Womens , Joie "Monte" Western Mid Heel Black Suede Booties Size 36 Eu 6 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIKE Zoom AJ9282-100 Fly Running SP Men's 25582 Size 10.5 - White Red Tokyo Running AJ9282-100 7ea4b0b -

    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 AJ9282-100 Fly Running SP Men's 25582 Size 10.5 - White Red Tokyo Running AJ9282-100 7ea4b0b -

    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 AJ9282-100 Fly Running SP Men's 25582 Size 10.5 - White Red Tokyo Running AJ9282-100 7ea4b0b
    Athletic Shoes