Never miss an update

Nike Sky Dunk Sky Hi Black Snake Print Print Nike Leather Wedge 528899-010 Women's Size 9.5 ca323ff

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Model: Dunk Sky Hi
Width: Medium (D, M) Modified Item: No
Pattern: Snake Print Country/Region of Manufacture: China
Type: High Top Heel Style: Wedge
Features: Hidden Wedge, Lace-Up Product Line: Nike Dunk
Shoe Height: High Top US Shoe Size (Women's): 9.5
Color: Black Heel Height: Flat (0 to 1/2 in.)
Brand: Nike Material: Leather
Never miss an update

Nike Sky Dunk Sky Hi Black Snake Print Print Nike Leather Wedge 528899-010 Women's Size 9.5 ca323ff -

    Nike Sky Dunk Sky Hi Black Snake Print Print Nike Leather Wedge 528899-010 Women's Size 9.5 ca323ff
    Nike Sky Dunk Sky Hi Black Snake Print Print Nike Leather Wedge 528899-010 Women's Size 9.5 ca323ff
    Bella Vita Women's Emile Sneaker , Womens Pull on Fashion Breathable Athletics Sneakers Casual Breathable Shoes NEW , adidas Supernova St - Blue - Womens , Clarks Women's Valarie Shelly Slingback , Womens Denim Jeans Sneaker Belt Buckle Ankle Boots Retro Wedge Heel Shoes 4ColorWMNS NIKE FREE RUN CMTR COMMUTER BLUE size US 10 880842 005 RN , Gentlemen/Ladies adidas Adria Womens Shoes - M19480 Not so expensive Optimal price Easy life , NEW WOMEN FILA MEMORY FRESH START BLACK SHOES SLIP RESISTANT ORIG 5SK26008-001Nike SB Zoom Canvas Stefan Janoski Sky/Gold/Vivid Sky Sz 5.5 855628-447WOMEN'S SHOES SNEAKERS ADIDAS NEO CITY RACER [F99329] , adidas Originals ZX Flux W Black White Tree Women Running Shoes S74981Reebok ZPrint Run Black Pink White Womens Running Shoes Trainers Sneakers V72329 , NIKE Women’s Free RN Motion FK 2017 Black Platinum 880846 001 - Sz 12 NO BOX TOP , ASICS GEL-Kayano Trainer Evo - Black;Pink - Womensnew womens Sneakers Hidden low heels chic Round toe slip on loafers Casual shoes , Converse Breakpoint Ox Black White Womens Leather Casual Low-top TrainersDiesel Exposure iv Low W Snake Print Womens Leather TrainersNike Air Rift PRM QS Women's Trainer Shoes 848502 600 Size 8New! Women's Brooks Ghost 9 Black/Purple/Teal SZ 6 1202251B092 F60 , Givenchy Womens Sneakers Size 36, 6 Multi Color Slip On Abstract Print Satin , Asics T696N GEL Kayano 23 Running Training Athletic Shoes Blue Green Womens 6.5 , NEW ADIDAS SUPERSTAR W (CG5462) ADIDAS ORIGINALS CASUAL SHOES SNEAKERSWomen Slip On Loafers Elastic Wedge Low Heels Sneakers Sports Shoes Athletic Hot , Brooks GTS 17 Running Shoes Grey/Teal/Purple Women's US Size 9.5 (L1,12)Women's Shoes Bernie Mev Michelle Woven Fashion Sneakers Black *New*Ryka Size 7.5 M FLORA Memory Foam Navy Mint Walking Sneakers New Womens Shoes , Nike Lunar Sculpt Black/Summit White-Dark Grey 818062-006 Women's SZ 7 , Womens Nike 512237-009 Free Advantage Silver/Fireberry Athletic Shoe Sz 9.5 NWOBINOV-8 Womens F-LITE 239 Running Shoes Gray Purple Green US 7.5 ,
    Nike Sky Dunk Sky Hi Black Snake Print Print Nike Leather Wedge 528899-010 Women's Size 9.5 ca323ff ->Nike Sky Dunk Sky Hi Black Snake Print Print Nike Leather Wedge 528899-010 Women's Size 9.5 ca323ff -
    Mr/Ms NEW FRYE WOMENS PARKER MOC SHORT selling price a good reputation in the world Modern modeNike SB Zoom Blazer Low Black Gum Men Skate Boarding Shoes Sneakers 864347-002 , CONVERSE CT BAND MID Grey Textile Trainers 143961F , Crocs Mens Yukon Mesa Clogs, Brown EspressoEspresso, 8 USLadies Clarks Cloudsteppers Slip On Shoes Caddell Dash ~ NWomens AGL 214656 Gray Patent Leather Oxfords Shoes Sz. 39 , Skechers Work Relaxed Fit Cozard SR Womens Slip On Loafers Black 9 W , Pleaser Women's Adore-798 Platform Sandal,Black Polyurethane,7 M USNIKE FLEX EXPERIENCE 3 35.5-38 NEW free rosherun rosheone trainer lite 5.0Men's Adidas PureBoost Running Shoes Sz 9.5 Oreo Core Black / White BA8890 , Nike Zoom KD 8 Bright 749375-610 Crimson Black Basketball Shoes Men's 9.5 Durant , New Men's NIKE KD VI 6 - 599424 008 Energy Splatter Kevin Durant Basketball , Bota Rodeo Jar Boot's Coco Arg Cherry ID 40941Skechers Men's Moogen Selden Slip-on Loafer - Choose SZ/Color , CLARKS Men's Broyd Wing Oxford - Choose SZ/Color , Lucchese Cowboy Black Full Quill Ostrich BootsGBX Men's East Taupe Canvas/Leather Loafers Boat ShoesPolo Ralph Lauren Brown Leather Crown Crest Embossed Penny Loafers Men's Size 11New 1st Quality Allen Edmonds Bradenton 14 B burgundyAllen Edmonds Fifth Avenue Cap Toe Oxford Shoe - Men's Size 10B - Blackwomen's pointy toes slingbacks block kitten heel pumps shoes faux suede fashionNIB Bass Hail 1 Winter Water Resistant Boots. Dark Brown. Womens size 11.women's shoes LIU JO 7 () sneakers yellow textile BT279-37Nike Womens Classic Cortez Nylon Prem Running Trainers Sneakers 882258 101 SZ 11 , Mizuno Wave Hitogami 3 (women's) ___ Size 10 ___ Last pair, running, citrus , NIKE WOMEN CLASSIC CORTEZ SNEAKERS 807471-109 LEATHER , American Eagle Made In Italy Brown Suede Leather Side-Zip TALL Boots Sz. 9 MINTYStuart Weitzman Black Suede Leather Knee High Pull On Boots Women's Size 9 MPORTLANDIA, SPOKANE MID X CALF BOOT, BLACK SUEDE, WOMEN'S, US 8.5-9M, P/OATTITUDE WITHOUT LIMITS COWGIRL WESTERN LEATHER BOOTS SIZE US 8 HOT VINTAGE ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nike Sky Dunk Sky Hi Black Snake Print Print Nike Leather Wedge 528899-010 Women's Size 9.5 ca323ff -

    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 Sky Dunk Sky Hi Black Snake Print Print Nike Leather Wedge 528899-010 Women's Size 9.5 ca323ff -

    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 Sky Dunk Sky Hi Black Snake Print Print Nike Leather Wedge 528899-010 Women's Size 9.5 ca323ff
    Athletic Shoes