Never miss an update

Mens NIKE AIR HUARACHE Sequoia Dark 311 Green hitechchain-12151 Running Trainers Running 318429 311 07a4c73

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: Baseball Shoes
Country/Region of Manufacture: China MPN: 318429311-T446
Shoe Size: Various size Brand: Nike
US Shoe Size (Men's): 5 Sole: Rubber
Location: T 446 UPC: Does not apply
Color: Green
Never miss an update

Mens NIKE AIR HUARACHE Sequoia Dark 311 Green hitechchain-12151 Running Trainers Running 318429 311 07a4c73 -

    Mens NIKE AIR HUARACHE Sequoia Dark 311 Green hitechchain-12151 Running Trainers Running 318429 311 07a4c73
    Mens NIKE AIR HUARACHE Sequoia Dark 311 Green hitechchain-12151 Running Trainers Running 318429 311 07a4c73
    Nike Men's Air Python Prm Basketball Shoe , Mens Nike Air Presto Ultra BR 898020-401 Racer Blue Brand New Size 13 , 32 New Mens Nike Air Zoom Terra Kiger 4 Black Trail Shoes 880563-001 Size 10Adidas Mana Bounce Mens Running Shoes (AQ7859) + Free Aus Delivery , Nike Mercurial Victory VI 6 DF NJR FG Neymar JR. Cleats Sz 10 921506-400NIKE Women's WMNS Dunk Retro QS, Varsity Maize/Midnight Navy, 7.5 US , NIKE STUSSY COURT FORCE OLIVE US 8 100% AuthenticNike Air Max 180 OG ULTRAMARINE WHITE SOLAR RED BLUE 615287-100 sz 9.5 ORIGINAL , Inov 8 F-Lite 240 Mens 11 Womens 12.5 Trail Running Weight Lifting Shoes NIBnike roshe two flyknit v2 918263 200 string black light charcoal oreo , Brooks Launch 5 V Blue Green White Men Marathon Running Shoes Sneakers 110278 1DNew Nike LeBron XIII Low Premium, Men's Size 11, Suede/Burgundy/Gum, AH8289 600RARE Janoski Max 11 White/Clearwater. 631303 140. Dead Stock From Europe. NEWBrooks Beast 16 Size 12.5 2E WIDE Men's Running Shoes Blue 1102272E413 , AIR JORDAN FLIGHT TRADITION 819472 001 BLACK/GYM RED-WHITE - CASUAL ATHLETICNEW DC Skate Shoes Astor X Enjoi Collab Men Size 9.5 White/Gum/OrangeMens NIKE AIR MAX MODERN SE Midnight Navy Trainers 844876 402Nike Air Jordan 1 Mid Black 554724-021 Basketball Shoes MenNike PG 2 MM Paul George Mamba Mentality Size 9Skechers Expectec Gomel Shoes Black Men 65086-BLK , Adidas Originals White Mountaineering NMD Trail Primeknit Mens Trainers BA7519Man/Woman NIKE Men's Downshifter 7 Running Shoe Strong heat and wear resistance Low price Selling new products , Asics Noosa FF FlyteFoam Gel Mens Womens Runnign Shoes Athletic Sneakers Pick 1 , NIKE SB BLAZER PREMIUM SE "HUF" 384387-111 Men's US Size 8 NIB Extremely RareAdidas Alpha Bounce CR Running Shoes (DB1677) Training Sneakers TrainersMan's/Woman's WORKOUT PLUS BLANC BLEU online sale High-quality materials AmoyNew Nike Zoom Hyperrev 2016 LMTD Mens sz 11.5 DS 820219-899 Skylar Diggins PESUPER RARE VANS X FA AWESOME EPOCH 94 PRO SZ US M 7.5 US W 9Adidas Basketball James Harden Vol.1 Ls Primeknit PK size 13.5 Boost AC8407 BHM ,
    Mens NIKE AIR HUARACHE Sequoia Dark 311 Green hitechchain-12151 Running Trainers Running 318429 311 07a4c73 ->Mens NIKE AIR HUARACHE Sequoia Dark 311 Green hitechchain-12151 Running Trainers Running 318429 311 07a4c73 -
    ✿ DIVINE FOLLIE Stitched Textured Italian Leather Ankle Boots 7 37 NEW! [email protected]@K!04TOD'S MAN SNEAKER SHOES CASUAL FREE TIME XXM0XY0O670CJU493H - XXM0XY0O670CJU333OGentlemen/Ladies MUERTO-680 Black Selling low cost Very practical , Men/Women Women's shoes, Wittner, black, size 39 wholesale Beautiful appearance Fashion dynamicWOMEN SHOES DESIGNER METALLIC GOLD LEATHER OPEN TOE HIGH HEELS WEDDING EVENINGNWT: Tory Burch 41148377 York Ballet New Kir Royal Size 7 M , Frye Women's Ivy Slip-On Sneakers - 71199-BUSWomens Nightclub Peep Toes Sandals Rhinestones Less Wedge Heels Platform PumpsPLEASER Sexy 7" Heel Stripper Clear & Black Platform Pole Shoes SKY308/C-B/MPumps Womens Two-tone Leather Slingbacks Sandals Block heels Spring Shoes NewPIERRE HARDY BLACK CANVAS/LEATHER SLINGBACK SHOES/BOOTIES SZ 39.5 , WOMENS WHITE LTHR ADRIENNE VITTADINI PLATFORM WEDGE SANDALS US 11 , Skechers 31521 Cali Womens DLites-Think Fast Sport Sandal- Choose SZ/Color. , VANS Style 201 (Perf) Madder Brown/True White UltraCush Suede Men's Size 11Mr/Ms AIR JORDAN FUTURE MEN'S SHOE Easy to use Various types and styles Preferred boutiqueMen’s Nike Air Force 1 High 07' London 315121-405 - Size 12 (Navy) , Nike Bhm Hyperdunk Low U.s. Size 13.5 , Deadstock Nike Air Force 1 Low Crocodile Lux 25th Anniversary Size 10.5 , Bates Men's USMC DURASHOCKS HOT WEATHER Military & Tactical BootRICK OWENS MEN'S RARE LEATHER CREEPER STYLE BOOTS. ORIG $1660.DR MARTENS NWOB Mens Size 8/EU Sz 41/L sz 9 Multicolor Wingtip Oxford ShoesMen's Aldo Fildes Casual Driving Loafer / Driver Cognac Brown Sz 8 FILDES-28Gentlemen/Ladies Skechers Women's Go Flex 2 New varieties are launched Stylish and charming Comfortable and natural , Nike Flex Experience RN 5 White/White-Wolf Grey 844729-100 Women's SZ 8 , Gold Toe Mens Moccasin House Shoes,Indoor Outdoor Bedroom Slippers for...Nike Classics Cortez Leather Womens Style : 807471 WHITE Womens SZ 9.5 , Nike WMNS Air Huarache Run [634835-012] NSW Running Black/BlackGentlemen/Ladies KOOS Shoes 180385 Brown Reliable quality In short supply Modern modeSheSole Women's Western Cowgirl Cowboy Boots Tan 9 M US2 Lips Too Women's Too Sloucher Brown Boot 8.5 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens NIKE AIR HUARACHE Sequoia Dark 311 Green hitechchain-12151 Running Trainers Running 318429 311 07a4c73 -

    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.

    Mens NIKE AIR HUARACHE Sequoia Dark 311 Green hitechchain-12151 Running Trainers Running 318429 311 07a4c73 -

    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
    Mens NIKE AIR HUARACHE Sequoia Dark 311 Green hitechchain-12151 Running Trainers Running 318429 311 07a4c73
    Athletic Shoes