Never miss an update

Air 12750 Jordan 2015 5 Retro Supreme "Supreme" - mogochinese-12752 824371 001 - 2015 d77ccb5

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
Brand: Jordan
Color: Black,Red Style: Athletic Sneakers
Never miss an update

Air 12750 Jordan 2015 5 Retro Supreme "Supreme" - mogochinese-12752 824371 001 - 2015 d77ccb5 -

    Air 12750 Jordan 2015 5 Retro Supreme "Supreme" - mogochinese-12752 824371 001 - 2015 d77ccb5
    Air 12750 Jordan 2015 5 Retro Supreme "Supreme" - mogochinese-12752 824371 001 - 2015 d77ccb5
    NIKE FLYKNIT TRAINER WHITE-BLACK SZ 8 RARE No YEEZY( Originals)Asics Gel Lyte 3 24Kilates 24 Kilates Express Green Brown , NIKE KAWS AIR JORDAN 4 RETRO KAWS 930155-001 sneaker BLACK US 10New Reebok Pump Blacktop Battleground Tribal Aztec White/Black 12 Men Cant Jump , NIKE AIR JORDAN 1 PINNACLE "PINNACLE" black/mtllc gold 705075-030 MEN Size 9.5NIKE AIR MAX 1 " MASTER " Size 41 Eu 910772 001 Atmos Patta OG VIOTECH Safari , Air Jordan Black Kaws IV 4 Promo Sample Sz12 Brand NewMr/Ms Nike Air Jordan 11 Retro Bred”DS/Sz.11 High quality and low overhead International choice negotiationAir Jordan 1 Top 3 Gold Toe NRG Shattered Bred Royal Chicago Off White Black 13 , Nike Hyperdunk Marty McFly Trainers Size U.S. Size 10 ERO 44Gentlemen/Ladies Nike Element React 87 White Sail Reasonable price Highly praised and appreciated by the consumer audience renewed on timeNIKE Air Jordan 1 Retro High OG 2017 Royal 555088-007 100% AUTHENTIC DS ON HAND! , AIR JORDAN 4 RETRO LEVIS NRG WHITE AO2571-100 8.5-11 , Air Jordan Retro 11 Men’s Shoes - Gammas, Size 10Air Yeezy 1 Zen Grey Size 11NIKE LUNAR AIR FORCE LF1 DuckBoot 10.5 Army Green BRAND NEW , Man/Woman air jordan 6 varsity red Many styles International choice Comfortable and natural , Nike Air Jordan 1 Retro I High OG Chicago Bulls 2015 Red White Black 555088-101Gentlemen/Ladies adidas Ultra Boost 1.0 olive Aesthetic appearance Clearance As of the latest model , UNRELEASED Patta x Nike Air Span 2 QS / Quickstrike - Size 10.5 - RARE!!!! , 2004 Nike Air Jordan XIII 13 Retro Sz 11DS Adidas x Raf Simons Ozweego Bunny - Cream S81161 - Size US 10.5 , Nike Air Jordan 1 High Pinnacle Sz 12 DS Vachetta Tan OG Retro 705075-201 , 1985 Nike Mcenroe Mac Attack shoes checkerboard line sz 9.5 Vintage AuthenticAdidas Y-3 Super Knot Sneaker White Size 7 8 9 10 11 12 Mens NMD Boost Y-3 Ultra , NIKE AIR VAPORMAX FLYKNIT TRIPLE Sneakers Black Size US 11.5 JP 29.5 Y51Nike PG 2 Playstation Paul George PS4 Shoes -Size 11 -AT7815 002 , Nike Blazer x Off-White Grim Reaper Men’s Size 10 Deadstock With Receipt2018 LAMJC x Asics Gel Lyte III / GL3 "Sold Out" Reissue - Size 10.5 RARE!!!!!!!
    Air 12750 Jordan 2015 5 Retro Supreme >Air 12750 Jordan 2015 5 Retro Supreme
    Dr Doc Martens 1460 Smooth Black Combat Boots US MEN 5 US WOMEN 6 , Golden Goose deluxe brand Ankle Black Leather boots WMNS Sz 38 Festival shoesNine West Xalan Casual Loafer Flats, Wine Velvet, 6.5 US , Ladies Django & Juliette Padma Tan Leather SandalsSalvatore Ferragamo Elisabella Bow Loafer Pump Gold Logo Shoe 9.5 Ballet Flats*MeTaLLic PiNk Sz 7 Faux Snakeskin Pointy Toe Stiletto Heel PUMPS CARRIE GuESSNine West Women's Norvella Fabric Heeled Sandal - Choose SZ/Color , Men's/Women's Pleaser DELIGHT-600-40 wholesale New in stock Reliable reputation , Bordello Teeze 04R Gold Rhinestones Stiletto 5.75 inch High Heels , Vince Camuto Robeka Strappy Sandals, Black Velvet, 7.5 US / 37.5 EUCentury Lightfoot Martial Arts Sparring Shoes - White/Gray , Mr/Ms under armour shoes men Size 13 Online Shopping Pleasant appearance General product , Saucony Men's Jazz Low Pro - Choose SZ/ColorVans Vault Chukka Boot Red Plaid Wool Lumberjack 10 Syndicate Taka Blends , Adidas Pro Shell Mens BY4383 White Collegiate Navy Gold Leather Shoes Size 5.5New Balance M997 DAIS 'Explore by Sea' - Made in USA SneakersRed Wing 4548 Classic Moc Boots Size 10 D MSRP $270Georgia Muddog Pull-On Work Boot Comfort Core- G5514 , Cole Haan Men Brown Leather Slip On Loafers Driving Moccasin Shoes Size 8.5M EUC , Gokey Botte Sauvage Snakeproof Boots Vintage Brown Oiled Leather Mens 7.5 M EUC , Mens Casual Moccasins Loafer Slip On Driving Comfort Suede Leather Shoes US 5-11 , Bass & Company Napolean Mens Leather Black Penny Loafers Sz 10.5D Style 1463-001 , Rick Owens DRKSHDW Ramones High Top Black w/ White Toe Cap size 41.5Mens Oxfords Casual Suede Leather Dress Shoes Formal Suede Leather BootsPropet Women's Wash N Wear Slip On Ll Walking Shoe, SR Pewter Suede, 5 M US , Skechers Performance Women's Go Walk 3 Slip-On Wal - Choose SZ/color , DREAM PAIRS Women's Over The Knee Thigh High Stretch Boots Brown 8 M US , Nine West Women's KNOWONE Knee High Boot Navy Fabric, 7.5 Medium USMAJE Bottes à Talons Tout Cuir Marron Foncé T 38 TBE , 12cm Extreme High Heel Sexy Metal Thin Heels Stiletto Zipper Thigh High Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Air 12750 Jordan 2015 5 Retro Supreme

    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.

    Air 12750 Jordan 2015 5 Retro Supreme "Supreme" - mogochinese-12752 824371 001 - 2015 d77ccb5 -

    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
    Air 12750 Jordan 2015 5 Retro Supreme "Supreme" - mogochinese-12752 824371 001 - 2015 d77ccb5
    Athletic Shoes