Never miss an update

2014 Nike Shoes Cross Air Max 10 '95 Men’s Running, Cross Training Shoes 609048-086 SZ 10 3c7dda8

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Country/Region of Manufacture: China
Color: lt base grey/hypr crmsn-rd cly Style: Running, Cross Training
Euro Size: EUR 44 Width: Medium (D, M)
Brand: Nike US Shoe Size (Men's): 10
UPC: 00091208025278
Never miss an update

2014 Nike Shoes Cross Air Max 10 '95 Men’s Running, Cross Training Shoes 609048-086 SZ 10 3c7dda8 -

    2014 Nike Shoes Cross Air Max 10 '95 Men’s Running, Cross Training Shoes 609048-086 SZ 10 3c7dda8
    2014 Nike Shoes Cross Air Max 10 '95 Men’s Running, Cross Training Shoes 609048-086 SZ 10 3c7dda8
    Nike SB Zoom Dunk Low Elite QS x Medicom Bearbrick Size 6 - IN HANDNIKE KYRIE 4 'ALL-STAR' TIE-DYE MEN'S SHOES SZ 10 BLACK/WHITE/BLUE AQ8623-001Nike Mens Air Force 1 Low 07 Basketball Shoe White/White 11Nike Shox Gravity Mens AR1999-101 White Black Mesh Running Shoes Size 9 , Nike Free 5.0 TR Sz 17 MEN'S White SHOES SNEAKERS 653468-100 , 2015 Nike KD 7 VII Elite Kevin Durant Men’s Basketball Shoes 724349-090 SZ 11.5 , Mens Nike - Air Force 1 Downtown QS RARE - 635273-100 - White TrainersShoes adidas Tubular Dusk Black Men AQ1185MENS BROOKS ADRENALINE GTS 17 MEN'S RUNNING/TRAINING/RUNNERS SHOES , Air Jordan 13 Squadron Blue Size 10.5 $150 , Nike Kyrie 4 70s Mens 943806-700 Amarillo Orange Red Basketball Shoes Size 10 , NIKE AIR MAX 97 884421-700 METALLIC GOLD VARSITY RED WHITE BLACKAdidas Tubular Doom x ugly Kid Gumo PARIS EXCLUSIVE LIMITED sz 8.5 9.5 10 SIGNEDNike Air Penny II Men's Basketball Shoes 333886-100 SZ 12 , Nike KEVIN DURANT KD VII 7 EASTER LIQUID LIME VAPOR GREEN SUNSET GLOW ORANGE 10 , 2014 Nike Lebron XI Low Men’s Basketball Shoes “Dunkman”642849-200 SZ 9.5Nike Aina Chukka Supreme QS Gum Leather Sole Dark Cinder Size 8.5 512536-220 , Nike Air Jordan 6 Rings "Bred" (322992-071) - SIZE 13 BNIB, 2008 Release BLK/REDNike Air Zoom Kevin Durant KD VII Elite Men’s Basketball Shoes 724349 478 SZ11.5 , NEW! Nike Air Jordan 11Lab4 “Black Patent Leather” Sz 11US! BNWT/BNIB! NoRsrv!! , ADIDAS SPEZIAL "RARE" Mens 8.5 Red Suede/Royal Stripe NEW samba hamburgAriat Men's Wide Square Toe Western Boots Sport Rustler Brute Brown 10025127 , Nike 830699 001 Tennis Classic Ultra Premium Quick Strike Size 8.5 Black (Black/BROOKS ADDICTION WALKER MENS WALKING SHOE (2E) (111) , Nike Zoom Penny VI Men’s Basketball Shoes 749629-401 SZ 13Nike Air Max 90 Ultra 2.0 Flyknit College Navy Blue Grey White 875943-401 Sz 9.5VANS x ICE-T O.G. Chukka Decon Shoes Ice T OG Rhyme Syndicate Size 9.5 supreme , Nike Kobe XI 11 EM “Asteroids” Men’s Basketball Shoes 836183-805 SZ 14Nike Zoom All Out Low Mens 878670-300 Seaweed Volt White Running Shoes Size 9.5 ,
    2014 Nike Shoes Cross Air Max 10 '95 Men’s Running, Cross Training Shoes 609048-086 SZ 10 3c7dda8 ->2014 Nike Shoes Cross Air Max 10 '95 Men’s Running, Cross Training Shoes 609048-086 SZ 10 3c7dda8 -
    Pleaser Women's Del3029/b/m Boot - Choose SZ/ColorDOLCE AND GABBANA LEATHER TRIM BLACK SUEDE BOOTS 39.5 , FRYE Bethany Strappy Softie Saddle Brown Leather Tall Boots Sz 6.5 $388 NEW BOX , PLEASER ADORE-702 BLACK/CLEAR DOUBLE STRAP 7" HEEL PLATFORM SLIDES SIZE 5-12 , Mark Lemp Classics Womens marlene Closed Toe Mules , Nine West Women's Lilianne Leather Oxford - Choose SZ/Color , KENNEL & SCHMENGER Loafers Natural Patent Leather Buckle Size XA 171 , Marc Jacobs Womens Shoes Size 36.5 6.5 Silver Metallic Open Toe HeelsHERMES ESPADRILLE HEELS SIZE 36-US 7 ANKLE STRAP 9.5" LONG TAN LINEN SPAIN , Sz USA 8M WALDLAUFER womens soft Leather comfort walking Sandals brown , Converse Chuck Taylor All Star 2 II Low White Obsidian 153537C Mens Size 8Nike SB Zoom Blazer Mid trainers shoes 864349 311 eu 44 us 10 NEW+BOXNike Zoom HYPERDUNK 2011 BG BLAKE GRIFFIN MANGO ORANGE BLACK 484935-800 12 RARENike Air Foamposite One “Eggplant” 2009 Style Size 8.5 , New FILA Boveasorus 99 Disruptor FS1HTA3054X White/Green Unisex Sneakers Sz 4~10Adidas Men’s Tubular Doom Primeknit PK Core Black Vintage White Size 11 , Men's/Women's Jordan 4 pure money size 12 main category Excellent performance Suitable for color , Nike Air Max Plus Men's Black/Black/Black 04133050 , Nike LeBron X Pure Platinum Black Sport Turquoise Shoes Size 12 Original Box , SPERRY Women's GOLD CUP navy boat shoes STS93109 SIZE 5 MLowa Mens Z-6S GTX Boots 310668 0934 Sage Size 12.5Tommy Hilfiger Irving Canvas Slip-On Casual Shoe Dark Blue Size 7.5 MMen/Women NIKE Cortez Gris 807442-010 Consumer first Orders are welcome At an affordable priceMr/Ms Toscana 4262 Men's Italian Crocodile Sneakers Great variety Clearance Lightweight shoes , Merrell Women's Zoe Sojourn E-mesh Q2 Sneaker - Choose SZ/Color , NEW BALANCE WX711FW TRAINING WOMENS SHOES 100% AUTHENTIC , $144 Vivobarefoot Womens Primus Trail Running Shoes, Red, 41 EU / US 10 , Man/Woman Camper Hoops Womens White Leather Trainers Strong heat and wear resistance Comfortable touch As of the latest model , NIKE AIR MAX 1 ULTRA MOIRE REFLECTIVE BLACK/WHITE 704995-001 WMN SZ 8Kenneth Cole New York Women's Karolina 3 Perforated Mule Black Leather Sandals ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    2014 Nike Shoes Cross Air Max 10 '95 Men’s Running, Cross Training Shoes 609048-086 SZ 10 3c7dda8 -

    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.

    2014 Nike Shoes Cross Air Max 10 '95 Men’s Running, Cross Training Shoes 609048-086 SZ 10 3c7dda8 -

    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
    2014 Nike Shoes Cross Air Max 10 '95 Men’s Running, Cross Training Shoes 609048-086 SZ 10 3c7dda8
    Athletic Shoes